Office

Skender Tops Out Construction for Build-to-Suit Project in Chicago’s Fulton Market

by Kristin Harlow April 9, 2020

CHICAGO — Skender has topped out construction of a 45,000-square-foot office and retail building located at 1100 W. Fulton St. in Chicago’s Fulton Market district. An existing building at the site has landmark status from the city of Chicago and Skender will preserve its existing façade on the north, south and east sides of the building. Fulton St. Cos. is the developer. Herman Miller, a furniture company based in Michigan, will occupy the build-to-suit project and relocate from its existing Chicago headquarters in the Merchandise Mart. Skender will also complete the interior build-out of the showroom and office space. Completion is slated for December. Hartshorne Plunkard, CBRE and ConopCo Project Management make up the project team.

April 9, 2020

Leasing Activity New York Northeast Office

Schott Corp. Signs 14,140 SF Office Lease in Rye Brook, New York

by Alex Patton April 9, 2020

RYE BROOK, N.Y. — German specialty glass manufacturer Schott Corp. has signed a 14,140-square-foot office lease for its new North American corporate headquarters in Rye Brook, a northeastern suburb of New York. The space is located at 1100 King St. in the Kingsbrook office complex. The company plans to relocate its North American corporate offices from 555 Taxter Road in Elmsford, New York, in the first quarter of 2021. The six-building, 565,000-square-foot office complex features two fitness centers, three cafés and conference facilities. Maureen O’Boyle and Gerry Lees of Cushman & Wakefield represented Schott Corp. in the lease negotiations. Dana Pike represented the landlord, George Comfort & Sons., on an internal basis along with Brian Carcaterra of CBRE.

April 9, 2020

Acquisitions Mixed-Use Office Oregon Western

NKF Facilitates Sale of Broadway Tower Office Component in Downtown Portland

by Amy Works April 9, 2020

PORTLAND, ORE. — Newmark Knight Frank (NKF) has directed the sale of the condominium interest of the Office Unit in Broadway Tower, a 19-story mixed-use tower located at 1455 SW Broadway in downtown Portland. Principal Real Estate Investors acquired the office portion from BDC/Broadway Office LLC for reportedly approximately $132.5 million, according to media outlets. Nick Kucha, James Childress and Jeff Hodson of NKF, in cooperation with Kevin Shannon and James Ikeguchi of NKF’s U.S. Capital Markets team, represented the seller in the transaction. The buyer was self-represented. The 430,000-square-foot property offers 175,000 square feet of Class A office space on floors nine through 19 and a 180-room Radisson RED hotel, which was not included in the sale, on the first eight floors. The Broadway Tower Office Unit is a LEED Gold-certified, high-rise office tower offering 11 floors of office space with exclusive decks on the top three floors and views of Portland. The office component features 17,000-square-foot floorplates with open designs and floor-to-ceiling window lines for multi- and single-tenant use. The asset also features an underground parking garage with a total of 247 parking spaces. At the time of sale, the office component of Broadway Tower was 99 percent …

April 9, 2020

Leasing Activity Office Texas

Texas Eye Institute Renews 16,000 SF Office Lease in Houston

by Taylor Williams April 9, 2020

HOUSTON — The Texas Eye Institute, an eye care physicians group serving the Gulf Coast, has renewed its 16,000-square-foot office lease at 7710 Beechnut St. in southwest Houston. John Zivley of NAI Partners represented the tenant in the lease negotiations. Ace Schlameus and Jenny Seckinger of Colliers International represented the landlord.

April 9, 2020

Leasing Activity North Carolina Office Southeast

Willis Towers Watson Signs 22,000 SF Office Lease at Forest Park IV in Southwest Charlotte

by Alex Tostado April 8, 2020

CHARLOTTE, N.C. — Willis Towers Watson has signed a 22,000-square-foot, 11-year lease at Forest Park IV, a 62,000-square-foot office building in Charlotte. The London-based advisory firm is the first tenant to sign a lease at the single-story building, which is owned by Wakefield, Mass.-based Franklin Street Properties Corp. The property is situated at 600 Forest Pointe Circle, nine miles southwest of downtown Charlotte.

April 8, 2020

California Loans Mixed-Use Office Retail Western

Faris Lee Arranges $39.6M Refinancing for Packing House Square Mixed-Use Center in Yorba Linda, California

by Amy Works April 8, 2020

YORBA LINDA, CALIF. — Faris Lee Investments has arranged $39.6 million in financing for Packing House Square, a mixed-use center located at 18180-18389 Yorba Linda Blvd. in Yorba Linda. The borrower is an undisclosed private investment company. Loan proceeds will be used to reposition the asset as a medical arts plaza with a medical anchor tenant; renovate the existing retail plaza by adding an additional 11,450-square-foot corner retail wing; and re-tenant the vacant units. Jay Quinn and Kirt Boultinghouse of Faris Lee sourced the three-year bridge loan with Los Angeles-based Ares Management. Nick Coo, Matt Brooks and Joe Chichester of Faris Lee represented the borrower in the financing and marketing of the property.

April 8, 2020

Acquisitions California Office Western

Newmark Pearson Commercial Brokers Sale of Two Office Buildings in San Joaquin Valley

by Amy Works April 8, 2020

TULARE AND FRESNO, CALIF. — Newmark Pearson Commercial has facilitated the sales of two office buildings in Tulare and Fresno. In the first transaction, an undisclosed investor acquired a 5,000-square-foot office building located at 793-799 N. Cherry St. in Tulare. Tulare Local Healthcare District sold the asset for an undisclosed price. Luke Tessman of Newmark Pearson Commercial was the agent. In the second deal, Surdeep Singh Family Limited Partnership sold a 5,135-square-foot office building located at 6065 N. First St. in Fresno. Lagattuta Land LLC acquired the property for an undisclosed price. Scott Christensen of Newmark Pearson Commercial, in cooperation with David Rodkin of ADR Preferred, handled the transaction.

April 8, 2020

Leasing Activity New Jersey Northeast Office

NAI James Hanson Negotiates 12,015 SF Office Lease Renewal in Park Ridge, New Jersey

by Alex Patton April 8, 2020

PARK RIDGE, N.J. — NAI James Hanson has negotiated a 12,015-square-foot office lease renewal for Amica Mutual Insurance Co. in Park Ridge, a northwestern suburb of New York City. The space is located at One Maynard Drive, a three-story, 139,000-square-foot office building. Amica Mutual has been a tenant at the Class A building for nearly 20 years. The property is located near a fitness center and several retail centers, including the Wegmans-anchored Shoppes at Depiero Farm shopping center. Andrew Somple, Justin Allessio and Judy Troiano of NAI James Hanson represented the landlord, Sartak Holdings Inc., in the lease negotiations

April 8, 2020

Connecticut Leasing Activity Northeast Office

Tapestry TeleHealth Signs 2,873 SF Office Lease in Stratford, Connecticut

by Alex Patton April 8, 2020

STRATFORD, CONN. — Tapestry TeleHealth, a technology company that provides onsite and virtual healthcare to rural nursing facilities, has signed a 2,873-square-foot office lease in Stratford. The space is located at Merritt 8 Corporate Park, a 174,000-square-foot office complex. Yale New Haven Health Systems is the anchor tenant of the building. Randy Vidal of Vidal/Wettenstein LLC represented Tapestry TeleHealth in the lease negotiations. The landlord is a partnership of Merritt 8 Owner LLC and C/O Mountain Development Corp.

April 8, 2020

Acquisitions Arizona Office Western

Local Investor Acquires 28,187 SF Office Building at Chandler Airpark in Arizona

by Amy Works April 8, 2020

CHANDLER, ARIZ. — Scottsdale, Ariz.-based Chandler Commercial Building B, a local private investor, has purchased the Vertex Education building, a single-story office building located at 3125 S. Gilbert Road in Chandler. Locally based Chandler CSO LLC sold the property for an undisclosed price. Situated within Chandler Airpark, the 28,187-square-foot Class A office building was developed in 2018 for Vertex Education, Arizona’s K-8 charter management organization. Currently, the company operates 18 schools throughout Arizona and Nevada, serving more than 21,000 students. Mindy Korth, Todd Noel and Sean Westfall of Colliers International in Arizona represented the seller, while Korth, Chris Roach and Matt Roach, also of Colliers, represented the buyer in the transaction.

April 8, 2020

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