Office

Microsoft Leases 523,000 SF in Atlanta’s West Midtown District, Expects to Create 1,500 Jobs

by Alex Tostado May 18, 2020

ATLANTA — Microsoft Corp. is investing $75 million for its new office space at Atlantic Station in West Midtown Atlanta. The software giant is leasing 523,000 square feet within Atlantic Yards, a two-building office project that Hines and Invesco Real Estate are developing and where Microsoft will be the sole office tenant. The company expects to open its new offices in summer 2021 and create 1,500 high-tech jobs. Microsoft plans for the new space to focus on artificial intelligence and cloud services and include retail space. In metro Atlanta, Microsoft currently operates a cloud computing engineering center in the Coda Building at Technology Square and maintains offices in Buckhead and at Avalon in Alpharetta, another project co-developed by Hines. Hines and Invesco Real Estate also co-developed T3 West Midtown within Atlantic Station, which has attracted other high-profile technology companies such as Facebook.

May 18, 2020

Georgia Office Southeast

New York Life Earns LEED Gold Certification for Prominence in Buckhead Office Tower in Atlanta

by Alex Tostado May 18, 2020

ATLANTA — New York Life Real Estate Investors has earned a Leadership in Energy and Environmental Design (LEED) Gold Certification for its Prominence in Buckhead office tower in Atlanta. The 433,237-square-foot property is situated at 3475 Piedmont Road in Atlanta’s Buckhead district, nine miles north of downtown Atlanta. In order to achieve the certification, the owner enhanced the building ventilation to improve indoor air quality, completed a lighting project in the parking garage that reduced electricity by 65 percent and implemented a recycling program that diverted 50 percent of waste from the building from landfills. Onsite amenities include a newly renovated fitness center, conference facility, café and covered parking. New York Life acquired the asset in 2018, and according to LoopNet Inc., it was built in 1999. State Farm Arena in downtown Atlanta was the most recent building in Georgia to receive the award after a 2019 renovation project was completed.

May 18, 2020

Acquisitions Illinois Midwest Office

Thor Equities Sells 98,000 SF Office Building in Chicago’s Fulton Market

by Kristin Harlow May 18, 2020

CHICAGO — Thor Equities Group has sold 905 W. Fulton Market in an off-market transaction to Germany-based Deka Immobilien. Located on the corner of West Fulton Market and North Peoria Street in the heart of Chicago’s Fulton Market, the new building spans nearly 98,000 square feet over five stories. Mondelez International’s global headquarters anchors the property and occupies floors two through five. Hospitality and events company DineAmic Hospitality recently leased 8,000 square feet. There is more than 6,500 square feet of retail space on the ground floor. Thor Equities was not represented by a broker. Tom Sitz, Cody Hundertmark, David Knapp, Josh McGee, Paul Lundstedt and Dan Deuter of Cushman & Wakefield assisted the buyer.

May 18, 2020

Development Illinois Midwest Office

J.C. Anderson Completes Phased Renovation Project at Office Property in Lisle, Illinois

by Kristin Harlow May 18, 2020

LISLE, ILL. — J.C. Anderson has completed a phased renovation project at Westwood of Lisle, located at 2441 and 2443 Warrenville Road in metro Chicago. Property owner Briar Meads Capital LLC hired J.C. Anderson to complete the capital improvement project, which consisted of renovating the office property’s two existing lobbies, fitness center, restrooms, tenant lounges, onsite deli and conference room. Wright Heerema Architects provided architectural services and NAI Hiffman provided project management services. The Class A office complex spans 296,486 square feet.

May 18, 2020

Market Reports Nevada Office Western Western Market Reports

Reno Office Market Capitalizes on Relocations from Places Like California

by Jeff Shaw May 18, 2020

By Scott Shanks, principal, Dickson Commercial Group The Reno/Sparks office market is in a unique position: caught in the throes of a rapidly expanding commercial marketplace and aided by an ever-increasing population base. The most vibrant commercial real estate sectors in our area are industrial and multifamily, and they have been for decades. The office market is also seeing new companies, new developers and new buildings. For the first time in many years, we will see a true speculative office development begin construction this summer. McKenzie Properties will be going vertical with its Skypointe development. Tolles Development Company is in the middle of completing its Rancharrah project, which contains 64,000 square feet of retail space and 36,000 square feet of office space. Last, but certainly not least, Reno Land Inc. and its partner Lyon Living have started the first phase of their Park Lane development, a 46-acre, master-planned development that will include office, retail and multifamily. This new development shows the Reno/Sparks area is on the move, and fast. The area provides for a quality of life that is difficult to find when combining Lake Tahoe, the Sierra Nevada mountains and the Truckee River, which bifurcates the city. In comparison …

May 18, 2020

Acquisitions North Carolina Office Southeast

Cushman & Wakefield Arranges $58.5M Sale of Office Building in Charlotte

by Alex Tostado May 15, 2020

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $58.5 million sale of a 182,169-square-foot office building in Charlotte. Corning Optical Communications fully leases the building and has 14 years remaining on the lease. The building offers employee lounges, outdoor patio seating areas, a café with grab-and-go options and on-site walking trails. The property is situated near the intersection of Interstate 485 and N.C. Highway 16, 10 miles northwest of downtown Charlotte. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Beacon Partners, in the transaction. An affiliate of Costa Mesa, Calif.-based Crown Realty & Development acquired the property in an all-cash deal.

May 15, 2020

Leasing Activity Office Texas

Software Developer Signs 17,327 SF Office Lease at Cypress Waters in Coppell, Texas

by Taylor Williams May 15, 2020

COPPELL, TEXAS — Business software developer Optym has signed a 17,327-square-foot office lease at Cypress Waters, a 1,000-acre mixed-use development by Billingsley Co. in Coppell, just outside DFW International Airport. Optym plans to relocate its headquarters from Gainesville, Fla., to the new space beginning in August. Marijke Lantz of Billingsley Co. represented the landlord internally in the lease negotiations. Christopher Fleeger of Morrow Hill represented Optym.

May 15, 2020

Acquisitions New Jersey Northeast Office

EverWest Sells 303,000 SF Office Complex in Berkley Heights, New Jersey

by Alex Patton May 15, 2020

BERKLEY HEIGHTS, N.J. — EverWest Real Estate Investors, a Denver-based developer, has sold Mountain Heights Corporate Center, a Class A office complex totaling approximately 303,000 square feet in the western New York City suburb of Morristown. Located at 420 and 430 Mountain Ave., the two-building property offers convenient access to Manhattan and Newark Liberty Airport. The property was 80 percent leased at the time of sale. Jose Cruz and Kevin O’Hearn led a JLL team that represented EverWest in the transaction. The team also procured the undisclosed buyer. The sales price was undisclosed.

May 15, 2020

Loans New York Northeast Office

Greystone Provides $30.8M in Fannie Mae Loans for Refinancing of Adjacent Multifamily Properties in Queens

by Alex Patton May 15, 2020

NEW YORK CITY — Greystone has provided two Fannie Mae loans totaling $30.8 million for the refinancing of two adjacent multifamily properties in the Ridgewood neighborhood of Queens. The first loan totaled $14.2 million loan and was used to refinance a 49-unit property at 1635 Putnam Ave. The second loan totaled $16.6 million loan and was used to refinance a 48-unit property at 1625 Putnam Ave. Both Fannie Mae loans carry 12-year terms with 30-year amortization periods. The borrower was Adar Holdings USA. Anthony Cristi of Greystone originated the loan.

May 15, 2020

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $13M Sale of Office Building in Clark, New Jersey

by Alex Patton May 15, 2020

CLARK, N.J. — Marcus & Millichap has arranged the $13 million sale of a 76,000-square-foot office building in Clark, a western suburb of New York City. The property is located at 67 Walnut Ave. near the Garden State Parkway. The building is primarily leased to medical tenants, including Summit Medical Group, and is located near Robert Wood Johnson Hospital Rahway and Kindred Hospital. Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

May 15, 2020

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