Office

Paragon Healthcare Leases 67,000 SF at The Apex Building in Plano

by John Nelson January 2, 2020

PLANO, TEXAS — Paragon Healthcare, a medical firm specializing in infusible and injectable pharmacy services, has leased 67,000 square feet of office space at The Apex Building in Plano. The company will move more than 250 employees from its current headquarters in Dallas to its new offices at 3033 W. President George Bush Highway. Paragon plans to create an additional 75 positions at the office by 2021. Brad Struck, Darren Woodson and Roy Reis of esrp represented Paragon in the lease negotiations, and Susan Arledge of esrp arranged incentives with the City of Plano. Duane Henley of Transwestern represented the landlord, Dallas-based Champion Partners.

January 2, 2020

Acquisitions Life Sciences Massachusetts Northeast Office

NKF Brokers Sale of 224,305 SF Life Sciences Building in Cambridge, Massachusetts

by Alex Patton January 2, 2020

CAMBRIDGE, MASS. — Newmark Knight Frank has brokered the sale of The ARC, a 225,305-square-foot life sciences building in Cambridge, a northern suburb of Boston. The property is 100 percent leased to five biopharmaceutical and biotechnology companies complemented by a burger restaurant. Amenities include a fitness center, indoor solarium and outdoor green space. An NKF team including Robert Griffin, Edward Mahar and Matthew Pullen represented the seller, a partnership of The Davis Cos. and Invesco. The team also procured the buyer, Healthpeak Properties Inc.

January 2, 2020

Loans New York Northeast Office

JLL Arranges $20M Refinancing Loan for Office Building in Manhattan

by Alex Patton January 2, 2020

NEW YORK CITY — JLL has arranged a $20 million refinancing loan for 16 West 36th Street, a 67,271-square-foot office building with ground-floor retail in Midtown Manhattan. An undisclosed life insurance company provided the loan to the borrower, Windsor Management Corp., which has owned the building since the 1940s. Windsor recently invested in renovations of the building’s office suites with new glass walls, new bathrooms, polished concrete floors and finished kitchens. Steven Klein and Alex Staikos of JLL arranged the loan.

January 2, 2020

Georgia Leasing Activity Office Southeast

Dilweg Inks Leases with 10 Companies for Downtown Atlanta’s 101 Marietta Street Office Tower

by Alex Tostado January 2, 2020

ATLANTA — The Dilweg Cos. has signed new leases or extensions with CIM Group and nine other companies at 101 Marietta Street, a 36-story downtown Atlanta office tower adjacent to The Gulch district. California-based CIM will occupy two of the new spec suites in the office building. Formerly known as Centennial Tower, the well-known chevron-marked building overlooks CIM’s future Centennial Yards, a mixed-use development in The Gulch. Existing office tower tenants DeLong, Caldwell, Bridgers, Fitzpatrick, & Benjamin LLC; Atlanta Dream; Amadeus and The VGM Group have all renewed their respective leases. Softgiving Inc, The Dennis Law Firm LLC, Volkert Inc., IVITA and BlackiNation have signed new leases. Located near Mercedes-Benz Stadium, State Farm Arena, Centennial Olympic Park, Georgia Aquarium, the CNN Center and three MARTA stations, 101 Marietta Street offers 650,000 square feet of space, as well as a conference center with training rooms, fitness center, Revelator Coffee in the lobby and tenant lounge with TVs, pool tables and a kitchen. Construction for another round of spec suites at 101 Marietta Street will commence this month. CBRE is handling the leasing assignment on behalf of Dilweg.

January 2, 2020

Acquisitions Michigan Midwest Office

Dominion Arranges Sale-Leaseback of 21,887 SF Office Building in Southfield, Michigan

by Kristin Harlow January 2, 2020

SOUTHFIELD, MICH. — Dominion Real Estate Advisors (DRA) has arranged the sale-leaseback of 29444 Northwestern Highway, a 21,887-square-foot office building in Southfield, for an undisclosed price. Sean Jamian and Jordan Banks of DRA represented the buyer, JQK Properties LLC. As part of the transaction, DRA negotiated a new lease between the seller, ENCO Systems, and the new buyer. Enco, an audio-visual equipment supplier, will continue occupying a portion of the building while JQK completes renovations to the property’s interior.

January 2, 2020

Acquisitions Arizona Office Western

Lincoln Property Sells First Office Building at The Grand at Papago Park Center in Arizona for $90M

by Amy Works January 2, 2020

TEMPE, ARIZ. — Lincoln Property Co. (LPC) has completed the disposition of Grand 1, an office building within The Grand at Papago Park Center in Tempe. The sale marks the first Class A office building to be developed, fully leased and sold by LPC at the office complex. Florida-based Susquehanna Holdings Ltd. acquired the property for $90 million. The four-story Grand 1 offers 219,212 square feet of office space, as well as an adjacent four-story parking garage. Tokyo-based MUFG, a financial group, and SAP, a global logistics company, occupy the property on a long-term basis. The building is located at 1101 W. Washington St. along Loop 202 Freeway. Grand 1 is the first of 1.8 million square feet of Class A office space slated to be developed by LPC at The Grand at Papago Park Center. The mixed-use project totals 60 acres and is slated for 3.2 million square feet of office, multifamily, hotel, retail and restaurant space on the last developable parcel within the 350-acre Papago Park Center business park. LPC serves as the developer, leasing agent and property manager for all office space at the property. Kevin Shannon, Ken White and CJ Osbrink of Newmark Knight Frank represented …

January 2, 2020

Acquisitions California Office Western

NAI Capital Negotiates $6.1M Sale of Ionian Plaza Office Building in Lancaster, California

by Amy Works January 2, 2020

LANCASTER, CALIF. — NAI Capital has arranged the sale of Ionian Plaza, a multi-tenant office building located at 42225 10th St. W. in Lancaster. A.J. Eliopulos Commercial/Industrial Development sold the property to 10835 Camarillo Apartments LLC for $6.1 million, or $270 per square foot. Built in 2004 on a 1.95-acre lot, the single-story building features 22,790 square feet of office space. At the time of sale, the property was fully leased to four tenants ranging in size from 1,720 square feet to 15,930 square feet. The Social Security Administration occupies 73 percent of the building. Tristan Greenleaf of NAI Capital’s Investment Services Group represented the seller in the transaction.

January 2, 2020

Acquisitions Industrial Office Texas Top Stories

Howard Hughes Corp. Acquires Two Office Campuses in Metro Houston for $565M

by Alex Tostado January 2, 2020

HOUSTON AND THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has acquired Century Park in Houston and The Woodlands Towers at The Waterway in The Woodlands, a master-planned municipality just north of Houston. HHC paid $565 million for the 2.8 million-square-foot office/industrial portfolio, nearly all of which is Class A office space. Century Park is a 17-building, 1.3 million-square-foot office park in Houston’s Energy Corridor. The Woodlands Towers at The Waterway is a three-building campus that includes two office buildings totaling 1.4 million square feet and a 125,000-square-foot warehouse. The purchase also includes 9.3 acres of developable land adjacent to The Woodlands Towers at The Waterway. The seller of the portfolio, Occidental Petroleum Corp. (NYSE: OXY), will fully lease back the 32-story, 808,000-square-foot office building and warehouse at the Woodlands property. The tower was built in 2002. Both leases are for 13 years. HHC announced in October that it would relocate its corporate headquarters from Dallas to The Woodlands Towers at The Waterway, where it will occupy the 595,000-sqaure-foot building at 9950 Woodloch Forest Drive, which was built in 2014. The 31-story building features a rooftop garden, fitness center, basketball court and conference rooms. The Woodlands is a …

January 2, 2020

Hawaii Market Reports Office Western Western Market Reports

Government Services Keep Downtown Honolulu’s Office Market Humming

by Taylor Williams December 28, 2019

Honolulu’s office market has remained relatively unchanged for the past decade, but recent events have led to a dramatic shift in the direction of the Downtown submarket. Office vacancy rates in Downtown Honolulu have increased consistently in recent years, and steady leasing activity has led to declining vacancy. The Downtown office market is currently the tightest it has ever been. The vacancy rate in Downtown Honolulu decreased 70 basis points to 12.1 percent in the third quarter of 2019, which is the lowest vacancy rate for the submarket in more than nine years. The average gross asking rate in Downtown decreased slightly from $2.94 per square foot to $2.90 per square foot in third-quarter 2019. A significant amount of movement within the Downtown office market is driven by government need. The federal government, IRS, and city and county of Honolulu, as well as other engineering firms tied to civil projects, are some of the most active employers when it comes to leasing office space in the area. Non-governmental office-using job growth has stagnated in the past four years, which has hindered more growth in the overall office market. Unemployment statewide was at 2.7 percent for October 2019, according to Hawaii …

December 28, 2019

Market Reports Office Texas Texas Market Reports

Dallas, Fort Worth Office Markets See Strong Growth in Professional Services

by Taylor Williams December 27, 2019

The Dallas office market has changed drastically over the past 10 years. Though Far North Dallas has gotten its fair share of notoriety during this time (and justifiably so), the fundamentals of North Texas as a great place for business are sparking growth and activity across the market for established companies and those looking to relocate. Consider Las Colinas, which over the last few years has seen several major headquarter relocations, including large healthcare providers that have expanded or consolidated their regional workforces in this area. Currently, Dallas has 5.3 million square feet of Class A office product under construction, 2 million of which is in Las Colinas. In fact, since 2009, Las Colinas has added over 54,000 employees. That’s equivalent to a full Boeing 737 landing in Las Colinas every day for a year, unloading its passengers and everyone staying. Even with this remarkable influx of new jobs and our growing population, the competition for talent in Dallas remains fierce. Jason Savings, an economist with the Federal Reserve Bank of Dallas, recently noted that we’re in the midst of a historically tight labor market, the likes of which haven’t been seen since 1969. The Irving–Las Colinas submarket leads the …

December 27, 2019

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