Office

Facebook Signs 1.5 MSF Office Lease at Hudson Yards in Manhattan

by Alex Patton November 19, 2019

NEW YORK CITY — Facebook has signed a 1.5 million-square-foot office lease at Hudson Yards in Manhattan. The social media giant will occupy space across 30 floors and three buildings at the mixed-use development, including approximately 1.2 million square feet in 50 Hudson Yards, 265,000 square feet in 30 Hudson Yards and 57,000 square feet in 55 Hudson Yards. Related Cos. and Oxford Properties Group developed 30 Hudson Yards. Related Cos., Mitsui Fudosan America and Oxford Properties Group developed 50 and 55 Hudson Yards. Cushman & Wakefield represented Facebook in the lease negotiations. Related Cos. was self-represented.

November 19, 2019

Loans Office Washington Western

JLL Arranges $110M Refinancing for 15-Building Bellefield Office Park in Metro Seattle

by Amy Works November 19, 2019

BELLEVUE, WASH. — JLL has secured $110 million loan for the refinancing of Bellefield Office Park, a 15-buliding campus in Bellevue, a city 10 miles east of Seattle across Lake Washington. The borrowers are Lionstone Investments and Talon Private Capital. Situated on 56 acres at 1150-1180 114th Ave SE, Bellefield Office Park’s 15 buildings offer a combined total of 513,385 square feet. The buildings were renovated between 2013 and 2017 and offer a variety of tenant amenities including a new fitness center, conference facilities, dry cleaning pick-up services and electric car charging stations, as well as monthly on-site mechanic service. At the time of financing, the property was 96 percent leased to a diverse tenant roster of investment-grade credit and nationally recognized tenants. Colby Mueck, Tom Wilson and Laura Sellingsloh of JLL Capital Markets arranged the loan for the borrowers through Bank of America.

November 19, 2019

Acquisitions Arizona Office Western

Wilshire Capital Partners Acquires 177,520 SF Office Building in Phoenix’s Camelback Corridor for $54.5M

by Amy Works November 19, 2019

PHOENIX — Ryan Cos., as developer, builder, owner and property manager, has completed the disposition of 3900 Camelback Center. The Class A office building is located at 3900 Camelback Road in Phoenix’s Camelback Corridor. Wilshire Capital Partners acquired the asset for $54.5 million, or $306.44 per square foot. Certified LEED Gold, the 177,520-square-foot building features xeriscape (dry) landscaping, storm water management, water-efficient fixtures and parking for fuel-efficient vehicles. Additionally, local/recycled materials and natural wood and stone finishes were used throughout the space. The property features terraced balconies and views of Squaw Peak and the Camelback Mountains. Current tenants include Ryan Cos.’s Southwest office and the corporate headquarters of Shamrock Foods. Kevin Shannon, CJ Osbrink, Paul Jones, Ken White, Brunson Howard and Rick Stumm of Newmark Knight Frank represented the seller. David Milestone and Brett Green, also of Newmark Knight Frank, facilitated financial structuring and placement of debt for the buyer in the transaction.

November 19, 2019

Market Reports Office Texas Texas Market Reports

Houston Office Market Still Battling Depressed Energy Prices

by Taylor Williams November 19, 2019

As we enter the fourth quarter, Houston’s office market remains sluggish due primarily to uncertainty in the energy industry. With the price of West Texas Intermediate crude fluctuating between $45 and $60 per barrel, the market has seen minimal oil company expansions. With the pricing outlook remaining on a bleak to flat trajectory, little growth in office occupancy is expected in the next 18 to 24 months. The cycle favors tenants, now and for the foreseeable future. Should energy pricing return to higher levels, there will undoubtedly be higher occupancy through positive absorption, making the next six months an ideal time to lock in rental rates and construction/build-out costs for the next five to seven years. Through the third quarter of 2019, Houston has seen 217,000 square feet of overall net absorption, including sublease space returning to the direct market. The bright spots are new Class A downtown properties like Bank of America Tower, 609 Main and Texas Tower, whose current and future tenants have demonstrated their willingness to pay the higher base rates and operating expenses associated with new development. Companies are using office space more efficiently due to technological advances and transformations in mobility and are demanding more …

November 19, 2019

Leasing Activity New Jersey Northeast Office

Geosyntec Consultants Signs 8,886 SF Office Lease in Hopewell, New Jersey

by Taylor Williams November 18, 2019

HOPEWELL, N.J. — Environmental consulting and engineering firm Geosyntec Consultants has signed an 8,886-square-foot office lease at Princeton Place at Hopewell, an office campus located approximately 15 miles north of Trenton. The company will relocate its regional office from Ewing to the three-building, Class A office campus. Additional tenants at the campus include health insurance provider Horizon Blue Cross, pharmaceutical developer Janssen Research and Bank of America. Amenities include onsite dining services, a fitness ccenter and an outdoor space with a jogging trail, multiple sporting fields and courts. Steve Tolkach of Newmark Knight Frank represented Geosyntec Consultants in the lease negotiations. Todd Elfand, Kevin Carton, Paul Giannone and Joe Vacca of Cushman & Wakefield represented the landlord, Lindy Communities.

November 18, 2019

Acquisitions North Carolina Office Southeast

Highwoods Closes on $436M Purchase of New Bank of America Tower at Legacy Union in Downtown Charlotte

by Alex Tostado November 15, 2019

CHARLOTTE, N.C. — Highwoods Properties Inc. has closed on its $436 million acquisition of the Bank of America Tower at Legacy Union in downtown Charlotte. The 841,000-square-foot building was 90 percent leased at the time of sale. The LEED Gold-certified office tower was delivered earlier this year and features a parking deck. The seller, Lincoln Harris, is developing Legacy Union, a 10-acre development adjacent to Bank of America Stadium, home of the National Football League’s Carolina Panthers. The Bank of America Tower is the first building to deliver at Legacy Union, with Honeywell’s corporate headquarters slated for completion in 2021. Bank of America began moving employees to the office building in August. Truist, the name of the new company formed from the BB&T-SunTrust merger, began moving into Bank of America’s former space at Hearst Tower in Charlotte.

November 15, 2019

Acquisitions New Jersey Northeast Office

JLL Negotiates Sale of 105,000 SF Office Building in Parsippany, New Jersey

by Alex Patton November 15, 2019

PARSIPPANY, N.J. — JLL has negotiated the sale of 4 Sylvan Way, a 105,000-square-foot, Class A office building in Parsippany, located approximately 30 miles west of New York City. The property is situated within the 2.4-million-square-foot Mack-Cali Business Campus, which is expanding to incorporate retailers including Wegmans, 24-Hour Fitness, Panera, Capital Grille and Seasons 52. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of JLL represented the seller, Torchlight Investors, in the transaction. The JLL team also procured the buyer, a private regional investor.

November 15, 2019

Acquisitions Office Southeast Virginia

Northridge Capital, KAMCO Investment Acquire 151,949 SF Office Building in Northern Virginia

by Alex Tostado November 15, 2019

TYSONS, VA. — Northridge Capital and KAMCO Investment Co have acquired Centerstone at Tysons, a six-story, 151,949-square-foot office building fully leased to Freddie Mac on a triple-net lease basis. The sales price was not disclosed. The building is located at 1550 Westbranch Drive in Tysons, two miles from downtown Tysons and 14 miles from downtown Washington, D.C. Citizens Bank provided the buyers with a five-year, fixed-rate acquisition loan. Jud Ryan and James Cassidy of Newmark Knight Frank (NKF) represented the sellers, Rubenstein Partners and Griffith Properties, in the transaction. Joseph Donato and Kassi Saridakis, also with NKF, arranged acquisition financing on behalf of Northridge Capital and KAMCO.

November 15, 2019

Leasing Activity New York Northeast Office

Monacle Vision Signs 2,000 SF Office Lease in Brooklyn

by Alex Patton November 15, 2019

NEW YORK CITY — Tech company Monacle Vision Inc. has signed a 10-year, 2,000-square-foot office lease at 268 Metropolitan Ave. in the Williamsburg neighborhood of Brooklyn. The company will use the new space as a coworking office aimed at tech companies and ventures. Monocle Vision Inc. creates image capturing solutions for commercial retail use and will continue to provide this service from its Manhattan office. Moshe Akiva led the Tri State Commercial Realty team that represented Monocle Vision Inc. in the lease negotiations. Tri State Commercial represented the landlord, All Year Management.

November 15, 2019

Illinois Leasing Activity Midwest Office

Huron Renews 134,000 SF Headquarters Lease in Chicago’s Southwest Loop

by Kristin Harlow November 15, 2019

CHICAGO – Huron has renewed its 134,000-square-foot headquarters lease in Union Tower located at 550 W. Van Buren St. in Chicago. Colliers International’s David Burden and Michael Marrion represented Huron in the lease negotiations, and Cushman & Wakefield represented the building landlord, Onni Group. Huron is a global management consulting company offering services to the healthcare, higher education, life sciences and commercial industries. Onni Group owns the 17-story, 332,000-square-foot office building and has aided Huron in its tenant improvements as well as agreeing to additional upgrades to common areas of the building. The building is currently undergoing renovations to its fitness center and tenant lounge, with expected completion by the end of the year.

November 15, 2019

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