Office

WashREIT Completes $129.5M Sale of 1776 G Street Office Building in D.C. to World Bank

by Alex Tostado December 23, 2019

WASHINGTON, D.C. — Washington Real Estate Investment Trust (WashREIT) has sold 1776 G St. for $129.5 million to World Bank Group, an international financial institution that makes loans to developing nations. According to LoopNet Inc., the office building was built in 1979, spans 266,000 square feet and is located one block from the White House. World Bank’s headquarters is located at 1818 H St. NW, which is kitty-corner to 1776 G St. World Bank has operated out of 1776 G St. for over 30 years and is currently the building’s sole office tenant.

December 23, 2019

Acquisitions Office Southeast Tennessee

Security Properties, Pacific Life Buy Broadstone Gulch in Nashville for $80.8M

by Alex Tostado December 23, 2019

NASHVILLE, TENN. — Seattle-based Security Properties and Newport Beach, Calif.-based Pacific Life Insurance Co. have purchased Broadstone Gulch, a new, 238-unit multifamily property located in Nashville’s Gulch district, for $80.8 million. Located at 803 Division St., Broadstone Gulch offers a fitness center, rooftop lounge, pool, demonstration kitchen, package access system, office space, a pet spa and Google Fiber. The building is a half-mile walk from Music City Center in the Nashville’s south of Broadway (SoBro) neighborhood. Security Properties-affiliate Security Properties Residential will manage the property. Walker & Dunlop’s Telly Fathaly and Kris Mikkelsen represented the seller and developer, Alliance Residential.

December 23, 2019

Acquisitions North Carolina Office Southeast

Mohr Capital Sells University Highlands Office Building in Charlotte to CIM Group

by Alex Tostado December 23, 2019

CHARLOTTE, N.C. — Mohr Capital, a privately held REIT based in Dallas, has sold the University Highlands office building located at 10330 David Taylor Drive in Charlotte to Los Angeles-based CIM Group. Mohr Capital acquired the 100,000-square-foot facility on a speculative basis in 2017 then completed capital improvements before securing a single, long-term tenant, United Rentals Inc., earlier this year. Stamford, Conn.-based United Rentals is an equipment rental company that specializes in construction and industrial rentals. Mohr Capital’s Gary Horn and Bob Mohr handled the sale internally. The sales price was not disclosed.

December 23, 2019

Acquisitions Illinois Midwest Office

Cawley Chicago Arranges $5.7M Sale of Office Building in Oak Brook

by Kristin Harlow December 23, 2019

OAK BROOK, ILL. — Cawley Chicago has arranged the sale of a 57,832-square-foot office building in Oak Brook for $5.7 million. The three-story property is located at 2021 Midwest Road. Ryan Freed and Rawly Lantz of Cawley represented the seller, Chesapeake Associates Limited. Dan McKay of McKay Investments represented the buyer, BBI Property Management Inc., which will occupy a portion of the building.

December 23, 2019

Leasing Activity New York Northeast Office

Kith Signs 57,679 SF Industrial Lease in Brooklyn

by Alex Patton December 23, 2019

NEW YORK CITY — Apparel and shoe retailer Kith has signed a 57,679-square-foot industrial lease at 25 Kent, a building in Brooklyn with both office and manufacturing space. Kith will occupy approximately two thirds of the building’s 87,000 square feet of manufacturing space. A partnership of Rubenstein Partners and Heritage Equity Partners developed the building, and Hollwich Kushner and Gensler designed it. Michael Yadgard of Compass represented Kith in the lease negotiations. A team from Lee & Associates in collaboration with JLL represented Rubenstein Partners.

December 23, 2019

Acquisitions New Jersey Northeast Office

NAI Mertz Brokers Sale of 116,000 SF Office Complex in Mount Laurel, New Jersey

by Alex Patton December 23, 2019

MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of East Gate Business Center, a 116,000-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. The complex comprises eight buildings that were 94 percent leased at the time of sale. Tenants include NJ Default Group LLC, pest control company Terminix International Co. and employee recruitment firm The McSweeney Agency. Scott Mertz, John Adderly, Rebecca Ting and Julie Kronfeld of NAI Mertz represented the seller, Eastgate Business Center LLC, in the transaction. The buyer was Strategic Funding Alternatives LLC. The sales price was undisclosed.

December 23, 2019

Development Illinois Midwest Office Top Stories

Riverside, Convexity Break Ground on 50-Story BMO Tower Office Building in Chicago

by Taylor Williams December 23, 2019

CHICAGO — A partnership between Riverside Investment & Development and Convexity Properties has broken ground on BMO Tower, also known as Union Station Tower. The 50-story office building is part of the Union Station redevelopment project in Chicago. Global architecture firm Goettsch Partners (GP) designed the property, which will be situated on 2.2 acres directly south of the Union Station headhouse building. The office tower will feature 1.4 million square feet of office space. The tower and new public space are part of the larger redevelopment of Chicago Union Station, which originally opened in 1925. Riverside and Complexity unveiled plans for the $1 billion project in September 2018, beginning with the demolition of a 404-unit apartment building and the design of a 1.5-acre plaza and park. “This project will activate a prime site that has been largely underutilized next to Chicago’s busiest commuter station,” says James Goettsch, chairman and co-CEO at GP. “The office tower and park will bring vibrant, complementary additions to the city.” As the name indicates, Montreal-based BMO Financial Group will be the building’s anchor tenant. Construction is scheduled for completion in 2022. Although development costs were not disclosed, the Chicago Tribune reports that the developers received $476 million …

December 23, 2019

Acquisitions Office Southeast Tennessee

Highwoods Properties Sells Memphis Office Building for $76.4M

by Alex Tostado December 20, 2019

MEMPHIS, TENN. — Raleigh-based Highwoods Properties Inc. has sold International Paper IV, a 248,000-square-foot, single-customer building, for $76.4 million. The property, located at 1740 International Drive in Memphis, was sold to an undisclosed buyer. Highwoods also expects to sell Atrium I and II, a two-building office complex in nearby Germantown encompassing 84,000 square feet, for $13.2 million prior to the end of 2019. The sales are part of Highwoods’ two-phased plan to exit the Greensboro and Memphis markets. The first phase consists of selling a specific portfolio of assets in Greensboro and Memphis by mid-2020, with the remaining assets to be sold as part of the second phase. No timeline has been announced for the second phase.

December 20, 2019

Acquisitions Massachusetts Northeast Office Top Stories

The Fallon Co., Barings Sell Boston Seaport Office Tower for $482M

by Alex Patton December 20, 2019

BOSTON — A joint venture between The Fallon Co. and Barings LLC has sold One Marina Park Drive, a 491,573-square-foot, multi-tenant office tower in the Boston Seaport district. An affiliate of Clarion Partners LLC acquired the property for $482 million. The 18-story One Marina Park Drive is the tallest building situated within Fan Pier, Fallon’s 3 million-square-foot mixed-use development in the Seaport. Fan Pier comprises six buildings with 2.6 million square feet of commercial space and 229 residential units. The ground floor of One Marina Park Drive features 19,000 square feet of retail and dining, including the Strega Waterfront Italian restaurant, the Empire Asian restaurant and the SailTime Boston sailing club. A host of other retail and entertainment attractions are located within walking distance, including the Fan Pier Park, Boston Children’s Museum, the Equinox Seaport fitness center and Trillium Brewing Co. At the time of sale, One Marina Park Drive was fully leased to tenants including law firms Fish & Richardson and Gunderson Dettmer; energy tech companies Enel X and Battery Ventures; Intarcia Therapeutics; and healthcare and tech investment firm Polaris Ventures. The Fallon Co. was the original developer of the One Marina Park Drive, which was designed by Elkus Manfredi and completed …

December 20, 2019

Acquisitions California Office Western

IDS Real Estate Group Buys 148,488 SF Office Asset in Central San Diego for $23.7M

by Amy Works December 20, 2019

SAN DIEGO — IDS Real Estate Group has purchased an office building, located at 4181 Ruffin Road in San Diego’s Kearny Mesa district. Massachusetts-based Office Properties Income Trust sold the property for $23.7 million. Originally built in 1981 and renovated in 2013, the property features 148,488 square feet of office space. At the time of sale, the property was 83 percent leased to four tenants, including the U.S. General Services Administration, a travel insurer and a technology company. Louay Alsadek, Hunter Rowe and Brad Black of CBRE represented the seller in the transaction.

December 20, 2019

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