Office

Choyce Peterson Negotiates 41,417 SF Office Lease in Shelton, Connecticut

by Alex Patton December 19, 2019

SHELTON, CONN. — Choyce Peterson Inc. has negotiated a 41,417-square-foot office lease for the new headquarters of railway inspector and servicer Sperry Rail Inc. in Shelton, a western suburb of New Haven. The property is located at 5 Research Drive. A new, 11,000-square-foot building will be constructed on the site to accommodate needs for additional production space. The company is consolidating its new headquarters from its previous location in Danbury, where it occupied three buildings. John Hannigan of Choyce Peterson represented Sperry Rail in the lease negotiations. Rob Scinto represented the landlord, R.D. Scinto, on an internal basis.

December 19, 2019

Acquisitions New York Northeast Office Top Stories

Munich Reinsurance America Agrees to Purchase 39-Story Madison Avenue Office Tower in Manhattan

by Alex Tostado December 19, 2019

NEW YORK CITY — Munich Reinsurance America Inc. has agreed to purchase 330 Madison Ave., a 39-story, 852,000-square-foot office tower in Manhattan. The building was originally constructed in 1963 and was renovated in 2012 to include a new glass curtainwall façade, upgraded lobby and updated systems that achieved LEED Gold certification. The asset is located adjacent to Grand Central Station and near the New York Public Library and Bryant Park. The sales price was not disclosed, although multiple news outlets reported the negotiations were in the range of $850 million to $900 million. At the time of the agreement, the building was 95 percent occupied by tenants including Guggenheim Partners, JLL and HSBC. “We are glad to invest in the United States, given the U.S. share of [the buyer’s] insurance portfolio,” says Hans-Joachim Barkmann, managing director of MEAG, which advised the buyer in the transaction. “The overall American real estate market is also currently outperforming continental Europe, especially Midtown Manhattan, which is really unique in the world in terms of status and prospects.” CBRE represented the seller, which was undisclosed, though several outlets report the seller was Abu Dhabi Investment Authority. Based in Princeton, N.J., Munich Reinsurance America is the …

December 19, 2019

Connecticut Loans Northeast Office

Marcus & Millichap Arranges $6M in Financing for Rehabilitation Facility in New Haven, Connecticut

by Alex Patton December 18, 2019

NEW HAVEN, CONN. — Marcus & Millichap has arranged $6 million in financing for Retreat at Southern Connecticut, a rehabilitation facility in New Haven. The facility specializes in mental health services and substance abuse rehabilitation, and the loan will be used to increase treatment options and hire more than 150 new staff members. Stonehenge Capital provided the loan, terms of which were undisclosed. Robert Noeldechen of Marcus & Millichap handled the debt placement.

December 18, 2019

Acquisitions Maryland Office Southeast

Zamir Equities Buys Value-Add Office Building in Baltimore’s CBD for $26.9M

by Alex Tostado December 18, 2019

BALTIMORE — Zamir Equities has purchased 36 S. Charles St., a 25-story office building located in Baltimore’s Central Business District (CBD), from an undisclosed seller. The 314,000-square-foot building currently houses the Baltimore U.S. Attorney’s Office, The Law Offices of Peter T. Nicholl and the City of Baltimore Development Corp. One block away from Baltimore’s Inner Harbor, 36 S. Charles is situated less than a block from the Metro SubwayLink Charles Center station. The location also provides nearby access to Interstates 95 and 83 and the city’s Light RailLink system. The Camden Station of the Maryland Area Regional Commuter (MARC), which provides high-speed access to Washington, D.C. and other major East Coast cities, is less than one mile away. The office building currently features cafes, onsite storage and a parking garage. The previous ownership invested $6.5 million into base building improvements and updates to the lobby, conference center and elevators. Zamir Equities plans to make additional capital improvements, including further improvements to the elevators, upgrades to the common areas, enhanced building security and a new coffee shop.

December 18, 2019

Development Office Texas

Shorenstein Breaks Ground on 210,500 SF Office Building in Austin’s Mueller Business District

by Taylor Williams December 18, 2019

AUSTIN, TEXAS — Shorenstein Properties has broken ground on the Alpha Building, a 210,500-square-foot office property located within Austin’s Mueller Business District. Mueller Business District comprises three development sites with the capacity to house four office buildings totaling roughly 800,000 square feet of space. Designed by architecture firm Page, the Alpha Building will be located across the street from an Alamo Drafthouse Cinema and the site of the future Origin Hotel and will include 26,000 square feet of ground-floor retail space. AQUILA Commercial handles leasing of the building, which is scheduled to be complete in the first quarter of 2021.

December 18, 2019

Illinois Leasing Activity Midwest Office

US Foods Signs 275,000 SF Office Lease Renewal in Rosemont, Illinois

by Kristin Harlow December 18, 2019

ROSEMONT, ILL. — US Foods has signed a 275,000-square-foot office lease renewal at Riverway in Rosemont. This is the largest office lease signed in suburban Chicago since 2017, according to Cushman & Wakefield. Riverway is a 1.1 million-square-foot office campus comprised of four 11-story buildings. Dan Svachula, Michael Simpson and Allyson Birchmeier of Cushman & Wakefield represented the landlord, Adventus Realty. James Otto, Abigail Zaleski and Chris Reynolds of CBRE represented US Foods, a major foodservice distributor and supplier.

December 18, 2019

Acquisitions Colorado Healthcare Office Western

NavPoint Real Estate Group Negotiates $3.9M Sale of Multi-Tenant Medical Office Asset in Colorado

by Amy Works December 18, 2019

CENTENNIAL, COLO. — NavPoint Real Estate Group has arranged the sale of a medical office asset located at 8100 E. Arapahoe Road in Centennial. Hilltop Partnership acquired the property from Mililani Investments Arapahoe for $3.9 million. Situated within Denver Tech Center, the value-add property features 28,700 square feet of medical office and office space. Compass Bank occupied the garden level and first floors of building since it was built in 1986. At the time of sale, the building was 57.3 percent occupied by three tenants. John Witt and Matt Call of NavPoint Real Estate Group represented the seller, while Matt Kulbe, also of NavPoint, represented the buyer in the deal.

December 18, 2019

Acquisitions California Office Western

Buchannan Street Partners Sells Two-Building Inland Empire Office Campus for $38.6M

by Amy Works December 17, 2019

ONTARIO, CALIF. — Buchannan Street Partners has completed the disposition of a two-building office campus located on East Guasti Road in Ontario. MGR Real Estate Inc. acquired the asset for $38.6 million. Built in 2005 and 2007, the complex features 159,092 square feet of Class A office space. The five-story, 91,357-square-foot property situated on 6.54 acres at 3110 E. Guasti Road is known as University Plaza, while the three-story, 67,735-square-foot building located at 3200 E. Guasti Road is known as Waterside Center I. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of Newmark Knight Frank’s U.S. Capital Markets team represented the seller, while the buyer was self-represented in the transaction.

December 17, 2019

Development Industrial Office Texas

Creation Equity Breaks Ground on 1 MSF Office, Warehouse Project Near Fort Worth

by Taylor Williams December 17, 2019

HALTOM CITY, TEXAS — Phoenix-based Creation Equity has broken ground on The 820 Exchange, a commercial project located in the Fort Worth suburb of Haltom City that will consist of roughly 1 million square feet of office and warehouse space. LGE Design Build, also based in Phoenix, is the general contractor for the project. According to the Dallas Business Journal, the project is valued at $45 million and is expected to be complete by fall 2020.

December 17, 2019

Leasing Activity Office Texas

TripActions Signs 88,490 SF Office Lease at Renaissance Tower in Downtown Dallas

by Taylor Williams December 17, 2019

DALLAS — TripActions, a Silicon Valley-based platform that manages corporate travel, has signed an 88,490-square-foot office lease at Renaissance Tower, a 56-story building located at 1201 Elm St. in downtown Dallas. Evan Hammer, David Harris and Jade Scott of Whitebox Real Estate, along with Bo McNally and David Bergeron of T3 Advisors, represented TripActions in the lease negotiations. Dennis Barnes, Clay Gilbert and Ben Davis of CBRE represented the landlord, a joint venture between SMA Equities and Moinian Group.

December 17, 2019

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