Office

TerraCap Buys Office Building in Charlotte for $24.8M

by Alex Tostado November 5, 2019

CHARLOTTE, N.C. — TerraCap Management LLC has bought Resource Square IV, a five-story, 152,000-square-foot office building in Charlotte, for $24.8 million. Resource Square office complex comprises five buildings totaling 337,611 square feet. TerraCap bought three of the buildings in August. The property is located near Interstates 85, 77 and 485, as well as Charlotte’s LYNX Light Rail Blue Line. The property offers a parking ratio of 4.5 per 1,000 square feet and features amenities such as a fitness center, conference room and an outdoor patio. Patrick Gildea of CBRE represented the seller, Rockford Capital Partners, in the transaction.

November 5, 2019

Development Office Texas

Worth & Associates Begins Leasing 83,713 SF Office Conversion Project in San Antonio

by Taylor Williams November 5, 2019

SAN ANTONIO — Locally based developer Worth & Associates has begun leasing Austin Highway Business Center, an 83,713-square-foot office conversion project situated on 10.5 acres in northeast San Antonio. Worth acquired the property, which formerly served as a data center for Frost Bank, in spring 2018 and upgraded its entrance, lobby, break room and outdoor recreational areas. Austin Highway Business Center, which is being marketed to call center and back-office users, also includes 162 covered parking spaces.

November 5, 2019

Leasing Activity Massachusetts Northeast Office

Newmark Knight Frank Negotiates 14,764 SF Office Lease in Lexington, Massachusetts

by Alex Patton November 5, 2019

LEXINGTON, MASS. — Newmark Knight Frank (NKF) has negotiated a 14,764-square-foot office lease for pharmaceutical company KabaFusion in Lexington, a northwestern suburb of Boston. The company is moving its headquarters from a 3,500-square-foot space in Waltham to 80 Hayden Avenue, a 43,208-square-foot, three-story office building primarily leased to life sciences tenants. Mark Roth, Matt Malatesta, Brendan Daly and Brianna Piacitelli of NKF represented the landlord, Marwick Associates, in the lease negotiations. Jack Whelan and Michael O’Leary represented KabaFusion.

November 5, 2019

Connecticut Leasing Activity Northeast Office

Keep America Beautiful Signs 8,500 SF Office Lease Renewal in Stamford, Connecticut

by Alex Patton November 5, 2019

STAMFORD, CONN. — Recycling and sustainability organization Keep America Beautiful has signed an 8,500-square-foot office lease renewal in Stamford, located approximately 35 miles northeast of New York City. As part of the renewal agreement, the landlord agreed to pay for interior renovations, including a kitchen and restroom remodel and enhancements to the lighting and HVAC systems at the property, which serves as the organization’s headquarters. John Hannigan and Adam Cognetta of Choyce Peterson Inc. represented Keep America Beautiful in the lease negotiations. Larry Kwiat of SL Green Realty Corp. represented the landlord on an internal basis.

November 5, 2019

Features Illinois Midwest Office

CBRE: Chicago Remains Most Green U.S. Office Market

by John Nelson November 5, 2019

LOS ANGELES — Chicago’s office market maintains its top status in the 2019 edition of CBRE’s Green Building Adoption Index, an annual report that measures the energy sustainability of the top 30 office markets in the United States. The index (GBAI) reviews the various office markets’ adoption of two green building certifications — the EPA’s Energy Star rating and the U.S. Green Building Council’s LEED certification. The GBAI is tracked in terms of both square footage and number of buildings. More than 167 million square feet of Chicago’s office space is certified green, or approximately 71.1 percent of the metro’s total office inventory (235 rentable million square feet). Coming in behind the City of Broad Shoulders is San Francisco (67.5 percent), Atlanta (59.3 percent), Minneapolis/St. Paul (57.1 percent) and Los Angeles (56.6 percent). Chicago is a growing and thriving office market. Tech firms such as Uber, Amazon and LinkedIn, as well as coworking concepts Spaces, Industrious and WeWork, have all taken down large swaths of office space in the metro area. According to third-quarter data from CBRE Research, more than 5 million square feet of office space is under construction in metro Chicago. “Going green is one key to any …

November 5, 2019

Acquisitions Florida Office Southeast

ShareMD Acquires Two Medical Office Buildings Near Miami for $33.2M

by Alex Tostado November 4, 2019

SOUTH MIAMI AND CORAL GABLES, FLA. — ShareMD has acquired a medical office building in South Miami and one in Coral Gables for $33.2 million. Located at 5966 S. Dixie Highway in South Miami, the first medical office building sold for $19.6 million. The facility spans 50,600 square feet and was 71 percent leased at the time of sale. The other property, The Biltmore Professional Building, is located at 475 Biltmore Way in Coral Gables and sold for $14.6 million. The Biltmore Professional Building comprises 56,000 square feet and was 83 percent leased at the time of sale. Elliot LaBreche of Easton & Associates represented ShareMD, a Southern California-based REIT, in the transaction and has been retained to handle leasing efforts. Miami investor and founder of Slon Capital, Leonard Boord, sold both buildings.

November 4, 2019

Acquisitions Office Texas

Colliers Brokers Sale of 166,000 SF Bent Tree Office Tower in Metro Dallas

by Taylor Williams November 4, 2019

ADDISON, TEXAS — Colliers International has brokered the sale of Bent Tree Tower II, a 166,000-square-foot office building located in the northern Dallas suburb of Addison. Los Angeles-based Regent Properties sold the eight-story building to a partnership that was formed by Dallas-based Hudson Peters Commercial for an undisclosed amount. Creighton Stark and Chris Boyd of Colliers brokered the deal. Prior to disposing of the asset, Regent invested $4.7 million in capital improvements to the building, which included a remodel of the property’s entrance, an update of the building’s lobby and common areas, the addition of a large monument sign and a modernization of the building’s mechanical systems. Energy firm Forney Corp. is Bent Tree’s anchor tenant.

November 4, 2019

Leasing Activity New York Northeast Office

JLL Negotiates 15,361 SF Office Lease at Mutual of America Building in Manhattan

by Alex Patton November 4, 2019

NEW YORK CITY — JLL has negotiated a 15,361-square-foot office lease for private investment firm Newlight Partners LP at the Mutual of America Building in Manhattan. Newlight Partners is relocating from 390 Park Avenue, also known as The Lever House, to the 25th floor of the 750,000-square-foot, Class A office building. The term of the new lease is 10 years. Alexander Chudnoff and Daniel Turkewitz of JLL represented Newlight Partners in the lease negotiations. Frank Doyle, David Kleiner and Betsy Buckley of JLL represented the landlord, Mutual of America Life Insurance Co.

November 4, 2019

Leasing Activity Office Texas

Envy Gaming to Open 20,872 SF Esports Training Facility, Office at Dallas’ Victory Park

by Taylor Williams November 4, 2019

DALLAS — Envy Gaming Inc., a Dallas-based company that owns multiple esports teams, will open a 20,872-square-foot training facility and expanded office headquarters at Victory Park in downtown Dallas. The new space will be located within a Class A office building at 3030 Olive St., adjacent to the American Airlines Center. Ryan Hoopes and Tom Sutherland of Cushman & Wakefield represented Envy Gaming in its property search and lease negotiations.

November 4, 2019

Acquisitions California Office Western

Kennedy Wilson Buys Hamilton Landing Office Campus in North Bay Area for $115M

by Amy Works November 1, 2019

NOVATO, CALIF. — Kennedy Wilson has acquired Hamilton Landing, a wholly owned office campus situated on 20 acres in Novato, a North Bay Area town in Marin County. An undisclosed seller sold the asset for $115 million. For the acquisition, Kennedy Wilson invested $55 million of equity and assumed a $60 million, interest-only loan at a fixed interest rate of 4.34 percent that matures in 2025. Built in the 1930s as an Air Force Base, Hamilton Landing was decommissioned in the 1970s and converted into Class A creative office space in phases between 2000 and 2008. The seven-building campus offers a total of 406,000 square feet of office space. Kennedy Wilson purchased the office campus through a 1031 exchange with proceeds generated from the recent sale of two multifamily properties.

November 1, 2019

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