Office

Japan Tobacco International USA Signs 18,500 SF Office Lease Renewal in Teaneck, New Jersey

by Alex Patton June 4, 2020

TEANECK, N.J. — Japan Tobacco International USA (JTI) has signed an 18,500-square-foot office lease renewal in Teaneck, a northwestern suburb of New York City. The space is located at 500 Frank W. Burr Blvd. within the 50-acre Glenpointe office complex. The complex offers 670,000 square feet of Class A office space, a 26,000-square-foot fitness center and 700 guest rooms across three onsite hotels. The tenant has leased its space for 11 years. Greg Barkan of CBRE represented JTI in the lease negotiations. Jerry Barta represented the landlord, Alfred Sanzari Enterprises, on an internal basis.

June 4, 2020

Leasing Activity New Jersey Northeast Office

Cushman & Wakefield Negotiates 11,200 SF Office Lease in Princeton, New Jersey

by Alex Patton June 4, 2020

PRINCETON, N.J. — Cushman & Wakefield has negotiated an 11,200-square-foot office lease for power semiconductor manufacturer United Silicon Carbide in Princeton. The space is on the first floor of an office building located at 650 College Road E. The 168,000-square-foot property is situated within Princeton University’s 2,000-acre master-planned business/research campus. The leasing team of Todd Elfand, Kevin Carton, Paul Giannone and Joe Vacca of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. John Buckley and Jon Compitello of JLL represented the tenant.

June 4, 2020

Leasing Activity Office Texas

Heritage Auctions Relocates Dallas Headquarters to New 160,000 SF Campus

by Taylor Williams June 4, 2020

DALLAS — Dallas-based Heritage Auctions, the country’s largest fine art and collectibles auction house, has relocated its headquarters from 3500 Maple Ave. in the Oak Lawn area to a new, 160,000-square-foot campus at 2801 W. Airport Freeway. The new headquarters is roughly twice the size of its old one and allows the company’s three Dallas offices to be consolidated under one roof. About 450 people will work at the new, single-story complex, which spans the length of three football fields and features an 8,000-square-foot gallery showroom. Nora Hogan, Robert Deptula and Jordan Wade of Transwestern represented Heritage Auctions in the site selection and lease negotiations. Mark Hayes of HPI Real Estate Services & Investments represented the landlord, Bandera Ventures.

June 4, 2020

Acquisitions Arizona Office Western

Roxborough Group Sells Perimeter Parkview Corporate Center in Scottsdale for $30M

by Amy Works June 4, 2020

SCOTTSDALE, ARIZ. — An affiliate of San Francisco-based The Roxborough Group has completed the sale of Perimeter Parkview Corporate Center, an office building located at 8377 E. Hartford Drive in Scottsdale. San Diego-based Cush Enterprises acquired the property for $30 million, or roughly $286 per square foot. Chris Toci, Chad Littell, Tim Whittemore, Grey Mayer and Patrick Schrimscher of Cushman & Wakefield’s Phoenix office represented the seller in the deal. Completed in 2006, the two-story, 104,956-square-foot, Class A office asset features a subterranean parking garage with direct tenant access. At the time of sale, the property was 90 percent leased to three tenants.

June 4, 2020

400-University-Rainier-Square-Seattle-WA

Development Office Washington Western

Wright Runstad, Intercontinental Real Estate Break Ground on 122,000 SF Office Building in Seattle

by Amy Works June 4, 2020

SEATTLE — Local developer Wright Runstad & Co., in partnership with Intercontinental Real Estate Corp., has broken ground on 400 University @ Rainier Square. The 10-story, Class A office building will be located at the southwest corner of University Street and Fourth Avenue in downtown Seattle. Totaling 122,000 square feet, the development will feature 110,000 square feet of office space above 12,000 square feet of street-level restaurant and lounge space. Additional features will include a subgrade mezzanine level, a 6,000-square-foot rooftop deck, third-floor terrace, bike storage, locker rooms with showers and dedicated tenant parking. The plans also include an underground concourse that connects to the Washington Athletic Club, Seattle Hilton, Union Square and the Washington State Convention Center. Upon completion in July 2021, the NBBJ-designed building will complete Rainier Square, a 1.2 million-square-foot mixed-use project Wright Runstad developed. Jeffery Weber and Jason Flynn of Eastdil Secured’s San Francisco office arranged the secured the joint venture partnership. Greg Inglin and David Abbott of Colliers International represent the office leasing team.

June 4, 2020

Indiana Leasing Activity Midwest Office

Summit Reinsurance Services Renews 6,970 SF Office Lease in Fort Wayne, Indiana

by Kristin Harlow June 4, 2020

FORT WAYNE, IND. — Summit Reinsurance Services has renewed its 6,970-square-foot office lease at 7030 Pointe Inverness Way in Fort Wayne. Brady Gardner of Sturges Property Group represented the tenant as well as the landlord, Fort Wayne Portfolio Corp. Summit is a managing general underwriter and reinsurance advisor working with health insurers, managed care organizations and self-funded employers.

June 4, 2020

Acquisitions Office Texas

Koontz Corp. Sells 58,574 SF Parkview Plaza Office Building Near San Antonio

by Taylor Williams June 4, 2020

NEW BRAUNFELS, TEXAS — Locally based developer Koontz Corp. has sold Parkview Plaza, a 58,574-square-foot office building in the San Antonio suburb of New Braunfels. The property and was fully leased to PNC Bank at the time of sale. The buyer was New York-based Royal Oak Realty Trust. Once a golf course, the site of Parkview Plaza is located within Sundance Business Park, about a mile from Interstate 35.

June 4, 2020

Acquisitions Colorado Development Healthcare Office Top Stories Western

AGC Biologics Acquires Vacant AstraZeneca Plant in Colorado, Plans to Invest $100M

by Alex Tostado June 4, 2020

BOULDER, COLO. — AGC Biologics has acquired a vacant, 300,000-square-foot pharmaceutical plant in Boulder from AstraZeneca. The Japan-based company plans to invest $100 million in the plant and create 280 jobs, according to multiple news outlets. The facility will provide AGC with additional capacity and significantly larger production scale. AGC expects to move into the facility in April 2021, 18 months sooner than it would take to build a new facility, according to the company. In February, the Colorado Economic Development Commission approved a tax credit on the property worth up to $6.4 million. AstraZeneca vacated the 20-acre property in January 2019, according to the Denver Post. The sales price was not disclosed, though the Boulder Daily Camera reports the property traded for $40 million. The Camera also reports jobs at the plant will pay an average of $96,253 per year. “This facility will enable us to continue to advance the development, manufacturing and commercial functions within our dynamic global company,” says AGC Biologics CEO Patricio Massera. Although the specific drugs and research planned for the facility were not disclosed, Massera made reference to “mammalian projects,” suggesting that animal research will take place there. The property is located at 5550 Airport …

June 4, 2020

Massachusetts Northeast Office

Franklin Street Properties Reports 95 Percent Office Rent Collection in April, No Property Damage from Protests

by Alex Patton June 3, 2020

WAKEFIELD, MASS. — Franklin Street Properties Corp. (NYSE: FSP), a Wakefield, Mass.-based REIT, has reported that it collected 95 percent of rent payments due for May at its office properties despite revenue concerns amid the COVID-19 outbreak. When the outbreak began in the United States, office users across the country were forced to lay off employees while others were restricted to working from home. Even as states begin to reopen and some employees are returning to their offices, many companies are reconsidering lease signings and expansions. In addition, Franklin reported that none of its properties has sustained significant damage as a result of the ongoing nationwide protests. Franklin owns and operates 35 office properties totaling approximately 9.5 million square feet, primarily located in infill and central business districts in 10 Southeastern and Midwestern states. Some tenants have requested rent relief in the form of deferrals for varying lengths of time, which Franklin has granted in particular instances while seeking extended lease terms. The REIT’s stock price closed at $5.15 per share on June 2, down from $7.52 per share at the same time last year.

June 3, 2020

Leasing Activity Northeast Office Pennsylvania

CBRE Negotiates 32,500 SF Office, Lab Prelease at One uCity Square in Philadelphia

by Alex Patton June 3, 2020

PHILADELPHIA — CBRE has negotiated a 32,500-square-foot office and lab prelease for biotechnology company Century Therapeutics in Philadelphia’s University City district. The space is located at One uCity Square, a 400,000-square-foot mixed-use development currently under construction and that will feature Class A office, lab and retail space. The project is slated for completion in early 2022. Bob Zwengler, Matthew Knowles and Anthony Pell led a CBRE team that represented Century Therapeutics in the lease negotiations. A joint venture between University City Science Center, Wexford Science & Technology LLC and Ventas Inc. owns the property.

June 3, 2020

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