Office

Prime US REIT Acquires Park Tower Office Building in Sacramento for $165.5M

by Amy Works February 27, 2020

SACRAMENTO, CALIF. — Prime US REIT has purchased Park Tower, an office asset in downtown Sacramento, for $165.5 million. KBS is the U.S.-based asset manager for the buyer that identified and sourced the Park Tower opportunity on behalf of Prime. Located at 980 Ninth St. and 1010 Eighth St., the 24-story property features 489,171 square feet of office, retail and parking garage space. Park Tower was built in 1992 and renovated in 2019, while its parking area was constructed in 1961 and renovated in 1988. The LEED Gold-certified building features a suite of on-site tenant amenities, including a recently renovated fitness center, locker rooms, conference center and tenant lounge. The property also offers a three-story atrium lobby, high-efficiency building systems, 15,000-square-foot to 28,000-square-foot flexible floor plates and above-market parking in two garages at a ratio of 2.4/1,000. Grant Lammersen, Steve Golubchik and Tyler Myerdirk of Newmark Knight Frank brokered the transaction. Bruce Fischer, Christine Fan and Howard Chu of Greenberg Traurig LLP’s Orange County, Calif., office served as Prime’s legal counsel in the acquisition.

February 27, 2020

Acquisitions Midwest Missouri Office Retail

Block & Co. Arranges $1.1M Sale of Office, Retail Building in Kansas City

by Kristin Harlow February 27, 2020

KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged the sale of a 12,000-square-foot office and retail building in Kansas City for $1.1 million. The property is located at 7208 Wornall Road within the Waldo District. Domino’s Pizza and Injury Chiropractic occupy the 4,000 square feet of retail space on the first floor. The second-floor office space of 5,500 square feet is currently available for lease. Marshal Blount of Block & Co. brokered the sale. An investment group purchased the asset.

February 27, 2020

Data Centers Development Industrial Office Top Stories

Google to Invest $10B This Year in Office, Data Centers Across the United States

by Alex Tostado February 27, 2020

MOUNTAIN VIEW, CALIF. — Google (Nasdaq: GOOGL) plans to invest $10 billion in office and data centers in 11 states this year that will create thousands of jobs. The 11 states will be Colorado, Georgia, Massachusetts, Nebraska, New York, Oklahoma, Ohio, Pennsylvania, Texas, Washington and California, according to Sundar Pichai, CEO of Google and its parent company, Alphabet Inc. In 2019, Mountain View-based Google announced it would invest $13 billion in major office and data center expansions in 14 states. Combined with other investments, Alphabet was the largest investor in the United States last year, according to the Progressive Policy Institute’s Investment Heroes 2019: Boosting U.S. Growth report. Data Centers Google plans to open or expand 13 data centers nationwide. Data center expansions in the South include locations in Georgia, Texas, Virginia, Alabama, South Carolina and Tennessee. In the Midwest, the company will open a new data center in Ohio and expand an existing center in Iowa. Nebraska and Oklahoma will see expanded data centers. Lastly, Google will expand data centers in Oregon and Nevada. Office Space Google plans to open new offices or expand its existing space in 19 communities. Google office expansions are slated for Minnesota, Wisconsin, Illinois …

February 27, 2020

Acquisitions Florida Office Southeast

Denholtz Properties Acquires Office Portfolio in Tampa for $26.5M

by Alex Tostado February 26, 2020

TAMPA, FLA. — Denholtz Properties has acquired the Thompson Center, a nine-building, 225,651-square-foot office portfolio in Tampa, for $26.5 million. The properties are located at 5455-5557 W. Waters Ave., 10 miles northwest of downtown Tampa. The portfolio was 95 percent leased to 29 tenants at the time of sale, including The Home Depot, Eckerd Youth Alternatives, BayCare Health System, Keller Group and Terracon. Rick Brugge and Mike Davis of Cushman & Wakefield represented the seller, First Industrial Realty Trust, in the transaction.

February 26, 2020

Development Office Texas

MetroNational Breaks Ground on 190,000 SF Office Project in Uptown Houston

by Taylor Williams February 26, 2020

HOUSTON — Locally based investment and development firm MetroNational has broken ground on a 190,000-square-foot office project within a four-acre mixed-use development in Uptown Houston. Designed by Kirksey Architects, the Class A building will offer 21,000 square feet of leasable space per floor and will include 4,500 square feet of ground-floor retail and restaurant space. An expected completion date has not yet been determined.

February 26, 2020

Leasing Activity Office Texas

Global Architecture Firm PDR Opens Regional Office in Dallas

by Taylor Williams February 26, 2020

DALLAS — Global architecture firm PDR is expanding its presence in Texas with the opening of a regional office at 2001 Ross Ave. in downtown Dallas. Since its founding in 1977, the Houston-based firm has worked on projects in Dallas for major companies like ExxonMobil, Texas Instruments and USAA. Partner and principal Marc Bellamy will lead the Dallas office along with senior associates Justin Dezendorf and Jenny Segsworth.

February 26, 2020

Acquisitions Illinois Midwest Office

JLL Brokers $68M Sale of Office Building in Chicago’s South Loop

by Kristin Harlow February 26, 2020

CHICAGO — JLL Capital Markets has brokered the sale of 801 Canal Street in Chicago’s South Loop for $68 million. The five-story, 591,577-square-foot office building is fully occupied by the Northern Trust Co. through August 2020. The property features 105,000-square-foot floorplates. Amenities include a food hall, fitness center, daycare facility, conferencing facilities and outdoor terrace space. In addition to the office building, the sale included a 1.3-acre development site south of the property. Jaime Fink, Bruce Miller, Jeff Bramson, Patrick Shields and Sam DiFrancesca of JLL represented the seller, Canal/Taylor Venture. JLL also procured the buyer, 601W Cos.

February 26, 2020

Illinois Leasing Activity Midwest Office

Level Ex Expands, Relocates to 180 North LaSalle in Chicago

by Kristin Harlow February 26, 2020

CHICAGO — Medical video game company Level Ex has expanded its footprint and relocated to 180 North LaSalle Street, a 38-story, 760,000-square-foot office tower in the Chicago Loop. Level Ex’s new headquarters is more than 20,000 square feet, double the size of its previous office in River North. The sublease commenced in early 2020. Jon Azulay and Adam Mitchell of Savills represented Level Ex in the lease negotiations. Level Ex creates mobile, augmented reality and virtual reality games for physicians. The company uses video game technology and cognitive neuroscience to capture the challenges of practicing medicine. Owned by Ivanhoe Cambridge, 180 North LaSalle is located at the corner of LaSalle and Lake streets. James Stein and Jack Tunnicliff of Cushman & Wakefield represented the sublandlord, Newell.

February 26, 2020

Acquisitions Illinois Midwest Office

Cawley Chicago Negotiates $4.6M Sale of Office Building in Oak Brook, Illinois

by Kristin Harlow February 26, 2020

OAK BROOK, ILL. — Cawley Chicago has negotiated the sale of a 70,497-square-foot office building in Oak Brook for $4.6 million. Built in 1978, the three-story property is located at 915 Harger Road near Oak Brook Mall. Amenities include a conference facility and kitchen area. Building renovations are currently underway. Tony Russo and Ryan Freed of Cawley Chicago represented the buyer, KMMRD Enterprises. Jane Stroebeck of Stroebeck Real Estate represented the seller, 915 Harger LLC. Russo and Freed will serve as the leasing representatives and Cawley Chicago Management will manage the property on behalf of the new ownership.

February 26, 2020

Colorado Development Office Western

McCaffery, Ivanhoé Cambridge, Hines to Develop 240,000 SF Office Building in Denver

by Amy Works February 26, 2020

DENVER — McCaffery, Ivanhoé Cambridge and Hines have started construction of T3 RiNo, a six-story T3 (timber, transit and technology) office building in Denver. Situated in the River North Art District (RiNo), the 240,000-square-foot building will feature common, hospitality-driven social areas; large, private tenant terraces on each floor; a modern fitness facility and bicycle facility; 17,000 square feet of retail space; and convenient access to the Regional Transportation District (RTD) commuter rail system. Designed by Pickard Chilton Architects and DLR Group, T3 RiNo is slated for completion in spring 2022.

February 26, 2020

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