Office

KLNB Arranges $7.4M Sale of Office Building Near Baltimore

by Alex Tostado April 3, 2020

COLUMBIA, MD. — KLNB has arranged the $7.4 million sale of Rivers Corporate Centre, a two-story, 42,860-square-foot office building in Columbia. The building was fully leased at the time of sale to tenants including Peak-Ryzex Inc., Telligen and American Contracting. Rivers Corporate Centre is situated at 10330 Old Columbia Road, 19 miles southwest of downtown Baltimore. Craig Morrell, Brad Berzins and Don Schline of KLNB represented the seller, KC Rivers Development LLC, in the transaction. The team also procured the buyer, an entity controlled by Reliable Real Estate Services.

April 3, 2020

Development New York Northeast Office

Skanska USA Underway on $32M Office Build-Out for Pharmaceutical Company in Sleepy Hollow

by Alex Patton April 3, 2020

SLEEPY HOLLOW, N.Y. — Skanska USA, a division of Swedish construction company Skanska, is constructing the $32 million interior build-out of an office space for Regeneron Pharmaceuticals Inc. in Sleepy Hollow, a northern suburb of New York City. The property is located at 1 Rockwood Road. The project involves the design and construction of an approximately 60,600-square-foot space, as well as upgrades to the air distribution systems, LED lighting, ceilings, flooring and glass front offices. Construction is underway and is scheduled for completion in July 2021.

April 3, 2020

Leasing Activity New York Northeast Office

Architecture Firm Signs 5,000 SF Office Lease Renewal, Expansion in West Harlem

by Alex Patton April 3, 2020

NEW YORK CITY — Architecture firm Gluck+ has signed a 5,000-square-foot renewal and expansion of its office lease at the Sweets Building, a 200,000-square-foot office building at the Manhattanville Factory District, a mixed-use development in West Harlem. Gluck+ had occupied 3,600 square feet at the building, which is located at 423 W. 127th St., since 2013. The firm also led the redesign of the property, which served as a brewery before being converted to office. Janus Property Co. is the landlord of Manhattanville Factory District. Both parties were represented internally in the lease negotiations.

April 3, 2020

Acquisitions California Office Western

NKF Negotiates $21.6M Sale of Bank of America Office Campus in Southern California

by Amy Works April 3, 2020

THOUSAND OAKS, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of an office campus located at 225 W. Hillcrest Drive in Thousand Oaks. TriStar Realty Group acquired the property from a joint venture between Colony Capital and SteelWave for $21.6 million. Bank of America occupies 74 percent of the property until December, at which time the 158,885-square-foot asset will be vacant. The buyer plans to reposition the building, which is situated on 14.7 acres, as a medical office campus. Built in 1983 and renovated in 2007, the five-story, Class A property was originally built for Exxon’s regional corporate headquarters. The asset features flexible floorplates ranging in size from 20,000 square feet to 48,000 square feet, a courtyard and ample parking. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of NKF’s U.S. Capital Markets group, along with Sean Fulp, Ryan Plummer and Mark Schuessler of NKF’s Private Capital group, represented the seller. John LaSpada of CBRE represented the buyer in the deal.

April 3, 2020

Acquisitions Midwest Office Ohio Retail

DiFranco Brokers Sale of 34,017 SF Office, Retail Complex in Westlake, Ohio

by Kristin Harlow April 3, 2020

WESTLAKE, OHIO — DiFranco Commercial Real Estate has brokered the sale of 2035 Crocker Road in Westlake, about 17 miles west of downtown Cleveland. The sales price was not disclosed. The 34,017-square-foot office and retail complex was 94 percent occupied at the time of listing. The building is situated directly across from the lifestyle center Crocker Park. Michael DiFranco of DiFranco brokered the sale. Buyer and seller information was not provided.

April 3, 2020

Development Office Texas

Cornerstone to Develop 30,000 SF Office Project in Fort Worth

by Taylor Williams April 2, 2020

FORT WORTH, TEXAS — Cornerstone Projects Group will develop Triune Center, a 30,000-square-foot office project that will be located at the convergence of Interstate 30, Montgomery Street and Chisholm Trail Parkway in Fort Worth. The six-story, Class A building will feature an automated valet parking garage by Trident Structures. Construction is expected to last 12 months and could begin as early as May. Stream Realty Partners will handle leasing of Triune Center

April 2, 2020

Leasing Activity New Jersey Northeast Office

Imperial Dade Signs 28,756 SF Office Lease in North Bergen, New Jersey

by Alex Patton April 2, 2020

NORTH BERGEN, N.J. — Imperial Dade, a Jersey City-based distributor of maintenance supplies and foodservice packaging, has signed a 28,756-square-foot office lease in North Bergen, just north of Jersey City. The space is located on the seventh floor of West Side Center, a 300,000-square-foot, Class A office property located at 5901 West Side Ave. Beginning in the fall, the office will house Imperial Dade’s executive team, as well as its finance, human resources and customer service departments. The firm’s current Jersey City facility will serve as its largest distribution center. Palestina Scrivo Properties Inc. represented Imperial Dade in the lease negotiations. Curtis Foster and Jerry Shifrin of Cushman & Wakefield represented the landlord, Real Capital Solutions.

April 2, 2020

Acquisitions Office Southeast Virginia

JLL Brokers $97.6M Sale of Office Building in Northern Virginia

by Alex Tostado April 1, 2020

FALLS CHURCH, VA. — JLL has brokered the sale of 2941 Fairview Park Drive, a 367,349-square-foot, 15-story office building in Falls Church. The sales price was not disclosed, although multiple media outlets report the asset traded for $97.6 million. The property was 94 percent leased at the time of sale to multiple Fortune 500 companies and the headquarters of defense and aerospace firm Booz Allen Hamilton. The building features 9- to 12-foot ceiling heights, a restaurant, café and a fitness center. The asset is situated 15 miles west of downtown Washington, D.C. Bill Prutting of JLL represented the undisclosed seller in the transaction. An affiliate of Silicon Valley-based Menlo Equities acquired the building.

April 1, 2020

Georgia Leasing Activity Office Southeast

City of Tucker Signs 22,000 SF Lease to Consolidate City Hall, General Administration Services

by Alex Tostado April 1, 2020

TUCKER, GA. — The City of Tucker in metro Atlanta has signed a 22,000-square-foot lease at 1975 Lakeside Parkway to consolidate its City Hall and general administration services. The City has been operating in a 4,860-square-foot space since incorporating four years ago. Cresa Global Inc. represented the City in the lease negotiations, and Cresa’s project management team will build out the space. Construction is expected to begin in mid-April with an expected move-in date at the end of June. The new City Hall is situated 14 miles east of downtown Atlanta.

April 1, 2020

Acquisitions New York Northeast Office Retail

Kaufman Organization Acquires Office, Retail Asset in Manhattan’s Flatiron District for $48.5M

by Alex Patton April 1, 2020

NEW YORK CITY — The Kaufman Organization has acquired a 66,190-square-foot office and retail asset in Manhattan’s Flatiron District for $48.5 million. The 12-story building is located at 56 W. 22nd St. and includes 59,719 square feet of office space on the second through 12th floors, and 6,471 square feet of retail space on the ground floor. Maynicke & Franke constructed the building in 1907. Bob Knakal and Stephen Palmese led a JLL team that represented the seller, a private investor, in the transaction. The team also procured the buyer, the Kaufman Organization.

April 1, 2020

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