Office

George Oliver Acquires Office Asset in Metro Phoenix for $38.8M, Plans $14M Redevelopment

by Amy Works October 22, 2019

CHANDLER, ARIZ. — Phoenix-based developer George Oliver has purchased a two-building office asset in downtown Chandler for $38.8 million. The buyer plans to invest nearly $14 million of additional capital to redevelop the property into a creative office portfolio. George Oliver purchased the 1987-built Plaza 25 from long-time owner and tenant First Credit Union for $16.3 million. First Credit Union signed a sale-leaseback agreement to continue to occupy the property for a 10-year lease. Including First Credit Union, the building is 79 percent occupied. The new owner will rebrand the property as The Alexander. Additionally, George Oliver acquired the adjacent, 107,510-square-foot Chandler City Center from Tryperion Partners and Griffin Partners for $22.5 million. Located at 55 N. Arizona Place, the property will be rebranded as The Johnathan after undergoing an almost $3 million initial capital investment plan. The rebranding are named for the city’s namesake, Alexander Johnathan (A.J.) Chandler. The Alexander will commence a $5 million shell building transformation in the first quarter of 2020, creating a 112,000-square-foot, five-story, modernized office building at 25. S. Arizona Place. The renovations will improve the building from Class B to a Class A office space, enclosing a current ground-floor plaza and adding shared …

October 22, 2019

Development Office Texas

KDC Tops Out 100,000 SF Headquarters for SRS Distribution in McKinney

by Taylor Williams October 22, 2019

MCKINNEY, TEXAS — Locally based developer KDC has topped out the new 100,000-square-foot office headquarters building in McKinney for SRS Distribution Inc., a provider of building products and supplies. The four-story, Class A property is located on the corner of the Sam Rayburn Tollway and Alma Road on the northern outskirts of Dallas. The new headquarters features an array of indoor and outdoor amenities, as well as conference and meeting space. Completion is scheduled for spring 2020. Gensler is serving as the design architect, and Adolfson & Peterson is the general contractor. SRS plans to add about 150 new jobs to the local economy over the next decade.

October 22, 2019

Market Reports Office Southeast Southeast Market Reports Tennessee

Cranes Inhabit Nashville Skies as Office Market Booms With New Projects

by John Nelson October 22, 2019

With more than 30 cranes in Nashville’s skies, it’s safe to say the Music City commercial real estate market is humming along. In fact, Davidson County approved $4.2 billion of commercial and residential construction permits in the 2018-2019 fiscal year, according to the Nashville Business Journal. Over the last three fiscal years, the county approved $11.4 billion in permits. While that’s an outstanding level of capital investment in a county with under 900,000 residents, it should be noted that Nashville’s MSA comprises 1.9 million residents encompassing 13 counties — all of which are experiencing record levels of construction permits. New companies coming to the city are driving the office market and construction demand, with several large announcements in the last year including Amazon, AllianceBernstein and Mitsubishi, and the city is continues to rapidly attract companies in the financial services, tech and healthcare industries. With a limited number of buildings available for adaptive reuse, most development taking place in the market is new construction. In fact, more than 460,000 square feet of Class A space was delivered in the third quarter of 2019. The majority of that figure was in Midtown and the Cool Springs/Franklin submarkets, with Aetna and Ramsey Solution’s …

October 22, 2019

Acquisitions District of Columbia Office Southeast

General Services Administration to Buy 1.9 MSF Office Building in D.C. for $760M

by Alex Tostado October 21, 2019

WASHINGTON, D.C. — The General Services Administration (GSA) exercised its purchase option to buy 1200 New Jersey Ave. SE in Washington D.C.’s Yards/Southeast Federal Center neighborhood for $760 million. The United States Department of Transportation (USDOT) fully occupies the 1.9 million-square-foot building. The sale is expected to close in March 2020, 19 months before USDOT’s lease expires, saving $99.8 million in rent costs. The USDOT employs 5,500 workers at the property. Amenities at the property include bike racks, access to the Walking Museum of Transportation, a loading dock and 13-foot ceilings. According to its website, GSA provides workplaces by constructing, managing and preserving government buildings and by leasing and managing commercial real estate.

October 21, 2019

Acquisitions North Carolina Office Southeast

Accesso, Partners Group Acquire Charlotte Office Park for $270M

by Alex Tostado October 21, 2019

CHARLOTTE, N.C. — Accesso Partners and Partners Group have acquired Innovation Park, a 1.8 million-square-foot office campus in Charlotte. The sales price was not disclosed, but Charlotte Business Journal reports the sales price was $270 million. Innovation Park spans 202 acres and comprises 12 buildings that were 99 percent leased at the time of sale to tenants including Allstate, AXA, Alight Solutions, Classic Graphics and Wells Fargo. The property is surrounded by Interstates 85, 485 and 77, and also has two stops along the Lynx Blue Line light rail. JLL represented both the seller and buyer in the transaction and arranged acquisition financing on behalf of the buyer. Brian Dawson represented the undisclosed seller, and Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda represented the buyers. Susan Hill arranged acquisition financing through an undisclosed lender.

October 21, 2019

Leasing Activity Office Southeast Virginia

Rolls-Royce North America to Occupy 17,000 SF for Corporate Headquarters in Northern Virginia

by Alex Tostado October 21, 2019

RESTON, VA. — Rolls-Royce North America will relocate its corporate headquarters to the fourth floor of Reston Station in early 2020. Rolls-Royce North America designs, develops, manufactures and tests jet engines for the U.S. Department of Defense and commercial aerospace markets. The company will occupy 17,000 square feet of the 16-story glass building, located at 1900 Reston Metro Plaza in Reston, 20 miles west of downtown Washington, D.C. The office tower offers amenities including multiple rooftop event and social spaces with catering kitchens, a fitness facility, multi-room conference facility and a two-story lobby on the Metro Plaza.

October 21, 2019

Florida Market Reports Office Southeast Southeast Market Reports

Office-Using Employment Growth Reaches Record Levels in Orlando

by Alex Tostado October 21, 2019

The end of the second quarter of 2019 marked 120 consecutive months of U.S. economic growth, the longest on record. The steady climb in investment sales over the past few years has been fueled by record amounts of institutional capital and private equity, and office-using employment has reached an all-time high. By the end of March of this year, Florida’s private sector businesses had created over 208,000 jobs over the trailing 12-month period, and Orlando had reached 48 straight months as the state’s top location for job growth. Additionally, the U.S. Census Bureau’s latest figures indicate that three of the top 10 fastest growing cities in Florida are in the Orlando area (Kissimmee, St. Cloud and the city of Orlando itself). Altogether, there is $3.6 billion in multifamily construction underway or planned in metro Orlando, and all of this growth is fueling the need for improved transportation and logistics networks, as well as the corresponding commercial development taking place throughout the market. Finally, world-famous as a vacation destination, Orlando’s $70 billion tourism and travel industry continues to thrive with 75 million visitors during 2018 alone. Urban core grows Downtown Orlando’s renaissance continues, with a total of $2 billion in new …

October 21, 2019

Development Office Texas

Stonelake Capital Underway on 24-Story Office Tower at The Domain in Austin

by Alex Tostado October 18, 2019

AUSTIN, TEXAS — Stonelake Capital Partners is underway on construction of Domain Tower II, a 24-story office project within The Domain mixed-use development on Austin’s north side. Designed by Beck Group, the property will ultimately span 330,000 square feet. A timeline for completion was not released. Stonelake recently completed construction of Domain Tower, which is fully leased to employment search engine Indeed.

October 18, 2019

Leasing Activity Office Texas

JLL Negotiates 22,414 SF Office Lease at Pier 1 Imports Building in Fort Worth

by Alex Tostado October 18, 2019

FORT WORTH, TEXAS — JLL has negotiated a 22,414-square-foot office lease for Property Damage Appraisers at the Pier 1 Imports building in Fort Worth. The space will serve as the company’s new corporate headquarters. Michael Morgan of Hertz Investment Group, which owns the building, and Pat McDowell of JLL handled the transaction.

October 18, 2019

Development North Carolina Office Southeast

Crescent Communities to Construct 158,000 SF Office Building in Charlotte’s University Research Park

by Alex Tostado October 18, 2019

CHARLOTTE, N.C. — Crescent Communities will construct Escent Research Park, a four-story, 158,000-square-foot office building within Charlotte’s University Research Park submarket. The site spans 20 acres and is located near the intersection of West Mallard Creek Church Road and David Taylor Drive, a mile from Interstate 85. BB+M Architecture is the project architect, ColeJenest & Stone is the civil engineer and Choate Construction is the general contractor. Crescent expects to deliver the property in early 2021.

October 18, 2019

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