Office

Shorenstein Properties Sells Santa Clara Towers Office Complex in Bay Area for $195M

by Taylor Williams February 17, 2020

SANTA CLARA, CALIF. — Shorenstein Properties LLC, an investment firm with offices in New York and San Francisco, has sold Santa Clara Towers, a 445,000-square-foot office complex. An affiliate of Hines purchased the property for approximately $195 million, according to The Mercury News, which covers the Bay Area. Santa Clara Towers comprises two 11-story buildings that are situated along U.S. Highway 101 in the Golden Triangle submarket of Santa Clara. The properties were built in 1986 and 1998. Shorenstein acquired the assets through a deed in lieu of a foreclosure transaction in 2010. Following the acquisition, Shorenstein introduced a number of capital improvements, including a full lobby renovation in Tower II. Amenities at Santa Clara Towers now include a fitness center, indoor pool and onsite restaurant. The property also offers proximity to a number of hotels, universities and the San Jose International Airport. Both buildings are LEED Gold certified. “I am confident that under new ownership, Santa Clara Towers will continue to attract a diverse mix of tenants who seek a Class A office experience in the heart of Silicon Valley,” said Jed Brush, senior vice president at Shorenstein. Russell Ingrum, Joe Moriarty, Scott Prosser and Jack DePuy of CBRE brokered the sale on behalf …

February 17, 2020

Development Office Texas

Joint Venture Breaks Ground on 440,000 SF Headquarters for Hewlett Packard Enterprise in Houston

by Taylor Williams February 14, 2020

HOUSTON — A joint venture between Patrinely Group, USAA Real Estate and CDC Houston has broken ground on the new, 440,000-square-foot headquarters for Hewlett Packard Enterprise. The property will be located within CityPlace at Springwoods Village and will span two five-story buildings with a bridge connector at each level and structured parking for 2,055 cars. Amenities will include a fitness center, café, kitchen and pharmacy, laboratory and office space and a large central courtyard with a multi-use basketball pavilion, fitness/yoga lawn, water feature, outdoor tables and green space. Completion is scheduled for spring 2022. Pickard Chilton is the design architect; Kirksey is the executive architect; REES is the interior architect; and D.E. Harvey Builders is the general contractor.

February 14, 2020

Acquisitions North Carolina Office Southeast

Magnolia Partners Acquires Two-Building Office Portfolio in Winston-Salem

by Alex Tostado February 14, 2020

WINSTON-SALEM, N.C. — Magnolia Partners has acquired 370 and 380 Knollwood, a two-building, 250,049-square-foot office building campus in Winston-Salem. Krispy Kreme Doughnut Corp. fully occupies 370 Knollwood, while tenants such as Bank of America/Merrill Lynch, Allman Spry Davis Leggett & Crumpler and Nelson Mullins law firm occupy 380 Knollwood. Onsite amenities include ground-level retail, full-service restaurants, an attached parking deck, vending services, security patrol and an energy management system. The CBRE|Raleigh and CBRE|Triad team of Ben Kilgore, Greg Wilson, Will Henderson, Chandler Hawkins and Leslie Holmes represented the undisclosed seller in the transaction. Winston-Salem-based Magnolia Partners purchased the portfolio for an undisclosed price.

February 14, 2020

Illinois Leasing Activity Midwest Office

Hometown America Signs 9,443 SF Office Lease at Bank of America Tower in Chicago

by Kristin Harlow February 14, 2020

CHICAGO — Hometown America LLC has signed a 9,443-square-foot office lease at the new Bank of America Tower under development at 110 N. Wacker Drive in Chicago. The privately held company, which owns and operates more than 120 residential land-lease communities across the United States and Australia, will relocate to the 45th floor of the tower in May 2021 from its current space at 150 N. Wacker Drive. Michael Marrion of Colliers International represented the tenant in the lease transaction.

February 14, 2020

NEW YORK CITY — Lexington Partners LP, a manager of secondary acquisition and co-investment funds, has signed a 48,000-square-foot office lease at 399 Park Avenue, a Class A office building in Manhattan. Lexington Partners will occupy the entire 20th and 21st floors at the 1.7 million-square-foot building on a 15-year lease. The company is relocating from its previous office at 660 Madison Avenue. Martin Horner, Jim Wenk and Kirill Azovtsev of JLL represented Lexington Partners in the lease negotiations. Peter Turchin, Gregg Rothkin and Arkady Smolyansky led a CBRE team that represented the building owner, Boston Properties.

Leasing Activity New York Northeast Office

Lexington Partners Signs 48,000 SF Office Lease in Manhattan

by Alex Patton February 14, 2020

NEW YORK CITY — Lexington Partners LP, a manager of secondary acquisition and co-investment funds, has signed a 48,000-square-foot office lease at 399 Park Avenue, a Class A office building in Manhattan. Lexington Partners will occupy the entire 20th and 21st floors at the 1.7 million-square-foot building on a 15-year lease. The company is relocating from its previous office at 660 Madison Avenue. Martin Horner, Jim Wenk and Kirill Azovtsev of JLL represented Lexington Partners in the lease negotiations. Peter Turchin, Gregg Rothkin and Arkady Smolyansky led a CBRE team that represented the building owner, Boston Properties.

February 14, 2020

Acquisitions New York Northeast Office

Ariel Property Advisors Brokers $10.5M Sale of Office Building in Brooklyn

by Alex Patton February 14, 2020

NEW YORK CITY — Ariel Property Advisors has brokered the $10.5 million sale of 100 Livingston Street, an office building in downtown Brooklyn. The property comprises 12,681 square feet and houses five office units, three of which are leased by medical tenants. The location offers convenient access to the Court Street commercial corridor and Barclays Center. Sean Kelly, David Khukhashvili and Jiani Zhou of Ariel Property Advisors represented the seller, ACHS Management, in the transaction. The team also procured the buyer, Ecorise Development.

February 14, 2020

Acquisitions Loans Office Oregon Western

Libertas Cos. Receives $41.4M Loan to Acquire Harrison Square Office Building in Portland

by Amy Works February 14, 2020

PORTLAND, ORE. — Portland-based Libertas Cos. has received $41.4 million in financing for the purchase of Harrison Square, an office building in Portland’s South Central Business District. The company used loan proceeds to acquire the building and provide a portion of future leasing costs. Located at 1800 SW First Ave., Harrison Square features 187,000 square feet of office space and a 265-space below-grade parking garage. Renovated in 2019, the property consists of two six-story buildings connected on each level via a sky bridge. At the time of sale, the property was 93 percent leased. Zachary Kersten and Casey Davidson of JLL Capital Markets secured the six-year, floating-rate loan with a national money-center bank for the borrower.

February 14, 2020

Acquisitions Nevada Office Western

Positive Investments Sells Bonneville Square Office Building in Downtown Las Vegas for $14.9M

by Amy Works February 14, 2020

LAS VEGAS — Positive Investments, a Southern California-based real estate investment and management company, has completed the sale of Bonneville Square, a five-story office building in downtown Las Vegas. An undisclosed buyer acquired the asset for $14.9 million. Located at 411 E. Bonneville Ave., the property features 92,402 square feet of office space and is within walking distance of more than 40 law firm offices, 16 government offices and six courthouses. The Federal Public Defender’s office anchors the building, which was 79 percent occupied at the time of sale. Mark Schuessler and Mike Tabeek of Newmark Knight Frank represented the seller in the deal.

February 14, 2020

Development New York Northeast Office Top Stories

Moinian Group to Develop Hudson Arts Office Building in Manhattan’s West Chelsea District

by Alex Patton February 14, 2020

NEW YORK CITY — The Moinian Group will develop The Hudson Arts Building, a ground-up office construction project in the West Chelsea neighborhood of Manhattan. The 200,000-square-foot office tower is expected to rise up to 145 feet and will occupy an entire city block between West 25th and 26th streets at 220 11th Ave. The building is being developed on a speculative basis, with occupancy expected in the third quarter of 2022. JLL’s Peter Riguardi, Frank Doyle, Cynthia Wasserberger and Georgiana Cook are leading the leasing effort. “Office tenants, institutional investors, residents and commuters are recognizing the broader West Side’s vibrancy, distinguished by its industrialized roots and now marked by its unparalleled amenities and new projects across property types,” says Doyle, vice chairman, international director at JLL’s New York City office. “As a result, West Chelsea has emerged as a target destination for progressive companies and talent alike.” Designed by Studios Architecture, Hudson Arts Building will feature a 12,400-square-foot outdoor terrace and a multi-level level retail space totaling approximately 25,000 square feet. It will also include one of the larger newly built rooftop spaces in Manhattan. The site offers convenient access to several transit options, including the Highline, 23rd Street …

February 14, 2020

Acquisitions Maryland Office Southeast

CIM Group Purchases Office Building Near Baltimore for $39.1M

by Alex Tostado February 13, 2020

COCKEYSVILLE, MD. — Los Angeles-based CIM Group has purchased a 132,207-square-foot office building in Cockeysville for $39.1 million. The five-story building is situated at 40 Wight Ave., 18 miles north of downtown Baltimore. Engineering firm JMT occupies the building. The office building was built in 2017 and is LEED Gold-certified. Cris Abramson, Nicholas Signor and Ben McCarty of Newmark Knight Frank (NKF) represented the buyer in the transaction. The seller was not disclosed.

February 13, 2020

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