Office

NKF Negotiates 25,000 SF Office Sublease in Manhattan

by Alex Patton February 13, 2020

NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated a 25,000-square-foot office sublease for Progyny, a fertility benefits management company, in Manhattan. Progyny will sublease the entire second floor of the office building located at 1359 Broadway for nine years. The company is relocating from its 13,000-square-foot space on the fourth floor of an office building located at 245 Fifth Ave. David Falk and Kyle Ciminelli of NKF represented Progyny in the sublease negotiations. Jared Freede of CBRE represented the sublandlord, IHS Markit.

February 13, 2020

Acquisitions Arizona Hospitality Office Western

First American Exchange Buys Medical Office Property in Arizona for $17.8M

by Amy Works February 13, 2020

AVONDALE, ARIZ. — Phoenix-based First American Exchange Co. has purchased Rancho Santa Fe Center, a medical office asset located at 13033-13075 W. McDowell Road in Avondale. HH RSR, a company formed by Holualoa Cos. and The Plaza Cos., sold the property for $17.8 million. Constructed in 2004, the seven-building complex offers more than 73,961 square feet of medical office space on eight acres. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the transaction.

February 13, 2020

California Loans Office Western

Ready Capital Closes $14.5M Loan for Acquisition, Renovation of Office Building in San Francisco

by Amy Works February 13, 2020

SAN FRANCISCO — Ready Capital has closed a $14.5 million loan for the acquisition, renovation and lease-up of an approximately 30,000-square-foot, Class B office building located in San Francisco’s SOMA district. Upon acquisition, the undisclosed sponsor plans to implement capital expenditures to convert the building to premier creative office/industrial hybrid. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of a facility to provide future funding for capital expenditures, leasing costs and interest shortfalls.

February 13, 2020

Illinois Leasing Activity Midwest Office

Help at Home Signs 76,313 SF Office Lease at Chicago’s Sullivan Center

by Kristin Harlow February 13, 2020

CHICAGO — Help at Home LLC, a provider of in-home care and support for older adults and people with disabilities, has signed a 76,313-square-foot office lease at Sullivan Center in the Chicago Loop. The company will move its corporate headquarters from nearby 1 N. State St. later this year and occupy the entire fifth floor. Chicago-based Partners by Design is overseeing the office space design and layout. Cushman & Wakefield’s project and development services team is also assisting with the build-out of the new space. Jonathan Metzl, Jeff Samaras and James Stein of Cushman & Wakefield represented Help at Home in the lease transaction. Jamey Dix and Steve Dolz of Telos Group represented the landlord, 601W Cos.

February 13, 2020

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

IQHQ Acquires Life Sciences Office, Lab Building in Boston’s Fenway for $270M

by Alex Tostado February 13, 2020

BOSTON — IQHQ Inc. has acquired 109 Brookline Avenue, a 285,000-square-foot office and lab building in Boston’s Fenway neighborhood. Equity Commonwealth sold the asset for $270 million. IQHQ, formerly Creative Sciences Properties, used funds from a $770 million capital raise to make the acquisition. The company, which specializes in life sciences real estate development, will use the rest of the funds to invest in life sciences projects in its core markets of Boston, San Francisco and San Diego in the United States, as well as the Golden Triangle in the United Kingdom (Cambridge, London and Oxford). “Boston’s amazing life sciences cluster keeps fueling demand for high-quality space,” says John Bonanno, chief investment officer of IQHQ. “109 Brookline checks a lot of boxes for us — it’s adjacent to Fenway Center, easily accessible by public transportation and in a neighborhood with a history of full occupancy and a bright future.” According to LoopNet Inc., the three-story building was originally developed in 1915 and renovated in 2000. The property is located along the corridor between Kenmore Square and the Longwood Medical Area, which is home to some of the country’s leading medical and research institutions. The property is situated two blocks from …

February 13, 2020

Colorado Development Office Retail Western

Shorenstein Properties, Nichols Partnership to Develop One Platte Office/Retail Project in Denver

by Amy Works February 12, 2020

DENVER — A joint venture between Shorenstein Properties and Nichols Partnership has unveiled plans for One Platte, a five-story office and retail development located at 1701 Platte St. in downtown Denver. Situated on 1.5 acres in the Central Platte Valley neighborhood, One Platte will feature a 250,000-square-foot building offering 240,000 square feet of office space and 10,000 square feet of ground-floor retail space. The Beck Group is providing design-build services for the development. The building will feature floor-to-ceiling windows with views of the Rocky Mountains and Denver skyline. Amenities include a lounge, rooftop terrace, event spaces, fitness center, bicycle lockers and a secure underground parking facility. Construction started Feb. 11 on the project, with completion slated for early 2022.

February 12, 2020

Illinois Leasing Activity Midwest Office

iManage Inks 85,000 SF Office Lease at 71 South Wacker in Chicago

by Kristin Harlow February 12, 2020

CHICAGO — iManage, a global provider of work management production solutions, has signed an 85,000-square-foot office lease at 71 South Wacker, a 48-story office tower in downtown Chicago. Irvine Co. owns the property. iManage will relocate from 540 W. Madison St. and will begin occupying its new space in early 2021. Frank Franzese, Steven Bauer and Aaron Schuster of Cushman & Wakefield represented iManage, while Brad Despot, Mark Georgas and Annie Nicolau of JLL represented Irvine.

February 12, 2020

Acquisitions Office Texas Top Stories

Piedmont Office Realty Trust to Acquire Galleria Office Towers in North Dallas for $400M

by Kristin Harlow February 12, 2020

DALLAS — Piedmont Office Realty Trust Inc. (NYSE: PDM) is under contract to acquire Galleria Office Towers in Dallas for $400 million. Situated at the corner of the Dallas North Tollway and the LBJ Freeway in the Far North Dallas neighborhood, the three office buildings total 1.5 million square feet and were built between 1982 and 1991. The properties are also attached to Galleria Dallas, a shopping destination with over 140 stores and 40 restaurants, as well as the 432-room Westin Galleria Hotel. The seller, CBRE Global Investors, spent more than $20 million in capital improvements at the properties. Amenities include lounges, conference centers, a fitness center and rooftop terrace. Piedmont, an Atlanta-based REIT, listed the transaction in a Securities and Exchange Commission filing but did not disclose the property name. However, multiple local media reports identified the acquired asset. The transaction is expected to close this quarter. JLL marketed the Galleria portfolio for sale. It is nearly 90 percent leased to tenants such as Amazon, Ryan LLC, Ansira Partners, Kimley-Horn and Hospital Corp. of America. Piedmont owns several office buildings in the Dallas market, including Park Place on Turtle Creek and One Lincoln Park. Other markets the firm targets …

February 12, 2020

Loans Office Texas

CBRE Arranges $72M in Debt, Equity for Spec Office Project in Austin

by Taylor Williams February 11, 2020

AUSTIN, TEXAS — CBRE has arranged $72 million in debt and equity capital for the development of 701 Rio, a 120,000-square-foot speculative office project in downtown Austin. Mike Landon and Griffin Papaila of CBRE arranged a construction loan through Bank of Texas and BancFirst and delivered Barings as an equity partner to the borrower, B&Z Investments LLC. B&Z and Hensel Phelps, the co-developer and general contractor, broke ground on the project in January and expect to complete it in June 2021. BGK Architects designed the project, which will include 12,000 square feet of retail space and five stories of underground parking.

February 11, 2020

Leasing Activity Office Texas

Reata Pharmaceuticals Signs 121,903 SF Office Sublease in Plano

by Taylor Williams February 11, 2020

PLANO, TEXAS — Reata Pharmaceuticals has signed a 121,903-square-foot office sublease at 5320 Legacy Drive in Plano. Mike Wyatt, Maureen Kelly Cooper, Robbie Baty and Travis Boothe of Cushman & Wakefield represented the sublandlord, Denbury Onshore LLC, in the lease negotiations. Jeff Ellerman and John Ellerman of CBRE represented the subtenant.

February 11, 2020

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