Office

CSC Acquires 43,000 SF Office Building in Wilmington, Delaware

by Alex Patton February 5, 2020

WILMINGTON, DEL. — Business security firm Corporation Service Co. (CSC) has acquired the 43,000-square-foot PA Railroad office building in Wilmington, a southwestern suburb of Philadelphia, for $4.8 million. Located at 112 S. French St., the six-story building is situated adjacent to the Wilmington train station served by Amtrak and Southeastern Pennsylvania Transportation Authority. The building will be rebranded as CSC Station and will be repositioned to include a new two-story atrium, coworking space and traditional office space. Renovations are slated for completion this fall. Summit Properties Inc. was the seller.

February 5, 2020

Leasing Activity New York Northeast Office

Architecture Firm Signs 10,156 SF Office Lease Expansion in Manhattan

by Alex Patton February 5, 2020

NEW YORK CITY — E4H Architecture, a firm which designs hospitals and other medical health facilities, has signed a 10,156-square-foot office lease expansion for its office in the Garment District of Manhattan. The firm signed a 10-year lease for the entire sixth floor of an office building located at 15 W. 37th St. The firm will move its operations from its original 5,700-square-foot space on the 16th floor of the same building in the second quarter of this year. Norman Bobrow and David Badner of Norman Bobrow & Co. represented E4H in the lease negotiations. Jarad Winter, J.D. Cohen, William Cohen and Steven Levy of Newmark Knight Frank represented the landlord, Kamber Management.

February 5, 2020

Development Office Texas

Drawbridge Realty Underway on Phase II of Uplands Corporate Center in Southwest Austin

by Alex Tostado February 4, 2020

AUSTIN, TEXAS — Drawbridge Realty, a California-based investment and development firm, is underway on construction of Phase II of Uplands Corporate Center, an office project in southwest Austin. Phase I of the project delivered a 167,369-square-foot building that is now fully leased. Phase II, completion of which is slated for the fourth quarter, will deliver a three-story, 124,405-square-foot building and expand the existing parking garage that serves the Class A campus. CBRE handles leasing of the property.

February 4, 2020

Development New York Northeast Office

HAP Investments Tops Out 20-Story Residential Property in Manhattan

by Alex Patton February 4, 2020

NEW YORK CITY — HAP Investments LLC has topped out HAP Eight, a 20-story residential property in the Chelsea neighborhood of Manhattan. The property comprises two side-by-side towers featuring 112 multifamily units and 87 condominium residences. The two buildings will share amenities, including a fitness facility, pool and parking deck. DXA Studio Architects designed the project, which is slated for completion in early 2021.

February 4, 2020

Development Georgia Industrial Office Southeast

Coca-Cola Bottling United Opens $86M Sales, Distribution Center in Metro Atlanta

by Alex Tostado February 3, 2020

UNION CITY, GA. — Birmingham, Ala.-based Coca-Cola Bottling Co. United Inc., the second largest privately held Coca-Cola bottler in North America, has opened an $86 million, 456,000-square-foot sales and distribution center in the south Atlanta suburb of Union City. Approximately 36 million cases of beverages will be loaded and shipped annually from the facility, known as South Metro Sales Center. The property includes a 375,000 square-foot warehouse, 25,000-square-foot fleet maintenance area, 36,000 square feet of administration space and a 20,000-square-foot service department for equipment and vending repair. The facility is located at 4913 Mason Road, 17 miles southwest of downtown Atlanta and 10 miles west of Hartsfield-Jackson Atlanta International Airport. Approximately 750 employees work at the facility, which has a payroll of more than $41 million. General contractor Brasfield & Gorrie began construction at the site in early 2018. System Logistics built the warehousing system technology at the facility.

February 3, 2020

Development Leasing Activity North Carolina Office Southeast

Golden Corral Signs 42,500 SF Office Lease for Headquarters in Raleigh

by Alex Tostado February 3, 2020

RALEIGH, N.C. — Golden Corral has signed a lease agreement with landlord Keystone Corp. to occupy 42,500 square feet of the first two floors of Palisades III, an under-construction office building in Raleigh. Palisades III will stand six stories and span 166,290 square feet. Building amenities will include a café, onsite conferencing, lounge, fitness center and a rooftop terrace. Keystone expects to deliver the property in early 2021. The property is situated at 5410 Trinity Road, adjacent to Palisades I and II, which Keystone acquired in summer 2018. CBRE|Raleigh represented the landlord in the transaction. Golden Corral’s headquarters are currently located at 5151 Glenwood Ave. in Raleigh. The company operates 100 buffet and grill restaurants nationwide with franchisees operating another 400 locations.

February 3, 2020

Acquisitions Arizona Industrial Office Retail Self-Storage Western

Occidental Capital Holdings Buys Office, Retail, Self-Storage Asset in Arizona for $8.2M

by Amy Works February 3, 2020

VAIL, ARIZ. — Occidental Capital Holdings has acquired Old Vail Station Office and Retail Center and Vail Self Storage, a mixed-use commercial property located in Vail, a suburb of Tucson. Old Vail Station LLC sold the asset for $8.2 million. The transaction includes the 26,563-square-foot Old Vail Station, which was developed in 2006, and the 46,005-square-foot Vail Self Storage, which was developed in 2016. At the time of sale, the office and retail center was 94 percent occupied and the self-storage facility was 90 percent occupied. Craig Finfrock of Commercial Retail Advisors represented the seller, while the buyer was self-represented in the deal.

February 3, 2020

Development Massachusetts Northeast Office

Marcus Partners Completes $25M Redevelopment of 5 Branch Street Office Building in Methuen, Massachusetts

by Alex Patton February 3, 2020

METHUEN, MASS. — Marcus Partners has completed the $25 million redevelopment of 5 Branch Street, a 94,125-square-foot office building in Methuen, located approximately 30 miles north of Boston. The developer transformed the building into a medical facility with a built-in café. The anchor tenant with approximately 61,000, Dana-Farber Cancer Institute, will offer cancer and blood disorder care. Michael Greeley of Newmark Knight Frank is leading the leasing effort for the remaining space.

February 3, 2020

Leasing Activity New York Northeast Office

Colliers Negotiates 36,248 SF Office Lease Renewal at The Seagram Building in Manhattan

by Alex Patton February 3, 2020

NEW YORK CITY —Colliers International has negotiated a 36,248-square-foot office lease for multifamily and commercial REIT Arbor Realty Trust Inc. at The Seagram Building in Midtown Manhattan. Located at 375 Park Ave., the 38-story building was completed in 1958. Arbor previously occupied 16,000 square feet on the 34th floor and has now expanded its operations to the entire 29th and 30th floors on a 10-year term. Ted Koltis and Reid Longley of Colliers represented Arbor in the lease negotiations. AJ Camhi and Kevin West represented the building owner, RFR Holding, on an internal basis.

February 3, 2020

Florida Market Reports Office Southeast Southeast Market Reports

Miami’s International Status Helps Sustain Office Development, Fundamentals

by Alex Tostado February 3, 2020

The surge of momentum happening in Miami’s office market is undeniable with the metro emerging as a new international hub for startups and regional companies alike. Fueled by a multilingual workforce and easy access to Latin America and the Caribbean, Miami’s status as an international gateway is drawing the attention of office landlords and investors from around the country, as well as a wide variety of office users. Investors like Starwood Capital, Appaloosa Management and Icahn Enterprises are leaving their traditional New York and New Jersey locations to come to Florida, one of just seven states that do not impose state income tax. Paired with favorable weather and a high quality of life, Miami is a desirable destination for businesses and its workforce. Entrepreneurial activity in the region is also helping to fuel the office market, as the number of foreign business owners who choose to relocate to Miami and set up shop continues to grow. Hot submarkets Miami’s Wynwood neighborhood has quickly earned the reputation as one of the city’s up-and-coming places to be. The district is poised to become the next 24/7 hotspot thanks to a healthy pipeline of residential development underway that will support office growth in …

February 3, 2020

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