Office

IPA Negotiates $27M Sale of Greystone Office Park in Las Vegas

by Amy Works October 7, 2019

LAS VEGAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has facilitated the sale of Greystone Office Park, a five-building office and retail pad complex on more than 13 acres in Las Vegas. An undisclosed buyer acquired the property for $27 million, or $121 per square foot. Located at 1800-2030 E. Flamingo Road, Greystone Office Park features 222,000 square feet of space. Developed in 1982 and 1986, the asset has a diverse base of long-term tenants, the largest being Clark County Family Services. IPA and Tina Taylor of Marcus & Millichap’s Las Vegas office represented the undisclosed seller and buyer in the transaction.

October 7, 2019

Development Florida Office Retail Southeast Top Stories

Tricera Capital Breaks Ground on 265,000 SF Office, Retail Redevelopment Project in South Florida

by Taylor Williams October 7, 2019

WEST PALM BEACH, FLA. — Miami-based Tricera Capital has broken ground on the redevelopment of the Palm Beach Post newspaper office campus in West Palm Beach. The project, named The Press, will add 125,000 square feet of new retail space and 140,000 square feet of refurbished office space to the market. The project began with the demolition of a two-story office building and bridge. The development team, which acquired the 11-acre site in February 2019, will preserve most of the remaining structures, including those that housed the Post’s original office building and printing press. The retail component will be branded as Shops at the Press, and the office component will be branded as Workspaces at the Press. As part of the project, Tricera will renovate the existing four-story office building, and the newspaper will continue to operate within 35,000 square feet at the property. The building that housed the printing press will be converted into a space for retail, lifestyle and entertainment uses. The entire project is scheduled for completion during the first quarter of 2021. Tricera is close to finalizing a lease agreement with a national organic grocer to open a new store at the property, the developer says. …

October 7, 2019

Development New Hampshire Northeast Office

Farley White to Develop 72,000 SF Office Building in Newington, New Hampshire

by Alex Patton October 4, 2019

NEWINGTON, N.H. — Farley White has begun development of 90 Arboretum Drive, a 72,000-square-foot speculative office building in Newington, located approximately 40 miles east of Concord. Farley White will develop the building adjacent to its 100 Arboretum Drive property, a 130,000-square-foot office building anchored by Long Term Care Partners. John Broderick and Stephen Horan of Colliers International secured a $29 million loan from Berkshire Bank to finance the property, which is slated for completion in early 2020.

October 4, 2019

Leasing Activity New Jersey Northeast Office

CBRE Negotiates 115,000 SF Office Sublease in Bridgewater, New Jersey

by Alex Patton October 4, 2019

BRIDGEWATER, N.J. — CBRE has negotiated a 115,000-square-foot sublease for health information and research company IQVIA in Bridgewater, 35 miles west of New York City. The property, located at 77 Corporate Drive, is a four-story office building with a café, conference center and walking trails. The transaction follows the 2017 merger between IMS Health and Quintiles, which resulted in the creation of IQVIA, and allows the company to consolidate multiple regional facilities. Remy deVarenne and Sean Morley of CBRE negotiated the sublease on behalf of the sublandlord, Legacy Investors.

October 4, 2019

Acquisitions Office Southeast Virginia

Generation Income Acquires Two Office Buildings in Norfolk for $18.9M

by Alex Tostado October 4, 2019

NORFOLK, VA. — Generation Income Properties Inc. has acquired two office buildings totaling 106,621 square feet in Norfolk for $18.9 million. The portfolio included a 71,774-square-foot building occupied by a general services administration and international shipping company Maersk. The other property is a 34,847-square-foot office building fully leased to PRA Group. Scott Adams, Pat Mugler, Gray Randolph and Will Bradley of Colliers represented the seller, Virginia Beach-based Robinson Development Group, in the transaction.

October 4, 2019

Market Reports Office Texas Texas Market Reports

With Oil Still Recovering, Midland Office Market May See Higher Vacancy in 2019

by Taylor Williams October 4, 2019

Throughout the first half of 2018, when oil prices appeared to be on a steady upward trajectory, Midland, Texas, saw a number of energy firms up their stakes in the city’s office market. Major names such as Chevron, Anadarko, Apache and Natural Gas Services Group announced build-to-suit office projects in Midland during this time, adding a significant amount of supply to this 6 million-square-foot market. In addition, strong leasing activity by an array of energy firms looking to bolster their operations in the Permian Basin helped the market’s occupancy rate rise to about 92 percent. This growth in occupancy was anchored by a low unemployment rate and accompanied by positive rent growth. Now, however, with oil prices down from their 2018 highs (West Texas intermediate traded at $56.11 per barrel at the time of this writing), there is more uncertainty in the Midland office market. While the office occupancy rate has held steady and rents have even grown slightly during the last year, currently clocking in at about $23 per square foot, Midland could see a significant amount of supply of office space returned to the market over the next six to 12 months. Examples in Action Chevron, which earlier …

October 4, 2019

Acquisitions New York Northeast Office

SL Green Agrees to Sell Manhattan News Building for $815M

by Alex Patton October 3, 2019

NEW YORK CITY — SL Green has agreed to sell 220 East 42nd Street, also known as The News Building, in Manhattan for $815 million. The 37-story building, originally the headquarters for The New York Daily News, was 97 percent occupied at the time of sale by tenants including the Visiting Nurse Service of New York, local television station WPIX and the United Nations. Adam Spies and Doug Harmon of Cushman & Wakefield facilitated the transaction along with Robert Verrone of Iron Hound Management. The deal is expected to close in the first quarter of 2020. Commercial Observer reported that the buyer was Jacob Chetrit of The Chetrit Organization. SL Green purchased the property in February 2003 for $265 million

October 3, 2019

Acquisitions California Industrial Office Western

Stos Partners Buys R&D/Office Property in California for $3.8M

by Amy Works October 3, 2019

CARLSBAD, CALIF. — San Diego-based Stos Partners has purchased a two-tenant R&D/office property located at 5816 Dryden Place in Carlsbad. A private entity sold the asset for $3.8 million. Stos Partners negotiated a sale-leaseback through which the seller will remain a long-term tenant, occupying 79 percent of the 22,156-square-foot building. The buyer plans to implement cosmetic improvements and building upgrades that include a new roof, exterior and interior paint, revived drought-tolerant landscaping, parking lot upgrades and speculative creative office interior improvements. This transaction brings Stos Partners’ year-to-date acquisition volume in 2019 to 402,500 square feet totaling more than $55.5 million throughout Southern California. Adam Foster of Foster Commercial Real Estate represented Stos in the acquisition.

October 3, 2019

Leasing Activity New Jersey Northeast Office

Proserve-Consulting Signs 2,342 SF Office Lease in Hackensack, New Jersey

by Alex Patton October 3, 2019

HACKENSACK, N.J. — Proserve-Consulting Inc. has signed a 2,342-square-foot office lease in Hackensack, a northwestern suburb of New York City. The space is located within the 160,000-square-foot Court Plaza North, one of three office buildings that comprise the 335,000-square-foot Court Plaza Complex. The deal brings Court Plaza North to full occupancy. Steven Muller of Equity Real Estate Brokerage LLC represented Proserve-Consulting in the lease negotiations. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, on an internal basis.

October 3, 2019

Acquisitions Illinois Midwest Office

Golub & Co. Acquires Burnham Center Office Tower in Chicago

by Kristin Harlow October 3, 2019

CHICAGO — Golub & Co. has acquired Burnham Center, a landmark office tower in the heart of Chicago’s Loop. The purchase price was not disclosed. Completed in 1913, it was the last building designed by famed architect and urban planner Daniel Burnham. The building rises 22 stories and spans 585,000 square feet. It is home to the Chicago headquarters for GrubHub. Golub & Co. plans to refresh the amenities, which include a fitness center, private tenant lounge and conferencing facilities. Ground-floor retail includes a mix of national and regional tenants. Golub & Co., which will assume management and leasing of the building, purchased the asset in a joint venture with The Family Office Co.

October 3, 2019

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