Office

JLL Negotiates $180M Sale of Westinghouse Electric Headquarters Near Pittsburgh

by Taylor Williams January 22, 2020

CRANBERRY TOWNSHIP, PA. — JLL has negotiated the sale of the Westinghouse Electric Co. headquarters building, an 823,979-square-foot office asset located in Cranberry Township, about 20 miles north of Pittsburgh. Columbia Property Trust sold the property to an institutional investment firm for $180 million.Built in 2009, the Class A complex houses Westinghouse’s executive offices, research and development branch and other various support functions. Amenities at the center include tennis, basketball and volleyball courts, childcare services, walking trails and a bank branch. John Pelusi, Mark Popovich, Mark West, Coler Yoakam and Nick Unkovic of JLL represented the seller, Columbia Property Trust, in the transaction.

January 22, 2020

Acquisitions Connecticut Northeast Office

Stone Harbour Capital Acquires 162,000 SF Office Building in Milford, Connecticut

by Taylor Williams January 22, 2020

MILFORD, CONN. — Connecticut-based private equity firm Stone Harbour Capital has acquired a 162,000-square-foot office building in the coastal Connecticut city of Milford. Built on 12 acres in 1988, the four-story property was formerly known as Merritt Crossing. Stone Harbour will rebrand the building as Great River Corporate Center and introduce a value-add program that will deliver an upgraded café, coffee bar, fitness center, coworking spaces and conference center, as well as dining and recreation areas. Renovations are set to start this month with completion slated for summer 2020. The seller was not disclosed.

January 22, 2020

Leasing Activity New Jersey Northeast Office

Global Bank Signs 53,186 SF Office Lease Extension at Woodbridge Corporate Plaza in Iselin, New Jersey

by Taylor Williams January 22, 2020

ISELIN, N.J. — Global banking organization BNP Paribas has signed a 53,186-square-foot office lease extension at Woodbridge Corporate Plaza, a 630,000-square-foot office complex in the central New Jersey city of Iselin. Owner KBS recently renovated Woodbridge Corporate Plaza, a six-building development that offers a 6,000-square-foot fitness center, full-service café and shuttle service to nearby public transit lines. Jamie Drummond and Andrew Perotti of Newmark Knight Frank represented KBS in the lease negotiations.

January 22, 2020

Loans Office Texas

East West Bank Provides $20M Loan for Refinancing of Houston Office Building

by Taylor Williams January 22, 2020

HOUSTON — East West Bank has provided a $20 million loan for the refinancing of Sam Houston Crossing II, a 160,000-square-foot office building in Houston. Built in 2013, the three-story property is situated on 8.5 acres along the Sam Houston Tollway and was fully leased at the time of sale. John Ream and Laura Sellingsloh of JLL arranged the loan, which was structured with a five-year term and a 4 percent interest rate, through East West Bank on behalf of the borrower, Buchanan Street Partners.

January 22, 2020

Illinois Leasing Activity Midwest Office

Law Firm Leases 13,618 SF of Office Space in Chicago

by Kristin Harlow January 22, 2020

CHICAGO — Law firm Querrey & Harrow has leased 13,618 square feet of office space at 120 N. LaSalle St. in Chicago. The firm will occupy the entire 26th floor and will relocate from 175 W. Jackson when its lease commences in mid-2020. Originally built in 1991, the 390,000-square-foot Class A office tower features a six-story parking garage, two restaurants, a new fitness center, tenant lounge and rooftop deck. Ascentris, in partnership with Lincoln Property Co., owns the 40-story building. Jason Kleiman and Sean Murphy of Cresa represented Querrey & Harrow in the lease.

January 22, 2020

Acquisitions Massachusetts Northeast Office

NKF Arranges $128M Sale of 535-545 Boylston Street Office Building in Boston

by Alex Patton January 21, 2020

BOSTON — Newmark Knight Frank has arranged the $128 million sale of 535-545 Boylston Street, a 184,643-square-foot office building located in the Back Bay neighborhood of Boston. At the time of sale, the building was 98 percent leased to 38 tenants. The property offers access to Copley Square and the Raffles Hotel & Residences project that is currently in development. Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell represented the seller, Manulife Investment Management. A joint venture between Bahrain-based Investcorp and New York-based Brickman was the buyer.

January 21, 2020

Leasing Activity New Jersey Northeast Office

Serendipity Labs to Open 23,000 SF Coworking Office in Marlton, New Jersey

by Alex Patton January 21, 2020

MARLTON, N.J. — Flexible workspace provider Serendipity Labs will open a 23,000-square-foot coworking office space in Marlton, an eastern suburb of Philadelphia. The space will occupy the entire third floor at 50 Lake Center Executive Park, a 76,359-square-foot office building owned by Twenty Lake Holdings. The space is slated to open in the third quarter.

January 21, 2020

California Development Industrial Office Western

Seefried, Clarion Partners to Develop 1.1 MSF Industrial Project in Tracy, California

by Amy Works January 21, 2020

TRACY, CALIF. — Seefried Industrial Properties, as developer partner for Clarion Partners, has acquired a 76-acre land site for the development of a speculative, multi-warehouse project within the Northeast Area Specific Plan in Tracy, approximately 70 miles east of San Francisco. Located at the northeast corner of Grant Line and Chrisman roads, the yet-to-be-named project will total 1.1 million square feet of office and warehouse space spread across three buildings of 260,000 square feet, 517,000 square feet and 353,000 square feet. The project will offer tenants the opportunity to occupy space ranging from 18,000 square feet to 1.13 million square feet. The buildings will feature tilt-up construction, clear heights ranging from 32 feet to 36 feet, 185-foot truck courts, 339 trailer spaces combined, ESFR sprinkler systems and ample parking. Construction is slated to begin in June, with completion scheduled for June 2021. HPA Architecture is serving as architect and K&W is serving as civil engineer for the project. Mike Goldstein and John Steinbuch of Colliers International will lead the leasing and marketing efforts for the new development.

January 21, 2020

Acquisitions California Industrial Office Western

PS Business Parks Acquires Two Industrial/Flex Assets in California for $30.3M

by Amy Works January 21, 2020

SANTA CLARA AND LA MIRADA, CALIF. — PS Business Parks (PSB) has completed the acquisition of two business parks in California for a total consideration of $30.3 million. The purchases will qualify as 1031 exchanges for tax purposes. On Dec. 20, 2019, PSB purchased San Tomas Business Center in Santa Clara for $16.6 million. Totaling 79,400 square feet, the park features nine buildings offering suites ranging from 200 square feet to 3,500 square feet. At the time of closing, the property was 96 percent occupied. Additionally, PSB acquired La Mirada Commerce Center in La Mirada on Jan. 10 for $13.7 million. The five-building park offers a total of 73,400 square feet, with suites ranging from 1,200 square feet to 3,000 square feet. At the time of closing, the property was 100 percent occupied. The names of the sellers were not released.

January 21, 2020

Arizona Development Mixed-Use Office Restaurant Retail Western

Nationwide Realty Investors Announces Next Phase of Rivulon Mixed-Use Project in Arizona

by Amy Works January 20, 2020

GILBERT, ARIZ. — Nationwide Realty Investors received approval from the Town of Gilbert for the next phase of development at Rivulon, a master-planned mixed-use project located at the corner of Gilbert Road and Arizona Loop 202 in Gilbert. The phase will include two four-story, 160,000-square-foot office buildings with an adjacent parking structure. Situated in the center of the development, the buildings will feature a glass façade adorned with natural limestone pillars. Additionally, the new phase will feature a one-acre lake feature, walking paths and outdoor seating. The parking structures will be adjacent to the lake and feature more than 850 parking spaces. Construction is slated to begin mid-2020 with completion by the end of 2021. The 250-acre Rivulon development is currently home to Deloitte, Isagenix International’s world headquarters, Morgan Stanley, Amerifirst Financial and Merrill Lynch. Retailers at the development include LA Fitness, Wildflower Bread, Sauce Pizza & Wine, Jersey Mike’s Subs, Yogi’s Grill Teriyaki & Roll and Grabbagreen.

January 20, 2020

Newer Posts

Older Posts