Office

Griffin Capital Disposes of 191,368 SF Office Building in Denver Tech Center for $48.8M

by Amy Works September 26, 2019

DENVER — Griffin Capital Essential Asset REIT has completed the sale of a Class A office building located at 7601 Technology Way in Denver. An undisclosed real estate investment trust acquired the property for $48.8 million. The seven-story, 191,368-square-foot property was 95 percent occupied at the time of sale. Jackson National Life Insurance Co. renewed a long-term lease and Zoom Video Communications executed a long-term lease for approximately 58,000 square feet of space at the asset. Mike Winn and Tim Richey of CBRE Capital Markets represented the seller in the deal.

September 26, 2019

Market Reports Midwest Midwest Market Reports Missouri Office

Multiple Office Developments Proposed for St. Louis County

by Kristin Harlow September 26, 2019

The office market in St. Louis has remained very active over the past year. With very little speculative development, the St. Louis County vacancy rate for Class A office space has experienced little change but remains at a historic low of 11.1 percent. Demand remains for large blocks of space in the more desirable submarkets such as Clayton and West County, as there are limited options for existing space. This has created an opportunity for new, proposed office developments gaining securing commitments from large occupiers. Most, if not all, proposed multi-tenant office developments around St. Louis County are contingent upon significant leasing commitments before construction can commence. A few key trends have played a major role in why developers now have the ability to attract large tenants to new developments. Tenants searching for office space in excess of 25,000 square feet have been struggling to find contiguous and efficient options. Rental rates are at all-time highs, with some of the top-tier buildings achieving rents well over $30 per square foot. Lastly, tenants are using office space differently than before and new office developments are providing more efficient floor plates with multiple on-site amenities that tenants highly value today. Project examples …

September 26, 2019

Acquisitions Louisiana Office Southeast

Wampold, Lemoine Acquire Historic 500,000 SF Office Complex in New Orleans

by Alex Tostado September 25, 2019

NEW ORLEANS — Wampold Cos. and The Lemoine Co. have acquired the Whitney Bank Building Complex, a 500,000-square-foot office campus comprising seven buildings in New Orleans. The Whitney Bank Building, built in 1911, anchors the four-block development. Wampold and Lemoine plan to turn the former headquarters of Hancock Whitney Bank into a mixed-use development comprising hotel rooms, apartments, stores and restaurants. Construction is expected to begin in mid-2020. Hancock Whitney Corp. sold the complex to the joint venture for an undisclosed price.

September 25, 2019

Florida Leasing Activity Office Southeast

Lennar Homes Signs 156,000 SF Office Lease for New Headquarters in Miami

by Alex Tostado September 25, 2019

MIAMI — Lennar Homes LLC has signed a 16-year lease to occupy 156,000 square feet of office space for its new headquarters in Miami. Lennar Homes will move into Franklin Street Properties’ Blue Lagoon property, which is a nine-story, 213,000-square-foot building located seven miles west of downtown Miami.

September 25, 2019

Illinois Leasing Activity Midwest Office

Industrious Expands Office Space to 93,000 SF at Accenture Tower in Chicago

by Kristin Harlow September 25, 2019

CHICAGO — Industrious, a flexible workspace provider, has expanded its office space at Accenture Tower in Chicago. Industrious will now occupy more than 93,000 square feet, up from its original footprint of 46,500 square feet. The company says it signed the lease expansion due to overwhelming business demand. Industrious Ogilvie features shared workspaces, private offices and Canvas suites, its signature offering. Amenities include Wi-Fi, daily breakfast in a fully stocked café and networking events. The expanded space is expected to be open in the second quarter of 2020. KBS owns Accenture Tower, a 1.5 million-square-foot office tower. KBS spearheaded a multi-million-dollar renovation of the property in 2015. Wendy Katz and Matt Lerner of Cushman & Wakefield represented KBS in the lease transaction. Paul Reaumond, Mark Cassata and Ian Murphy of CBRE represented Industrious.

September 25, 2019

Leasing Activity New York Northeast Office

General Atlantic to Expand Manhattan Headquarters Lease to 93,500 SF

by Alex Patton September 25, 2019

NEW YORK CITY — Equity firm General Atlantic Service Co. will expand its Manhattan headquarters lease to 93,500 square feet. The company currently occupies 62,340 square feet across the 32nd and 33rd floors of Park Avenue Plaza and will incorporate the entire 31,200-square-foot space of the 31st floor beginning in July 2020. Robert Martin of JLL represented General Atlantic in the lease negotiation. Marc Packman and Clark Briffel represented the landlord, Fisher Brothers, on an internal basis.

September 25, 2019

Leasing Activity New York Northeast Office

JLL Negotiates 27,000 SF Office Lease in Manhattan

by Alex Patton September 25, 2019

NEW YORK CITY — JLL has negotiated a 27,000-square-foot, 15-year office lease for public relations firm MWWPR in Manhattan. MWWPR will take occupy the entire third floor of the Nomad Tower, located at 1250 Broadway. Alexander Chudnoff, Benjamin Bass and Kristen Morgan of JLL represented MWWPR in the transaction. Paul Glickman, Mitchell Konsker, Diana Biasotti and Harley Dalton of JLL represented the landlord, Global Holdings Management Group, along with Craig Panzirer of Global Holdings.

September 25, 2019

Acquisitions California Office Western

CBRE Brokers Sale of 112,511 SF Office Building in Metro Sacramento

by Amy Works September 25, 2019

RANCHO CORDOVA, CALIF. — CBRE has arranged the sale of an office building, located at 2882 Prospect Park Drive in Rancho Cordova, a suburb 15 miles east of Sacramento. Lafayette, Calif.-based Prospect Park LLC sold the asset to San Jose, Calif.-based Prospect Park Drive LLC for an undisclosed sum. Matt Post, Stuart Wright and Randy Getz of CBRE’s Sacramento office represented the seller in the deal. Built in 1999, the four-story, 112,511-square-foot property was 88 percent leased at the time of sale. The asset is located within the Highway 50 Corridor submarket, which has a total of 11.4 million square feet of office space.

September 25, 2019

California Loans Office Western

Ready Capital Closes $18.1M in Refinancing for Creative Office Portfolio in Southern California

by Amy Works September 25, 2019

CULVER CITY, CALIF. — Ready Capital has provided a $18.1 million loan for the refinancing, repositioning and lease-up of a vacant creative office portfolio in Culver City. The loan will be used to reposition the 38,000-square-foot property from traditional office to modern, creative-type finishes and simultaneously provide a facility for tenant lease-up. The name of the borrower was not released. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of a facility to provide future funding for the capital expenditures, tenant leasing costs and interest and operating reserves.

September 25, 2019

Loans Office Texas

JLL Arranges Permanent Financing for Dallas Office Buildings Totaling 467,366 SF

by Taylor Williams September 25, 2019

DALLAS — JLL has arranged an undisclosed amount of permanent financing for 3000 and 3100 Olympus Boulevard, two office buildings totaling 467,366 square feet in Dallas. Allianz Real Estate of America provided the 15-year, fixed-rate loan, proceeds of which will be used to retire construction debt following the stabilization of the buildings. Trey Morsbach and Jim Curtin of JLL placed the debt on behalf of the borrower, locally based developer Billingsley Co.

September 25, 2019

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