Office

Tishman Speyer Set to Break Ground on 270,000 SF Office Project in Chicago’s Fulton Market

by Kristin Harlow September 19, 2019

CHICAGO — Tishman Speyer has released renderings for 320 N. Sangamon, a 13-story, 270,000-square-foot office project in Chicago’s Fulton Market District. Along with its co-developer Goodman & Associates, Tishman Speyer plans to break ground on the project on Thursday, Sept. 26. Completion is slated for the first quarter of 2021. The building will feature floor plates ranging from 25,000 to 28,000 square feet. Employees at the property will have access to ZO, Tishman Speyer’s offering of lifestyle services and amenities. Solomon Cordwell Buenz is the project architect. Ellen May and Joe Gordon of Tishman Speyer will market the property for lease.

September 19, 2019

Illinois Leasing Activity Midwest Office

Coworking Concept Offix Opens in Chicago’s Pilsen Neighborhood

by Kristin Harlow September 19, 2019

CHICAGO — International coworking company Offix has opened its first U.S. office at Catalyst Lofts in Chicago’s Pilsen neighborhood. Offix occupies 6,394 square feet at 917 W. 18th St. Besides flexible workspace and private offices, Offix members have access to meeting rooms, business lobbies, a fully equipped kitchen and event lounge. Chad Schroedl and Adam Thomas of SVN Chicago Commercial represented the undisclosed landlord in the lease transaction. Leibel Moscowitz of Vandon Forbes Real Estate represented the tenant.

September 19, 2019

Acquisitions Office Washington Western

Goodman Real Estate Sells 300,000 SF Medical Dental Building in Seattle for $113M

by Amy Works September 19, 2019

SEATTLE — Goodman Real Estate has completed the sale of the Medical Dental Building, a historic office/medical office building located in Seattle’s central business district. Menashe Properties acquired the asset for $113 million. Constructed in two phases in 1925 and 1950, the 18-story landmark building was renovated in 2008 and recently underwent more than $25 million in building upgrades, including new lobby finishes and the creation of a winter garden common area. A diverse roster of over 130 professional tenants, including Seattle-based Bartell Drug Co., Deltek and The Polyclinic, occupy the building. Kevin Freels, Logan Greer, Michael Leggett and Gerry Rohm of JLL Capital Markets represented the seller in the deal.

September 19, 2019

California Civic Development Office Western

C.W. Driver Starts Construction of $43.3M Mt. San Jacinto College Temecula Valley Campus in California

by Amy Works September 19, 2019

TEMECULA, CALIF. — C.W. Driver Cos., as general contractor, has started construction of Mt. San Jacinto College’s (MSJC) new $43.3 million, 350,000-square-foot Temecula Valley Campus in Temecula. The project consists of a seismic retrofit and tenant improvement of an existing office building, creating a new campus and addressing current classroom shortages. The building’s twin five-story, 175,000-square-foot towers will be converted from office space into classrooms, laboratories and offices to serve MSJC students. The fifth floor will be entirely lab space. Other upgrades will include a kitchen, fitness center and lounges for students and faculty use. Located at 41888 Motor Car Parkway, the first phase of the 27-acre campus includes all seismic retrofits and full build-out of three floors. The phase is slated for completion in time for the fall 2020 semester. The second phase is scheduled for completion by summer 2021. PMSM/Nineteen Six Architects is serving as architect for the project. MSJC acquired the property from Abbot Laboratories with Measure AA facilities bond funds, which were approved to fund improvements to existing facilities and purchase new assets to accommodate increasing student enrollment.

September 19, 2019

Acquisitions California Office Western

Taiwan-based HCT Logistics Co. Buys 87,210 SF Office Asset in Southern California for $19.9M

by Amy Works September 19, 2019

SAN DIMAS, CALIF. — HCT Logistics Co., a Taiwan-based logistics and investment company, has purchased an office building located at 955 Overland Court in San Dimas. 955 Overland Venture LLC sold the asset for $19.9 million. Totaling 87,210 square feet, the two-story property was fully leased at the time of sale. Current tenants include the County of Los Angeles, United Nurses of California and Med-Legal. Mark Shaffer, Anthony DeLorenzo, Gary Stache, Doug Mack, Mark Perry and Carlene O’Neil of CBRE represented the seller in the all-cash transaction.

September 19, 2019

Industrial Loans Office Oregon Western

Ready Capital Funds $13.8M Loan for Flex Property in Portland, Oregon

by Amy Works September 19, 2019

PORTLAND, ORE. — Ready Capital has provided a $13.8 million loan for the acquisition, repositioning and lease-up of a flex property located in Portland’s Central East Side submarket. The undisclosed sponsor plans to use loan proceeds to convert the current industrial buildings into modern creative office spaces. The transformation will include connecting the building via a modernized tenant entry and common area, complemented by a new elevator system. Additionally, the repositioning will include rooftop access, improved common areas, updated exteriors and additional parking. Upon completion, the asset will offer approximately 57,000 square feet of office space. Ready Capital’s National Bridge Originations Team closed the non-recourse, interest-only, floating-rate loan. The financing features a 36-month term with two extension options and flexible prepayment, while including a facility to provide future funding for capital expenditures, tenant leasing costs and an interest reserve.

September 19, 2019

Market Reports Midwest Midwest Market Reports Minnesota Office

Strong Economy, Low Unemployment Drive Twin Cities Office Market Success

by Kristin Harlow September 19, 2019

Our Twin Cities office market remains strong as the population of millennials and empty nesters continues to migrate to first- and second-ring areas, bringing revitalization and new investment into the city’s commerce and infrastructure. With vacancies remaining exceptionally low and fewer developments on the horizon, rents have shown consistent growth. We are seeing fewer new buildings under construction for single-tenant users. Most are geared toward multi-tenant, mixed-use concepts. Newly renovated buildings with many amenities are performing well in attracting and keeping tenants. With the metro’s unemployment right around 3 percent and employers with jobs to fill, tenants have the leverage. Offering modern and high-tech communal spaces with multiple amenities is key. Tenants and buyers are leveraging this trend, therefore spaces with the allure of contemporary and updated finishes are highly desired. It is imperative that landlords and owners renovate and update their buildings in order to stay relevant in today’s market. Many tenants are simply moving from one space to another nearby because it has been updated and improved upon. That is one of the bigger challenges — improvements that keep the space relevant. Space configurations Employers often offset higher rent costs by embracing space efficiency and flexible workspace strategies …

September 19, 2019

Acquisitions Development Georgia Office Southeast

Parkway Property Acquires Former United Way Building in Downtown Atlanta for $17.7M, Plans $45M Renovation

by Alex Tostado September 18, 2019

ATLANTA — Parkway Property Investments LLC has acquired 100 Edgewood, a former United Way building within an Opportunity Zone in downtown Atlanta, for $17.7 million. The company is planning a $45 million renovation for the 18-story, 306,000-square-foot office building, which is adjacent to Georgia State University. United Way employees have moved to a location on Courtland Street. Parkway Property raised $25 million in three hours for the acquisition and renovation through CrowdStreet Inc., an online marketplace for direct equity investment in commercial real estate. Details of the renovation were not disclosed.

September 18, 2019

Acquisitions Office Southeast Virginia

Finmarc Management Purchases Research & Development Campus in Northern Virginia for $26.1M

by Alex Tostado September 18, 2019

ASHBURN, VA. — Finmarc Management Inc. has purchased an office building and adjacent industrial facility in Ashburn for $26.1 million. The 190,000 square feet of research and development space serves as Telos Corp.’s headquarters. Telos provides information technology solutions and services to the military, intelligence and civilian agencies of the federal government and NATO allies. The property consists of a three-story, 110,000-square-foot office building and a single-story, 80,000-square-foot industrial structure that are located on a 26-acre site. Situated at the intersection of Ashburn Road and Leesburg Pike, the warehouse/research and development component of the property is equipped with 18- to 20-foot ceiling heights, four dock-high and two drive-in loading doors, as well as a surface parking lot that surrounds both buildings. The buildings are located eight miles from Dulles International Airport and 30 miles from downtown Washington, D.C. Andrew Weir, Bruce Strasburg and James Meisel of JLL represented the undisclosed seller in the transaction.

September 18, 2019

Leasing Activity Northeast Office Pennsylvania

Venture X Signs 13,000 SF Coworking Lease in Bethlehem, Pennsylvania

by Alex Patton September 18, 2019

BETHLEHEM, PA. — Coworking company Venture X has signed a 13,000-square-foot office lease for in Bethlehem, located about 50 miles north of Philadelphia. The space is situated within the 127,832-square-foot Gateway at Greenway Park mixed-use development, which includes space leased to Lehigh University and St. Luke’s University Health Network. The Venture X office is expected to be operational by January 2020. Jody King of CBRE represented the landlord, Dennis Benner of Ion Development, in the lease negotiation. King also represented Venture X.

September 18, 2019

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