Office

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

Connecticut Leasing Activity Northeast Office

O,R&L Commercial Negotiates 7,114 SF Medical Office Lease in Hartford

by Alex Patton September 18, 2019

HARTFORD, CONN. — O,R&L Commercial has negotiated a 7,114-square-foot medical office lease in Hartford. First Choice Health Centers Inc. will move into the entire second floor of 478 Burnside Avenue. The non-profit healthcare provider will offer a range of medical services including primary, pediatric and dental care. Thomas Wilks of O,R&L represented the landlord, Shafa Building LLC, in the lease negotiations. Wilks also procured the tenant.

September 18, 2019

Development Michigan Midwest Office

Ford Unveils Redesign for Dearborn, Michigan Campus

by Kristin Harlow September 18, 2019

DEARBORN, MICH. — Ford Motor Co. has unveiled plans to transform its Research & Engineering Center in Dearborn into a high-tech campus for its thousands of designers, engineers and product development workers. The heart of the project will be a new central campus building, which will sit on the site of Ford’s 66-year-old product development center. Construction of the new building is slated for completion in 2025. The new facility will help Ford speed product and technology innovation and attract world-class talent, according to a news release. Ultimately, the master plan envisions a campus of interconnected buildings that could one day house more than 20,000 employees. The new master plan is the result of a two-year research and planning process led by architect Snohetta. Plans call for an increase in public spaces and shared pathways, as well as coffee shops and restaurants.

September 18, 2019

Acquisitions Midwest Missouri Office

Copaken Brooks, Square Deal Investments Acquire Former Kansas City Public School Building

by Kristin Harlow September 18, 2019

KANSAS CITY, MO. — Copaken Brooks and Square Deal Investments have acquired the former Kansas City Public Library and Board of Education Building for an undisclosed price. The building is located at 1211 McGee St. in downtown Kansas City. The 11-story, 261,800-square-foot property has been vacant since the Kansas City Public Schools district moved to its current location at 2901 Troost in 2016. Aaron Mesmer and Matt Levi of Block Real Estate Services represented the seller, the school district.

September 18, 2019

Leasing Activity New York Northeast Office

Knotel Signs 27,000 SF Office Lease in Manhattan

by Alex Patton September 17, 2019

NEW YORK CITY — Knotel, a New York-based flexible workspace provider, has signed a 27,000-square-foot lease at 240 West 35th Street, a 165,000-square-foot class A office building in Manhattan. The space will comprise the entire 7th, 8th and 18th floors of the property. Essential Design + Build will renovate the space with both open offices and closed meeting rooms. Knotel plans to move into the space in fall 2019. Colin Godwin and John Cinosky of Atco Brokerage Services represented the landlord, ATCO Properties & Management internally in the lease negotiations. Douglas Regal, Jamie Katcher and Sebastian Infante of Cushman & Wakefield represented Knotel.

September 17, 2019

Development Illinois Midwest Office

Amazon to Expand Chicago Loop Office by 70,000 SF, Add 400 Jobs

by Kristin Harlow September 17, 2019

CHICAGO — Amazon has unveiled plans to expand its Chicago tech hub and create an additional 400 jobs in fields including cloud computing, advertising and business development. To accommodate the job creation, Amazon will expand its office in downtown Chicago by more than 70,000 square feet. This will double the company’s tech workforce within the city. Amazon’s Chicago tech hub is one of the company’s 18 North American tech hubs. Amazon employees in Chicago currently build and support products and services for Amazon Web Services, Amazon Advertising and the company’s transportation and operations units. Together with its customer fulfillment and retail facilities, Amazon has created more than 11,000 full-time jobs in Illinois and invested over $4.4 billion in the state since 2010.

September 17, 2019

Development Hospitality Mixed-Use Multifamily Office Texas Top Stories

Prescott Group Breaks Ground on Multi-Tower Mixed-Use Campus in Turtle Creek Neighborhood of Dallas

by John Nelson September 17, 2019

DALLAS — Prescott Group has begun the demolition and early construction phase for 2727 Turtle Creek, a five-acre mixed-use campus in the Turtle Creek submarket of Dallas. The development will include an office tower, high-rise apartment tower and a hotel tower. Prescott Group imploded an existing, vacant nine-story office building and parking garage on the site early on Sunday, Sept. 15. The building was the former home of Republic Insurance, according to local media reports. Construction crews are clearing the site and beginning utility upgrades for the multi-tower development along Turtle Creek Boulevard. Prescott Group expects to finish the demolition and removal phase of construction by the end of the year and wrap up the utility and infrastructure upgrades in the first quarter of 2020. The office tower at 2727 Turtle Creek will rise 19 stories and span 285,000 square feet. Prescott Group plans for the building to feature a rooftop terrace, fitness center, conference and training center, bike storage and a full-service café. Prescott Group has tapped Jeff Eckert and Ahnie Sheehy of JLL to lease the office space. The hotel will rise 24 stories and offer 200 hotel rooms and an undetermined number of luxury condominiums. Amenities at …

September 17, 2019

Acquisitions Healthcare New Jersey Northeast Office

Atlantic Health System Buys Medical Office in Rockaway, New Jersey, for $26M

by Alex Patton September 16, 2019

ROCKAWAY, N.J. — Atlantic Health System has purchased Morristown Medical Center Health Pavilion, a 92,326-square-foot medical office building in Rockaway, located approximately 35 miles west of New York City, for $26 million. The building opened in 2016, and the Atlantic Health System was the sole occupant at the time of sale. JLL’s Jose Cruz and Ben Appel represented the seller in the transaction.

September 16, 2019

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