CLAYTON, MO. — Anvil Analytics + Insights, a branding and digital marketing agency, has signed a multi-year lease to occupy 10,000 square feet at 7730 Carondelet in Clayton. The new space more than doubles the size of the agency’s previous location in Chesterfield. Anvil expects to occupy the new space beginning this month. Blaise Tomazic of JLL represented the tenant in the lease transaction. The landlord was not disclosed.
Robust employment and population growth are fueling Philadelphia’s renaissance and propelling the region’s office sector to new heights. The lack of new office construction over the past decade has driven rents to record levels and is creating value-add acquisition opportunities throughout the region. With a tight labor market and talent acquisition at a premium, companies want to lease state-of-the-art workspaces that attract future employees. Key features of these spaces include access to public transit and surrounding retail and restaurant options. Limited availabilities within this product type are driving rents for quality space, as well as the development pipeline for new office buildings. However, after years of little construction, several proposed office buildings in both downtown and the suburbs are close to breaking ground and creating the next crop of new office inventory for the region. Record Rents In the second quarter of 2019, average asking rents for office properties in downtown Philadelphia hit a record $31.33 per square foot, a 20 percent increase over the past five years. This growth has been driven by out-of-town investors acquiring buildings and raising rents, as well as by growing demand for downtown office space, both from new in-bound demand and organic growth from …
SAN DIEGO — BioMed Realty, a Blackstone portfolio company, and the University of California San Diego (UC San Diego) have opened the Center for Novel Therapeutics (CNT) on the UC San Diego Science Research Park campus. The 137,000-square-foot research hub leverages the strength of UC San Diego Moores Cancer Center with private sector companies looking to translate research into helping cancer patients worldwide. The development represents a $92 million investment by BioMed Realty. CNT is San Diego’s newest dedicated oncology research center with best-in-class facilities to advance life-changing treatments for cancer patients. Additionally, the facility includes the first academic-industry drug discovery incubator site in San Diego. CNT will continue UC San Diego’s “bench to bedside” approach, the transition of research from the laboratory space into the clinic and to patients through the promotion of new therapies. BioMed Realty designed the project with UC San Diego to include high-efficiency water-cooled central cooling, LED energy efficient light fixtures and photo-voltaic solar panels in the roof of the atrium and other parts of the building. Due to the project’s design, the facility was awarded LEED Gold certification.
HOUSTON — JLL has negotiated the sale of Westchase Place, a 150,000-square-foot office building located at 11200 Richmond Ave. in Houston. The property, which includes a three-level parking garage, was built in 1999 and renovated in 2009 and 2013. Rudy Hubbard, Kevin McConn and Rick Goings of JLL represented the seller, CAPSTAR Real Estate Advisors, in the transaction. Fuller Westchase Place Ltd., an entity affiliated with locally based Fuller Realty Partners, purchased the property for an undisclosed price.
CAMBRIDGE, MASS. — Bulfinch Cos. has negotiated three medical office leases totaling 134,816 square feet in Building 400-500 at the Cambridge Discovery Park (CDP) life sciences development in Cambridge. Arbor Biotechnologies, a genetic research firm, leased 36,171 square feet on the fifth floor. Kintai Therapeutics signed a deal for 72,296 square feet on the third and fourth floors. Simcere Innovation Inc., a medical research and development firm, has inked a lease for 26,349 square feet on the second floor. The three leases bring the building’s occupancy to 88 percent. The full CDP center offers 400,000 square feet of office and lab space across three buildings, which are still under development.
NEW YORK CITY — The U.S. Census Bureau has signed a 10,000-square-foot office lease at the Mink Building in West Harlem. Janus is currently redeveloping the asset and several adjacent properties as part of its 1.1 million-square-foot Manhattanville Factory District mixed-use project. The Mink Building and two other buildings in the project are complete, and Janus is currently constructing the Taystee Lab Building, which is slated for completion by the end of 2020.
FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged the $11.8 million sale of The 2601 Building, a 59,942-square-foot office building located at 2601 E. Oakland Blvd. in Fort Lauderdale. The six-story building was 96 percent leased at the time of sale to tenants including The Africa Adventure Co., HL Law Group, Exit Ryan Scott Realty and Natural Transplants Hair Restoration Clinic. After suffering significant damage during Hurricane Wilma in 2005, the building was gutted and rebuilt in 2007 with new roofs, mechanical systems and modern interiors. The seller was 2601 M L Fund LLC, a Netz USA LLC holding company. The buyer was MHC Oakland Park Owner LLC. Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar, Jason Hochman and Michael Ciadella of Cushman & Wakefield represented the seller in the transaction.
OAK BROOK, ILL. — JLL has arranged $29.8 million in renovation financing for 2001 York Road, a 184,525-square-foot office property in Oak Brook. Christopher Carroll of JLL secured the three-year, floating-rate loan on behalf of the borrower, Pembroke IV LLC. The five-story building, located near I-88 and I-294, is fully leased. Comcast occupies the majority of the property, which was built in 1999. Specific renovation plans were not disclosed.
GRAND RAPIDS, MICH. — Engineering consulting firm Hubbell, Roth & Clark Inc. (HRC) is relocating from its 3,500-square-foot office in the American Seating building to a 7,000-square-foot office at 1925 Breton Road SE in Grand Rapids. The 44,000-square-foot Breton Road building, owned by an affiliate of Rockford Construction, was formerly medical office space. Rockford updated the formerly vacant building. HRC expects to move into its new space in mid-October. Colliers International | West Michigan handles leasing for the entire building.
CAMBRIDGE, MASS. — HCP Inc. (NYSE: HCP), a healthcare and seniors housing REIT, has agreed to acquire a 224,000-square-foot life sciences building in the Cambridge submarket of Boston for $332.5 million. The Davis Cos. and Invesco Real Estate are selling the LEED Gold-certified property, which is located at 35 CambridgePark Drive. Known as Alewife Research Center, 35 CambridgePark Drive is fully leased to five life sciences firms. The leases have a weighted average term exceeding 10 years. The recently delivered property offers more than 10,000 square feet of amenity space, including a lobby with dedicated collaboration spaces, a full-service restaurant, fitness center, lockers, bike storage and green space with outdoor seating. The transit-oriented property is located two miles from Harvard University and directly across the street from the MBTA Alewife Red Line station and bus terminal. “With the acquisition, we’re pleased to report that in less than two years we have expanded our presence in the Boston life science market to more than 1.3 million square feet and at a very compelling blended yield,” says Scott Brinker, executive vice president and chief investment officer of HCP. HCP expects to close the acquisition in December. The REIT also recently purchased the …