Office

JLL Brokers $68M Sale of Office Building in Chicago’s South Loop

by Kristin Harlow February 26, 2020

CHICAGO — JLL Capital Markets has brokered the sale of 801 Canal Street in Chicago’s South Loop for $68 million. The five-story, 591,577-square-foot office building is fully occupied by the Northern Trust Co. through August 2020. The property features 105,000-square-foot floorplates. Amenities include a food hall, fitness center, daycare facility, conferencing facilities and outdoor terrace space. In addition to the office building, the sale included a 1.3-acre development site south of the property. Jaime Fink, Bruce Miller, Jeff Bramson, Patrick Shields and Sam DiFrancesca of JLL represented the seller, Canal/Taylor Venture. JLL also procured the buyer, 601W Cos.

February 26, 2020

Illinois Leasing Activity Midwest Office

Level Ex Expands, Relocates to 180 North LaSalle in Chicago

by Kristin Harlow February 26, 2020

CHICAGO — Medical video game company Level Ex has expanded its footprint and relocated to 180 North LaSalle Street, a 38-story, 760,000-square-foot office tower in the Chicago Loop. Level Ex’s new headquarters is more than 20,000 square feet, double the size of its previous office in River North. The sublease commenced in early 2020. Jon Azulay and Adam Mitchell of Savills represented Level Ex in the lease negotiations. Level Ex creates mobile, augmented reality and virtual reality games for physicians. The company uses video game technology and cognitive neuroscience to capture the challenges of practicing medicine. Owned by Ivanhoe Cambridge, 180 North LaSalle is located at the corner of LaSalle and Lake streets. James Stein and Jack Tunnicliff of Cushman & Wakefield represented the sublandlord, Newell.

February 26, 2020

Acquisitions Illinois Midwest Office

Cawley Chicago Negotiates $4.6M Sale of Office Building in Oak Brook, Illinois

by Kristin Harlow February 26, 2020

OAK BROOK, ILL. — Cawley Chicago has negotiated the sale of a 70,497-square-foot office building in Oak Brook for $4.6 million. Built in 1978, the three-story property is located at 915 Harger Road near Oak Brook Mall. Amenities include a conference facility and kitchen area. Building renovations are currently underway. Tony Russo and Ryan Freed of Cawley Chicago represented the buyer, KMMRD Enterprises. Jane Stroebeck of Stroebeck Real Estate represented the seller, 915 Harger LLC. Russo and Freed will serve as the leasing representatives and Cawley Chicago Management will manage the property on behalf of the new ownership.

February 26, 2020

Colorado Development Office Western

McCaffery, Ivanhoé Cambridge, Hines to Develop 240,000 SF Office Building in Denver

by Amy Works February 26, 2020

DENVER — McCaffery, Ivanhoé Cambridge and Hines have started construction of T3 RiNo, a six-story T3 (timber, transit and technology) office building in Denver. Situated in the River North Art District (RiNo), the 240,000-square-foot building will feature common, hospitality-driven social areas; large, private tenant terraces on each floor; a modern fitness facility and bicycle facility; 17,000 square feet of retail space; and convenient access to the Regional Transportation District (RTD) commuter rail system. Designed by Pickard Chilton Architects and DLR Group, T3 RiNo is slated for completion in spring 2022.

February 26, 2020

Leasing Activity New York Northeast Office

CBRE Negotiates 30,900 SF Office Sublease in Midtown Manhattan

by Alex Patton February 26, 2020

NEW YORK CITY — CBRE has negotiated a 30,900-square-foot office sublease in Midtown Manhattan. Financial crime, risk and compliance solutions company Exiger Holdings Inc. signed an 11-year lease for the entire 15th floor and a portion of the 16th floor at 1675 Broadway, a 35-story office tower. The company will relocate from its previous space at 1095 Avenue of the Americas later this year. Gregg Rothkin, John Maher and Paul Myers led a CBRE team that represented the undisclosed sublandlord in the lease negotiations. Rudin Management owns the building.

February 26, 2020

Georgia Loans Office Southeast

PCCP Funds $48.4M Refinancing Loan for Two-Building Office Campus in Atlanta’s Central Perimeter Area

by Alex Tostado February 25, 2020

ATLANTA — PCCP LLC has provided a $48.4 million refinancing loan for Sterling Pointe, a two-building, 348,399-square-foot office campus in Atlanta’s Central Perimeter submarket. The seven- and eight-story buildings were 42 percent leased at the time of financing. The borrower, The Simpson Organization, will use the funds to lease-up the property. The buildings were originally built in 1980 and the owner implemented a $2 million renovation in 2018 to upgrade the lobby and common areas, along with amenity improvements including the café, outdoor courtyard space and a fitness center. Sterling Pointe is situated at 303 Perimeter Center N., 16 miles north of downtown Atlanta.

February 25, 2020

Florida Loans Office Southeast

Ready Capital Closes $5.4M Acquisition Loan for Office Building in Metro Miami

by Alex Tostado February 25, 2020

MIAMI GARDENS, FLA. — Ready Capital has closed a $5.4 million acquisition loan for a 77,000-square-foot, Class B office building in Miami Gardens. The undisclosed borrower plans to upgrade the common areas and lease up vacant suites. The three-year, non-recourse loan features a floating interest rate and flexible prepayment options. Further details of the property were not disclosed.

February 25, 2020

Leasing Activity Office Texas

Energy Surveying Firm Signs 97,295 SF Office Lease Renewal in Houston

by Taylor Williams February 25, 2020

HOUSTON — TGS-NOPEC Geophysical Co., a Norwegian provider of surveying services for the energy industry, has signed a 97,295-square-foot office lease renewal at 10451 Clay Road in Houston. Doug Little and Louann Pereira of Transwestern represented the landlord, Office Properties Income Trust, in the lease negotiations. Jon Silberman of NAI Partners represented the tenant.

February 25, 2020

Industrial Loans Office Oregon Western

Ready Capital Closes $7.7M Refinancing for Industrial, Office Portfolio in Portland, Oregon

by Amy Works February 25, 2020

PORTLAND, ORE. — Ready Capital has closed $7.7 million in financing for the recapitalization, renovation and lease-up of an industrial and office portfolio located in the Lloyd District submarket of Portland. The sponsor will use loan proceeds to recapitalize funds and repurpose the older industrial buildings into a combination of Class B creative office, commercial kitchen and industrial office space. Ready Capital closed the non-recourse, floating-rate loan that features a 36-month term, two extension options, flexible pre-payment and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

February 25, 2020

Indiana Leasing Activity Midwest Office

Do it Best Corp. to Anchor $440M Electric Works Project in Fort Wayne, Indiana

by Kristin Harlow February 25, 2020

FORT WAYNE, IND. — Do it Best Corp. has signed on as the anchor tenant of Electric Works in Fort Wayne. The company will relocate its headquarters and all 440 of its employees to a nearly 200,000-square-foot space within the campus as well as add up to 90 new jobs. The Electric Works project is a $440 million office redevelopment of the abandoned GE campus in Fort Wayne. Construction is expected to begin later this year. The 1.2 million-square-foot project is approximately 60 percent pre-leased. Besides office space, plans call for a coffee shop, restaurant and health and educational facilities. The 39-acre campus once employed 40 percent of the city’s population at its peak in the 1920s. Do it Best Corp. is a hardware, lumber and building materials cooperative, which is a type of organization that is both owned and controlled by its members.

February 25, 2020

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