Office

Local Investor Purchases 106,309 SF Office/R&D Asset in Goleta, California

by Amy Works September 3, 2019

GOLETA, CALIF. — A local investor has acquired an office/R&D building located at 6300 Hollister Ave. in Goleta. The asset sold for $33.2 million. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the undisclosed seller in the transaction. At the time of sale, the 106,309-square-foot property was fully leased to three technology companies: Wyatt Technology, Asylum Research (Oxford Instruments) and Seek Thermal. Wyatt Technologies and Asylum Research have been tenants at the property for approximately 15 years, while Seek Thermal moved into the building in 2018.

September 3, 2019

Acquisitions Arizona Industrial Office Western

Marcus & Millichap Arranges $9M Purchase of 52,330 SF Flex Building in Metro Phoenix

by Amy Works September 3, 2019

GLENDALE, ARIZ. — Marcus & Millichap has arranged the sale of a flex building, located at 7326 Glen Harbor Blvd. in Glendale, a suburb of Phoenix. FM NPL Glendale LLC acquired the asset from NPL Construction Co. for $9 million in a sale-leaseback transaction. The property features 52,330 square feet of office and industrial space. NPL Construction Co. will continue to occupy the space on a net-leased basis. Jay Krew and Marty Cohan of Marcus & Millichap, along with Gregg Fox of Marc Realty, procured the buyer, while Dan Dowd of Newmark Knight Frank represented the seller. Frank Mandel of New York-based Mandel Management Co. will operate the asset.

September 3, 2019

Leasing Activity Office Texas

ESRP Negotiates 114,500 SF Office Lease in Irving

by Taylor Williams August 30, 2019

IRVING, TEXAS — ESRP, a brokerage firm specializing in tenant representation, has negotiated a 114,500-square-foot office lease in Irving for biotechnology firm Caris Life Sciences. Greg Burns and Christopher Schafer of ESRP handled the lease negotiations on behalf of the tenant, which will relocate to a newly constructed facility that offers lab and office space. Myers & Crow Co. developed the property, which is owned by a fund managed by Kawa Capital Partners.

August 30, 2019

Development Illinois Midwest Office

Briar Meads Capital Begins Renovation of 300,000 SF Office Property in Lisle, Illinois

by Kristin Harlow August 30, 2019

LISLE, ILL. — Briar Meads Capital has begun a renovation of The Westwood in Lisle. Located at 2441 and 2443 Warrenville Road, the Class A office property spans 300,000 square feet. It currently has approximately 150,000 square feet available for lease. Plans call for a café, fitness center, conference center, tenant lounge and lobby renovations. The project team includes Wright Heerema Architects and J.C. Anderson Construction. Completion is slated for the end of the year. Dan Svachula, Adam Showalter and Allyson Yates of Cushman & Wakefield serve as leasing agents alongside the NAI Hiffman property management team of Dawn Cothern and Sara Bruno.

August 30, 2019

Acquisitions District of Columbia Office Southeast Top Stories

Spanish Investor Buys 216,786 SF Office Building in D.C. for $231.3M

by Alex Tostado August 30, 2019

WASHINGTON, D.C. — Ponte Gadea has acquired 815 Connecticut Ave. NW, a 216,786-square-foot office building in Washington, D.C., for $231.3 million. The sale was recorded with the D.C. Recorder of Deeds on Thursday, Aug. 29. The Blackstone Group (NYSE: BX) was the seller. According to multiple media reports, Blackstone bought the building in late 2016 for $190 million. The asset was built in 1964 and is situated across the street from The White House. In 2011, former presidents Barack Obama and Bill Clinton visited 815 Connecticut Ave. as part of Obama’s Better Building Initiative, according to the Washington Business Journal. Under the initiative, the building’s owner at the time, an affiliate of Swedish pension fund Alecta Real Estate Investment LLC, and general contractor Forrester Construction Co. completed a $30 million renovation. That project included an extensive update to the building’s mechanical systems, common areas and exterior facade that earned the building a LEED Gold certification, the Business Journal reported at the time. Ponte Gadea also purchased an 800,000-square-foot office building in Seattle for $740 million in March. Miami-based Ponte Gadea is led by Spanish billionaire Amancio Ortega, a fashion mogul whose company is parent to retail brand Zara. Ortega’s net …

August 30, 2019

Leasing Activity Massachusetts Northeast Office

Dräger Medical Systems Signs 128,000 SF Office Lease Renewal in Andover, Massachusetts

by Alex Patton August 30, 2019

ANDOVER, MASS. — Dräger Medical Systems, a German manufacturer of medical equipment, has signed a 128,000-square-foot office lease renewal for its headquarters at 6 Tech Drive in Andover, a northern suburb of Boston. Over the next 18 months, Dräger will complete a full renovation of the facility. Michael Dalton, Blake Baldwin, Sharon Joyce, Deanne Munger and Joel Schur of Cushman & Wakefield represented Dräger in the lease negotiations. Matt Adams of Newmark Knight Frank represented the landlord, a partnership between Novaya Real Estate Ventures and Wheelock Street Capital.

August 30, 2019

Leasing Activity New Jersey Northeast Office

DefinedLogic Signs 12,224 SF Office Lease at Mixed-Use Development in Red Bank, New Jersey

by Alex Patton August 30, 2019

RED BANK, N.J. — DefinedLogic LLC, a digital consultant agency, has signed a 12,224-square-foot office lease in Red Bank, a southern suburb of New York City. The office is part The Rail @ Red Bank Station, an upcoming 30,898-square-foot mixed-use development that will also feature 57 units of multifamily housing and 6,000 square feet of retail of space. Denholtz Properties, a New Jersey-based firm, is developing the project. Construction is slated for completion in 2020.

August 30, 2019

Acquisitions Midwest Office Ohio

Reichle Klein Group Arranges $1.7M Sale of Office Building in Maumee, Ohio

by Kristin Harlow August 29, 2019

MAUMEE, OHIO — Reichle Klein Group has arranged the $1.7 million sale of the St. George Professional Office Building in Maumee, about 10 miles southwest of Toledo. The 16,307-square-foot property is located at 1661 Holland Road within Arrowhead Business Park. Ryan Miller of Reichle Klein represented the seller, KMP Management Group LLC. Toledo Med Partner LLC purchased the building.

August 29, 2019

Development Office Texas

Concord Properties to Develop 101,000 SF Office Building in San Antonio

by Taylor Williams August 29, 2019

SAN ANTONIO — Locally based firm Concord Properties will break ground in mid-September on Concord Park III, a 101,000-square-foot office building that will be located on East Sonterra Boulevard in north-central San Antonio. Designed by Dallas-based HKS Architects, the four-story property will feature a conference center, outdoor seating areas and a deli. Concord Park III is expected to be available for occupancy in the first quarter of 2021. Endura Advisory Group LLC will handle leasing.

August 29, 2019

Leasing Activity Office Texas

CBRE Opens 67,000 SF Flexible Office Space in Downtown Dallas

by Taylor Williams August 28, 2019

DALLAS — Hana, a subsidiary of CBRE, has opened Hana PwC Tower at Park District in downtown Dallas. The Hana brand is CBRE’s flagship flexible workspace concept. The space spans 67,000 square feet and two and a half floors of the 500,000-square-foot PwC Tower. CBRE expects to open additional Hana locations in the United States and the United Kingdom in the coming months.

August 28, 2019

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