Office

KZA Realty Brokers $7.2M Sale of Office Building in The Bronx

by Alex Patton August 27, 2019

NEW YORK CITY — KZA Realty Group, a Bronx-based firm, has brokered the $7.2 million sale of an office building in The Bronx. Built in 1921, the 11-story building at 2021 Grand Concourse includes 59,292 square feet of office space and a pharmacy on the ground floor. The offices have traditionally been leased to medical professionals. Kathy Zamechansky represented the seller, Bronx-based Gara Realty Co., in the transaction. Zamechansky also represented the buyer, Brooklyn-based Chera Realty Group, which plans to renovate the property.

August 27, 2019

Acquisitions Georgia Office Southeast

Bull Realty Arranges $14.8M Sale of Office Building Near Atlanta

by Alex Tostado August 27, 2019

NEWNAN, GA. — Atlanta-based Bull Realty has arranged the $14.8 million sale of 1825 Summit, a 100,000-square-foot office building in Newnan. Delta Community Credit Union sold the building, which was 56 percent leased at the time of sale. The financial community will continue to operate within the asset. MBRE acquired the property for $147.50 per square foot. 1825 Summit is located 37 miles southwest of downtown Atlanta and immediately adjacent to Summit Family YMCA and Georgia Bone & Joint medical office building.

August 27, 2019

Acquisitions Florida Office Southeast

Integra Investments, Constellation Group Purchase Office Building in Miami Beach for $10.1M

by Alex Tostado August 27, 2019

MIAMI BEACH, FLA. — Integra Investments and Constellation Group have purchased a 31,270-square-foot office building located at 1674 Meridian Ave. in Miami Beach for $10.1 million. The asset also includes 5,500 square feet of ground-level retail space. The partnership will market the office space to small- and medium-sized tenants. New ownership is planning a multimillion-dollar renovation that includes upgrading the lobby and common areas, as well as adding a new roof and floor-to-ceiling windows. Ivy MBT Realty was the seller.

August 27, 2019

Acquisitions Office Texas

Regent Properties Acquires 545,242 SF Office Complex in Uptown Houston for $89.5M

by Taylor Williams August 27, 2019

HOUSTON — Los Angeles-based investment firm Regent Properties has acquired Park Towers, a 545,242-square-foot office complex in Uptown Houston, for $89.5 million. Built in the 1970s, redeveloped in 2000 and renovated in 2017, Park Towers comprises two 18-story towers over a shared parking structure at the northeast corner of Interstate 610/West Loop and Post Oak Boulevard. Amenities include a fitness center and a conference center. The seller was not disclosed.

August 27, 2019

Acquisitions Office Texas

Starwood Capital, Vanderbilt Partners Buy 319,000 SF Office Campus in Northwest Austin

by Taylor Williams August 27, 2019

AUSTIN, TEXAS — A partnership between Starwood Capital Group and Vanderbilt Partners has purchased the Campus at Arboretum, a 319,000-square-foot office property in northwest Austin. The campus offers proximity to The Domain, one of Austin’s premier shopping and dining destinations, as well as picnic areas, a volleyball court and a basketball court.

August 27, 2019

Development Illinois Midwest Office

GlenStar, Rubenstein Launch $15M Capital Improvement Plan for Office Complex in Rolling Meadows, Illinois

by Kristin Harlow August 27, 2019

ROLLING MEADOWS, ILL. — GlenStar and Rubenstein Partners LP have launched a $15 million capital improvement plan for Continental Towers, a 910,796-square-foot office complex in Rolling Meadows, about 30 miles northwest of Chicago. This is the second of a two-phase renovation project initiated in 2015. Plans call for a reimagined outdoor terrace with a lounge, grilling areas, fire pits and lawn area. The property’s café and amenity center, which are currently undergoing renovations, will be connected to the new terrace. Project completion is scheduled for second-quarter 2020. Phase I was a $30 million project that included the construction of a new 734-stall parking garage and a full renovation of the 22,000-square-foot fitness center run by Midtown Health Club. Continental Towers is a three-tower property situated on 34 acres at 1701 Golf Road. GlenStar originally acquired the property in 2013 and recapitalized the asset in 2018 with Rubenstein.

August 27, 2019

Colorado Industrial Loans Office Western

JLL Arranges $8.7M in Financing for Two Office/Industrial Buildings in Boulder, Colorado

by Amy Works August 27, 2019

BOULDER, COLO. — JLL has arranged $8.7 million in bridge financing for the acquisition of two flex buildings in Boulder. The borrower is Ivy Realty. Leon McBroom of JLL Capital Markets team secured the three-year, floating-rate loan with two one-year extensions. A regional lender provided the funds. Located at 5300 and 5305 Sterling Drive, the properties total 46,702 square feet. Beginning in the summer of 2020, Ivy Realty plans to start converting the buildings into creative office space for use by large single tenants. The borrower previously repositioned the adjacent building at 5360 Sterling Drive with a similar strategy. Built in 1983, 5300 Sterling Drive is currently a two-story industrial warehouse consisting of 19,904 square feet. 5305 Sterling Drive, which was constructed in 1996, is a two-story, 26,798-square-foot, Class B flex building.

August 27, 2019

Acquisitions Georgia Office Southeast Top Stories

Piedmont Office Realty Trust Buys Two Office Towers in Atlanta’s Cumberland-Galleria Area for $231M

by John Nelson August 27, 2019

ATLANTA — Piedmont Office Realty Trust Inc. (NYSE: PDM) has purchased the remainder of Atlanta Galleria Office Park in northwest Atlanta. The $231 million acquisition consolidates Atlanta Galleria’s multi-tenant office buildings and 6,000-space structured parking facilities under a single owner for the first time. Situated in the city’s Cumberland-Galleria submarket near SunTrust Park and The Battery Atlanta, the acquisition comprises Galleria 400 and Galleria 600, two office towers totaling approximately 860,000 square feet. The purchase also included an adjacent 10.2-acre parcel entitled for 1 million square feet of additional development. The seller was undisclosed. “When we acquired Galleria 300 in 2015, we boldly imagined the environment a single owner could create adjacent to the unique amenity set evolving in The Battery,” says Brent Smith, president and CEO of Piedmont Office Realty Trust. “Today, the first step of that vision becomes a reality and marks the beginning of Piedmont’s transformation of this prominent Atlanta mixed-use development.” Piedmont Office Realty Trust purchased Galleria 100 and an additional 1.5-acre parcel in May for $95.1 million. The company’s total investment in The Galleria is just under $500 million. The 2.1 million square feet of office space within the master-planned development is spread across five …

August 27, 2019

Market Reports Office Texas Texas Market Reports

Dallas Office Market Grows Its Share of Tech Firms

by Taylor Williams August 27, 2019

While Austin is the Texas city that has become most synonymous with a tech-heavy office market over the last decade, the remarkable amount of overall job growth in the metroplex is allowing Dallas to slowly grab a larger piece of the tech pie. While some of the fastest-growing tech firms in the market right now — Google, Facebook, Indeed — have committed to larger office footprints in Austin, many of these firms still retain offices in Dallas due to its strong supply of qualified labor and relatively cheaper cost of doing business. However, in addition to having offices in Dallas, these firms have contributed to commercial real estate growth in the metroplex through build-to-suit data center developments and large colocation leases with established data center operators in the market. Facebook’s $1 billion data center development in Fort Worth is among the largest in the country, and construction recently began on Google’s $600 million data center campus in the southern suburb of Midlothian. IBM SoftLayer, Rackspace, and LinkedIn are other examples of technology firms taking large data center leases in the Dallas metroplex, North America’s third-largest data center market, according to 2019 figures from DataCenter Hawk. Outside of the context of …

August 27, 2019

Development Office Texas

Cawley Partners to Develop 150,000 SF Office Building in Grand Prairie

by Taylor Williams August 26, 2019

GRAND PRAIRIE, TEXAS — Local office developer Cawley Partners will build a 150,000-square-foot office building at 161 Toll Road in Grand Prairie, located roughly midway between Dallas and Fort Worth. The property will be located within the Mayfield Groves mixed-use development. Construction is expected to begin in late 2020.

August 26, 2019

Newer Posts

Older Posts