Office

Foundation Medicine Signs 580,000 SF Office Lease in Boston

by Alex Patton August 2, 2019

BOSTON — Foundation Medicine Inc., a manufacturer of medical tests and supplies, has signed a 580,000-square-foot lease for laboratory and office space at 400 Summer Street in Boston. Massachusetts-based WS Development is currently developing the 16-story building, which will total 625,000 square feet, including 30,000 square feet of ground-floor retail. Foundation Medicine will move its headquarters to the building and occupy all of the laboratory and office space. WS Development expects to begin construction later this year and for tenants to move in by 2023. New York-based Morris Adjimi Architects and the Boston office of Stantec are the architects.

August 2, 2019

Illinois Leasing Activity Midwest Office

PerkSpot Expands Office Lease in Chicago by 14,020 SF

by Kristin Harlow August 2, 2019

CHICAGO — PerkSpot has signed a 14,020-square-foot office expansion at 320 W. Ohio St. in Chicago. The customized employee discount firm now occupies more than 27,000 square feet at the building. It is the company’s second expansion in the last 13 months. Allen Rogoway of Cresa Chicago represented the tenant in the lease transaction. PerkSpot offers a perk program where employees can gain rewards and exclusive discounts for their performance. PerkSpot also offers discounted merchandise and services and receives a commission on the value of items sold through its platform by merchants.

August 2, 2019

Acquisitions Office Oregon Western

Colliers Arranges $47.5M Acquisition of Creative Office Asset in Portland’s CBD

by Amy Works August 2, 2019

PORTLAND, ORE. — Colliers International has arranged the purchase of 6Y, a 11-story creative office building located at 811 SW Sixth Ave. in Portland’s Central Business District (CBD). Deka Immobilien acquired the asset from a joint venture between KBS and True North Management Group for $47.5 million. The transaction marks Frankfurt, Germany-based Deka’s third U.S. purchase in the last nine months and its entry into the Oregon market. Overlooking Pioneer Square, the 116,224-square-foot property was repositioned to include upgraded creative office suites, a tenant lounge and a contemporary lobby. Robert Stamm and Andres Roldan of Colliers’ Investment Advisory Group, in coordination with Chris Johnson of Colliers’ Portland office, represented the buyer, while Nick Kucha, James Childress and Bill DeLacy of Newmark Knight Frank represented the seller in the deal.

August 2, 2019

Acquisitions California Office Western

Voit Real Estate Services Brokers $11.2M Sale of Three-Building Office Asset in San Diego

by Amy Works August 2, 2019

SAN DIEGO — Voit Real Estate Services has arranged the sale of Futura Business Park, a three-building office park located in San Diego’s Kearny Mesa submarket. Otay Terminal – Farnham St. LLC sold the asset to La Jolla, Calif.-based Hill Properties for $11.2 million. The buyer plans to implement a capital improvement program at the 51,229-square-foot, multi-tenant asset. Planned renovations will include exterior and interior improvements and repositioning the property as creative office space. Futura Business Park is located at 9445, 9455 and 9465 Farnham St. Randy LaChance, Ryan Bracker and Arthur Bleier of Voit’s San Diego office represented both parties in the transaction.

August 2, 2019

Market Reports Office Washington Western Western Market Reports

Lack of New Office Supply Pushes Large Users to Tertiary Puget Sound Markets

by Taylor Williams August 2, 2019

A decade ago, the Seattle office market was still reeling from the effects of the global recession. Total downtown vacancy had reached 14.9 percent with nearly every submarket from the Central Business District (CBD) to Lake Union experiencing some form of negative absorption. Total vacancy today is slightly more than half of what it was back then, hovering at around 7.7 percent. This is despite the total net rentable area growing by more than 11 million square feet. Seattle has also shifted from largely being considered a secondary market to one of the leading real estate hubs in the nation, thanks to consistent talent and demand from the engineering, aerospace and technology industries. Seattle currently ranks second behind San Francisco in our annual Scoring Tech Talent report. And yet, while our extensive growth has been a benefit to the office market, a new problem has cropped up in the face of this progress: availability. The rise of coworking, as well as the surplus of partial floor spaces, has been a benefit to smaller companies in the midst of early stage growth and expansion. In fact, there are more than 700 options in Downtown Seattle for smaller tenants, primarily under 15,000 …

August 2, 2019

Acquisitions Georgia Office Southeast

KKR, Banyan Street Capital Acquire Office Tower in Buckhead for $205M

by Alex Tostado August 1, 2019

ATLANTA — KKR and Banyan Street Capital have acquired Salesforce Tower, a 34-story, 631,808-square-foot office tower in Atlanta’s Buckhead district, for $205 million. Banyan Street partnered with the previous owner, Oaktree Capital Management LP, to invest $14 million in renovations to the tower. The new owners are planning to invest an additional $5 million in renovations. Major tenants include the regional hub for Salesforce and the corporate headquarters for RentPath and Rubicon Global. Salesforce Tower sits directly on the MARTA line and interstate system. Justin Parsonnet, Will Yowell, Jay O’Meara and Ryan Reeth of CBRE represented thew sellers in the transaction. Chris Port, Nicole Goldsmith and Kyle Kenyon of CBRE have been retained to lease the tower. Banyan Street Capital will manage the property directly.

August 1, 2019

Acquisitions Office Texas

Harwood International Acquires 226,344 SF Office Building in Dallas

by Taylor Williams August 1, 2019

DALLAS — Harwood International, a locally based investment and development firm, has acquired Citymark on the Katy Trail, a 226,344-square-foot office building located at 3100 McKinnon St. in Uptown Dallas. According to LoopNet Inc., the Class A property was built in 1987 and features a food court and a fitness center. Creighton Stark and Chris Boyd of Colliers, along with internal representatives Morgan Staub and Rob Steinwedell represented Harwood in the transaction. The seller was Bradford Cos. The building is situated just off the Katy Trail, a jogging and biking path that runs through the Uptown and Oak Lawn areas.

August 1, 2019

Acquisitions Office Texas

NKF Negotiates Sale of 118,905 SF Office Building in Houston

by Taylor Williams August 1, 2019

HOUSTON — Newmark Knight Frank (NKF) has negotiated the sale of a 118,905- square-foot office building located at 12700 Northborough Drive in Houston. According to LoopNet Inc., the property was built in 1981. Eva Horton, Greg Marconi and Albert Spiers of NKF represented the seller, Veritex Community Bank, in the transaction. The buyer was Cepideh Investments LLC.

August 1, 2019

Acquisitions Florida Loans Office Southeast

Cushman & Wakefield Arranges Sale, Financing of Office Building in West Palm Beach

by Alex Tostado August 1, 2019

WEST PALM BEACH, FLA. — Cushman & Wakefield has arranged the $19.4 million sale of 1700 Palm Beach Lakes, a 113,964-square-foot office building in West Palm Beach. Located at 1700 Palm Beach Lakes Blvd., the building was delivered in 1988 and features structured parking and a covered entrance. The seller, 1700 PBL LLC, an affiliate of Breakers Capital, recently completed a $2 million renovation that included a complete elevator modernization, clobby and garage restorations and a full-building generator replacement. Capstone acquired the property. Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar, Michael Ciadella and Anthony Librizzi of Cushman & Wakefield represented the seller in the transaction. Jason Hochman of Cushman & Wakefield represented the buyer in arranging an $18.4 million acquisition loan from Blue Vista Finance.

August 1, 2019

Industrial Leasing Activity Michigan Midwest Office

Bluewater Technology Signs Lease for 90,000 SF Build-to-Suit in Novi, Michigan

by Kristin Harlow August 1, 2019

NOVI, MICH. — Bluewater Technology has signed a 90,000-square-foot lease for a new build-to-suit facility at 45833 12 Mile Road in Novi. Bluewater will relocate from a 57,000-square-foot facility in Southfield. Bluewater is an event technology firm that specializes in audiovisual integration. Conner Salsberry and David Giltner of CBRE represented Bluewater in the lease transaction. (Giltner now works for Colliers International.) The team also represented the landlord and developer, Amson Nassar Development. Scott Cave and Shane Ferrell of CBRE will work with Bluewater in the build-out process.

August 1, 2019

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