Office

JPB Raleigh Holdings Acquires Office Campus in Raleigh for $39.8M

by Alex Tostado July 29, 2019

RALEIGH, N.C. — JPB Raleigh Holdings has acquired Northchase Executive Center, a two-building office campus in Raleigh, for $39.8 million. The property has a total of 176,620 square feet of office space. The two buildings were built in the mid-1980s and were 95.6 percent leased at the time of sale. The previous owners invested more than $14 million in renovations across the property, which is located at 6601 Six Forks Road. Jimmy Barnes of NAI Carolantic represented the buyer in the transaction. The seller was not disclosed.

July 29, 2019

California Development Office Western

Verizon to Co-Develop New Campus at Coleman Highline in San Jose

by Amy Works July 29, 2019

SAN JOSE, CALIF. — Verizon will co-develop and lease-to-purchase a new ground-up campus for its Verizon Media workforce at the Coleman Highline campus in San Jose. Co-developed by Hunter Properties, the new campus will support 3,400 employees, including 2,400 from Verizon Media’s current Sunnyvale, Calif., location. Verizon signed a long-term lease for approximately 640,000 square feet in multiple buildings, including a welcome pavilion and workplace amenities such as a fitness center and cafeteria. Verizon’s new campus will be part of the larger Coleman Highline mixed-use development that includes a hotel and retail and residential space, as well as communal gathering and collaboration spaces. Groundbreaking for the Verizon asset is slated for this fall, with completion scheduled for 2021. At build-out, Coleman Highline will feature more than 7,500 square feet of on-site retail options; a public market; a diverse collection of cuisine, caterers and food trucks; two dedicated retail pavilions anchored by a main plaza and promenade; an on-site hotel; more than 2,500 new housing units; and 11 acres of urban parkland. The transit-oriented project will also offer access to the Santa Clara Caltrain and Santa Clara Valley Transportation Authority stations. Gensler, a global design and architecture firm, is designing the …

July 29, 2019

Loans Midwest Office Ohio

NorthMarq Arranges $3.4M Refinancing of Office Property in Cincinnati

by Kristin Harlow July 29, 2019

CINCINNATI — NorthMarq has arranged a $3.4 million loan for the refinancing of Eastgate Professional Office in Cincinnati. The 36,000-square-foot office property is located on Ferguson Road. Susan Branscome of NorthMarq arranged the seven-year, fixed-rate loan, which features a 20-year amortization schedule. A life insurance company provided the loan.

July 29, 2019

Loans Office Texas

JLL Arranges Loan for Refinancing of 200,418 SF Office Building in Houston

by Taylor Williams July 29, 2019

HOUSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of 1225 North Loop, a 200,418-square-foot office building in Houston. The 11-story property is located near the city’s River Oaks, Tanglewood and Memorial Village neighborhoods. Michael Johnson, Jett Lucia and Robby Derrick of JLL placed the loan, which carried a 25-year term and a fixed interest rate, through CUNA Mutual Group. The borrower was 1225 North Loop Investments Inc.

July 29, 2019

Leasing Activity Office Texas

Engineering, Construction Firm Expands Houston Office, Plans to Hire 300 New Employees

by Taylor Williams July 29, 2019

HOUSTON — Burns & McDonnell, a Missouri-based, employee-owned engineering, architecture and construction firm, has extended and expanded its office lease at 1700 West Loop South in Houston. The company has grown its footprint at the building, which is owned by Virginia-based Lingerfelt CommonWealth Partners LLC, from 158,000 square feet to 218,000 square feet, and plans to hire an additional 300 employees by 2021. Scott Fikes and Jenny Mueller of JLL represented the landlord in the lease negotiations. Joe Peddie of Cushman & Wakefield represented Burns & McDonnell, which has about 7,000 employees across 50 offices worldwide.

July 29, 2019

Acquisitions North Carolina Office Southeast

KBS Sells 300,389 SF Office Tower in Raleigh to Preferred Office Properties

by Alex Tostado July 26, 2019

RALEIGH, N.C. — KBS has sold CapTrust Tower, a 300,389-square-foot office tower in Midtown Raleigh, to Preferred Office Properties. KBS originally bought the tower in 2013 in a joint venture with Kane Realty Corp, which will stay on as a partner with Preferred Office Properties, a subsidiary of Atlanta-based Preferred Apartment Communities. Kane Realty built the tower, which was fully leased at the time of sale to tenants including CapTrust, Wells Fargo, PWC, Wasserman, Insight Global and Kilpatrick Townsend. CapTrust Tower offers nine floors of office space atop a six-story parking garage with a restaurant on the ground level. Patrick Gildea, Will Yowell, Ben Kilgore and Chandler Hawkins of CBRE represented the sellers in the transaction. The sales price was not disclosed.

July 26, 2019

Acquisitions Florida Office Southeast

Harbor Group Acquires Office Building in Fort Lauderdale for $32.5M

by Alex Tostado July 26, 2019

FORT LAUDERDALE, FLA. — Harbor Group International has acquired 1340 Concord, a 100,710-square-foot, single-tenant office building in Fort Lauderdale, for $32.5 million. The buyer is planning for the property to undergo renovations, though details were not disclosed. The building, which technology firm Ultimate Software Group Inc. fully occupies, features three stories with flexible single-floor or whole-building floorplans. The seller was not disclosed.

July 26, 2019

Leasing Activity Office Southeast Virginia

Amazon Web Services to Lease 270,000 SF in Northern Virginia

by Alex Tostado July 26, 2019

HERNDON, VA. — Griffin Capital has signed a 270,000-square-foot office lease with a Fortune 100 company in Herndon. Griffin did not release the name of the tenant, though several media outlets report it is Amazon Web Services. The 12-year lease is expected to commence in April 2020 when Griffin completes renovations at 13820 Sunrise Valley, a 10-story office building. Situated about 25 miles west of downtown Washington, D.C., the office building has been undergoing renovations since 2018 when its previous tenant, Time Warner Communications, consolidated its space and broke its lease. Griffin was able to use the money from Time Warner’s buyout to immediately begin upgrading the building. Furthermore, the property is situated about 20 miles northwest of National Landing, where Amazon’s announced HQ2 will be located.

July 26, 2019

Acquisitions California Industrial Office Western

Embarcadero Capital Partners, PCCP Acquire 472,000 SF Office/R&D Campus in Silicon Valley

by Amy Works July 26, 2019

MILPITAS, CALIF. — Embarcadero Capital Partners and PCCP have purchased Park Point, a recently renamed office/R&D campus located at 115-155 N. McCarty Blvd. in Milpitas. Los Angeles-based Hudson Pacific Properties sold the asset for an undisclosed price. Situated on 30 acres, the campus features three buildings totaling approximately 472,000 square feet. The buyers retained HOK, a global design, architecture, engineering and planning firm, to revitalize the property into a contemporary, creative workplace. Jeff Arrillaga, Shawn Kellenberger and Michael Saign of Newmark Knight Frank’s Silicon Valley offices represented the seller in the transaction.

July 26, 2019

Acquisitions New York Northeast Office

Milvado Property Group Acquires Two Office Properties on Long Island for $18.7M

by Alex Patton July 26, 2019

SYOSSET, NEW YORK — Locally based investment firm Milvado Property Group has acquired two office properties on the Long Island city of Syosset for $18.7 million. The properties, 6801 and 6901 Jericho Turnpike, total 220,000 square feet. The locations offer close access to the Long Island Railroad, as well as tJFK, LaGuardia and MacArthur Airports. Gary Gabriel, David Bernhaut and Andrew MacDonald of Cushman & Wakefield represented the seller, The Rosmarin Family, in the transaction.

July 26, 2019

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