Office

34-St.-Martin-Drive-Marlborough-Massachusetts

JLL Brokers $33.2M Sale of Data Center in Marlborough, Massachusetts

by Alex Patton July 25, 2019

MARLBOROUGH, MASS. — JLL has brokered the $33.2 million sale of a 206,000-square-foot data center in Marlborough, located northeast of Worcester. The property, which also offers some flex space, is located at 34 St. Martin Drive. At the time of sale, the center was 95 percent leased. Data center tenants TierPoint and Crown Castle lease 85 percent of the property’s rentable square footage with a weighted average lease term of well over 10 years. Frank Petz, Matt Sherry and Tom Ragno of JLL represented the seller, Lincoln Property Co., in the transaction. The buyer was California-based Menlo Equities.

July 25, 2019

Features North Carolina Office Southeast Southeast Feature Archive Uncategorized

LED Lighting: An Amenity With Immediate Payback for Office Owners

by John Nelson July 25, 2019

DURHAM, N.C — The term “environment” is typically thought of as being strictly outdoors, but for office owners, investors and tenants, the interior of office buildings is an environment unto itself. And like planet Earth, an office environment needs investment in order to protect its inhabitants. “We believe the workplace, where employees spend eight hours a day or longer, must provide a healthy and stimulating interior environment,” says Dan Goldstein, managing partner with Accesso Partners LLC of Hallandale Beach, Florida. Goldstein, whose 15-year-old company owns Class A office towers spanning 15 million square feet in major U.S. cities, contends “it makes good business sense to invest capital in an interior environment where employees are productive, efficient and above all, healthy, which cuts down on illnesses and absenteeism and contributes to job satisfaction.” Accesso Partners is doing more than just preaching. In Durham, the institutional commercial real estate fund recently installed a new lighting solution at its 10-building, 690,520-square-foot space within the Meridian Corporate Center, which is adjacent to the famed Research Triangle Park. The result has been brighter offices that are easier on the eyes and more conductive for close-up, meticulously detailed work. There is also a flipside to that …

July 25, 2019

Acquisitions Florida Office Southeast

KBS Sells Office Building in South Florida for $71.8M

by Alex Tostado July 24, 2019

PALM BEACH GARDENS, FLA. — KBS has sold Financial Center at the Gardens, a 10-story, 188,950-square-foot office building in Palm Beach Gardens, for $71.8 million. KBS acquired the property in 2015 and spent more than $1 million in renovations, including a main lobby renovation with a new lounge and wine bar, as well as upgrades to the café, restrooms, corridors and elevators. Mike Davis, Dominic Montazemi, Rick Brugge and Scott O’Donnell of Cushman & Wakefield represented KBS in the transaction. New York Life Insurance Co. bought the property.

July 24, 2019

Acquisitions Illinois Midwest Office

Stanton Road Capital Purchases 371,566 SF Office Tower in Chicago’s East Loop

by Kristin Harlow July 24, 2019

CHICAGO — Stanton Road Capital LLC, in partnership with Third Lake Partners LLC, has purchased 200 S. Michigan Avenue, a 371,566-square-foot office tower in the heart of Chicago’s East Loop. The 22-story tower overlooks The Art Institute of Chicago and Millennium Park. Completed in 1958 and widely known by its previous name, the Borg-Warner Building, the property will undergo a modernization. Plans call for an upgraded lobby and improvements to existing amenities such as the tenant lounge. Cushman & Wakefield brokered the sale of the building. Crain’s Chicago Business previously reported that Stanton was under contract to pay approximately $34 million for the leasehold interest in the building. Shidler Group was the seller.

July 24, 2019

Acquisitions New Jersey Northeast Office

Edgewood Properties Purchases 104,020 SF Vacant Office Property in South Plainfield, New Jersey

by Alex Patton July 24, 2019

SOUTH PLAINFIELD, N.J. — Edgewood Properties has purchased a 104,020-square-foot vacant office property in South Plainfield, just west of Staten Island. The property is located at 1001 Durham Ave. near I-287 and I-95, as well as Routes 1 and 22. The new ownership plans to either renovate the building and maintain its office use or redevelop the asset as an industrial distribution facility. Jose Cruz, Marc Duval and Jordan Avanzato of JLL represented the seller, ConnectOne Bancorp Inc., in the transaction.

July 24, 2019

Leasing Activity Northeast Office Pennsylvania

Colliers Negotiates 52,000 SF Headquarters Lease in Blue Bell, Pennsylvania

by Alex Patton July 24, 2019

BLUE BELL, PA. — Colliers International has negotiated a 52,000-square-foot office headquarters lease in Blue Bell, located outside of Philadelphia, for national landscaping firm BrightView. Located at 980 Jolly Road, the property recently underwent $6 million in renovations, including the addition of a new fitness center, conference space and café. John Susanin and Kyle Hilbert of Colliers represented BrightView, which will occupy the top two floors of the building, in the lease negotiations. Kairos Real Estate Partners is the landlord.

July 24, 2019

Acquisitions New Jersey Northeast Office

RXR Realty, Blackstone Sell 330,000 SF Office Building in Princeton, New Jersey

by Alex Patton July 23, 2019

PRINCETON, N.J. — A partnership between New York-based RXR Realty and The Blackstone Group has sold University Square, a five-story office building totaling 330,000 square feet in Princeton. The sale also included the adjacent 33,600-square-foot building, 115 Campus Drive. The property is positioned along the Route 1 Corridor, about halfway between Philadelphia and New York City. Tenants include investment management company BlackRock and insurance company AXIS Capital. JLL represented the seller and procured the buyer, New York-based Argent Ventures, in the transaction. The price was undisclosed.

July 23, 2019

Leasing Activity Northeast Office Pennsylvania

CBRE Arranges 62,000 SF Coworking Office Lease in Philadelphia

by Alex Patton July 23, 2019

PHILADELPHIA — CBRE has arranged a 62,000-square-foot lease in Philadelphia’s Center City for CommonGrounds Workplace, a San Diego-based coworking company. The new space will span two floors of the 32-story Market building, and the company’s in-house design division will renovate the space. The property will also house CommonGrounds’ East Coast regional office. Joseph Wolff, Kevin Maloney, George Cauffman and David Mendez of CBRE represented the landlord, Shorenstein Co. Jim Suber of Strategic Real Estate Advisory and Michael Gallagher of The Flynn and Co. represented CommonGrounds in the transaction.

July 23, 2019

Florida Leasing Activity Office Southeast

BAC Florida Bank to Relocate Headquarters to Mixed-Use Tower in South Florida

by Alex Tostado July 23, 2019

CORAL GABLES, FLA. — BAC Florida Bank has signed a long-term lease to occupy 63,000 square feet and anchor The Plaza at Coral Gables beginning in 2022. The Plaza at Coral Gables is under construction and is expected to open in 2021. At full buildout, the property will comprise two Class A office towers totaling 447,675 square feet; a 242-room hotel with meeting space; 161,000 square feet of restaurants, entertainment and retail space; and residential townhomes and apartments. Patrick Duffy and Clay Sidner of Newmark Knight Frank represented BAC Florida Bank in the transaction. Tere Blanca, Danet Linares and Andres Del Corral of Blanca Commercial Real Estate represented the landlord, Agave Holdings.

July 23, 2019

Acquisitions Midwest Office Wisconsin

Five-Building Office Park in Wisconsin Trades Hands for $2.7M

by Kristin Harlow July 23, 2019

MOUNT PLEASANT, WIS. — Marcus & Millichap has brokered the sale of Warwick Business Court in Mount Pleasant for $2.7 million. The five-building, 24,600-square-foot office park is located at 1151 Warwick Way near I-94 and about five miles west of Racine. Concentra Urgent Care, DaVita Dialysis and Aurora Health Care are the major tenants in the office park. Alex Sacks, Brett Rodgers and Frank Roti of Marcus & Millichap represented the seller and procured the buyer, a Canada-based investor.

July 23, 2019

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