Office

Coworking Provider Venture X Leases 22,000 SF in Downtown Detroit

by Kristin Harlow October 18, 2019

DETROIT — Coworking provider Venture X has leased 22,000 square feet at 220 W. Congress in downtown Detroit. Venture X is a membership-based, shared workspace and community that blends a boutique hotel and modern office style. This is the company’s first location in Michigan. It will begin occupying the three floors of the 35,000-square-foot building in the first quarter. Brendan George and Jasper Hanifi of CBRE represented the landlord, Basco, in the lease transaction. Kyle Passage of Cushman & Wakefield and Dan Stewart of SVN Stewart Commercial Group LLC represented the tenant.

October 18, 2019

Leasing Activity Office Texas

Accesso Adds Three Office Tenants to 2626 Cole in Dallas

by Alex Tostado October 17, 2019

DALLAS — Accesso, an investment manager and operator of office buildings, has added three tenants to 2626 Cole, the company’s 121,000-square-foot office building in the Uptown/Turtle Creek area of Dallas. WorkSuites signed a lease for 28,600 square feet; Republic Editorial inked a deal for 12,300 square feet; and Annandale Capital signed a lease of an undisclosed size. The leasing activity brings the occupancy of the property, which was recently renovated, to 95 percent.

October 17, 2019

Acquisitions Colorado Office Western

NKF Negotiates $32.5M Sale of Occidental Petroleum Office Building in Colorado

by Amy Works October 17, 2019

PLATTEVILLE, COLO. — Newmark Knight Frank (NKF) has facilitated the sale of a two-story office building located at 501 N. Division Blvd. in Platteville, approximately 40 miles north of Denver. Platteville Energy Partners sold the asset to an undisclosed buyer for $32.5 million, or $282 per square foot. Occidental Petroleum Corp. (formerly Anadarko Petroleum Corp.) fully occupies the 114,524-square-foot building. The company uses the facility as a mission critical operations center in the Denver-Julesburg Basin. John Jugl of NKF represented the seller, Platteville Energy Partners I LLC, in the transaction.

October 17, 2019

Acquisitions Massachusetts Northeast Office

NKF Brokers Sale of 1.1 MSF Office Tower in Downtown Boston

by Alex Patton October 17, 2019

BOSTON — Newmark Knight Frank (NKF) has brokered the sale of 100 Summer Street, a 1.1 million-square-foot office building in downtown Boston. The 32-story tower, which was built in 1974 and includes ground-floor retail space, features amenities such as a coffee bar, gaming areas, fitness center and close access to the South Station transit hub. Office tenants include Bloomberg News and software company CloudHealth Technologies. Retail tenants include Common Vines Wine Shop and Sebastians Cafe. Edward Maher, Matthew Pullen, James Tribble, Robert Griffin, David Martel and Timothy Bianchi of NKF represented the seller, a partnership between The Blackstone Group and EQ Office, in the transaction. David Douvadjian Sr., Brian Butler, Timothy O’Donnell and David Douvadjian Jr. represented the buyer, Rockpoint Group. The sales price was undisclosed.

October 17, 2019

Development Illinois Midwest Office

Skender Completes Interior Construction of 80,000 SF Spaces Location in Chicago

by Kristin Harlow October 17, 2019

CHICAGO — Skender has completed the interior construction of the eight-story, 80,000-square-foot Spaces location in Chicago. Spaces has assumed occupancy of the former Sports Authority building, located at the intersection of LaSalle Drive and Ontario Street. As the sole tenant, Spaces will enjoy private access to the building’s roof terrace, also renovated by Skender. At its new location, coworking company Spaces will provide workspace access to more than 500 business professionals from companies of all sizes. Users will have access to a gym space, large reception area and conference rooms of varying sizes. Skender collaborated with Nelson Cos., Loring Engineers, Himes Associates and Spaces parent company IWG. The property will serve as the third location in Chicago for Spaces.

October 17, 2019

Illinois Market Reports Midwest Midwest Market Reports Office

Chicago CBD Office Market in the Groove, Even Property Taxes Unlikely to Bring It Down

by Kristin Harlow October 17, 2019

Despite recent concerns of an imminent market correction, the Chicago central business district (CBD) still has room to run. There are many signs of optimism in the market, including continued healthy fundamentals and a wealth of redevelopment projects injecting new life and vibrancy into various submarkets. In the second quarter, downtown Chicago wrapped up its busiest quarter for office leasing since 2016. Additionally, the downtown office vacancy rate of 11.6 percent was the lowest it had been since 2016. To top it off, Chicago is experiencing historically high annual levels of net absorption, which potentially could put upward pressure on rents, and sublease space is relatively scarce. It’s hard to find stronger evidence of a robust CBD office market. Redevelopment projects Market statistics aside, noteworthy redevelopments have Chicagoans genuinely excited as they look forward to a new crop of influential spaces that will drive the next iteration of the Chicago office market. The real estate fairy tale that has real estate aficionados entranced — not only in Chicago but nationally — is 601W Cos.’ Old Post Office project at 433 W. Van Buren. More than 1 million square feet has already been leased at the 2.8 million-square-foot space, largely thanks …

October 17, 2019

Acquisitions Arizona Office Western

Bridge Investment Group Purchases 439,584 SF Office Campus in Phoenix

by Amy Works October 16, 2019

PHOENIX — Bridge Investment Group’s subsidiary Bridge Office Fund Manager has purchased Phoenix Gateway Center, a Class A office campus located on North 44th Street in Phoenix. The 439,584-square-foot asset consists of two four-story buildings (One Gateway and Two Gateway) and one 11-story building (Three Gateway). Originally built between 1984 and 1988, the office complex recently underwent more than $4.7 million in renovations and capital improvements. Bridge plans to invest approximately $2.7 million in further enhancements at Phoenix Gateway Center, including upgrades to lobbies, elevator cabs, outdoor space, common areas on the individual floors, the fitness center and the conference room. Renovations are slated to begin immediately, with the first phase scheduled for delivery in second-quarter 2020. John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall of JLL will handle the leasing of the property. Bridge Commercial Real Estate LLC, the operating company for Bridge Office, will oversee all leasing, property management and redevelopment work at Phoenix Gateway.

October 16, 2019

Acquisitions Office Washington Western

Marcus & Millichap Brokers $8.2M Sale of Soundview Park Office Property in Washington

by Amy Works October 16, 2019

GIG HARBOR, WASH. — Marcus & Millichap has arranged the sale of Soundview Park, an office property located in Gig Harbor. Soundview Park Inc. sold the property to Gig Harbor-based Donkey Creek Holdings for $8.2 million. Located at 5775 Soundview Drive, the asset features 51,527 square feet of space spread across three office buildings and one flex building. The four buildings are fully occupied by professional service and retail tenants. The property also has a pad site for future development, as well as ample parking. The asset was built in phases from 1990 to 1993 by the seller. Stren Lea, Tyler Nicholes and Matthew Herman of Marcus & Millichap’s Seattle office represented the seller, while Lisa Tallman of First Western Properties represented the buyer in the transaction.

October 16, 2019

Acquisitions Colorado Office Western

Broe Real Estate Buys 41,030 SF Office Building in Colorado, Plans Medical Office Conversion

by Amy Works October 16, 2019

LITTLETON, COLO. — Broe Real Estate Group (BREG), an affiliate of Denver-based The Broe Group, has purchased an office building located on 4.7 acres at 1501 W. Mineral Ave. in Littleton. WorldVenture sold the asset, which was its former headquarters, for an undisclosed price. The property was constructed in 1999. The buyer plans to convert the two-story, 41,030-square-foot building into medical office space. This project is the BREG’s fifth transaction supporting medical office repositioning in the past 12 months, bringing nearly 600,000 square feet of medical office space to market. Jeff Wood and Monica Wiley of CBRE represented the seller in the deal.

October 16, 2019

Development Office Southeast Virginia

Joint Venture Breaks Ground on 187,000 SF Office Building in Charlottesville

by Alex Tostado October 16, 2019

CHARLOTTESVILLE, VA. — A joint venture between Apex Clean Energy, Riverbend Development, William McDonough + Partners and Hourigan Development has broken ground on an eight-story, 187,000-square-foot office building that will serve as each of the company’s headquarters. Apex will anchor the building, occupying 84,000 square feet and the top three floors. Apex will consolidate its three offices and 170 employees across Charlottesville. William McDonough + Partners designed the building, which will include 875 solar panels, a roof terrace, indoor bicycle storage and electric vehicle charging stations. Construction is expected to take approximately 20 months, with the building opening in mid-2021.

October 16, 2019

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