Office

Skanska Acquires Development Site for 201,000 SF Planned Office Building in Downtown Arlington

by Alex Tostado October 16, 2019

ARLINGTON, VA. — Skanska has acquired 3901 N. Fairfax Drive, the development site for a nine-story, 201,000-square-foot office building in downtown Arlington. The building will include 10,280 square feet of ground-level retail space. CallisonRTKL designed the building to include floor-to-ceiling windows on all four sides, a 4,000-square-foot rooftop terrace, fitness center, indoor amenity space and a second-floor terrace. The site is located within the Rosslyn-Ballston corridor, five miles west of downtown Washington, D.C. An investment affiliate of Bernstein Management Corp. sold the property for an undisclosed price. A timeline for completion was not disclosed.

October 16, 2019

Leasing Activity Office Texas

Clarion Partners Lands Three Office Tenants Totaling 187,054 SF at Westchase Park in Houston

by Taylor Williams October 16, 2019

HOUSTON — Clarion Partners LP has landed three new office tenants with a combined footprint of 187,054 square feet at Westchase Park, the company’s 560,825-square-foot office development in Houston. LJA Engineering Inc. leased 90,989 square feet, and Centurion Pipeline Co. LLC leased 28,078 square feet, with both firms planning to take occupancy during the first half of 2020. Additionally, ABB Inc. renewed its lease for 67,987 square feet. Eric Anderson, Parker Burkett, and Katy Gragg of Transwestern Commercial Services represented Clarion Partners in the lease negotiations. Lonna Dorman of Transwestern represented Centurion; Anthony Squillante and Dustin Devine of Stream Realty Partners represented LJA; and Beau Bellow and Josh Hirsch of JLL represented ABB Inc.

October 16, 2019

Acquisitions California Office Western

AEW Sells 111,391 SF Office Building in Southern California for $59M

by Amy Works October 15, 2019

ALISO VIEJO, CALIF. — AEW has completed the sale of One Enterprise, a Class A office building located in Aliso Viejo. BDC, a private 1031 exchange buyer, acquired the asset for $59 million. Situated on 7.3 acres, the four-story property features 111,391 square feet of office space. Built in 1999, the asset recently underwent a renovation. Microsemi Corp. and Ambry Genetics occupied the property at the time of sale. The property features a first-floor lobby, large corporate boardroom, executive kitchen, cafeteria and gym with locker rooms and showers, as well as landscaping and panoramic views of the Saddleback Valley. Paul Jones, Kevin Shannon, Brunson Howard, Blake Bokosky and Brandon White of Newmark Knight Frank (NKF) represented the seller, while Nick Kucha, also of NKF, represented the buyer in the deal

October 15, 2019

Leasing Activity Massachusetts Northeast Office

E-Commerce Marketing Firm Signs 160,000 SF Office Lease in Boston, to Create 700 New Jobs

by Alex Patton October 15, 2019

BOSTON — Klaviyo, a tech firm that develops marketing software for e-commerce users, has signed a 160,000-square-foot office lease in Boston, according to The Boston Business Journal. The company will move from its 25,000-square-foot facility at 225 Franklin St. to the new location at 125 Summer St, an expansion that will create about 700 new jobs in the company’s primary engineering, sales and support teams. Oxford Properties Group is the landlord of both buildings at 225 Franklin St. and 125 Summer St.

October 15, 2019

Leasing Activity New York Northeast Office

Adobe Signs 109,296 SF Office Lease Renewal, Expansion in Manhattan

by Alex Patton October 15, 2019

NEW YORK CITY — Adobe Inc. has signed a 109,296-square-foot office lease renewal and expansion at 1540 Broadway in Manhattan. The company will remain in its 27,323-square-foot office on the entire 17th floor and will expand into an additional 81,972 square feet on the 18th, 19th and 20th floors. The lease carries a 10-year term. The CBRE team of Mary Ann Tighe, Howard Fiddle, Eric Deutsch, Christie Harle, Jason Pollen and Benjamin Joseph represented the landlord, EDGE Fund Advisors, in the lease negotiations. Brian Given, Sheena Gohil, Carter Beim, Kellam Nelson, Jack Senske and Frank Wallach of Colliers International represented Adobe Inc.

October 15, 2019

Illinois Leasing Activity Midwest Office

Three Tenants Sign Leases at Concourse Chicago Office Property

by Kristin Harlow October 15, 2019

CHICAGO — Three new tenants have signed leases totaling 8,900 square feet at Concourse Chicago, an office property undergoing renovations in Chicago. Blue Water Shipping signed a lease for 3,900 square feet and is relocating from Presidents Plaza across the street. Green Office Partners, a print services company for small and medium businesses, leased 3,700 square feet and is relocating from the central business district. In the final transaction, Elgin-based Great Lakes Technology leased 1,500 square feet for a satellite office. Berger Asset Management acquired Concourse Chicago in 2018. The company is repositioning the 12-building complex. Jake Spinnell and Jon Connor from Colliers International represented Blue Water Shipping, Steve Goldstein of Jameson Commercial represented Green Office Partners and John Cassidy of Lee & Associates represented Great Lakes Technology. Steve Chrastka and Jason Wurtz of NAI Hiffman represented the landlord as the exclusive leasing representatives for the property.

October 15, 2019

Acquisitions Industrial Office Texas

G.W. Floyd Acquires 123,000 SF Switzer Business Park in Northeast Dallas

by Taylor Williams October 15, 2019

DALLAS — G.W. Floyd Ventures LLC has acquired Switzer Business Park, a 123,000-square-foot development featuring a mix of office, industrial and flex spaces in northeast Dallas. Brian Pafford and Jason Finch of Bradford Commercial Real Estate Services represented the seller, a California-based partnership that is exiting the Texas market. Bradford will continue to lease the property, which houses more than 60 tenants, on behalf of the new ownership.

October 15, 2019

Acquisitions Florida Office Southeast

Bridge Investment Group Purchases 259,666 SF Office Tower in Downtown Miami

by Alex Tostado October 14, 2019

MIAMI — Bridge Investment Group LLC has purchased Museum Tower, a 29-story, 259,666-square-foot office building in downtown Miami. The property is located 150 W. Flagler St. The tower was originally built in 1986 and has undergone $3 million worth of renovations since 2016. Bridge plans to invest an additional $4.5 million for amenities and other enhancements, including restroom upgrades and new common area finishes throughout, the addition of a building conference center and lobby, and exterior improvements. Bridge Commercial Real Estate LLC will oversee all property management and redevelopment work at Museum Tower. Renovations will begin immediately, with completion scheduled for 2020. José Lobón and Christian Lee of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.

October 14, 2019

Leasing Activity Lee & Associates New York Northeast Office

Lee & Associates Negotiates Two Office Subleases Totaling 22,000 SF in Manhattan

by Alex Patton October 14, 2019

NEW YORK CITY — Lee & Associates has negotiated two office subleases totaling 22,000 square feet at 40 West 25th Street in Manhattan. Business intelligence software firm Looker Data Sciences signed an11,000-square-foot lease on the seventh floor, and Nonprofit medical technology company Gradian Health Systems also inked an 11,000-square-foot on the sixth floor. The sublessor, meal kit provider HelloFresh, will move its offices to a 43,000-square-foot space at 28 Liberty Street. Stephen Bellwood and Kevin Waldman of Cushman & Wakefield represented Looker Data in the lease negotiations. Robin Fisher and John Cilmi of Newmark Knight Frank represented Gradian. The landlord is Unizo Real Estate. Both companies are expected to take occupancy on December 1, and both terms are for approximately five and a half years.

October 14, 2019

Acquisitions California Office Western

Sunroad Enterprises Sells 71,934 SF Office Complex in San Diego for $19.9M

by Amy Works October 11, 2019

SAN DIEGO — San Diego-based Sunroad Enterprises has completed the disposition of Sunroad Plaza, an office campus located in the Rancho Bernardo submarket of San Diego. Texas-based Virtus Real Estate Capital purchased the property for $19.9 million. Located at 11770 Bernardo Plaza Court, the 71,934-square-foot asset consists of one three-story building and one four-story building. The campus features on-site showers and lockers, executive conferencing facilities and 423 parking spaces. At the time of sale, Sunroad Plaza was 82 percent leased to a mix of government, medical and professional office users. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson of CBRE represented the seller, while Lars Eisenhauer of CBRE represented the buyer in the deal.

October 11, 2019

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