Office

Duke University, McKinney Renew Leases Within American Tobacco Campus in Durham

by Alex Tostado June 26, 2019

DURHAM, N.C. — Duke University and McKinney have renewed their respective leases totaling 179,000 square feet within the American Tobacco Campus (ATC) mixed-use project in Durham. Duke has been at the campus since 2004 and its new lease will go through April 2030. The school will house some or all of its IT, financial services, university counsel, corporate education, alumni affairs and other resources at ATC, occupying 136,000 square feet of office space. McKinney, an advertising agency based in Durham, has also been at ATC since 2004. It will occupy 43,000 square feet of office space through 2031. D3 Development developed ATC in phases from 2004 to 2006. The campus comprises 720,000 square feet of office space, 80 residential units and two parking decks, as well as the former Lucky Strike tobacco plant, Diamond View, DPAC and the Durham Bulls Athletic Park.

June 26, 2019

Loans Massachusetts Northeast Office

HFF Arranges $111.5M Loan for Refinancing of Boston Office Building

by Taylor Williams June 26, 2019

BOSTON — HFF has arranged a $111.5 million loan for the refinancing of 80 Guest Street, a 245,720-square-foot office building located in the Allston/Brighton neighborhood of Boston. Designed by Elkus Manfredi, the property was the second building to be completed in the Boston Landing mixed-use development, which houses 1.9 million square feet of retail, office, residential and hotel space, including the world headquarters of New Balance. The property, which also features lab space and a 55,000-square-foot ice rink complex, is fully leased to four office tenants, including the Boston Bruins, as well as three ground-floor restaurant tenants. John Fowler, Riaz Cassum, Sam Campbell and Henry Schaffer of HFF arranged the fixed-rate loan through MetLife on behalf of the borrower, NB Development Group.

June 26, 2019

Acquisitions Indiana Midwest Office

M & J Wilkow Acquires Keystone at the Crossing Office Campus in Indianapolis

by Kristin Harlow June 26, 2019

INDIANAPOLIS — In joint venture with a fund managed by DRA Advisors LLC, M & J Wilkow has purchased Keystone at the Crossing in Indianapolis. Equus Capital Partners Ltd. sold the asset for an estimated $142 million, according to the Indianapolis Business Journal. The office campus spans 1 million square feet and features upgraded lobbies, new tenant lounges, conference centers, electric car charging stations, two attached parking garages and a fitness facility. The campus is situated within a larger mixed-use development comprising retail, residential and hospitality space. This is M & J Wilkow’s eighth acquisition with DRA Advisors.

June 26, 2019

Acquisitions California Office Western

JV Purchases 318,182 SF Office Building Near Los Angeles for $170M

by Amy Works June 26, 2019

EL SEGUNDO, CALIF. — A joint venture between OceanWest and Lionstone Partners has purchased 777 Aviation, an office campus located in El Segundo, approximately 15 miles southwest of downtown Los Angeles. Westbrook & Embarcadero Partners sold the asset for $170 million, or $535 per square foot. Designed and constructed in 1968, the property features 318,182 square feet of office space, a three-story atrium with stadium seating and multiple gathering areas, on-site fitness center, indoor/outdoor conference rooms, flexible open floor plans, on-site café and outdoor areas. Bob Safai, Matt Care and Brad Schlaak of Madison Partners represented both parties in the deal. The team also procured $114.1 million in financing for the buyer.

June 26, 2019

Acquisitions California Office Top Stories Western

Paramount Agrees to Acquire Trophy Office Building in San Francisco for $408M

by Kristin Harlow June 26, 2019

SAN FRANCISCO — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire 55 Second Street, a 387,000-square-foot office building in San Francisco’s South Financial District, for $408 million. The transaction is expected to close in third-quarter 2019. The company expects to bring in a joint venture partner prior to closing. Developed in 2002, the building sits in the Mission-Market Street corridor and is within one block of the new Transbay Transit Center. The property is currently 87.4 percent leased. KPMG, one of the Big Four accounting firms, serves as the anchor tenant. The 25-story office building is LEED Platinum certified. A two-story parking garage can accommodate approximately 120 vehicles. Nuveen Real Estate was the seller, according to the San Francisco Business Times. Hines still serves as property manager after selling the asset in May 2014. Paramount has been greatly increasing its holdings in San Francisco, closing on the $227 million acquisition of 111 Sutter Street in February. A quote from the company’s CEO, Albert Behler, suggested that recent dispositions in Washington, D.C. are funding the company’s San Francisco expansion. For example, the company sold 2099 Pennsylvania Avenue for $220 million last August and 425 Eye Street for $157 million last …

June 26, 2019

Acquisitions Office Texas

HFF Negotiates Sale of 433,132 SF Office Building in Houston’s Greenway Area

by Taylor Williams June 25, 2019

HOUSTON — HFF has negotiated the sale of 20 Greenway Plaza, a 433,132-square-foot office building in Houston. The 10-story property was renovated in 2014 and was 95 percent leased at the time of sale to tenants such as Merrill Lynch, Sunnova Energy Corp., REALEC Technologies, Mitsubishi and Koch Industries. Dan Miller and Trent Agnew of HFF represented the seller, Principal Real Estate Investors, in the transaction and procured the buyer, Stockdale Capital Partners. Wally Reid of HFF arranged acquisition financing through Cigna Realty Investors on behalf of the buyer. The loan was structured with a seven-year term and a fixed interest rate.

June 25, 2019

Development Office Texas

Fort Capital Underway on 21,283 SF Office Project in Fort Worth

by Taylor Williams June 25, 2019

FORT WORTH, TEXAS — Local investment firm Fort Capital is underway on Phase II of Nursery Lane Office Park, a project that will add 21,283 square feet of new space to Fort Worth’s office supply. Phase I spanned 16,800 square feet and was completed in March 2017, and Phase II is expected to be complete by August. Construction on a third and final phase is also slated to occur this year. JLL is handling leasing of the new space.

June 25, 2019

Acquisitions California Office Western

RAF Pacifica Buys 121,541 SF Office Building in Southern California for $20.2M

by Amy Works June 25, 2019

CARLSBAD, CALIF. — San Diego-based RAF Pacifica Group has acquired an office building, located at 1950 Camino Vida Roble in Carlsbad, from an institutional investor for $20.2 million. The buyer plans to rebrand the 121,541-square-foot property as fu*sion, an office/industrial building with a large amenity space. Constructed in 1996 and situated on 10.9 acres, the one-story property features a mezzanine space and loading capabilities. Amenities planned for the new space include a full basketball court, volleyball court, an amphitheater, outdoor seating and dining areas, a fire pit, barbecue grills, hammock space, a wall mural and drought-resistant landscaping. REF has retained Aric Starck of Cushman & Wakefield as the leasing broker for the property.

June 25, 2019

Leasing Activity New York Northeast Office

Flatiron Health Signs 252,452 SF Office Lease Renewal, Expansion in Manhattan

by Taylor Williams June 25, 2019

NEW YORK CITY — Flatiron Health, a healthcare technology firm that specializes in cancer research, has signed a 252,452-square-foot office lease renewal and expansion at One SoHo Square. The newly renovated, 15-story office building is located in Manhattan. In addition to renewing the 130,384 square feet it currently leases, the firm will take an additional 122,068 square feet, bringing its total footprint to nine full floors. Zev Holzman, Brad Wolk and Herman Dodson of Savills Inc. represented Flatiron Health in the lease negotiations, along with Roswell Hobbs, the tenant’s head of real estate. Brent Ozarowski, David Malawer, Andy Peretz and Brian Waterman of Newmark Knight Frank represented the landlord, Imperium Capital.

June 25, 2019

Acquisitions Massachusetts Northeast Office

CBRE Brokers $20.7M Sale-Leaseback of Office, Lab Property Near Boston

by Taylor Williams June 25, 2019

FRAMINGHAM, MASS. — CBRE has brokered the $20.4 million sale of a 153,000-square-foot office and laboratory property located within Framingham Technology Park on the western outskirts of Boston. Zell Partnership represented the seller, biotech firm Sanofi Genzyme, which will continue to operate out of the property until it takes occupancy of a new build-to-suit space at Cambridge Crossing. That property is under construction, and Sanofi Genzyme expects to move in by late 2021 or early 2022. Steve Purpura, Chris Skeffington and Roy Sandeman of CBRE represented the buyer, King Street Properties, which plans to redevelop the property into a multi-tenanted R&D lab facility after Sanofi moves out.

June 25, 2019

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