Office

BPM Plans $600M, 35-Story Mixed-Use Tower in Downtown Portland

by Jeff Shaw June 21, 2019

PORTLAND, ORE. — BPM Real Estate Group has unveiled plans for a 35-story tower in downtown Portland that will feature a mix of condominiums, office space, retail and the Pacific Northwest’s first Ritz-Carlton hotel. Project costs are estimated at $600 million. The tower will be built on the current site of the Alder Street Food Cart Pod, a collection of street food vendors that recently announced it would close at the end of this month. Construction of the project is slated to begin before the end of the year for completion in early 2023. Marriott International Inc. recently signed a contract to bring the Ritz-Carlton Residences brand to the tower with 251 hotel rooms and 138 condominiums. Marriott will also operate that portion of the development, which will be the city’s first five-star hotel, according to Marriott. Plans also call for retail space and a ground-level food hall, while details on the office portion have not yet been released. The new tower will be one of the five tallest buildings in Portland upon completion, offering views of the city, Cascade Mountains and Willamette River. The site is a few blocks from Pioneer Courthouse Square, the most-visited tourist destination in Oregon, …

June 21, 2019

Market Reports Office Texas Texas Market Reports

Office Developers Are Bullish on San Antonio’s Suburban Markets

by Taylor Williams June 21, 2019

Today, San Antonio’s downtown office market gets the most media exposure because new office development was nonexistent since the late 1980s and is recently picking up speed with the Pearl office buildings and Frost Tower. San Antonio’s low cost of doing business and strong population growth should lead to continued expansion in the office market citywide. What isn’t getting the attention is the fact that new development in the suburbs is still holding strong. Many companies expanding or moving here find suburban properties to be attractive options, as these buildings frequently offer larger, more efficient floor plates, which can help investors extend their dollars. Parking availability alone gives the suburbs a major advantage over downtown properties, where parking ratios are considerably lower and premium parking and higher ratios are charged to tenants or their employees. Why the Suburbs? Office investors and users alike are finding the suburbs to be comparable to those in the central business district, but at much lower occupancy costs per employee. Case in point: CBD asking rents for new office space range from $32 to $42 per square foot on a triple-net basis with minimal parking while those in the suburbs range from $24 to $30 …

June 21, 2019

Acquisitions New Jersey Northeast Office

HFF Negotiates Sale of 120,000 SF Office Property in Montvale, New Jersey

by Taylor Williams June 20, 2019

MONTVALE, N.J. — HFF has negotiated the sale of 5 Paragon Drive, a 120,000-square-foot office property in Montvale, located near the New York border. The site also houses a Wegmans grocery store and a Life Time Fitness center. Tenants at the property, which was 71 percent leased at the time of sale, include BMW, Benjamin Moore, KPMG and Sharp Corp. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and J.B. Bruno of HFF represented the seller, a private equity firm, in the transaction. The buyer and sales price were not disclosed.

June 20, 2019

Iowa Market Reports Midwest Midwest Market Reports Office

Office Amenities Drive Tenant Decisions in Des Moines Market

by Kristin Harlow June 20, 2019

In the last few years, the greater Des Moines metro area has been a title holder, reigning as a “Top Place to Live,” “Top City for Young Professionals” and even “Best Place to Retire.” Meanwhile the economy, business environment and commercial real estate sector hold titles like steady, stable and reliable. However, over the past 24 months, the commercial office market could add thriving, prosperous and robust to that list of adjectives. As office lease rates continue to rise 1.5 to 2.5 percent annually in quality buildings, most landlords are implementing capital improvement plans that “refresh” their assets and have begun to offer amenity packages that the tenant marketplace demands. With the unemployment rate near a historical low — an estimated 2.4 percent — it has become ever more critical and competitive to recruit and retain new workforce talent. Lease concession offerings from landlords, such as rent abatement and above-standard tenant improvement packages, have decreased since post-recession levels. Despite these positive fundamentals, headwinds are facing the marketplace. A tremendous amount of block space, some from formerly non-competitive or single-tenant buildings, has come available and concession levels could once again increase as landlords compete for tenants looking for a larger footprint. …

June 20, 2019

Loans New Jersey Northeast Office

CBRE Arranges $53.6M Acquisition Loan for Office Building in Morristown, New Jersey

by Taylor Williams June 19, 2019

MORRISTOWN, N.J. — CBRE has arranged a $53.6 million loan for the acquisition of 445 South Street, a 320,274-square-foot office building in Morristown, located west of Newark. James Gunning, Donna Falzarano and Kyle Saviano of CBRE sourced the financing through Morgan Stanley to finance the sponsor’s prior all-cash acquisition of the property. The borrower was Strategic Real Estate LLC. The building is leased to tenants such as Travelers Insurance, Covanta Energy Corp. and Arch Reinsurance Co., and offers amenities such as a outdoor basketball court, a fitness center, two conference rooms and a full-service cafeteria.

June 19, 2019

Acquisitions Massachusetts Northeast Office

Accordia Partners, Ares Management Acquire 425,000 SF Office Complex in Boston

by Taylor Williams June 19, 2019

BOSTON — A joint venture between urban developer Accordia Partners and a private equity fund managed by Ares Management Corp. has acquired 2 Morrissey Boulevard, a 425,000-square-foot office complex in Boston. Located in the city’s Dorchester neighborhood, the five-building property was fully leased at the time of sale to Santander Bank. The complex is also situated across the street from the 20-acre site of the former Bayside Expo Center, which the joint venture is redeveloping. Newmark Knight Frank represented the seller, an affiliate of Beacon Capital Partners, in the transaction, and arranged acquisition financing for the buyer.

June 19, 2019

One-Tower-Center-East-Brunswick-New-Jersey

Acquisitions New Jersey Northeast Office

American Equity Partners Buys Office Property in East Brunswick, New Jersey, for $38M

by Taylor Williams June 19, 2019

EAST BRUNSWICK, N.J. — American Equity Partners has purchased One Tower Center, a 23-story office property in East Brunswick, located roughly midway between Trenton and Newark, for $38 million. The property was 39 percent leased at the time of sale, and the new ownership will implement a value-add program that will reimagine the lobby and expand the amenity package. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zach McHale of CBRE represented the seller, an institutional investor, and procured the buyer in the transaction.

June 19, 2019

Acquisitions New York Northeast Office

Marcus & Millichap Brokers $9.5M Sale of Office Building in Midtown Manhattan

by Taylor Williams June 19, 2019

NEW YORK CITY — Marcus & Millichap has brokered the $9.5 million sale of a five-story office building located at 32 E. 39th St. in Midtown Manhattan. Built in 1907 in the Murray Hill neighborhood, the historic structure was owned at one time by Jacob Ruppert Jr., an American businessman who also owned the New York Yankees from 1915 until his death in 1939. The building features a conference room, executive suites and a private roof deck. John Stewart, Nicholas Biedron and Stephen Bell of Marcus & Millichap represented the seller, a private investor, in the transaction.

June 19, 2019

Acquisitions Maryland Office Southeast

Armada Hoffler to Buy Office Building in Baltimore’s Harbor Point for $101M

by John Nelson June 19, 2019

BALTIMORE — Armada Hoffler Properties Inc. has agreed to purchase the Thames Street Wharf office building in Baltimore for $101 million from KBS Realty Advisors. Built in 2010 by Armada Hoffler Construction, the 263,426-square-foot, eight-story property was the first property built within the Harbor Point mixed-use development. The LEED Gold-certified building is fully leased to tenants including anchors Morgan Stanley and Johns Hopkins Medicine. Virginia Beach-based Armada Hoffler expects the transaction to close in the second quarter.

June 19, 2019

California Development Healthcare Mixed-Use Office Restaurant Retail Western

Primior to Break Ground on First Harbor Plaza Mixed-Use Project in Santa Ana, California

by Amy Works June 19, 2019

SANTA ANA, CALIF. — Primior is scheduled to break ground on First Harbor Plaza, the firm’s mixed-used development in Santa Ana, on June 26. Located at the intersection of North Harbor Boulevard and West First Street, the two-building First Harbor Plaza will offer 40,129 square feet of restaurant, retail, office and medical office space. Building 1 features 14,400 square feet in two large anchor suites and five smaller spaces on the first floor and the same configuration on the second floor. Building 2 will include 3,880 square feet on the first floor, two suites on the second floor totaling 3,778 square feet and a 3,778-square-foot suite on the third floor. Chase Bank will occupy the first-floor corner space at Building 1, and Optima Salon Studios will occupy the third-floor suite at Building 2.

June 19, 2019

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