Office

LinkedIn Signs Lease Expansion at Empire State Building, Increases Footprint to 501,600 SF

by Kristin Harlow October 10, 2019

NEW YORK CITY — LinkedIn has signed its eighth lease expansion at the Empire State Building in Manhattan. The deal increases LinkedIn’s footprint by three-and-a-half floors totaling 188,653 square feet. Since 2011, the online job posting and networking platform has grown to 501,600 square feet at the iconic building. Sunnyvale, Calif.-based LinkedIn has offices in more than 30 cities around the world. The company, acquired by Microsoft in 2016, has more than 15,000 full-time employees. There are approximately 645 million LinkedIn users worldwide. Empire State Realty Trust Inc. (NYSE: ESRT) owns the Empire State Building, which rises 1,454 feet. Tenants at the property have access to a 15,000-square-foot fitness center, conference center and in-building dining options. With an Energy Star rating of 86, the Empire State Building is in the top 20 percent in energy efficiency among all buildings measured, according to ESRT. Sacha Zarba, Lauren Crowley Corrinet and Chris Hogan of CBRE represented LinkedIn in the expansion lease. Ryan Kass and Shanae Ursini of ESRT provided landlord representation. ESRT is a real estate investment trust that owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York City metro area. The company’s portfolio …

October 10, 2019

Acquisitions New Jersey Northeast Office

CBRE Brokers $84.7M Sale of Office Complex in Hamilton, New Jersey

by Alex Patton October 9, 2019

HAMILTON, N.J. — CBRE has brokered the $84.7 million sale of American Metro Center, an office complex in Hamilton, an eastern suburb of Trenton. The 487,072-square-foot facility was originally constructed in 1918 as a plumbing fixture manufacturing facility for American Standard Co. The property has since been redeveloped as an office complex immediately adjacent to the Hamilton Train Station. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer, Zach McHale, Adam Englander and Matt Saker of CBRE represented the buyer, The Birch Group, in the transaction. The CBRE team also represented the seller, which was undisclosed.

October 9, 2019

Acquisitions New Jersey Northeast Office

Colliers Arranges $31.1M Sale of Office Complex in Florham Park, New Jersey

by Alex Patton October 9, 2019

FLORHAM PARK, N.J. — Colliers International has arranged the $31.1 million sale of Florham Park Corporate Center, which consists of twin Class A office buildings totaling 230,000 square feet in Florham Park, located approximately 20 miles west of New York City. At the time of sale, the complex was 88 percent leased by 30 tenants. Amenities of the complex include a central courtyard with landscaped grounds, full-service cafe, conference center, fitness and game center and a bike-sharing program. Jacklene Chesler, Matthew Brown and Frank Summers of Colliers represented the buyer, Association for Corporate Growth, in the transaction. Colliers also represented the seller, a joint venture between Bergman Real Estate Group and Rialto Capital Management LLC.

October 9, 2019

Acquisitions California Office Western

Jupiter Holdings Divests of 292,540 SF Office Building in California for $43.5M

by Amy Works October 9, 2019

SAN PEDRO, CALIF. — Jupiter Holdings has completed the sale of Topaz, a Class A office building located at 222 W. Sixth St. in San Pedro. Harbor Associates acquired the asset for $43.5 million. Situated along the waterfront, the 11-story building features 292,540 square feet of office space, 13,244 square feet of retail space and an adjacent seven-story parking structure. The seller invested more than $10 million in building renovations at the property, which was constructed in 1990. Kevin Shannon, Ken White and Scott Schumacher of Newmark Knight Frank represented the seller in the transaction.

October 9, 2019

Acquisitions Office Retail Texas

NAI Partners Negotiates Sale of Retail, Office Property in Metro Houston

by Taylor Williams October 9, 2019

SPRING, TEXAS — NAI Partners has negotiated the sale of Spring Stuebner Plaza, a 66,125-square-foot retail and office warehouse property located near Springwoods Village on the northern outskirts of Houston. The property was fully leased at the time of sale. Josh Lass-Sughrue and Jason Ridenbaugh of NAI Partners represented the seller, Spring Stuebner Realty Ltd., in the transaction. The buyer was an undisclosed private investor.

October 9, 2019

Leasing Activity Office Texas

Sunwest Real Estate Signs 52,551 SF Lease at Tennyson Office Center in Plano

by Taylor Williams October 9, 2019

PLANO, TEXAS — Sunwest Real Estate Group has signed a 52,551-square-foot lease at Tennyson Office Center, a two-building office complex in Plano. The tenant was NCR Corp. Doug Hanna and Tabitha Layne represented the building ownership on an internal basis. Doug Carignan and Steve Thelen of JLL represented the tenant. Sunwest recently repositioned the property to the tune of $3 million, renovating the lobbies, corridors, restrooms and exterior façade painting.

October 9, 2019

Acquisitions Georgia Office Southeast

CBRE Arranges Sale of Four-Building Office Park in Metro Atlanta

by Alex Tostado October 9, 2019

PEACHTREE CORNERS, GA. — CBRE has arranged the sale of The Corners, a four-building office park spanning 290,924 square feet. The property comprises two office buildings and two technology centers. The seller, Glenfield Capital, recently implemented a $6.8 million renovation, upgrading the lobby, common areas and electric wiring while adding a new roof and electric car charging stations. The Corners is located in Peachtree Corners, 21 miles northeast of downtown Atlanta. RealOp Investments acquired the asset for an undisclosed amount. Tom Shafer and John Hinson of CBRE represented the seller in the transaction.

October 9, 2019

Acquisitions Michigan Midwest Office

L. Mason Capitani CORFAC International Arranges Sale of Office Property in Troy, Michigan

by Kristin Harlow October 9, 2019

TROY, MICH. — L. Mason Capitani CORFAC International has arranged the sale of the Coventry Place office property in Troy for an undisclosed price. The building is located on West Big Beaver Road and is fully occupied by 23 tenants. Mason L. Capitani and Al Shulin of L. Mason Capitani represented the seller, Summit Coventry LLC. Mason L. Capitani represented the buyer, California-based LSTC. L. Mason Capitani will continue to oversee leasing at Coventry Place while the firm’s affiliate company, Liberty Property & Asset Management, will manage the property.

October 9, 2019

Features Office

Despite Healthy Economy, Office Vacancy Rates Still Stuck in the Mud in Several Markets

by Jeff Shaw October 8, 2019

NEW YORK CITY — The national office vacancy rate held steady at 16.8 percent in the third quarter compared with the prior quarter, and was up 10 basis points from the same period a year ago, according to Reis, which tracks commercial properties in 79 metropolitan markets. Net absorption was a healthy 4.5 million square feet in the quarter, partially a result of historically low unemployment (3.5 percent in September, according to the U.S. Bureau of Labor Statistics). However, a robust pipeline of new construction — 4.4 million square feet in the quarter — offset the absorption, leading vacancy to hold fast. The net effect has been modest rent growth. The average effective rent per square foot grew from $27.49 in the second quarter to $27.65 in the third quarter, a 0.6 percent increase. The year-over-year increase was less than $1 per square foot. Individual markets have also shows signs of softness, with 39 of the 79 metros tracked by Reis seeing increased office vacancy so far this year. “Office occupancy growth has been sluggish throughout this expansion as firms lease far fewer square feet per added job,” the report states. “Rent growth has also disappointed owners.” The report does …

October 8, 2019

Company News Office Texas

Food Service Supplier to Relocate Headquarters From California to Frisco

by Taylor Williams October 8, 2019

FRISCO, TEXAS — Quality Custom Distribution (QDC), a division of Golden State Foods that services restaurant chains like Chick-fil-A, Chipotle Mexican Grill and Starbucks Coffee, will relocate its corporate headquarters from Irvine, California, to Frisco. The company expects to begin moving in to its new facility in January 2020. QCD already operates a manufacturing and distribution facility in the metroplex. According to The Orange County Register, the facility could house as many as 45 workers.

October 8, 2019

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