Office

MoxieBridge Acquires 169,808 SF Office Complex in Dallas

by Taylor Williams June 19, 2019

DALLAS — Local investment firm MoxieBridge has acquired Midtown Office Center, a 169,808-square-foot office complex in Dallas. The new ownership will implement a value-add program that will deliver new amenities, such as a fitness facility, conference room and a lounge/bar. Midtown Office Center was less than 10 percent leased when MoxieBridge officially acquired the asset in May, but the company has since negotiated nearly 50,000 square feet worth of new leases. MoxieBridge, which launched in 2018, now owns approximately 700,000 square feet of office space in North Texas. The seller was not disclosed.

June 19, 2019

Market Reports Northeast Northeast Market Reports Office Pennsylvania

Rent Growth in Pittsburgh Office Market Leads to Development Wave

by Taylor Williams June 19, 2019

The Pittsburgh office market has experienced significant new development over the last five years, particularly in the urban and downtown fringe submarkets. This is expected to continue in the coming years, with several new developments that are currently in planning or under construction. Historically, urban office supply in Pittsburgh has been constrained due to the economic hurdles of new development. With limited sites for new projects, land costs at a premium and significant site work required, Pittsburgh’s nominal rent growth did not allow for economically viable projects. However, rent growth in recent years has led to a new wave of development, which has accommodated companies moving to Pittsburgh along with existing businesses growing and/or relocating within the market. Most of the new office development has taken place in urban submarkets surrounding downtown, including the Strip District, Oakland, East Liberty and the North Shore. These submarkets have attracted more development than the CBD due to greater availability of development sites, as well as lower construction costs. Development Pockets Total development costs of Class A office buildings on the fringe of the CBD are generally $250 to $300 per square foot. For this project cost, gross rents in the range of $30 …

June 19, 2019

Data Centers Development Leasing Activity Office Texas

Google Breaks Ground on $600M Data Center in Midlothian, Signs Two Office Leases in Austin

by John Nelson June 18, 2019

MOUNTAIN VIEW, CALIF. — Search engine giant Google has announced a heavy investment in the state of Texas. The company has broken ground on a new $600 million data center in Midlothian. The project will serve as Google’s first data center in Texas. The tech firm has also executed two new office leases in Austin where there are already 1,100 Google employees working across various platforms including Android, G Suite, Google Play, Cloud and general office functions like operations and marketing. Google has leased space at Trammell Crow Co.’s Block 185 project in downtown Austin. The Austin American-Statesman reports that Google will lease the entire 35-story tower, which is located at West Cesar Chavez and Nueces streets. The newspaper also reports that Google has leased seven stories of office space totaling 150,000 square feet within the Saltillo mixed-use project. Local developer Endeavor Real Estate Group is building the East Austin project and will serve as Google’s new landlord. These new commitments are part of Google’s larger $13 billion investment in offices and data centers across the United States that was announced back in February.

June 18, 2019

Acquisitions North Carolina Office Southeast

Crescent Communities, Nuveen Acquire 546,878 SF Office Tower in Uptown Charlotte

by Alex Tostado June 18, 2019

CHARLOTTE, N.C. — A joint venture between Crescent Communities and Nuveen Real Estate has acquired 101 North Tryon, a 20-story office building in Uptown Charlotte that was renovated in 2018. HFF arranged the sale of the 546,878-square-foot office building, which was 81 percent leased at the time of sale to tenants including Bank of America, Robinson Bradshaw & Hinson PA, Spaces, Sunlight Financial and Northeastern University. The property is situated near more than 100 restaurants and retailers; Bank of America Stadium, which is home to the NFL’s Carolina Panthers; Spectrum Center, which is home to the NBA’s Charlotte Hornets; and several of Charlotte’s major transportation hubs. BBVA and US Bank provided acquisition financing to the buyer. Barry Fabyan and Charley Leavitt of JLL will lead leasing efforts on behalf of the new owners. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda of HFF represented the seller, Barings LLC, in the transaction. Patterson Real Estate Advisory Group represented the buyers. The sales price was not disclosed.

June 18, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $52M Sale of Office Building in Tampa

by Alex Tostado June 18, 2019

TAMPA, FLA. — Cushman & Wakefield has negotiated the sale of Westshore Center, a 217,022-square-foot office building in Tampa’s Westshore district. The Tampa Bay Business Journal reports the building traded for $52 million. The seller was Roseview-PMRG Fund I, a fund managed by Boston-based Roseview Investment Advisors. America’s Capital Partners acquired the nine-story building, which is situated at 1715 N. Westshore Blvd., five miles west of downtown Tampa and three miles south of Tampa International Airport. The building was originally delivered in 1984 and has undergone more than $2.5 million in renovations and upgrades over the past several years. The building was 84 percent leased at the time of sale to tenants including Reynold Smith & Hill, United Soccer Leagues and USI Insurance Services. Mike Davis, Rick Brugge and Rick Colon of Cushman & Wakefield represented the seller in the transaction.

June 18, 2019

Acquisitions California Office Western

Mission Federal Credit Union Sells Former Headquarters in San Diego for $10.4M

by Amy Works June 18, 2019

SAN DIEGO — Mission Federal Credit Union has completed the disposition of its former headquarters in San Diego. Alvarez & Marsal Capital Real Estate, a creative office developer, acquired the asset for $10.4 million. Located at 5785 Oberlin Drive in San Diego’s Sorrento Mesa submarket, the 61,406-square-foot property features an entry lobby, open floor plans and an extensive glass line with hillside views. The buyer plans to convert the three-story building, which was built in 1985, into creative office space. Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack of CBRE represented both parties in the transaction.

June 18, 2019

Acquisitions Michigan Midwest Office

Group RMC Acquires Two-Building Office Portfolio in Suburban Detroit

by Kristin Harlow June 18, 2019

TROY, MICH. — An affiliate of New York City-based real estate investment firm Group RMC has acquired Northfield Office Park, a two-building office portfolio located in Troy. The purchase price was not disclosed. The portfolio spans 234,687 square feet and was nearly 70 percent occupied at the time of sale. Anne Galbraith-Kohn of CBRE represented the seller, Hayman Co.

June 18, 2019

California Development Office Top Stories Western

Kaiser Permanente Unveils Plans for $900M Corporate Headquarters in Downtown Oakland

by John Nelson June 18, 2019

OAKLAND, CALIF. — Healthcare behemoth Kaiser Permanente has unveiled plans to build a new headquarters dubbed The Kaiser Permanente Thrive Center in downtown Oakland. Local developer Lane Partners will break ground on the project in 2020 with a planned opening slated for 2023. The San Francisco Chronicle reports that the $900 million office tower will rise 29 stories. The new campus will consolidate 7,200 Kaiser Permanente employees who are currently working in seven different locations around Northern California. Situated at 2100 Telegraph Ave., the new building will span 1.6 million square feet of office space and will reduce the company’s operational costs by more than $60 million annually, according to Bernard Tyson, chairman and CEO of Kaiser Permanente. The building’s design is set to include dedicated space for a health clinic and health education, healthy food options and 20,000 square feet of public space for weekly farmers markets, exercise and cooking classes and a showplace for community-inspired art. Lane Partners is aiming to achieve LEED Platinum certification for Thrive Center. Kaiser Permanente is the largest private employer in Oakland, and Lane Partners estimates that the new building, which was formerly known as Eastline, will generate a one-time $23 million economic …

June 18, 2019

Acquisitions Office Texas

Fuller Realty Partners Buys Two Office Buildings Totaling 175,700 SF in Houston

by Taylor Williams June 17, 2019

HOUSTON — An affiliate of locally based investment firm Fuller Realty Partners has purchased Parkview I and II, two office buildings totaling 175,700 square feet in Houston’s Energy Corridor area. Both properties were built in the 1980s and were a combined 11 percent leased at the time of sale. Rick Goings, Rudy Hubbard and Kevin McConn of JLL represented the seller, LNR Partners, in the transaction.

June 17, 2019

Colwick-Business-Center-Cherry-Hill-New-Jersey

Acquisitions New Jersey Northeast Office

JLL Negotiates $17.4M Sale of 172,500 SF Office Park in Cherry Hill, New Jersey

by Taylor Williams June 17, 2019

CHERRY HILL, N.J. — JLL has negotiated the $17.4 million sale of Colwick Business Center, a 172,500-square-foot office park located outside Philadelphia in Cherry Hill. The three-building property was 90 percent leased at the time of sale. An undisclosed Brooklyn-based firm acquired the portfolio from a joint venture between Endurance Real Estate Group and Blue Vista Capital Management. Brett Grifo, Jim Galbally, John Plower and Chad Orcutt of JLL brokered the deal.

June 17, 2019

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