Office

Buchanan Street Partners Buys 99,716 SF Newark Tech Park in Bay Area

by Amy Works January 29, 2020

NEWARK, CALIF. — Buchanan Street Partners has purchased Newark Tech Park, an office and life sciences asset in Newark. New York-based Time Equities sold the property for $26.2 million. Located at 8000 and 8100 Jarvis Ave., the two-building project features 99,716 square feet of space. Built in 2001, the park offers efficient floor plates, 16-foor clear heights and building spaces that can accommodate tech and biotech space. Buchanan financed the acquisition through assuming an in-place CMBS loan on the building at 8000 Jarvis Ave. and secured a new bank loan for the building at 8100 Jarvis Ave. Peter Thompson of JLL assisted with the bank financing. Grant Lammersen, Steve Golubchik, Tyler Myerdirk and Edmund Najera of Newmark Knight Frank represented the seller in the transaction.

January 29, 2020

Acquisitions Florida Healthcare Office Southeast

Cushman & Wakefield Negotiates $24.3M Sale of Medical Office Building in West Palm Beach

by John Nelson January 28, 2020

WEST PALM BEACH, FLA. — Cushman & Wakefield has negotiated the $24.3 million sale of Gardens Medical Pavilion, a 75,424-square-foot medical office building (MOB) in West Palm Beach. Charlottesville, Va.-based Anchor Health Properties acquired the building for $24.3 million, or $322 per square foot, from Gardens Medical Pavilion LLC. The five-story MOB was built in 1991 at 3401 PGA Blvd., which is situated near Palm Beach Gardens Medical Center, Jupiter Medical Center and the North County Surgery Center. Gardens Medical Pavilion was 84 percent leased at the time of sale to tenants including Florida Cancer Specialists, the University of Miami, Gastro Group of the Palm Beaches and Pediatric Partners. Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller, Miguel Alcivar, Anthony Librizzi and Michael Feldman of Cushman & Wakefield represented the seller in the transaction.

January 28, 2020

Illinois Leasing Activity Midwest Office

Logical Position Signs 42,696 SF Office Lease in Deer Park, Illinois

by Kristin Harlow January 28, 2020

DEER PARK, ILL. — Digital marketing agency Logical Position has signed a 42,696-square-foot office lease at the Reserve at Deer Park in suburban Chicago. Situated on Lake Cook Road, the office building spans 85,392 square feet and six floors. Amenities include a café, fitness center and conference center. Matthew Frazee, Paul Buckingham and Brian Reaney of Newmark Knight Frank represented the tenant in the lease negotiations. JLL represented building ownership.

January 28, 2020

Leasing Activity Office Texas

NAI Partners Negotiates 9,703 SF Office Lease in Houston

by Taylor Williams January 28, 2020

HOUSTON — NAI Partners has negotiated a 9,703-square-foot office lease renewal for P.O.& G. Resources, a privately held oil and gas company, at 5847 San Felipe St. in Houston’s Galleria submarket. Dan Boyles and Michael Mannella of NAI Partners represented the tenant in the lease negotiations. Rima Soroka and Eric Siegrist represented the landlord, Parkway, on an internal basis.

January 28, 2020

Leasing Activity New York Northeast Office

Cantor Fitzgerald Renews 151,890 SF Office Headquarters Lease in Manhattan

by Alex Patton January 28, 2020

NEW YORK CITY — Financial services firm Cantor Fitzgerald has renewed its 151,890 square-foot office headquarters lease at 110 East 59th Street in the Plaza District of Midtown Manhattan. The company signed at 16-year lease to occupy seven full floors at the 37-story building. Jared Horowitz, Neil Goldmacher and Jason Perla of Newmark Knight Frank represented Cantor Fitzgerald in the lease negotiations. Michael Jones of Cole Schotz P.C. advised Cantor Fitzgerald in the renewals of the lease agreements. Brett Greenberg and Fran Delgorio represented the building owner and developer, Jack Resnick & Sons, in-house.

January 28, 2020

Leasing Activity New York Northeast Office

JLL Negotiates 25,261 SF Office Lease for CaféMedia in Manhattan

by Alex Patton January 28, 2020

NEW YORK CITY — JLL has negotiated a 25,261-square-foot office lease for advertising company CaféMedia in Manhattan. The company signed a 10-year lease to occupy the entire 27th floor of the 1.1 million-square-foot building, which is located at 1411 Broadway and completed in 1970. CaféMedia previously occupied space at 417 Fifth Avenue. Alexander Chudnoff, Dan Turkewitz and Kip Orban of JLL represented the tenant in the lease negotiations. Paul Amrich, Neil King and Emily Jones of CBRE represented the landlord, Ivanhoé Cambridge.

January 28, 2020

Development Illinois Midwest Office Top Stories

Friedman Properties, City of Chicago Move Forward with High-Rise Office Tower in Downtown’s River North District

by John Nelson January 28, 2020

CHICAGO — Friedman Properties and the City of Chicago have finalized the development agreement of their public-private partnership for Rivere, a 30-story high-rise office building coming to downtown Chicago’s River North district. The 674,000-square-foot tower will be situated at 450 N. Dearborn St., a block south of the intersection of Illinois and Dearborn streets. Rivere will feature a little more than 50,000 square feet of retail space, as well as high-end amenities including concierge services, meditation space, on-demand meeting space, an upscale fitness and wellness center, secure bike room with shower facilities, onsite valet, below-grade garage parking and a food and beverage program operated by Lettuce Entertain You Enterprises. The property will also house a new engine house for Engine Co. 42, the District 1 headquarters for the Chicago Fire Department. Designed by Goettsch Partners, Rivere will feature a glass façade with activated rooftops and sustainable features, including efficient mechanical systems that will help reduce water and energy use. Other design team members include construction management firm Lendlease and engineer DLR Group. Office managers and staff at Rivere will be able use an app to facilitate parking, concierge services, fitness class appointments, guest passes, thermostat control, restaurant reservations and conference …

January 28, 2020

Connecticut Development Northeast Office

Serendipity Labs Opens 23,000 SF Coworking Office in Westport, Connecticut

by Alex Patton January 27, 2020

WESTPORT, CONN. — Flexible workspace provider Serendipity Labs has opened a 23,000-square-foot coworking office space in Westport, an eastern suburb of Stamford. The space is located at 55 West Boston Post Road Homeclear Serendipity Westport LLC owns the office building.

January 27, 2020

Leasing Activity New Jersey Northeast Office

NAI Hanson Negotiates 3,005 SF Office Lease Expansion in Elmwood Park, New Jersey

by Alex Patton January 27, 2020

ELMWOOD PARK, N.J. — NAI James Hanson has negotiated a 3,005-square-foot lease expansion for roofing contractor Peck Brothers LLC in Elmwood Park, a western suburb of New York City. The company originally leased 4,970-square-feet at Elmwood Park Plaza beginning in 2018, and its headquarters now occupies a total 7,973 square feet. Located at 475 Mark Street, the total square footage of the building is 68,000 square feet. Randy Horning and Darren Lizzack represented Peck Brothers in the lease negotiations. Alfred Sanzari Enterprises is the landlord.

January 27, 2020

Development Florida Office Southeast

Unicorp to Develop 300,000 SF Office Headquarters for Marriott Vacations Worldwide in Orlando

by Alex Tostado January 27, 2020

ORLANDO, FLA. — Unicorp National Development Inc. will construct a nine-story, 300,000-square-foot building that will house Marriott Vacations Worldwide Corp.’s headquarters in Orlando. The building will be situated within Unicorp’s O-Town West development, a $1 billion mixed-use project that will include restaurants, offices, entertainment, retail stores, hotels, apartments and residential homes. HuntonBrady Architects is the designer and Finfrock Construction will serve as the general contractor of the office project. Construction of the new campus is scheduled to begin in early 2020 with a 2021 anticipated completion date. Additional details and features of the global headquarters are yet to be determined. Marriott Vacations Worldwide operates under Marriott International while offering vacation ownership, exchange, rental and resort and property management.

January 27, 2020

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