Office

Triten Real Estate Buys 90,795 SF Office Building in Dallas

by Taylor Williams June 7, 2019

DALLAS — Triten Real Estate Partners has purchased Tollway Place, a 90,795-square-foot office building located at 15110 North Dallas Parkway in Dallas in an off-market transaction. Triten is underway on a renovation program at the six-story building and plans to add a ground-floor restaurant space that will be occupied by Velvet Taco. Additional renovation plans include upgrades to the lobby and elevators, as well as the addition of a corporate lounge and conference center. Perkins + Will is the architect for the renovation project, which is expected to be complete this fall. CBRE is marketing Tollway Place for lease.

June 7, 2019

Acquisitions Connecticut Northeast Office

Rubenstein Acquires 450,000 SF Office Building in Stamford, Connecticut

by Taylor Williams June 7, 2019

STAMFORD, CONN. — Rubenstein Partners LP, an investment firm focused on the office sector, has acquired 600 Washington Boulevard, a 450,000-square-foot office building in Stamford, about 40 miles north of New York City. The sales price was not disclosed. The property was originally built in 2009 to serve as the headquarters of the Royal Bank of Scotland and was 85 percent leased at the time of sale. Tenants include UBS and Bank of America. JLL represented the seller, NatWest Markets, which is also a tenant at the building, in the transaction.

June 7, 2019

Development New York Northeast Office Retail

Cornell Tops Out 72,000 SF Retail, Office Building in Brooklyn

by Taylor Williams June 7, 2019

NEW YORK CITY — Cornell Realty Management has topped out 200 Kent Avenue, a 72,000-square-foot retail and office building located in the Williamsburg area of Brooklyn. The property spans 50,000 square feet of retail space that will be anchored by a Trader Joe’s, 22,000 square feet of office and restaurant space and 45,000 square feet of parking. Manhattan-based Madison Realty Capital originally provided a $64 million construction loan for the project in November 2017, and Bluestone Group recently provided $8 million in mezzanine debt to finance additional capital expenditures.

June 7, 2019

Development Loans Office Top Stories Washington Western

Capstone Partners Receives $154.7M Construction Financing for Office Building in Metro Seattle

by Amy Works June 7, 2019

REDMOND, WASH. — Capstone Partners has received $154.7 million in construction financing for One Esterra Park, a transit-oriented office development in Redmond, approximately 15 miles east of Seattle. The investment banking firm plans to break ground sometime this month. The Class A project is the next phase of the 3 million-square-foot Esterra Park live-work-play master-planned community. One Esterra Park will rise six stories and total 245,000 square feet. Being built to LEED Silver standards, the property will feature average floor plates of 40,000 square feet, robust amounts of power and mechanical infrastructure and collaborative common areas. The 2.2-acre site is immediately adjacent to Microsoft’s world headquarters and near many of the area’s large and expanding economic drivers such as Facebook, Amazon and Google. Additionally, the project is adjacent to the future Overlake Village Transit Station and the future State Route 520 off-ramp, providing connectivity to major area thoroughfares, including Interstates 405 and 90. Capstone expects One Esterra Park to be ready for occupancy in late 2020. Ben Bullock, Charles Halladay, Bruce Ganong, Zach Goodwin, Michael Leggett and Tom Wilson of HFF arranged the debt and equity for the project. US Bank provided the construction loan while a private equity investor …

June 7, 2019

Leasing Activity North Carolina Office Southeast

Honeywell Leases Nine Floors at Charlotte’s Legacy Union Project for Corporate Relocation

by Alex Tostado June 6, 2019

CHARLOTTE, N.C. — Honeywell has signed a long-term lease with Lincoln Harris to occupy on a 23-story office tower in downtown Charlotte. Honeywell will occupy 280,000 square feet of space spanning nine floors. The company plans to house 700 employees there by the end of 2024. The building is located at 700 S. Mint St., directly across the street from Bank of America Stadium and will offer ground-floor retail, approximately 800 parking spaces and a rooftop terrace. In December 2018, Honeywell announced it would move its headquarters from New Jersey to Charlotte, relocating up to 200 jobs and creating up to 500 jobs. Lincoln Harris is expected to break ground on the new building in September. Legacy Union will span two city blocks and feature offices, retail shops, restaurants, hotels, residences, a parking garage, public green space and a pedestrian promenade. In May, Charlotte-based Parker Poe law firm signed an 86,000-square-foot office lease at 620 S. Tryon within Legacy Union. Completion is slated for 2021.

June 6, 2019

Georgia Leasing Activity Office Southeast

Tech Company Signs 52,888 SF Office Lease in Atlanta, will Add 200 Jobs

by Alex Tostado June 6, 2019

ATLANTA — LeaseQuery, an Atlanta-based tech company, has signed a 52,888-square-foot, full-floor lease at Three Ravinia in Atlanta’s Central Perimeter district. In addition to the lease, LeaseQuery plans to add up to 200 Atlanta-area jobs in the next year. The jobs will include all departments and functions, such as sales, marketing, customer solutions, software engineering, product management and analytics. Three Ravinia is an 816,748-square-foot building situated 15 miles north of downtown Atlanta. Andy Sumlin and Kyle Kenyon of Cushman & Wakefield represented the landlord, Preferred Office Properties, in the lease negotiations. Michael Tucker, Scott O’Halloran and Robert Patton of Scotland Wright Associates represented the tenant.

June 6, 2019

Acquisitions Illinois Midwest Office

Entrepreneur John Paul DeJoria Acquires Former McDonald’s Headquarters Campus in Oak Brook, Illinois

by Kristin Harlow June 6, 2019

OAK BROOK, ILL. — Entrepreneur John Paul DeJoria has purchased the former McDonald’s global headquarters campus in Oak Brook for an undisclosed price. The co-founder of the Paul Mitchell line of hair products will assume ownership of the 80-acre site, which includes the McDonald’s former office building, Hamburger University training facility and the Hyatt-branded and managed hotel, The Hyatt Lodge. McDonald’s relocated its global headquarters to downtown Chicago last summer. McDonald’s had been the sole occupant of the campus since its completion in 1988. Designed by architect Dirk Lohan, the campus is situated in a wooded setting with two lakes. The property includes a 331,630-square-foot office building and a 130,484-square-foot training facility, which is connected by a covered passageway to The Hyatt Lodge. The 218-room hotel will remain open. Scott Miller and Lindsey Fahey of JLL represented McDonald’s in the sale. Perry Higa of NAI Hiffman represented the buyer. Future plans for the site have not been disclosed.

June 6, 2019

Development Indiana Midwest Office

Browning Breaks Ground on New Headquarters for First Internet Bank in Fishers, Indiana

by Kristin Harlow June 6, 2019

FISHERS, IND. — Browning has broken ground on a new corporate headquarters for First Internet Bank in downtown Fishers. The bank’s existing office is located about two miles east of the new site. Plans call for a six-story, 168,000-square-foot building with ground-floor retail space. It is the first building to be constructed within a mixed-use development along 116th Street in the Nickel Plate District. Completion is slated for fall 2021. Envoy Cos. is serving as the owner’s representative.

June 6, 2019

Development Massachusetts Northeast Office

Fallon Breaks Ground on 310,000 SF Office Project for MassMutual in Boston’s Seaport District

by Taylor Williams June 6, 2019

BOSTON — The Fallon Co., a locally based developer, has broken ground on a 310,000-square-foot office building for Massachusetts Mutual Life Insurance Co. (MassMutual) in Boston’s Seaport District. The build-to-suit property will be located within the $4 billion Fan Pier mixed-use development and is expected to be complete by late 2021. Approximately 1,000 employees will work at the 17-story building, which will serve as a hub for the company’s digital and technology divisions. MassMutual also plans to add about 1,500 jobs at its headquarters in Springfield, Mass., by the end of 2021.

June 6, 2019

Acquisitions California Industrial Office Western

Stos Partners Sells Two Industrial, Office Assets in Southern California for $33.5M

by Amy Works June 6, 2019

CHULA VISTA AND SAN DIMAS, CALIF. — San Diego-based Stos Partners has completed the sales of two properties, totaling 221,448 square feet, for $33.5 million. In the first deal, Stos Partners sold two industrial buildings, located at 1670 and 1690 Brandywine in Chula Vista, to a large institution for $24.4 million. The 170,805-square-foot asset is divided into six industrial units ranging in size from 25,000 square feet to 55,000 square feet and is leased to a mix of national credit, regional credit and local companies. Bryce Aberg, Jeff Cole, Jeff Chiate and Brant Aberg of Cushman & Wakefield, along with Michael Mossmer of Voit Real Estate Services, represented the seller in the disposition. In the second transaction, Stos Partners sold a two-story, 50,634-square-foot office building, located at 650 W. Cienega in San Dimas. A trade union acquired the property for approximately $9.1 million. The buyer plans to use the facility as an owner-user. Taylor Ing at Newmark Knight Frank represented the seller, while Brandon Burns of Cushman & Wakefield represented the buyer in the deal.

June 6, 2019

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