Office

Discovery Labs to Develop $500M Coworking Campus in Metro Philadelphia

by Alex Tostado June 6, 2019

KING OF PRUSSIA, PA. — The Discovery Labs has unveiled plans for a $500 million healthcare, life sciences and technology coworking campus at the 1 million-square-foot GlaxoSmithKline (GSK) Upper West Merion campus and the 640,000-square-foot Innovation at Renaissance Campus. The two campuses, which are located across the street from each other in the Philadelphia suburb of King of Prussia, will be known as The Discovery Labs. The collaborative lab, office and lifestyle space, will span 1.6 million square feet. The Discovery Labs called the campus the “world’s largest coworking community” in a press release. “The Discovery Labs is 20 times larger than the average coworking space, and provides the mission critical infrastructure needed to operate healthcare, life sciences and technology-enabled companies,” says Audrey Greenberg, chief financial officer of The Discovery Labs. “The size of each Discovery Labs enables enterprise level companies to work side by side with startup and emerging companies and enjoy the benefits of the coworking phenomenon.” IQ Connect, Discovery Labs’ 100,000-square-foot incubator project developed in partnership with The Pennsylvania Biotechnology Center, will sit at the center of the campus. The purpose of IQ Connect is to “bring together researchers, entrepreneurs and product development startups, along with human …

June 6, 2019

Illinois Market Reports Midwest Midwest Market Reports Office

How to Repurpose Suburban Chicago’s Vacant Corporate Campuses

by Kristin Harlow June 6, 2019

More than 50 years ago, I was witness to the birth of a new building type in Chicago’s suburbs — the great sprawling corporate campus. From Motorola and McDonald’s to Ameritech and Sears, some of the most influential brands in the world started taking root in Chicago’s bucolic suburbs as they looked to consolidate business divisions under one large roof and to provide a stimulating work environment away from the hustle and bustle of the inner city. Today, many of these corporate meccas sit vacant due to the rise in telecommuting and a shift in workforce demographics. The simple version of the narrative is that instead of people chasing the jobs, firms are now chasing the talent. And for the moment, many employees prefer to live and work in the city. While some suburbs are strongly associated with the companies who previously occupied those campuses, there is another story to tell in terms of the opportunities change can bring to these properties and their surrounding communities. As the architect who designed two of these campuses, the AT&T (né Ameritech) corporate campus in Hoffman Estates in 1989 and McDonald’s global headquarters in Oak Brook starting in 1978, I have repeatedly been …

June 6, 2019

Acquisitions Office Texas

NAI Partners Brokers Sale of 7,119 SF Office Building in Lakeway, Texas

by Taylor Williams June 5, 2019

LAKEWAY, TEXAS — NAI Partners has brokered the sale of a 7,119-square-foot office building located at 308 S. Meadowlark St. in Lakeway, a western suburb of Austin. Patrick Hill of NAI Partners represented the buyer in the transaction and negotiated a lease for the building’s new tenant, Claim Consultant Group, which will relocate its headquarters to the property later this year. Scott Studzinski and Grant McConnell of Elevate Growth Partners represented the seller.

June 5, 2019

Acquisitions Office Oregon Western

PCCP Purchases 296,000 SF Park Square Office Complex in Downtown Portland for $96.5M

by Amy Works June 5, 2019

PORTLAND, ORE. — PCCP has acquired Park Square, a two-building office asset on the south end of the Portland’s central business district, for $96.5 million. The name of the seller was not released. Park Square consists of two buildings connected by a lobby/great room, which includes multiple seating areas, a fireplace/lounge area and a high-end soup and salad bar. The asset was substantially repositioned in 2016, including the renovation of its 8,000-square-foot lobby. The first building is the single-tenant, six-story, 181,049-square-foot Woolworth Building, located at 1621 SW First Ave. The building was originally a build-to-suit for the tenant, which has occupied the space since the building was constructed in 1984. The second building, located at 100 SW Market St., was built in 1964. The seven-story asset totals 113,719 square feet and is leased to three investment-grade credit tenants. At the time of sale, the property was nearly fully-leased.

June 5, 2019

Acquisitions Midwest Missouri Office

Platform Ventures Acquires 10-Story Office Building in Kansas City for $118.2M

by Kristin Harlow June 5, 2019

KANSAS CITY, MO. — Platform Ventures has acquired Plaza Vista, a 253,720-square-foot Class A office tower in Kansas City, for $118.2 million. Completed in 2013, the 10-story property is fully leased and anchored by law firm Polsinelli. Retail tenants include Jax Fish House, JJ’s and The Monarch Cocktail Bar and Lounge. The building is situated at 900 W. 48th St. within the Country Club Plaza submarket of Kansas City. Mark Katz, Danny Kaufman and Peter Merrion of HFF represented the seller, which is managed by an affiliate of EverWest Real Estate Investors. The team also procured the buyer.

June 5, 2019

Development Massachusetts Northeast Office

Boston Properties to Develop 417,000 SF Office Project for Google in Cambridge, Massachusetts

by Taylor Williams June 5, 2019

CAMBRIDGE, MASS. — Boston Properties will develop a 417,000-square-foot, build-to-suit office building at 325 Main St. in the Kendall Square area of Cambridge for Google, which has signed a 362,000-square-foot lease. Construction of the 16-story property, which will be built at the current site of 3 Cambridge Center, will begin later this year. Completion of the building, which will also house 42,000 square feet of retail space and serve as the tech giant’s new Cambridge headquarters, is slated for 2022. Pickard Chilton has been tapped to handle design of the project. Following completion, Google’s footprint in the area will exceed 800,000 square feet.

June 5, 2019

Acquisitions Massachusetts Northeast Office

R.W. Holmes Arranges Sale of 63,000 SF Office Building Near Boston

by Taylor Williams June 5, 2019

NATICK, MASS. — Locally based brokerage firm R.W. Holmes Commercial Real Estate has arranged the sale of Natick Office Park, a 63,000-square-foot building located about 20 miles west of Boston. The property is situated on 2.9 acres near the West Natick commuter train station and the Massachusetts Turnpike. Garry Holmes of R.W. Holmes represented the seller, 209 W. Central Street LP, and procured the buyer, an affiliate of Legacy Real Estate Ventures LLC that purchased the asset for $6.8 million. Camden National Bank provided acquisition financing for the deal.

June 5, 2019

Acquisitions Industrial New York Northeast Office

NAS Investment Solutions Acquires 55,000 SF Flex Property in Syracuse

by Taylor Williams June 5, 2019

SYRACUSE, N.Y. — NAS Investment Solutions, a national investment firm, has acquired a 55,000-square-foot flex building in Syracuse. The property, which was built in 2008 and expanded in 2015, consists of 40,000 square feet of office space and 15,000 square feet of light manufacturing and warehousing space. The building is located adjacent to Syracuse Hancock International Airport and was 100 percent leased at the time of sale to Jadak, a healthcare technology firm that uses the space as its corporate headquarters. John Rotunno of Stan Johnson Co. represented the seller, New York-based Mercer Street Partners, in the transaction.

June 5, 2019

Leasing Activity New York Northeast Office

Savills Negotiates 13,116 SF Office Lease in Manhattan for Marketing Firm’s Relocation

by Taylor Williams June 5, 2019

NEW YORK CITY — Savills Inc. has negotiated a 13,116-square-foot office lease at 25 West 39th Street, a 205,000-square-foot office building in Midtown Manhattan, for the relocation of Converge Marketing’s headquarters. Converge, which offers media planning, branding and ad campaign managing services, will take occupancy of the new space this fall. Ken Ruderman, Andrew Zang and Pete Cento of Savills represented Converge Marketing in its site selection and lease negotiations. The property was built in 1907 as a gift to three large engineering groups (The American Institute of Electrical Engineers, The American Society of Mechanical Engineers and The American Institute of Mining Engineers) from steel magnate Andrew Carnegie.

June 5, 2019

Acquisitions Florida Office Southeast

CBRE Arranges $15M Sale of Office Building in Metro Orlando

by Alex Tostado June 4, 2019

LAKE MARY, FLA. — CBRE has arranged the $15 million sale of Contact Pointe, a 92,127-square-foot office building in Lake Mary. The building was fully occupied at the time of sale to tenants including AT&T and Falck USA. The asset is situated 17 miles north of downtown Orlando. Ron Rogg and Chip Wooten of CBRE represented the sellers, Orlando-based Tower Realty Partners and Dallas-based TriGate Capital Partners, in the transaction. Exeter Property Group acquired the property.

June 4, 2019

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