AUSTIN, TEXAS — ECR has arranged the sale of a 117,000-square-foot office property located on 27 acres at 7211 Circle S. Road in south Austin. David Dawkins of ECR represented the seller, Commemorative Brands Inc., parent company of class ring manufacturer Balfour, in the transaction. David Stojanik of The Kucera Cos. also represented Commemorative Brands in the sale. Dani Tristan of McAllister & Associates represented the undisclosed buyer.
RICHARDSON, TEXAS — BH Properties has purchased a vacant, four-story office building in Richardson, the second investment in the Dallas-Fort Worth market in the past 24 months for the Los Angeles-based company. Built in 1991, the property is located at 2021 Lakeside Blvd. and spans 60,000 square feet. Mac Morse of Citadel Partners, along with BH’s Scott Henry, represented the buyer in the transaction. Jeff Wood of JLL represented the undisclosed seller. Chuck Sellers of Avison Young will handle the property’s leasing assignment. BH Properties specializes in the acquisition and repositioning of distressed office, industrial and retail assets in California, Arizona and Texas. The firm’s Texas portfolio totals more than 2 million square feet.
BELLEVUE, WASH. — Invesco Real Estate has acquired Bravern Office Commons, two Class A office buildings within the Bravern mixed-use development in Bellevue, about 10 miles east of Seattle. A joint venture between Principal Real Estate and PNC Realty sold the office properties, which are fully leased to Microsoft Corp. The purchase price was $585 million, according to several media reports. The office component of Bravern includes 749,694 square feet of space and a seven-level, subterranean parking garage with 3,134 stalls. Bravern Office Commons sits atop 305,000 square feet of retail space, which is adjacent to 455 luxury apartments. Built in 2009, the office asset includes a 12-story, 255,171-square-foot building located at 688 NE 110th Ave. and a 23-story, 494,523-square-foot building located at 11025 NE Eighth St. “The Bellevue central business district is a well-established and highly amenitized office submarket, which has become one of the most sought-after locations for technology tenants in not only greater Seattle but the entire country,” says Chris Cole, senior director of transactions at Invesco Real Estate. Kevin Shannon, Nick Kucha, Michael Moll, Ken White, Rob Hannan, Tim O’Keefe and Alex Foshay of Newmark Knight Frank (NKF) represented the seller, while Invesco was self-represented in …
NEW YORK CITY — Law firm Debevoise & Plimpton LLP has signed a 530,000-square-foot office lease for its new headquarters at The Spiral, a 2.8 million-square-foot office building currently under construction in the Hudson Yards district of Manhattan. The law firm will move from its current location at 919 Third Ave. into floors 40 through 52 of the 65-story tower under a 20-year lease agreement beginning in the second half of 2022. As a result of this latest lease signing, The Spiral is now 54 percent preleased. Other tenants include biopharmaceutical company Pfizer, which will occupy 800,000 square feet, and asset management company AllianceBernstein, which will occupy 189,000 square feet. The base of the building will also include 25,000 square feet of retail space. Designed by BIG Bjarke Ingels Group, construction of the building began in 2019 and is slated for completion in the second half of 2022. Tishman Speyer is the developer and owner of The Spiral.
MONTCLAIR, N.J. — The Hampshire Cos. and Hackensack Meridian Health will open the 45,375 Mountainside Medical Center office building in Montclair, a western suburb of New York City. The medical center will provide a range of medical services including general surgery, cardiology, orthopedics and pediatrics. The Class A, three-story building will be located at 1 Bay Ave. NK Architects designed the building and construction began in 2018. The medical center will open this Thursday, Jan. 9.
DANIA BEACH, FLA. — Kimco Realty Corp. has sold approximately nine acres of land at its Dania Pointe mixed-use development in Dania Beach, near Interstate 95 and Stirling Road in Broward County. The buyer, Spirit Airlines, will develop a new global headquarters at the site, investing up to $250 million for the creation of a corporate campus that will support more than 1,000 employees in up to 500,000 square feet of space. The airline has also executed a ground lease for an additional land parcel for the construction of a Spirit corporate training residence. Dania Pointe is a 102-acre mixed-use development with nearly 1 million square feet of retail and restaurants, in addition to apartments, hotels, offices and public event space. The project is located five miles southeast of Fort Lauderdale near the Fort Lauderdale-Hollywood International Airport. Construction of the Spirit Airlines headquarters is expected to begin in 2021, with an anticipated transfer of employees in mid-2022. Phase I of the 102-acre Dania Pointe development opened in November 2018 and spans approximately 330,000 square feet of retail, now 96 percent leased to brands including T.J. Maxx, Hobby Lobby, Ulta Beauty, BrandsMart, Five Below, Shoe Carnival, Starbucks, and Youfit Health Club. …
PLANO, TEXAS — Gaedeke Group has selected global architectural firm Gensler to design Two Legacy West, a Class A office tower situated near Gaedeke’s existing One Legacy West property in Plano. Gensler’s Dallas office is handling the design of the tower, which will accommodate a 300,000- to 600,000-square-foot user and focus on tenant wellness. The property will be located near the corporate headquarters of Toyota and FedEx. Dallas-based Gaedeke Group expects to complete Two Legacy West in 2022.
CHICAGO — JLL has arranged a $6 million loan for the refinancing of 200 East Ohio in Chicago’s Streeterville neighborhood. The 27,000-square-foot boutique office property rises five stories and is nearly 90 percent occupied by multiple tenants. Christopher Carroll and Lucas Borges of JLL represented the borrower, Tishman Realty. A Chicago-based financial institution provided the loan, terms of which were undisclosed. Boutique office buildings are smaller than traditional office buildings, typically under 150,000 square feet.
BRANFORD , CT — O,R&L Commercial has negotiated a 12,030-square-foot biomed-tech office lease for dermatology company Azitra Inc. in Branford, an eastern suburb of New Haven. Azitra researches skin conditions and diseases and develops medical treatment products. Richard Guralnick of O,R&L represented Azitra in the lease negotiations. Guralnick also represented the undisclosed landlord.
FRANKLIN, TENN. — Charlotte-based Crescent Communities has sold Two Greenway Centre, a five-story office building in Franklin, 16 miles south of Nashville in the market’s Cool Springs district. The 155,000-square-foot property is located at 302 Innovation Drive on a 16-acre parcel. Nashville Business Journal reports that TA Realty LLC purchased the building from Crescent for $43.5 million. Cushman & Wakefield brokered the sale on behalf of Crescent. Two Greenway is situated near Interstate 65, with access via two interchanges. The LEED Silver-certified building offers open floor plates, a fitness center, parking and nearby walking trails. Construction on Two Greenway began in 2015, and the first office tenants occupied the building in 2017. Little Diversified Architectural Consulting served as the project architect, and Barrett, Woodyard & Associates served as engineer. Whiting-Turner was the general contractor.
