Office

Summit Completes Interior Build-out of Golden State Foods Office in Chicago

by Kristin Harlow June 4, 2019

CHICAGO — Summit Design + Build LLC has completed the interior build-out of the new office for Golden State Foods in Chicago’s West Loop. The company, a supplier to the quick-service restaurant and retail industries, moved its regional operations from an office in Oak Brook following McDonald’s move. Golden State Foods now occupies 4,300 square feet on the fifth floor of an office building located at 322 S. Green St. The space includes a conference room, commercial test kitchen, customer experience area and guest lounge. Ware Malcomb served as the project architect and Cushman & Wakefield was the owner’s representative.

June 4, 2019

Georgia Leasing Activity Office Southeast

Invesco to Invest $70M in Atlanta Global Headquarters Expansion, Add 500 Jobs

by Alex Tostado June 3, 2019

ATLANTA — Invesco will invest $70 million to expand its global headquarters presence in Atlanta. The investment manager firm will occupy 300,000 square feet of office space at Midtown Union in August 2022. The move will also add 500 jobs, bringing Invesco’s Atlanta workforce to nearly 1,200 employees. MetLife Investment Management and Granite Properties are currently co-developing Midtown Union, which will be situated at the corner of 17th and Peachtree streets in Midtown Atlanta. Upon completion, the project will comprise two towers totaling 600,000 square feet of office space. Invesco moved its global headquarters to Atlanta in 2007.

June 3, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $8.5M Sale of Office Building in West Palm Beach

by Alex Tostado June 3, 2019

WEST PALM BEACH, FLA. — Cushman & Wakefield has arranged the $8.5 million sale of Commerce Pointe Gold, a four-story, 43,433-square-foot office building in West Palm Beach. Commerce Pointe Gold sits on 2.8 acres at 1800 S. Australian Ave., two miles south of downtown West Palm Beach. Commerce Pointe Gold LLC acquired the building for $196 per square foot. The building was 99 percent leased at the time of sale to tenants including Law Offices of Craig Goldenfarb; Sasser, Cestero & Sasser; AEG Live SE; and Scuttina Real Estate Group. Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, KAS Gold LLC, an affiliate of Miami-based SF Partners, in the transaction. Jason Sundook and Neil Merin of NAI/Merin Hunter Codman Inc. represented the buyer.

June 3, 2019

Colorado Loans Office Western

HFF Arranges $220M in Financing for 40-Story Office Tower in Denver

by Amy Works June 3, 2019

DENVER — HFF has secured $220 million in financing for 1144 15th Street, a 40-story, Class AA office tower in Denver. Eric Tupler of HFF worked on behalf of Hines and its equity partner to arrange a 17-year, fixed-rate permanent loan through a national life insurance company. Completed in 2018, the 673,852-square-foot core office tower features 5,770 square feet of ground-level retail space and 13 stories of parking for a total of 858 parking spaces. Current tenants include Gates Industrial Corp., Optiv Security Inc. and Faegra Baker Daniels. In 2015, HFF arranged construction financing for the project on behalf of Hines.

June 3, 2019

Development Michigan Midwest Office

Olympia Development Breaks Ground on $70M Office Building in District Detroit

by Kristin Harlow June 3, 2019

DETROIT — Olympia Development of Michigan has broken ground on a new five-story medical, office and retail building at 2715 Woodward Ave. in The District Detroit. Located between Little Caesars Arena and the Mike Ilitch School of Business at Wayne State University, the 127,000-square-foot building will replace a former surface parking lot. The $70 million project will feature four floors of Class A office space and 17,000 square feet of street-level retail space. Tenants will include the Detroit Medical Center (DMC) and law firm Warner Norcross + Judd. DMC is the official healthcare provider for the Detroit Red Wings and the Detroit Tigers. Christman-Brinker is providing construction management services and Harley Ellis Devereaux is overseeing the building’s design.

June 3, 2019

Loans New York Northeast Office

PGIM Provides $200M Loan for Refinancing of Manhattan Office Building

by Taylor Williams June 3, 2019

NEW YORK CITY — PGIM Real Estate Finance has provided a $200 million loan for the refinancing of 315 Hudson Street in Manhattan. The 10-year, fixed-rate loan will be used to restructure existing debt and to fund the remaining costs of a capital improvements program that will upgrade the lobby, elevators, signage and other mechanical systems. The borrower was Jack Resnick & Sons. Standing 10 stories tall and spanning 484,000 square feet, 315 Hudson is located in the Hudson Square area of Lower Manhattan. PGIM Real Estate Finance, the commercial mortgage business of PGIM, is an international full-service, commercial and multifamily mortgage finance business.

June 3, 2019

Loans New York Northeast Office

JLL Arranges $75M CMBS Loan for Refinancing of Office Building in New York City

by Taylor Williams June 3, 2019

NEW YORK CITY — JLL’s Capital Markets team has arranged a $75 million CMBS loan for the refinancing of 450-460 Park Avenue South, a 183,019-square-foot office building in the Midtown South neighborhood of Manhattan. Aaron Appel, Kellogg Gaines, Jackson Sastri and Matt Fagella of JLL placed the debt through Wells Fargo on behalf of the borrower, Moinian Group, which has owned the property for more than three decades. Coworking giant WeWork recently inked a deal to occupy space at the building, which was originally built in 1912 and was 95 percent leased at the time of the loan closing.

June 3, 2019

Development Office Texas

Mercedes-Benz Financial Opens 200,000 SF Business Center at AllianceTexas in Fort Worth

by Taylor Williams June 3, 2019

FORT WORTH, TEXAS — Mercedes-Benz Financial Services USA LLC, the automotive financing arm of Daimler Financial Services Group, has opened a 200,000-square-foot business center at AllianceTexas in Fort Worth. The facility features amenities such as a fitness center, onsite café, basketball court, jogging trails and outdoor dining areas. Hillwood, the master developer of AllianceTexas, broke ground on the build-to-suit office project in February 2018. Mercedes-Benz Financial Services has maintained a presence at the 26,000-acre development since 2017, and company officials estimate that the opening of this facility will keep about 900 direct or indirect jobs in Fort Worth.

June 3, 2019

Development Office Retail Texas

Gordon Partners to Undertake 35,000 SF Retail, Office Expansion Project in Conroe, Texas

by Taylor Williams June 3, 2019

CONROE, TEXAS — Houston-based Gordon Partners will soon begin construction of Phase II of Waterpoint Center, a mixed-use development located along the southern shore of Lake Conroe, about 40 miles north of Houston. Plans for Phase II include the development of an additional 35,000 square feet of retail, office and restaurant space, as well as the expansion of the marina to include an additional 70 boat slips. Construction is expected to be complete in the second quarter of 2020.

June 3, 2019

Development Office Texas

Cawley Partners to Develop 300,000 SF Spec Office Building in Plano

by Taylor Williams May 31, 2019

PLANO, TEXAS — Dallas-based development and management firm Cawley Partners will develop a 300,000-square-foot speculative office building at The Campus at Legacy West, a 105-acre mixed-use development in Plano. Designed by Morrison Dillworth + Walls, the 15-story property will be situated at 6333 Legacy Drive at the main entrance to the Legacy West. Amenities will include a fitness center, restaurant, bar and a conference center. Avison Young will handle leasing of the building. A construction timeline has not yet been released.

May 31, 2019

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