Office

KDC Nears Completion of 1.2 MSF Headquarters for Pioneer Natural Resources in Irving

by Taylor Williams September 13, 2019

IRVING — Developer KDC, in partnership with Verizon, is nearing completion of the new 1.2 million-square-foot headquarters campus in Irving for energy firm Pioneer Natural Resources. Situated on 150 acres within the Hidden Ridge development in the city’s Las Colinas district, the headquarters building stands 10 stories, overlooks a pond and includes a seven-story parking garage. Amenities include a daycare, wellness center and a food hall. Cushman & Wakefield will manage the property. Move-ins are scheduled to begin in November.

September 13, 2019

Development Office Texas

NewcrestImage Breaks Ground on 80,000 SF Office Project in Grapevine, Texas

by Taylor Williams September 13, 2019

GRAPEVINE, TEXAS — Locally based hotel developer NewcrestImage has broken ground on an 80,000-square-foot office project in the northern Fort Worth suburb of Grapevine. Upon completion in 10 to 12 months, the company will occupy about a quarter of the building for its headquarters space and lease the remaining 60,000 square feet. The property will be located within SilverLake Crossings, a 52-acre mixed-use development that includes 400 residential units and 30,000 square feet of retail and restaurant space.

September 13, 2019

Acquisitions California Office Western

Brick and Timber Collective Buys Office Building in San Francisco for $27M

by Amy Works September 13, 2019

SAN FRANCISCO — Newcastle Partners and Drake Real Estate Partners have completed the sale of 900 Kearny Street, an office building located in San Francisco’s Jackson Square submarket. Brick and Timber Collective LLC acquired the property for $27 million. Built in 1989, the six-story building features 30,000 square feet of creative office space. At the time of sale, the property was fully occupied by EastWest Bank, Bitmami and Novani, among others. The sellers originally purchased the asset in 2017 for $17 million and renovated the property by adding open office spaces and single-floor suites. Ben Bullock, David Dokko and Thomas Foley of HFF represented the sellers in the transaction.

September 13, 2019

Acquisitions New Jersey Northeast Office

NAI James Hanson Brokers Sale of 5,245 SF Office Building in Bergenfield, New Jersey

by Alex Patton September 13, 2019

BERGENFIELD, N.J. — NAI James Hanson has negotiated the sale of a 5,245-square-foot office building in Bergenfield, a northern suburb of New York City. The buyer, Maywood Physical Therapy & Rehab Center, will utilize a portion of the building as its third medical office location and will continue to lease the remaining space to the four current tenants. NAI James Hanson’s Dominic Fittizzi represented the seller, S&S Realty Holding Co. LLC, in the transaction.

September 13, 2019

Acquisitions Illinois Midwest Office

Transwestern Brokers Sale of 147,096 SF Office Building in Deerfield, Illinois

by Kristin Harlow September 13, 2019

DEERFIELD, ILL. — Transwestern Commercial Services has brokered the sale of 1717 Deerfield Road in Deerfield for an undisclosed price. The 147,096-square-foot office building rises three stories and offers 50,000-square-foot floor plates. It is currently 21.2 percent leased by accounting and consulting firm Warady & Davis LLP. Gary Nussbaum and Paige Gunn of Transwestern represented the seller, Hudson Advisors. Canada-based investment group Progressif and Schaumburg-based Helios Property Management purchased the asset.

September 13, 2019

California Market Reports Office Western Western Market Reports

San Francisco’s Office Market is More Boom than Bust

by Taylor Williams September 13, 2019

San Francisco has been a boom-and-bust market since the Gold Rush. The current intense scrutiny of the yield curve, combined with the stock market’s recent erratic behavior, has sent warnings of the next looming recession. Just how will this affect the office market? Fortunately for the Bay Area, not much. Today, several key factors insulate San Francisco from a severe downturn, unlike past cycles. Among them are Proposition M and a concentration of venture capital, highly skilled talent and some of the world’s largest companies. Since 1986, Proposition M has limited the amount of office development the city will authorize in any given year. The program aims to guard against typical boom-and-bust cycles. The San Francisco office market only includes 85 million square feet, as opposed to Manhattan or Houston, for example, which comprise 400 million and 240 million square feet, respectively. Manhattan currently has 12.4 million square feet of office space under construction, while San Francisco has 3 million square feet in the pipeline. The entitlement limit under Prop M has been reached, meaning no additional new projects can be approved until October when another 950,000 square feet will be allocated for the next year. At first glance, these …

September 13, 2019

Development Illinois Midwest Office

Skender Completes Expansion of LinkedIn’s Chicago Headquarters

by Kristin Harlow September 12, 2019

CHICAGO — Skender has completed construction of LinkedIn’s 46,000-square-foot Chicago headquarters expansion at 525 W. Monroe. A staircase now connects the existing space via two floors. The project includes large collaboration areas, open workstations, a salon, mother’s room as well as a fifth-floor amenity space with a garden lounge, game room and music room. California-based LinkedIn’s total footprint in the building is now 185,077 square feet. Skender collaborated with Gensler, ESD Global and Avison Young for the project.

September 12, 2019

Loans Michigan Midwest Office

Bernard Financial Arranges $44.5M Refinancing for Ann Arbor Office Property

by Kristin Harlow September 12, 2019

ANN ARBOR, MICH. — Bernard Financial Group has arranged a $44.5 million CMBS loan for the refinancing of 777 E. Eisenhower Parkway in Ann Arbor. The 271,817-square-foot, multi-tenant office property was built in 1975. Dennis Bernard and Joshua Bernard of Southfield-based Bernard arranged the loan with a CMBS firm on behalf of the borrower, 777 Associates LLC.

September 12, 2019

Acquisitions Midwest Office Wisconsin

Founders 3 Brokers $8.4M Sale of Office Building in Wauwatosa, Wisconsin

by Kristin Harlow September 12, 2019

WAUWATOSA, WIS. — Founders 3 Real Estate Services has brokered the sale of a 51,651-square-foot office building in Wauwatosa, about six miles west of Milwaukee, for $8.4 million. Built in 2002, the Class B property is located at 10400 Innovation Drive. Ned Purtell and Andy Hess of Founders 3 represented the seller, 10400 Innovation LLC. Rupesh Agrawal purchased the asset.

September 12, 2019

Development Office Texas

Granite Properties to Develop 18-Story Office Building in Plano

by Taylor Williams September 12, 2019

PLANO, TEXAS — Granite Properties, a commercial investment and development firm with five offices around the country, will develop Granite Park Six, an 18-story, 415,000-square-foot office building within the 90-acre Granite Park mixed-use development in Plano. Designed by BOKA Powell, the Class A property will front State Highway 121 and feature a market café, customer lounge with coffee service, a bar, golf simulator, lecture hall, three conference centers and an outdoor amenity deck on the fifth floor. Balfour Beatty is serving as the general contractor for the project, construction of which could begin as early as the first quarter of 2020.

September 12, 2019

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