Office

American Library Association Sells Chicago Headquarters Buildings

by Kristin Harlow December 9, 2019

CHICAGO — American Library Association (ALA) has sold its headquarters buildings at 50 E. Huron St. and 40 E. Huron St. in Chicago’s River North neighborhood. Neither the buyer nor the sales price were disclosed. In spring 2020, ALA will move its office to Michigan Plaza at 225 N. Michigan Ave. Until then, ALA staff will continue to occupy the adjoined, 98,000-square-foot buildings on Huron. ALA says the move will provide it with modernized workspace and enhanced meeting space. Architecture firm Nelson is designing the new office buildout. ALA began occupying space at 50 E. Huron in 1963 before building an extension and opening 40 E. Huron in 1981. The two connected buildings have housed the association’s staff ever since.

December 9, 2019

Acquisitions Office Top Stories Washington Western

The Roxborough Group Acquires Metro Seattle Office Portfolio for $73.6M

by Alex Patton December 6, 2019

REDMOND, WASH. — San Francisco-based investor The Roxborough Group LLC has acquired Quadrant Willows, a 248,041-square-foot, Class A office complex in Redmond, an eastern suburb of Seattle. The purchase price was $73.6 million, according to the Seattle Daily Journal of Commerce. The four buildings of Quadrant Willows are located along Willows Road in the tech-dominated Redmond submarket. The seller, Equus Capital Partners Ltd., acquired the complex in 2016 and has since completed $850,000 worth of renovations. “We were able to assemble an attractive four-building portfolio, through two separate acquisitions, in one of the most dynamic office markets in the country and take the occupancy from a combined 78 percent at acquisition to 100 percent at the time of sale,” says Robert Butchenhart, vice president for Equus and manager for Equus’ West Coast office. Redmond benefits from Microsoft’s 8 million-square-foot corporate headquarters and the Eastlink Light Rail transit line. “The Redmond submarket is one of the most dynamic Eastside submarkets with 21.5 percent rent growth over the past 24 months. Vacancy, including Microsoft, is at 4.4 percent with overall Eastside vacancy at 4.3 percent,” says Joe Lynch, executive managing director of Newmark Night Frank (NKF), which represented the Equus in the …

December 6, 2019

Development Georgia Office Southeast

Coro Realty, Southeastern Capital to Convert Former Masquerade Music Venue in Atlanta into Offices

by Alex Tostado December 6, 2019

ATLANTA — Coro Realty and Southeastern Capital Cos. are transforming the 118-year-old Excelsior Mill buildings in Atlanta’s Old Fourth Ward into 30,000 square feet of office space. The two companies purchased the building in 2016 when it was known as the music venue, The Masquerade. The partnership has teamed with designer Smith Dalia Architects to open the floor plan and add natural light. Much of the manufacturing equipment will remain in place, including an extensive heavy-duty gear and pulley system originally used at the property. Completion is slated for first quarter of 2020. The property is located across from Ponce City Market along the Atlanta BeltLine’s Eastside Trail. Scott DeMeyer and Emily Richardson with Colliers International are leading the office leasing efforts.

December 6, 2019

Development Life Sciences New York Northeast Office

King Street Properties Begins Construction of 266,800 Innolabs Life Sciences Project in Long Island City

by Alex Patton December 6, 2019

LONG ISLAND CITY, N.Y. — King Street Properties has begun construction of Innolabs, a 266,800-square-foot life sciences project in Long Island City. Located at 45-18 Court Square, the project involves the redevelopment and expansion of a 160,000-square-foot, Class B office building that will anchor the life sciences sector on Long Island. The building will be completely gutted and renovated to allow for multi-tenant floors and will be expanded with a four-story addition and two six-story additions. The project is slated for completion in the first quarter of 2021.

December 6, 2019

Leasing Activity New York Northeast Office

Akerman Law Firm Signs 100,000 SF Office Lease in Manhattan

by Alex Patton December 6, 2019

NEW YORK CITY — Law firm Akerman LLP has signed a 100,000-square-foot office lease at 1251 Avenue of the Americas in Manhattan. Akerman will move from its current office at 666 Fifth Avenue to the entire 37th and 38th floors and a portion of the 35th floor at the new building. About 185 lawyers will work out of the new space. Other tenants of the building include MUFG Union Bank, Trust Co. of the West and Mizuho Corporate Bank. Matthew Cheezem, Ken Siegel and Lisa Kiell of JLL represented Akerman in the lease negotiations. David Falk and Peter Shimkin of Newmark Knight Frank represented the landlord, Mitsui Fudosan America Inc., the U.S. subsidiary of Japanese real estate company Mitsui Fudosan Co. Ltd.

December 6, 2019

Acquisitions Arizona Office Restaurant Retail Western

Sumitomo Acquires 24-Story Collier Center Commercial Complex in Downtown Phoenix

by Amy Works December 6, 2019

PHOENIX — Sumitomo Corp. of Americas has purchased Collier Center, a 2.8-acre commercial complex in downtown Phoenix. Eastdil Secured handled the transaction. Terms of the deal, including acquisition price and seller, were not disclosed. The 24-story property features more than 578,000 square feet of rentable space, including a variety of restaurants and bars, plus a three-level underground parking garage. At the time of acquisition, the building was 84 percent occupied, with Bank of America and Uber among its largest tenants. With this new acquisition, Sumitomo owns a commercial real estate portfolio totaling over $425 million to date with more than 1.6 million square feet of commercial space.

December 6, 2019

Loans Midwest Office Ohio

NorthMarq Secures $6.1M Refinancing for Office Building in Fairborn, Ohio

by Kristin Harlow December 6, 2019

FAIRBORN, OHIO — NorthMarq has secured a $6.1 million loan for the refinancing of Wright Executive Center in Fairborn near Dayton. The 119,473-square-foot office building is located on Presidential Drive. Susan Branscome of NorthMarq arranged the 10-year, fixed-rate loan with a life insurance company. The borrower was undisclosed.

December 6, 2019

Acquisitions Indiana Midwest Office

Colliers Brokers Sale of 138,636 SF Office Building in Fishers, Indiana

by Kristin Harlow December 5, 2019

FISHERS, IND. — Colliers International has brokered the sale of Crosspoint Plaza One, a four-story Class A office building located at 10475 Crosspoint Blvd. in Fishers. The sales price was $8.8 million, according to the Indianapolis Business Journal. The 138,636-square-foot property is situated in the northeast Indianapolis corridor with immediate access to I-69. Alex Cantu, Alex Davenport, Matt Langfeldt and Rich Forslund of Colliers represented the seller. Arkansas-based Tempus Realty Partners purchased the building, constructed in 1999. Crosspoint Plaza One originally served as a build-to-suit for Wiley Publishing, which recently vacated the property, leaving it 20 percent occupied. The new ownership plans to upgrade the building with modernized common areas, outdoor space and a first-floor conference center.

December 5, 2019

Acquisitions California Industrial Office Western

Hamra Properties Acquires 154,627 SF Anaheim Hills Business Center in California for $21.3M

by Amy Works December 5, 2019

ANAHEIM, CALIF. — Hamra Properties has purchased Anaheim Hills Business Center, an industrial and office business park located at 5100-5150 E. La Palma Ave. in Anaheim. Seligman Group sold the asset for $21.3 million. Jeffrey Cole, Jeff Chiate, Ed Hernandez, Mike Adey and Nico Napolitano of Cushman & Wakefield’s Irvine, Calif., office represented the seller, while Rick Ellison and Randy Ellison of Cushman & Wakefield served as market advisors. Built in 1988, the five-building campus features 154,627 square feet of industrial and office space. The property includes grade-level doors, landscaping with palm trees and abundant parking at a ratio of three stalls per 1,000 square feet. The buildings range in size from 19,000 square feet to 49,000 square feet, accommodating tenants as small as 700 square feet.

December 5, 2019

Leasing Activity New York Northeast Office

NKF Negotiates 20,378 Office Lease at Club Row Building in Manhattan

by Alex Patton December 5, 2019

NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated a 20,378-square-foot office lease for Advantage Sales & Marketing at the Club Row Building in Manhattan. The company will consolidate its two former locations, located at 360 Lexington Avenue and 1500 Broadway, into a 15,093-square-foot space on the 14th floor and a 5,285-square-foot space on the ninth floor. Situated at 28 West 44th Street, the 372,000-square-foot Club Row Building features onsite shops and services including Japanese-Peruvian restaurant Sen Sakana, Dunkin’ Donuts, a barber, tailor, newsstand, post office and a bicycle room. Andrew Sachs, Tim Gibson, Josh Gosin and Matthew Augarten of NKF represented the landlord, APF Properties, in the lease negotiations. Peter Trivelas and Jason Ward of Cushman & Wakefield represented Advantage Sales & Marketing.

December 5, 2019

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