Office

Bulfinch Negotiates Three Medical Office Leases Totaling 134,816 SF Near Boston

by Alex Patton September 10, 2019

CAMBRIDGE, MASS. — Bulfinch Cos. has negotiated three medical office leases totaling 134,816 square feet in Building 400-500 at the Cambridge Discovery Park (CDP) life sciences development in Cambridge. Arbor Biotechnologies, a genetic research firm, leased 36,171 square feet on the fifth floor. Kintai Therapeutics signed a deal for 72,296 square feet on the third and fourth floors. Simcere Innovation Inc., a medical research and development firm, has inked a lease for 26,349 square feet on the second floor. The three leases bring the building’s occupancy to 88 percent. The full CDP center offers 400,000 square feet of office and lab space across three buildings, which are still under development.

September 10, 2019

Leasing Activity New York Northeast Office

U.S. Census Bureau Signs 10,000 SF Office Lease in West Harlem

by Alex Patton September 10, 2019

NEW YORK CITY — The U.S. Census Bureau has signed a 10,000-square-foot office lease at the Mink Building in West Harlem. Janus is currently redeveloping the asset and several adjacent properties as part of its 1.1 million-square-foot Manhattanville Factory District mixed-use project. The Mink Building and two other buildings in the project are complete, and Janus is currently constructing the Taystee Lab Building, which is slated for completion by the end of 2020.

September 10, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $11.8M Sale of Office Building in Fort Lauderdale

by Alex Tostado September 10, 2019

FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged the $11.8 million sale of The 2601 Building, a 59,942-square-foot office building located at 2601 E. Oakland Blvd. in Fort Lauderdale. The six-story building was 96 percent leased at the time of sale to tenants including The Africa Adventure Co., HL Law Group, Exit Ryan Scott Realty and Natural Transplants Hair Restoration Clinic. After suffering significant damage during Hurricane Wilma in 2005, the building was gutted and rebuilt in 2007 with new roofs, mechanical systems and modern interiors. The seller was 2601 M L Fund LLC, a Netz USA LLC holding company. The buyer was MHC Oakland Park Owner LLC. Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar, Jason Hochman and Michael Ciadella of Cushman & Wakefield represented the seller in the transaction.

September 10, 2019

Illinois Loans Midwest Office

JLL Arranges $29.8M in Financing for Renovation of Office Property in Oak Brook, Illinois

by Kristin Harlow September 10, 2019

OAK BROOK, ILL. — JLL has arranged $29.8 million in renovation financing for 2001 York Road, a 184,525-square-foot office property in Oak Brook. Christopher Carroll of JLL secured the three-year, floating-rate loan on behalf of the borrower, Pembroke IV LLC. The five-story building, located near I-88 and I-294, is fully leased. Comcast occupies the majority of the property, which was built in 1999. Specific renovation plans were not disclosed.

September 10, 2019

Leasing Activity Michigan Midwest Office

Engineering Consulting Firm Expands in Grand Rapids

by Kristin Harlow September 10, 2019

GRAND RAPIDS, MICH. — Engineering consulting firm Hubbell, Roth & Clark Inc. (HRC) is relocating from its 3,500-square-foot office in the American Seating building to a 7,000-square-foot office at 1925 Breton Road SE in Grand Rapids. The 44,000-square-foot Breton Road building, owned by an affiliate of Rockford Construction, was formerly medical office space. Rockford updated the formerly vacant building. HRC expects to move into its new space in mid-October. Colliers International | West Michigan handles leasing for the entire building.

September 10, 2019

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office Top Stories

HCP Agrees to Purchase Life Sciences Building Near Boston from Davis Cos., Invesco for $332.5M

by John Nelson September 10, 2019

CAMBRIDGE, MASS. — HCP Inc. (NYSE: HCP), a healthcare and seniors housing REIT, has agreed to acquire a 224,000-square-foot life sciences building in the Cambridge submarket of Boston for $332.5 million. The Davis Cos. and Invesco Real Estate are selling the LEED Gold-certified property, which is located at 35 CambridgePark Drive. Known as Alewife Research Center, 35 CambridgePark Drive is fully leased to five life sciences firms. The leases have a weighted average term exceeding 10 years. The recently delivered property offers more than 10,000 square feet of amenity space, including a lobby with dedicated collaboration spaces, a full-service restaurant, fitness center, lockers, bike storage and green space with outdoor seating. The transit-oriented property is located two miles from Harvard University and directly across the street from the MBTA Alewife Red Line station and bus terminal. “With the acquisition, we’re pleased to report that in less than two years we have expanded our presence in the Boston life science market to more than 1.3 million square feet and at a very compelling blended yield,” says Scott Brinker, executive vice president and chief investment officer of HCP. HCP expects to close the acquisition in December. The REIT also recently purchased the …

September 10, 2019

Acquisitions Office Texas

Admiral Capital Group Acquires 249,564 SF Office Building in Dallas

by Taylor Williams September 9, 2019

DALLAS — Private equity investment firm Admiral Capital Group has acquired Fourteen555, a 249,564-square-foot, Class A office building located in the Lower Tollway submarket of Dallas. The seller, Cawley Partners, developed the asset in 2018. Amenities at the six-story property a full-service restaurant, a fitness center and a covered terrace with lounge seating. BOKA Powell designed the building.

September 9, 2019

Acquisitions New York Northeast Office

Jacobson, Pyramid Negotiate $13.6M Sale of Medical Office Building in Upstate New York

by Alex Patton September 9, 2019

KINGSTON, N.Y. — Jacobson Properties and Pyramid Brokerage, two New York-based firms, have arranged the $13.6 million sale of a Benedictine Cancer Center, a medical office building in Kingston. The 36,479-square-foot facility, located about 50 miles south of Albany, is 100 percent leased to HealthAlliance Hospital: Mary’s Avenue Campus. Lisa Menin of Jacobson Properties and Leo Jones of Pyramid Brokerage represented the undisclosed seller in the transaction. The buyer was a private equity investor.

September 9, 2019

Acquisitions Maryland Office Southeast

JLL Arranges Sale of 327,000 SF Office Complex in Metro D.C.

by Alex Tostado September 9, 2019

ROCKVILLE, MD. — JLL has arranged the sale of Executive Plaza, a 327,000-square-foot office complex in Rockville. The property comprises two eight-story buildings located at 6120 and 6130 Executive Blvd., about 15 miles north of downtown Washington, D.C. The buildings were recently renovated to include a new fitness center, 3,500-square-foot conference center, cyber café and an outdoor plaza. Jim Meisel and Matt Nicholson of JLL represented the seller, a partnership between Monument Realty and Angelo, Gordon & Co., in the transaction. MC Real Estate and an institutional partner acquired the asset for an undisclosed price. MC Real Estate has retained The Polinger Co. to provide onsite property management services and Bob Dickman of Avison Young as the leasing agent.

September 9, 2019

Colorado Development Office Western

Schnitzer West To Develop 12-Story Office Building in Denver’s RiNo District

by Amy Works September 9, 2019

DENVER — Schnitzer West has announced plans to develop The Current, River North, a Class A office building located at 3615 Delgany St. in Denver’s River North (RiNo) Art District. The development is a partnership between Schnitzer West and Crafts Cos., a Denver-based real estate firm. Schnitzer West acquired the 34,250-square-foot site to develop an office building for business and retail purposes. The 12-story building will feature two levels of underground parking, three levels of above-grade podium parking and eight floors of office space. The top two floors will offer private amenities for tenants, including Schnitzer West’s signature “great room” working and leisure space and a rooftop terrace. Additional amenities will include ground-level retail, office-building lobby and conference center and bicycle storage. The first phase of construction is scheduled to begin in February 2020. Davis Partnership Architects served as architect and Transwestern has been retained to handle leasing for the completed project.

September 9, 2019

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