NORWOOD, MASS. — Organogenesis, which provides regenerative medicine for the surgical and sports medicine fields, has leased 43,850 square feet of lab and manufacturing space at 333 Providence Highway in the Boston suburb of Norwood. The single-story building consists of 86,450 square feet of office, lab and flex space. Rob Byrne, Paul Leone, Ryan Romano, George O’Connor and Philip Verre of Cushman & Wakefield represented the landlord, The Davis Companies, in the lease negotiations. Landmark Real Estate Advisors represented the tenant.
DALLAS — HFF has negotiated the sale of several office and retail buildings totaling 421,617 square feet within Victory Park, a 75-acre mixed-use development in Dallas. Ryan Shore, Barry Brown and Chris Gerard of HFF represented the seller, Orlando-based investment firm Estein USA. Charlotte-based Asana Partners purchased the properties for an undisclosed price in an off-market transaction. The Victory Park area, located where Uptown and downtown Dallas converge, houses approximately 3,500 apartments, 1.5 million square feet of office space, the W Dallas Hotel and American Airlines Center, home of the Dallas Mavericks and Stars.
CINCINNATI — Viking Partners Fund IV LLC, in conjunction with a fund managed by DRA Advisors LLC, has acquired Towers of Kenwood in Cincinnati. Ajoint venture of Hines and a subsidiary of a real estate fund managed by Oaktree Capital Management LP sold the office property for$80.6 million, according to the Cincinnati Business Courier. Towers of Kenwood is a 404,425-square-foot, seven-story office building located at the intersection of I-71 and Montgomery Road. The property was 97 percent leased at the time of acquisition. Tenants include iHeart Media, Sibcy Cline, UBS Financial Services and JPMorgan Chase Bank. Viking and DRA plan to make some capital improvements to the asset, including upgrades to the restrooms, corridors and lobbies.
CGS3 Arranges $58M Sale of Ground Lease Interest in Brentwood Gateway Office Building in Los Angeles
LOS ANGELES — Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3) has arranged the sale of a ground lease interest in Brentwood Gateway, a 10-story office building in Los Angeles’ Brentwood neighborhood. Brentwood Gateway LLC, an affiliate of Vintage Capital Group, sold the asset to Sargossa LLC, an affiliate of Fortress Investment Group, for $58 million. Located at 11611 San Vicente Blvd., the 104,716-square-foot building was built in 1977. At the time of sale, the property was 99 percent occupied by a variety of tenants including Buter, Buzard, Fishbien & Royce; Allison & Partners; and Oaktree Capital Management. David Alvardado and Eoin Gubbins of CGS3 handled the deal. Newmark Knight Frank served as broker for the seller, while the buyer was self-represented in the transaction.
PLANO, TEXAS — Newmark Knight Frank (NKF) will relocate its North Dallas office to an 8,454-square-foot space at 5201 Tennyson Parkway within Legacy Business Park in Plano. The 124,731-square-foot building was completed in 2015. John Wolf internally represented NKF, which is nearly doubling the size of it old office, in the lease negotiations.
NAPLES, FLA. — A joint venture between Creekside West Inc., GC Partnership Ltd. and FoxRock Newgate 5150 Realty LLC has sold Newgate Center and Park North, a pair of adjacent office campuses in Naples. Newgate Center is a three-building, 80,000-square-foot office campus situated at 5200 Tamiami Trail N., and Park North is a two-building, 19,450-square-foot office property situated at 5125 Castello Drive. David Stevens of Investment Properties Corp. represented the sellers in the transaction. Rainer Filthaut of International Realty Corp. represented the buyer, a private European investment group doing business as Tamiami Newgate LLC.
GREENVILLE, S.C. — Coworking firm Spaces has signed an office lease to occupy the bottom two floors of Falls Tower in downtown Greenville. Falls Tower is a 184,000-square-foot office building under construction at 423 S. Main St. as part of Centennial American Properties’ Camperdown development. This marks Spaces’ first location in South Carolina. It will occupy 28,900 square feet, business solutions firm Elliott Davis will occupy 65,000 square feet and Bank of America will occupy 32,000 square feet at Falls Tower. At full buildout, Camperdown will offer office, residential, retail and hotel space, as well as an outdoor courtyard. Centennial American Properties expects to complete Falls Tower in mid-2020. Charles Gouch and Doug Webster of CBRE represented the landlord and developer in lease negotiations.
PHILADELPHIA — Children’s Hospital of Philadelphia (CHOP) has signed a 54,000-square-foot office lease expansion at the Wanamaker building, a 1.4 million-square-foot office and retail property located in the Center City neighborhood of Philadelphia. Following this transaction, CHOP will occupy more than 300,000 square feet across six floors. The building owner, a partnership between Rubenstein Partners LP and Amerimar Enterprises Inc., is entering the final phase of a capital improvement program for the building, which was originally built in 1911 to house Wanamaker’s, one of America’s first department stores.
Despite the heartache from losing the bid for Amazon’s second headquarters, New Jersey is undoubtedly in a more competitive position than it was before the selection process began. The exercise of responding to Amazon’s request for proposals showcased many of New Jersey’s strengths, such as its talented labor pool, access to higher education and vast transportation infrastructure. As we now know, these assets weren’t enough to secure the Amazon campus, leaving state officials and business leaders motivated to work on those areas identified as falling short. But that doesn’t take away from what the state offers both corporate occupiers and institutional investors. To start, building owners are increasingly investing significant capital to improve and expand New Jersey’s aging supply of office properties. This is music to a tenant’s ears and, as a result, the office market continued its streak of growing occupancy with 302,577 square feet of positive absorption in the fourth quarter, according to Transwestern. Where many of the new leases were signed, landlords committed to substantial capital improvement programs. For the past several years, the best lease-up success stories have come from owners that upgraded their properties to current standards and added amenities preferred by today’s dynamic workforce. …
ATLANTA — John Portman & Associates has unveiled plans for 712 West Peachtree, a 578,851-square-foot office tower in Midtown Atlanta. The tower will stand 20 stories high and include one story below ground. The total rentable office space will span 309,465 square feet from the eighth to 20th floor. The building will also include 8,761 square feet of retail space, 516 parking spaces and an outdoor terrace on the eighth floor. Developed by Portman Holdings LLC, an affiliate of the Atlanta-based architectural firm, 712 West Peachtree will be located near NCR’s headquarters, Anthem Technology Center and Norfolk Southern’s headquarters. The project is also near Coda at Tech Square, a 770,000-square-foot mixed-use development on the edge of Georgia Tech’s campus that Portman Holdings is also developing. A timeline for 712 West Peachtree’s construction was not disclosed.