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Camelot West Commercial Negotiates $4.8M Sale of Medical Office Building in Tustin, California

by Amy Works September 9, 2019

TUSTIN, CALIF. — Camelot West Commercial has arranged the sale of Santa Ana – Tustin Medical Pavilion, a medical office building in Tustin. TKL Westminster acquired the property from Santa Ana Tustin Medical Pavilion LLC for $4.8 million with no concessions or repairs. Developed in 1968, the 17,594-square-foot building is located at 17400 Irvine Blvd. in Tustin. The building features 13 separate suites, each with examination rooms, lobbies, offices and private bathrooms. The building also features a full-service pharmacy. Jennifer Esser of Camelot West Commercial represented the seller, while Mia Pham of Lee & Associates represented the buyer in the transaction.

September 9, 2019

Acquisitions Massachusetts Northeast Office Top Stories

Boston Properties Acquires 392,600 SF Office Complex in Massachusetts for $106M

by Taylor Williams September 9, 2019

WALTHAM, MASS. — Boston Properties Inc. (NYSE: BXP) has acquired 880 and 890 Winter Street, a two-building, 392,600-square-foot office complex in Waltham, a suburb of Boston. The all-cash deal fetched a sales price of $106 million. The complex was 82 percent leased at the time of sale to 24 tenants in the healthcare, technology and energy sectors. Amenities include a two cafés, an outdoor seating area, a fitness center and a conference center. The 28-acre property is situated adjacent to Bay Colony, Boston Properties’ 1 million-square-foot business park. Following this acquisition, Boston Properties owns more than 4 million square feet of Class A office space in Waltham. The company owns and manages more than 5 million square feet of commercial space along the Route 128/Interstate 95 corridor in the Boston suburbs. “Waltham continues to be one of the region’s most desirable urban edge locations for organizations that want to attract and retain highly educated associates,” says Bryan Koop, executive vice president at Boston Properties. “The 880 and 890 Winter Street campus provides both location and amenities that offer long-term value for current and prospective tenants.” Boston Properties is one of the largest developers and owners of Class A office space, …

September 9, 2019

Leasing Activity New York Northeast Office

Davis & Gilbert Signs 86,000 SF Office Lease in New York City

by Alex Patton September 6, 2019

NEW YORK CITY — Davis & Gilbert LLP, a New York City-based law firm, has signed an 86,000 square-foot office lease at 1675 Broadway in Midtown. The lease comprises the 31st through 34th floor and a portion of the 35th floor in the 850,000-square-foot building. Lewis Miller, Scott Gottlieb, Brian Gell and Michael Wellen of CBRE represented Davis & Gilbert in the lease negotiations. Robert Steinman of Rudin Management Co. represented the landlord, The Rudin Family.

September 6, 2019

Acquisitions Industrial Office Texas

Cypressbrook Negotiates Sale of 28,896 SF Office/Warehouse Property in Houston

by Taylor Williams September 6, 2019

HOUSTON — Cypressbrook Co. has negotiated the sale of a 28,896-square-foot office/warehouse property located at 23219 West Hardy Road in Houston. According to LoopNet Inc., the property was built on 1998 and features 22-foot clear heights. Greg Usher of Cypressbrook represented the seller, WHRM Hardy Investments LLC, in the sale. Margaret Ann Cook of Fritsche Anderson Realty Partners represented the buyer, ieSmart Systems LLC.

September 6, 2019

Florida Leasing Activity Office Southeast

Kroger Signs 35,000 SF Office Lease at Boca Raton Innovation Campus

by Alex Tostado September 6, 2019

BOCA RATON, FLA. — The Kroger Co. has signed a 35,000-square-foot lease to relocate to Boca Raton Innovation Campus (BRiC). The space within 4700 Exchange Court is roughly the same size as Kroger’s previous space across the street, but was designed to be more efficient, such as having it in one contiguous space rather than broken up. The space serves as Kroger’s national headquarters supporting its digital businesses, including vitacost.com, which Kroger acquired in 2017. Mitchell Millowitz of Newmark Grubb Knight Frank represented Kroger in the lease transaction. Danielle Vennett of Crocker Partners and Jeff Kelley of CBRE represented the landlord.

September 6, 2019

Acquisitions Florida Office Southeast

JLL Arranges $45.2M Sale of Office Complex in Sarasota, Florida

by Alex Tostado September 5, 2019

SARASOTA, FLA. — JLL has arranged the $45.2 million sale of Gateway Professional Center, a four-building, 246,941-square-foot office complex in Sarasota. The property is located at 301, 401, 501 and 551 N. Cattlemen Road, five miles east of downtown Sarasota. The complex was 95 percent leased at the time of sale to a mix of tenants including accounting, insurance, engineering and technology companies. Amenities at Gateway Professional Center include a fitness center, conference center and parking for more than 1,150 vehicles. Ike Ojala, Hermen Rodriguez and Matthew McCormack of JLL represented the seller, TerraCap Management LLC, in the transaction. The buyer was Taurus Investment Holdings, a global private equity firm based in Boston.

September 5, 2019

Acquisitions North Carolina Office Southeast

CBRE Negotiates Sale of 147,141 SF Office Building in Charlotte’s SouthPark District

by Alex Tostado September 5, 2019

CHARLOTTE, N.C. — CBRE has negotiated the sale of South Park One Center, a 147,141-square-foot office building in Charlotte’s SouthPark submarket. The building is located at 6060 Piedmont Row Drive S., seven miles south of downtown Charlotte. The property was 97 percent leased at the time of sale, and more than half of the tenants are in the medical industry. Patrick Gildea, Matt Smith, Lee Asher, Chris Bodnar and Grayson Hawkins of CBRE represented the seller, Virginia-based CCP Commercial Real Estate, in the transaction. Chicago-based MBRE Healthcare acquired the building.

September 5, 2019

Acquisitions Office Texas

Office Properties Income Trust Sells 618,000 SF Complex in San Antonio

by John Nelson September 5, 2019

SAN ANTONIO — Office Properties Income Trust (OPI), a Massachusetts-based REIT, has sold a two-building, 618,000-square-foot office complex located at 19100 Ridgewood Parkway in San Antonio. The property was sold as part of a portfolio of assets in Texas and the Northeast that fetched a sales price of roughly $223 million. OPI will use for the repayment of the remaining balance on the company’s unsecured term loan and to pay down its revolving credit facility. The buyer and sales price were not disclosed.

September 5, 2019

Leasing Activity New York Northeast Office

Kelley Drye & Warren Sign 103,000 SF Office Lease in Manhattan

by Alex Patton September 5, 2019

NEW YORK CITY — Kelley Drye & Warren LLP, a New York-based law firm, has signed a 103,000-square-foot office lease at 3 World Trade Center in Manhattan. The firm will move to the 66th, 67th and 68th floors of the building in 2020, and will be the first law firm in the building. Other tenants in the building include advertising company GroupM, beverage company Diageo, mattress retailer Casper, and Hudson River Trading. Mary Ann Tighe, Ken Meyerson, Adam Foster, Evan Haskell, Steve Eynon, David Caperna and Rob Hill of CBRE represented the landlord, Silverstein Properties, in the transaction. Patrick Heeg and Ryan McKinney of Transwestern represented Kelley Drye.

September 5, 2019

Leasing Activity New Jersey Northeast Office

JLL Negotiates 35,000 SF Office Lease in Warren, New Jersey

by Alex Patton September 5, 2019

WARREN, N.J. — JLL has negotiated a 35,000-square-foot office lease in Warren, about 30 miles west of New York City. Bohler Engineering, an Atlanta-based civil engineering company, will occupy the first two floors of 30 Independence Boulevard by March 2020. The engineering firm is relocating to the building from 35 Technology Drive in Warren. Griffin Capital was represented by Timothy Greiner, Dennis McConnell and Daniel Spero of JLL represented the landlord, Griffin Capital, in the transaction. Scott Lesh, Scott Stange Sr. and Daniel Loughlin of JLL represented Bohler.

September 5, 2019

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