Office

Paramount Sells Liberty Place Office Building in Washington D.C. for $154.5M

by Alex Patton September 27, 2019

WASHINGTON, D.C. — Paramount Group Inc. (NYSE: PGRE) has sold Liberty Place, a landmark office building in Washington D.C., to an undisclosed buyer for $154.5 million. The 172,000-square-foot office building is located at 325 7th St. NW in the East End submarket of Washington, D.C., less than a mile from Capitol Hill. The property comprises two incorporated buildings: the historic Fireman’s Fund Building built in 1882, and a 12-story glass and limestone office tower constructed in 1991. In 2014, Hickok Cole designed an interior repositioning of the office entrance and lobby. Paramount intends to use a portion of proceeds from the sale to partially fund its $722 million purchase of Market Center, a 753,000-square-foot Class A office building in San Francisco’s South Financial District. “We continue to execute on our capital recycling strategy by selling stabilized assets at attractive prices and redeploying that capital into higher-growth opportunities, such as Market Center,” says Albert Behler, president, CEO and chairman. Recent tenants at Liberty Place include electric service company PPL Corp., market consultant Sonecon, Canadian fertilizer company Nutrien and Teneo Hospitality Group. Paramount originally acquired Liberty Place from Beacon Capital Partners in June 2011. Though Paramount did not disclose the price, the …

September 27, 2019

Acquisitions Office Texas

Madison Marquette Buys 128,617 SF Office Building in Austin

by Taylor Williams September 27, 2019

AUSTIN, TEXAS — Madison Marquette has purchased The Millennium, a 128,617-square-foot office building located in the Shepherd Mountain area of Austin. National Instruments originally developed the five-story property in 1985 as a build-to-suit project. Mike McDonald, Celeste Fowden and Katy Jane Jenevein of Cushman & Wakefield represented the seller of The Millennium, which was 66 percent occupied at the time of sale. Madison Marquette will implement a repositioning program that will add a management and conference facility and upgrade both interior and exterior common areas.

September 27, 2019

Acquisitions Industrial Office Texas

NAI Partners Brokers Sale of 86,655 SF Office, Warehouse Property in Metro Houston

by Taylor Williams September 27, 2019

MISSOURI CITY — NAI Partners has brokered the sale of an 86,655-square-foot office and warehouse property situated on 10 acres at 13840 Pike Road in Missouri City, a southwestern suburb of Houston. Clay Pritchett and Zane Carman of NAI Partners represented the seller, Champions Fairway Ltd. Will Austin and Hunter Johnston of Bridge Commercial Real Estate represented the buyer, Full Plus LLC.

September 27, 2019

Development Office Texas

Rosenberger Breaks Ground on 56,000 SF Office Building in Sugar Land, Texas

by Taylor Williams September 27, 2019

SUGAR LAND, TEXAS — Rosenberger Construction has broken ground on a 56,000-square-foot office building for software developer HCSS in Sugar Land, located southwest of Houston. The property will be the third office building on the company’s 12-acre corporate campus. HCSS expects to add about 200 new employees to the new building, which will include a full kitchen, multiple lounge areas, a fitness center and an indoor racquetball court. A timeline for completion was not released.

September 27, 2019

Leasing Activity New York Northeast Office

Harper + Scott Signs 17,456 SF Office Lease in Manhattan

by Alex Patton September 27, 2019

NEW YORK CITY — Marketing and design firm Harper + Scott has signed a 17,456-square-foot office lease at 3 World Trade Center in Manhattan. The company currently operates out of 915 Broadway in the Flatiron District and will occupy a portion of the 40th floor of the building beginning in spring 2020. Jeff Fischer and Joe D’Apice of CBRE represented Harper + Scott in the lease negotiations. Jeremy Moss and Camille McGratty of Silverstein Properties represented the landlord, the Port Authority of New York and New Jersey. Mary Ann Tighe, Ken Meyerson, Adam Foster, Evan Haskell, Steve Eynon, David Caperna and Rob Hill of CBRE assisted the Silverstein Properties team.

September 27, 2019

Acquisitions California Industrial Office Western

Valore Ventures Acquires 28,542 SF Flex Industrial Facility in Southern California

by Amy Works September 27, 2019

SANTA FE SPRINGS, CALIF. — Valore Ventures has purchased a flex industrial facility, located at 15511 Carmenita Road in Santa Fe Springs, from a private seller for an undisclosed sum. Built in 1998, the 28,542-square-foot property features 11,437 square feet of office space spanning two floors in the front of the building, and 17,105 square feet of one-story industrial warehouse space with 22-foot clear heights in the rear of the building. The facility features a gated parking lot, two drive-in docks and two-grade level doors.

September 27, 2019

California Market Reports Office Western Western Market Reports

San Diego’s Office Market Shows Strong Fundamentals, Continued Creativity

by Taylor Williams September 27, 2019

The outlook for San Diego’s office market is sunny and bright. Often considered a less costly option for office users as compared to other Southern California markets, San Diego holds consistent appeal for tenants seeking a coastal address where the weather is mild and the vibe is entrepreneurial and business friendly. The market is following the national trend of stronger occupancy rates and robust absorption, buoyed by a healthy economy. At 10.2 percent in the second quarter — the lowest level in nearly 14 years — San Diego’s office vacancy rate beats the national office vacancy rate of 12 percent — the lowest level in 18 years, despite construction. These fundamentals are demonstrating increased tenant demand. We’re continuing to see growth and expansion of office in submarkets throughout San Diego County. Sorrento Valley is one of the stronger office submarkets due to its centralized location and accessibility to major freeways. Other submarkets with heightened demand are Del Mar Heights, which is close to the ocean and suburban areas that house corporate executives, and Kearny Mesa, another major business center for the county. Carlsbad and Oceanside in North County and Chula Vista in South County are also popular choices. Oceanside and …

September 27, 2019

Leasing Activity New York Northeast Office

AFHU Signs 11,000 SF Office Lease in Manhattan

by Alex Patton September 26, 2019

NEW YORK CITY — American Friends of Hebrew University (AFHU) has signed an 11,000-square-foot office lease in Manhattan. AFHU will move into a portion of the 11th floor of 199 Water Street in June 2020. Lauren Davidson, Lindsay Ornstein and Samantha Schrenker of Transwestern represented AFHU in the lease negotiations. Brett Greenberg and Adam Rappaport represented the landlord, Jack Resnick & Sons, on an internal basis.

September 26, 2019

Leasing Activity Michigan Midwest Office

Secure 24 Signs 100,000 SF Office Headquarters Lease in Southfield, Michigan

by Kristin Harlow September 26, 2019

SOUTHFIELD, MICH. — Secure 24 has signed a 100,000-square-foot office lease for its new headquarters in Southfield. The cloud services provider will occupy space at 4000 Town Center. Robert Badgero and Steve Badgero of Colliers International represented the tenant in the lease transaction. The landlord was not disclosed. Secure 24, which currently operates at 26955 Northwestern Highway in Southfield, expects to occupy its new space in the first quarter of 2020.

September 26, 2019

Acquisitions California Office Western

Drawbridge Realty Sells 160,000 SF Office Campus in San Jose for $55.5M

by Amy Works September 26, 2019

SAN JOSE, CALIF. — San Francisco-based Drawbridge Realty has completed the disposition of an office campus, located at 5300-5350 Hellyer Ave. in San Jose. An affiliate of the Empire Square Group acquired asset for $55.5 million. Cobham Advanced Electronic Solutions occupies utilizes the 160,000-square-foot campus as its corporate headquarters. Scott Prosser, Joe Moriarty and Jack DePuy of CBRE represented Drawbridge in the transaction.

September 26, 2019

Newer Posts

Older Posts