Office

Buchanan Street Partners Sells Quattro Office Building in Phoenix for $43.5M

by Amy Works August 14, 2019

PHOENIX — Newport Beach, Calif.-based Buchanan Street Partners has completed the disposition of Quattro, an office building located at 4310-4350 E. Colton Center Blvd. in Phoenix. Boston-based Albany Road Real Estate Partners acquired the property for $43.5 million. Situated within Cotton Center business park, Quattro features 264,994 square feet of flex office space. Built in 2002, the asset was 92.5 percent leased at the time of sale. Current tenants include CVS Health, Freeport-McMoRan, Konica Minolta, Sodexo and Xerox. Tracy Cartledge, Bob Buckley and Steve Lindley of Cushman & Wakefield’s Phoenix office represented the seller in the deal.

August 14, 2019

Loans New Jersey Northeast Office

NorthMarq Arranges $8M in Financing for Office Building in Newark

by Alex Patton August 14, 2019

NEWARK, N.J. — NorthMarq has arranged $8 million in financing for 31 Clinton Street, a 12-story office building in Newark. The public defender’s office of the State of New Jersey occupies the property. The non-recourse loan carries a 15-year term and a fixed interest rate of 3.72 percent. The loan proceeds will be used for renovations including a new elevator, new roof, new HVAC control system and facade repairs. Charles Cotsalas of NorthMarq arranged the loan. The lender and borrower were undisclosed.

August 14, 2019

Development Michigan Midwest Office

Olympia Development to Build New Headquarters for Mercedes-Benz Financial Services in Michigan

by Kristin Harlow August 14, 2019

FARMINGTON HILLS, MICH. — Mercedes-Benz Financial Services USA LLC and Olympia Development of Michigan have unveiled plans to develop a new build-to-suit office property in Farmington Hills. The Class A office space will serve as the headquarters for Mercedes-Benz Financial Services and the regional headquarters for Daimler Mobility Americas. The complex, pending permits and zoning approvals from the city, will be located on a 35-acre site on the southwest corner of Drake and 12 Mile roads. The three-story, 200,000-square-foot property will include a fitness center, café and coffee bar. Olympia Development has selected Gensler as the architect and Kirco Manix as the general contractor. Construction is expected to begin in the fall with completion slated for summer 2021. Mercedes-Benz Financial Services currently leases space in an office complex less than one mile from the new site. The automotive financial services provider is a member of the Daimler Mobility AG group of companies, headquartered in Germany. The company’s planned move to a new office space will retain approximately 1,000 jobs in the community.

August 14, 2019

Illinois Loans Midwest Office

Cohen Financial Secures $22M Acquisition Loan for Loft Office Building in Chicago

by Kristin Harlow August 14, 2019

CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $22 million loan for the acquisition of Lacuna Lofts in Chicago’s Pilsen neighborhood. The 220,000-square-foot property includes office, retail and event space. The loft building once served as a macaroni factory. Michael Hart and Ryan Morris of Cohen arranged the bridge loan, which provides capital for enhancing the base building, tenant improvements and expanding the event space. The borrower was a partnership between Ameritus and JBG Property. John Scuras of Jameson Commercial represented the seller.

August 14, 2019

New York Northeast Office Top Stories

WeWork Files for IPO, Reveals Revenue and Losses

by Kristin Harlow August 14, 2019

NEW YORK CITY — WeWork’s parent company, The We Co., has filed for its initial public offering. The coworking giant has not yet provided details on the number of shares it will offer or the expected pricing. We’s public filing would enable the company to debut as early as September. We has been valued as high as $47 billion in the private markets, according to The Wall Street Journal. We’s total revenue increased $771.6 million in the first six months of 2019 to $1.5 billion, primarily driven by an increase in membership and service revenue, according to the company’s filing with the Securities and Exchange Commission. On the flip side, We posted a net loss of $689.7 million for the first six months of the year. Total revenue in 2018 was $1.8 billion, but total losses were $1.6 billion. In the filing, We stated that average revenue per WeWork membership has experienced a decline, citing continued expansion into new global markets with different pricing structures and discounts to encourage longer contract terms. In 2010, WeWork opened its first location at 154 Grand St. in New York City. In the early years, WeWork members consisted of mostly freelancers, start-ups and small …

August 14, 2019

Acquisitions Illinois Midwest Office

Fairbridge Properties Buys Class A Office Building in Suburban Chicago for $42.8M

by Kristin Harlow August 13, 2019

OAK BROOK, ILL. — Fairbridge Properties has acquired Oak Brook Gateway in suburban Chicago for $42.8 million. The eight-story, 233,166-square-foot office building is located at 1111 W. 22nd St. The Class A property is 93 percent occupied. Tenants include Lewis University, U.S. Census Bureau, Oxford Bank and Aerotek. Designed by Holabird & Root and developed by New York Life Insurance Co. in 1984, Oak Brook Gateway includes a conference center, fitness center, full-service café, outdoor patio and covered parking. Brent Jacob of Colliers International handles leasing for the property.

August 13, 2019

Acquisitions Georgia Office Southeast

Coldwell Banker Brokers Sale of 140,800 SF Office Building in Downtown Macon, Georgia

by Alex Tostado August 13, 2019

MACON, GA. — Coldwell Banker Commercial Eberhardt & Barry Inc. has brokered the sale of a 140,800-square-foot office building in downtown Macon that used to house the Macon Telegraph, a local newspaper. In 2004, producer, publisher and owner of the Macon Telegraph, Macon Telegraph Publishing Co., moved the newspaper’s production process to Columbus, Ga. While some employees relocated at the time, the remaining employees relocated to the former Bank of America Building in 2014. The building is located at 120 Broadway St. A local investor bought the property and intends to lease it for various business uses. The McClatchy Co., which bought the Macon Telegraph in 2006, was the seller. The sales price was not disclosed.

August 13, 2019

Acquisitions Georgia Office Southeast

CBRE Arranges $19M Sale of Office Building in Atlanta’s Cumberland-Galleria Area

by Alex Tostado August 13, 2019

ATLANTA — CBRE has arranged the $19 million sale of 3301 Windy Ridge, a six-story, 106,574-square-foot office building within Wildwood Office Park in Atlanta’s Cumberland-Galleria submarket. The property is located near The Battery Atlanta and SunTrust Park, home to Major League Baseball’s Atlanta Braves. 3301 Windy Ridge was 98 percent leased to a diverse tenant roster at the time of sale. Individuals Christian Lopez and Jeff Lopez acquired the property from a joint venture between Greenstone Partners and RSF Partners. Tom Shafer and John Hinson of CBRE represented the seller.

August 13, 2019

Acquisitions Office South Carolina Southeast

Trinity Partners Negotiates $6.8M Sale of Office Building in Columbia

by Alex Tostado August 13, 2019

COLUMBIA, S.C. — Trinity Partners has negotiated the $6.8 million sale of 7 Technology Circle, a four-story, 86,733-square-foot office building in northeast Columbia. The property is located off Farrow Road near Interstate 77, about 10 miles northeast of downtown Columbia. Macon Lovelace and Paul Hartley of Trinity Partners represented the seller, Corocan Columbia LLC, in the transaction. Milton Thomas of Lee & Associates represented the buyer, 7 Technology Circle LLC.

August 13, 2019

Leasing Activity Lee & Associates New Jersey Northeast Office

Lee & Associates Arranges 35,000 SF Office Lease in Warren, New Jersey

by Alex Patton August 13, 2019

WARREN, N.J. — Lee & Associates has arranged a 35,000-square-foot office lease in Warren, about 30 miles west of New York City. The tenant, energy supplier Matheson Tri-Gas, will occupy the entire top floor at 3 Mountainview Road. Brian Lynch and Peter Rasmusson of Lee & Associates represented Matheson Tri-Gas in the lease negotiations. Jamie Drummond, Andrew Perrotti and Dan Reider of Newmark Knight Frank represented the landlord, KRE Group.

August 13, 2019

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