Office

Manifold, OakPoint to Develop 165,000 SF Office Building in Austin

by Taylor Williams February 21, 2019

AUSTIN, TEXAS — Two local firms, Manifold Real Estate and OakPoint Real Estate, will develop Bouldin Creek, a 165,000-square-foot office building in Austin. Designed by Michael Hsu Office of Architecture, the property will feature a rooftop deck, green space with meeting areas, an onsite gym, tenant lounge and bike storage. Tenants at the property will also enjoy proximity to several public transit lines and walkability to nearby restaurants, shops and bars. The developers plan to break ground in March and deliver the Class A building in summer 2020.

February 21, 2019

Acquisitions Arizona Office Western

Joint Venture Sells Rio West Business Park in Tempe for $63.3M

by Amy Works February 21, 2019

TEMPE, ARIZ. — A joint venture between the principals of Scottsdale, Ariz.-based The Wolff Co. and Seattle-based Leavitt Capital Cos. has completed the sale of Rio West Business Park, an office campus located at 1621-2021 W. Rio Salado Parkway in Tempe. A fund managed by Los Angeles-based Oaktree Capital Management acquired the asset for $63.3 million. Tracy Cartledge, Steve Lindley and Bob Buckley of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller. The five-building Rio West Business Park features 296,663 square feet of office space. At the time of sale the property was fully leased, with American Airlines occupying four of the five buildings.

February 21, 2019

California Loans Mixed-Use Office Retail Western

HFF Secures $17.6M Acquisition Loan for Mixed-Use Building in Santa Monica, California

by Amy Works February 21, 2019

SANTA MONICA, CALIF. — HFF has secured a $17.6 million acquisition loan for a mixed-use building, located at 1404-1408 Third St. in Santa Monica. The borrower is Blatteis & Schnur. Marc Schillinger and Paul Brindley of HFF arranged the floating-rate loan with a debt fund as the lender. Upon expiration of existing leasing and attainment of entitlements Blatteis & Schnur has plans to develop a new building on the site. The mixed-use building totals 14,584 square feet of two-story creative office space and ground-floor retail space, which is occupied by Lush and Chilli Beans.

February 21, 2019

Acquisitions Midwest Office Wisconsin

Colliers Brokers Sale of Six-Building Office Portfolio in Metro Milwaukee for $37.7M

by Kristin Harlow February 21, 2019

MILWAUKEE AND WAUKESHA, WIS. — Colliers International has brokered the sale of a six-building office portfolio in Milwaukee and Waukesha for $37.7 million. The 392,021-square-foot portfolio includes a mix of single- and multi-tenant buildings. At the time of sale, the portfolio was 92 percent leased to 23 tenants, including Von Briesen & Roper, Morgan Stanley, Aurora Health Care and DentaQuest. Tom Shepherd of Colliers represented the seller, LSOP WI LLC. Felton Properties was the buyer. Colliers will handle property management services on behalf of the buyer.

February 21, 2019

Leasing Activity Massachusetts Northeast Office

Google Signs 362,000 SF Lease in Cambridge

by David Cohen February 20, 2019

CAMBRIDGE, MASS. — Google has signed a 15-year lease for 362,000 square feet at 325 Main St. in the Kendall Square neighborhood of Cambridge. The lease agreement brings Google’s total footprint in Cambridge to more than 800,000 square feet. The new, 16-story building at 325 Main St. will include approximately 400,000 rentable square feet. The property will replace the existing 115,000-square-foot building currently on site. Construction is expected to commence later this year and be completed in 2022. Boston Properties is developing the new, 16-story building at 325 Main St.

February 20, 2019

Alabama Loans Office Southeast

Arbor Realty Trust Provides $61.2M Bridge Loan for Office Tower in Birmingham

by Alex Tostado February 20, 2019

BIRMINGHAM, ALA. — Arbor Realty Trust Inc. has provided a $61.2 million bridge loan for AT&T City Center, a 30-story office building in Birmingham. Joseph Charneski of Arbor Realty Trust originated the loan for VCP City Center, which bought the building in November 2018 for $31 million. The borrower plans to use the funds to convert the 617,453-square-foot building into a mixed-use building, offering residential, retail and office space. The loan also covered acquisition costs for the borrower.

February 20, 2019

Development District of Columbia Office Southeast

Akridge, Stars REI Deliver 102,000 SF Office Building Near White House

by Alex Tostado February 20, 2019

WASHINGTON, D.C. — Akridge and Stars REI have delivered a 102,000-square-foot office complex at the corner of 16th and L streets in Washington, D.C. The site at 1101 Sixteenth St. was formerly two obsolete office buildings that housed the American Association of University Women and the American Beverage Association. HOK was the architect on the project, Clark Construction Group was the general contractor and EagleBank provided construction financing. Amenities include a fitness facility, penthouse lounge and a rooftop terrace with White House views.

February 20, 2019

Georgia Leasing Activity Office Southeast

Emory Healthcare Signs 28,000 SF Office Lease in Midtown Atlanta

by Alex Tostado February 20, 2019

ATLANTA — Emory Healthcare has signed a 28,000-square-foot lease at Baltimore Block across from Emory University Hospital Midtown in Midtown Atlanta. Emory Healthcare will move its finance and materials management operation to the newly leased space. Baltimore Block is a recently renovated historic office development that was originally built in 1885. Gamma Real Estate and Meltzer Properties acquired the asset in 2015 and completed a $4.5 million renovation. The 104,000-square-foot building is now 91 percent leased. Claire Ross and Mike Werner of JLL represented the landlord, in the lease transaction. Bruce Propst of Cushman & Wakefield represented the tenant.

February 20, 2019

Development Illinois Midwest Office

J.C. Anderson Completes Renovations of Schaumburg Corporate Center in Suburban Chicago

by Kristin Harlow February 20, 2019

SCHAUMBURG, ILL. — J.C. Anderson has completed renovations of Schaumburg Corporate Center in suburban Chicago. GlenStar Properties owns the 1 million-square-foot office complex. The project included a new tenant lounge, conference center, management office and renovations to the fitness center, atrium, flooring and painting. J.C. Anderson also connected a stairway from the first-floor atrium to the lower-level fitness center. Wright Heerema Architects provided architectural services. Schaumburg Corporate Center was originally constructed in the 1980s.

February 20, 2019

Illinois Leasing Activity Midwest Office

Manhard Consulting Signs 17,989 SF Office Lease at Lincolnshire Corporate Center in Illinois

by Kristin Harlow February 20, 2019

LINCOLNSHIRE, ILL. — Manhard Consulting has signed a 17,989-square-foot office lease at 1 Overlook Point within Lincolnshire Corporate Center. Manhard Consulting is a full-service civil engineering and surveying firm. The company was previously based in Vernon Hills. The office property recently underwent a renovation with a new amenity center. Nicholas Panarese of Van Vlissingen and Co. represented the landlord, Van Vlissingen and Co.

February 20, 2019

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