Office

Engineering, Consulting Firm Signs 60,000 SF Office Lease in Midtown Manhattan

by Taylor Williams May 2, 2019

NEW YORK CITY — Cosentini Associates, a division of engineering and consulting firm Tetra Tech Inc., has signed a 60,000-square-foot office lease at 498 Seventh Avenue, a 25-story, 960,000-square-foot tower in Midtown Manhattan. Cosentini plans to relocate its headquarters from 2 Penn Plaza to the new space in the first quarter of 2020. Justin Aronson, Michael Liss, Christopher Mansfield and Adele Huang of CBRE represented the tenant in the lease negotiations. Andrew Conrad and Matt Coudert represented the landlord, George Comfort & Sons, on an internal basis.

May 2, 2019

Acquisitions Office Texas

HFF Arranges Sale, Financing of 61,740 SF Office Building in Austin

by Taylor Williams May 2, 2019

AUSTIN, TEXAS — HFF has arranged the sale of Westlake Place, a 61,740-square-foot office building in southwest Austin. Renovated in 2015, the property is situated on 2.5 acres at 1515 S. Capital of Texas Highway and was 92 percent leased at the time of sale. Cathy Nabours, Walter Saad and Drew Fuller of HFF marketed the property on behalf of the seller, Maryland-based Moore & Associates Inc., and procured the buyer, Oakpoint Real Estate, an investment firm with offices in Nashville and Austin. Chris McColpin of HFF arranged an undisclosed amount of acquisition financing through Lincoln Financial Group for the deal. That loan carried a 10-year term and a fixed interest rate.

May 2, 2019

Acquisitions Office Texas

Axiom Capital Acquires 60,000 SF Office Asset in Houston

by Taylor Williams May 2, 2019

HOUSTON — New York City-based Axiom Capital Management has acquired a 60,000-square-foot office building located at 13111 Westheimer Road in Houston. Comerica Bank serves as the major tenant at the four-story, Class B property. Bill McGrath and Peter Wall of LandPark Advisors represented Axiom Capital Management, which will upgrade the building’s common areas, in the transaction. The seller was not disclosed.

May 2, 2019

Acquisitions California Office Top Stories Western

TA Realty Buys 340,000 SF Office Tower in Metro Los Angeles for $138.5M

by Amy Works May 2, 2019

EL SEGUNDO, CALIF. — TA Realty has acquired 101 Continental, a soon-to-be-vacant office tower in El Segundo, for $138.5 million or $400 per-square-foot. VEREIT Inc. (NYSE: VER) sold the property. Developed by Continental Airlines in 1972, the 340,000-square-foot property was upgraded in 2008. The building is fully leased to Northrop Grumman and features floor-to-ceiling glass on every floor and unobstructed ocean views. TA Realty plans to begin a comprehensive building renovation at the end of May when Northrop Grumman’s lease expires. A timeline for the completion of the renovation was not disclosed. The property is located at 101 Continental Blvd., 18 miles southwest of downtown Los Angles and two miles south of Los Angeles International Airport. Selling 101 Continental decreases VEREIT’s office exposure and strengthens its overall portfolio, according to Thomas Roberts, chief investment officer of the company. As of Dec. 31, 2018, VEREIT managed and owned a 4,000-property, 95 million-square-foot portfolio that spanned across retail, office, restaurant and industrial space in 49 states. When Phoenix-based VEREIT purchased the property in 2014 for $98 million, it was fully leased to Northrop Grumman. VEREIT engaged Newmark Knight Frank (NKF) to market the property as a redevelopment opportunity. “The opportunity to acquire …

May 2, 2019

Leasing Activity Office Texas

Honeywell Signs 114,068 SF Office Lease in Houston’s Westchase District

by Taylor Williams May 1, 2019

HOUSTON — Charlotte-based multinational conglomerate Honeywell has signed a 114,068-square-foot office lease at CityWestPlace, a four-building office campus in Houston’s Westchase district that spans more than 1.4 million square feet. Amenities at the property include three dining outlets, two fitness centers and access to recreational facilities such as basketball and volleyball courts, a soccer field and an outdoor track. Honeywell, a Fortune 100 company, will assume occupancy of Building 1 for its primary base of operations in Houston beginning in late 2019. Rich Pancioli and John Morris of CBRE represented Honeywell in the lease negotiations. J.P. Hutcheson represented the landlord, office REIT Parkway Property Investments LLC, on an internal basis.

May 1, 2019

Leasing Activity Office Texas

Coworking Concept to Open 22,530 SF Office Space in Downtown Fort Worth

by Taylor Williams May 1, 2019

FORT WORTH, TEXAS — CityCentral, a Dallas-based coworking office concept, will open a 22,530-square-foot space at Cantey Hanger Plaza in downtown Fort Worth. The space, which is scheduled to open this fall and will be the company’s fourth in the metroplex, will offer more than 70 private offices, as well as meeting rooms and event spaces. Matthew Hickey and Kristin Grammar of TIG Real Estate Services represented CityCentral in the lease negotiations. Red Oak Realty represented the landlord.

May 1, 2019

Illinois Leasing Activity Midwest Office

JLL to Anchor Office Redevelopment Project in Westmont, Illinois

by Kristin Harlow May 1, 2019

WESTMONT, ILL. — JLL has signed a long-term lease to anchor Oakmont Point, a redevelopment project underway by Ryan Cos. in Westmont. The commercial real estate services firm will consolidate its existing operations in Westmont and Lombard to occupy the new 67,000-square-foot office this fall. Oakmont Point is an 18-acre office complex. Upon redevelopment, the property will feature three buildings that can accommodate users from 25,000 to 275,000 square feet. Amenities will include a conference center, Wi-Fi lounge, fitness center, deli and outdoor spaces.

May 1, 2019

Acquisitions California Development Office Western

Harvest Properties, Invesco Real Estate Buy Three-Building Office Development Site in Silicon Valley

by Amy Works May 1, 2019

SUNNYVALE, CALIF. — A joint venture between Harvest Properties and Invesco Real Estate has acquired a three-building, Class A office development site in Silicon Valley’s Sunnyvale submarket. Terms of the transaction were not released. The acquisition marks the eighth joint venture that Harvest and Invesco have completed together. The fully entitled, shovel-ready development site is situated in Peery Park, minutes from downtown Sunnyvale. The project totals approximately 540,000 square feet across three buildings and can be delivered in phases. The partnership plans to break ground immediately and deliver the first building, a 190,000-square-foot asset at 684 W. Maude Ave., in the third quarter of 2020.

May 1, 2019

Illinois Leasing Activity Midwest Office

Merchants Capital Opens Production Office in Chicago

by Kristin Harlow May 1, 2019

CHICAGO — Merchants Capital has opened a production office located at 131 S. Dearborn St. in Chicago. This is the company’s fourth office nationwide. Lee Oller has been hired as executive vice president to lead the Chicago team. Joining Oller are three senior vice presidents: Susan Schnoll, Alan Cravitz and Brian Black. Merchants Capital is a multifamily, affordable housing and healthcare lender.

May 1, 2019

Colorado Company News Development Office Western

Amazon to Open 98,000 SF Office Location in Denver, Plans to Create 400 New Tech Jobs

by Amy Works May 1, 2019

DENVER — Amazon plans to expand its Denver Tech Hub and create 400 new high-tech jobs in a variety of fields, including software engineering, hardware engineering, cloud computing and advertising. To accommodate this growth, the company will open a 98,000-square-foot office at Invesco’s 1515 Wynkoop building in Denver’s Lower Downtown district. Currently, Amazon has more than 350 employees in the Denver area, building new products and services for the company’s retail, advertising and Amazon Web Services businesses. The company’s new office joins the company’s Boulder office, which opened last fall, and will allow Amazon to more than double its tech workforce in the Denver area. In total, Amazon has created more than 3,500 full-time jobs in Colorado. Over the last three years, Amazon has invested more than $1.5 billion in Colorado including infrastructure, compensation and Whole Foods Market.

May 1, 2019

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