Office

Cushman & Wakefield Arranges Sale of 117,138 SF Office Building in Raleigh

by Alex Tostado February 15, 2019

RALEIGH, N.C. — Cushman & Wakefield has arranged the sale of Legacy at Brier Creek, a four-story, 117,138-square-foot office building in Raleigh. Legacy at Brier Creek delivered in December 2017 and was fully leased at the time of the sale and anchored by Infosys, an Indian multinational corporation that provides business consulting, information technology and outsourcing services. The asset is situated about 13 miles northwest of Raleigh and about nine miles southeast of Durham. David Finger, Sara Owen, David Meline and Samir Idris of Cushman & Wakefield represented the undisclosed seller in the transaction. Zurich Alternative Asset Management LLC represented the buyer, a member company of Zurich North America, in the transaction. The sales price was not disclosed.

February 15, 2019

Development Office Texas

Cypress, Greenbelt to Develop 162,000 SF Office Project in East Austin

by Taylor Williams February 15, 2019

AUSTIN, TEXAS — National development firm Cypress Real Estate Advisors and Austin-based Greenbelt Commercial LLC will develop Eastlake at Tillery, a 162,000-square-foot office project in East Austin. The property will consist of two buildings and an above-ground parking garage. Delineate Studios is handling design of the project and AQUILA Commercial is handling leasing. The groundbreaking is slated for fall 2019 and completion is scheduled for 2020.

February 15, 2019

Acquisitions Office Texas

Admiral Capital Acquires 161,131 SF Office Building in Frisco

by Taylor Williams February 15, 2019

FRISCO, TEXAS — New York City-based investment firm Admiral Capital Group has acquired Duke Bridges III, a 161,131-square-foot office building located in the northern Dallas suburb of Frisco. The property was built in 2007 and was 94 percent leased at the time of sale to tenants in the technology, government and business services sectors. Admiral Capital also acquired with Parkwood Place, a 98,750-square-foot office complex in Plano that was sold by California-based KBS.

February 15, 2019

Leasing Activity Office Texas

Coworking Firm to Open 30,000 SF Office Space in Frisco

by Taylor Williams February 15, 2019

FRISCO, TEXAS — Coworking firm Venture X will open a 30,000-square-foot office space at Stonebrook Business Park in Frisco. Chris Doggett and Ashley Curry of JLL represented the landlord, Goveia Commercial Real Estate, in the lease negotiations. Ryan Hoopes and Tom Sutherland with Cushman & Wakefield represented Venture X, which has five open locations in the DFW area and several more in the pipeline. The Stonebrook space is expected to open during the second quarter.

February 15, 2019

Illinois Leasing Activity Midwest Office

USG Signs 10-Year Lease Extension for Global Headquarters in Chicago

by Kristin Harlow February 15, 2019

CHICAGO — USG Corp. has extended its lease for an additional 10 years at 550 W. Adams St. in Chicago. The building materials manufacturer will remain in 220,000 square feet on floors 11 through 18. Chris Wood, David Stefancic and Brian Duffy of Cushman & Wakefield represented USG in the lease transaction. Joy Jordan and Emily Marquardt of Telos Group represented the landlord, GLL Real Estate Partners. Cushman & Wakefield will also provide project management services to USG as part of a renovation to the office space.

February 15, 2019

Acquisitions California Office Western

Harbor Group, Paramount Group Acquire 293,000 SF Office Building in San Francisco for $227M

by Jeff Shaw February 15, 2019

SAN FRANCISCO — A joint venture between Harbor Group International and Paramount Group has purchased 111 Sutter Street, an office building in San Francisco’s North Financial District. An undisclosed seller sold the asset for $227 million, or $775 per square foot. At the time of sale, the 293,000-square-foot building was 70 percent leased to a variety of technology, media, business services and nonprofit tenants. Paramount will act as property manager for the building and oversee day-to-day operations.

February 15, 2019

Acquisitions Colorado Loans Office Western

SteelWave, Rialto Capital Receive $54.6M Acquisition Loan for Vacant Office Building in Denver

by Amy Works February 15, 2019

DENVER — SteelWave LLC and Rialto Capital Management have received $54.6 million in bridge financing for the acquisition and repositioning of a vacant office/data center property in downtown Denver. Leon McBroom and Eric Tupler of HFF arranged the four-year, floating-rate loan through Square Mile Capital Management for the borrowers. Loan proceeds will be used to acquire and reposition the asset into a state-of-the-art office building. Located at 930 15th St., the 12-story building features 223,000 square feet of vacant office/data center space. The buyers plan to renovate the property with floor-to-ceiling glass curtain wall on two facades and the installation of executive parking stalls, a collaborative lounge area, café and wine bar, rooftop fitness center, bike lab, rooftop event area and lounge, and conference center. Renovated office suites will features 1,345-foot slab-to-slab ceilings, fiber connectivity and modernized mechanical systems.

February 15, 2019

New York Northeast Office Top Stories

Analyst: Amazon Abandoning New York City HQ Will Have Greatest Impact on Condo Market

by Kristin Harlow February 15, 2019

NEW YORK CITY — The New York City condo market will likely take the biggest hit after Amazon announced Thursday that it would not move forward with plans to build a second headquarters in the city, according to one REIT analyst. The online retail giant cited a lack of support from state and local elected officials as its reason for pulling out of a massive headquarters plan in the Long Island City neighborhood of Queens. “While polls show that 70 percent of New Yorkers support our plans and investment, a number of state and local politicians have made it clear that they oppose our presence and will not work with us to build the type of relationships that are required to go forward with the project we and many others envisioned in Long Island City,” wrote Amazon in a blog post. Amazon does not intend to reopen the HQ2 search at this time. The company will proceed with its plans for a headquarters in Northern Virginia and operations hub in Nashville. James Sullivan, managing director of equity research for BTIG, says that there are a lot of residential units in the development pipeline in the Long Island City market. “The …

February 15, 2019

Loans New Jersey Northeast Office

HFF Secures $27M Refinancing for Office Building in Northern New Jersey

by David Cohen February 14, 2019

FAIRFIELD, N.J. — HFF has secured two loans totaling $27 million to refinance Greenbrook Executive Center, a 203,028-square-foot, office building in Fairfield. Located at 100 Passaic Ave., the three-story building is near the Willowbrook Mall as well as Interstate 80 and Route 46. Jim Cadranell and Matthew Pizzolato of HFF secured the two loans on behalf of the borrower, Accordia Realty Ventures. Silverpeak Argentic provided a $22.4 million, 10-year securitized loan and Morrison Street Capital provided a $4.5 million, 10-year mezzanine loan. The financing allowed Accordia to buy out its institutional equity partner, Guggenheim Real Estate. Accordia and Guggenheim who they have owned the asset with since 2006.

February 14, 2019

Development Office Texas

Stonelake Capital Breaks Ground on 210,000 SF Office Building in Houston

by Taylor Williams February 14, 2019

HOUSTON — Stonelake Capital Partners, a private equity firm with offices in Dallas, Houston and Austin, has broken ground on Park Place Tower, a 210,000-square-foot office building located at 4200 Westheimer Road in Houston. The 15-story property, which will include ground-floor retail space, represents the third phase of the Park Place | River Oaks development. The building is expected to be available for occupancy in spring 2020. Beck Architecture handled design for the project and Harvey Builders served as general contractor. Texas Capital Bank provided construction financing, and Colvill Office Properties is handling leasing of the office space.

February 14, 2019

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