Office

Joint Venture to Undertake $300M Repositioning of The Textile Building in Manhattan

by Alex Patton October 24, 2019

NEW YORK CITY — A joint venture between Tribeca Investment Group and funds managed by PGIM Real Estate and Meadow Partners will undertake a full repositioning of 295 Fifth Avenue, a 700,000-square-foot property in Manhattan also known as The Textile Building, in a project valued at $300 million. The new ownership signed a 99-year ground lease at the former textile building and plans to convert it into a Class A office tower. Features of the new property will include 40,000-square-foot flexible floor plates and ceiling heights up to 16 feet, as well as a new lobby, new retail storefronts and amenity spaces. Tenant spaces will be redeveloped into loft offices. Darcy Stacom, Bill Shanahan and Doug Middleton of CBRE represented the family ownership on the ground lease. Studios Architecture will be involved in the design and construction of the project.

October 24, 2019

New York Northeast Office

CBRE Arranges Sale of 290,634 SF Office Complex in Purchase, New York

by Alex Patton October 24, 2019

PURCHASE, N.Y. — CBRE has arranged the approximately $40 million sale of 100 Manhattanville Road, a 290,634-square-foot, Class A office property in Purchase, a northern suburb of New York City. Mastercard anchors the office complex, which features a cafeteria and fitness center. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin, Gene Pride and Stuart MacKenzie of CBRE represented the seller in the transaction, which was undisclosed. The team also procured the buyer, RPW Group.

October 24, 2019

Leasing Activity New Jersey Northeast Office

Cushman & Wakefield Negotiates 72,628 SF of Office Leases, Renewals in Old Bridge, New Jersey

by Alex Patton October 24, 2019

OLD BRIDGE, N.J. — Cushman & Wakefield has negotiated 72,628 square feet of new office leases and renewals of existing leases at 100 Matawan Road, a 132,000-square-foot office building in Old Bridge, located approximately 30 miles south of New York City. Contract manufacturing and turnkey supply chain solutions firm Coda Resources leased 7,319 square feet on the third floor. Supermarket Key Food leased 38,311 square feet on the building’s first and second floors. Electronic health record and practice management solutions provider CentralReach, leased 14,287 square feet on the building’s plaza level. Steel distributor Duferco Steel Inc. renewed its 10,961-square-foot lease on the fourth floor. Rossow USA renewed its 1,750-square-foot lease. Kevin Carton, Todd Elfand, Paul Giannone and Joe Vacca of Cushman & Wakefield represented the landlord, Signature Acquisitions, in the lease negotiations. Carton and Elfand also represented Coda Resources. Joe Sarno, Wes Moore and Joe Sarno III of CBRE represented Key Food and CentralReach. Moore also represented Duferco Steel.

October 24, 2019

Acquisitions New Jersey Northeast Office

NAI James Hanson Brokers Sale of 2,331 SF Office Building in Hackensack, New Jersey

by Alex Patton October 24, 2019

HACKENSACK, N.J. — NAI James Hanson has brokered the sale of 300 S. Summit Avenue, a 2,331-square-foot office building in Hackensack, a northwestern suburb of New York City. The buyer, All Souls Evangelical Church, is relocating from Bogota to provide more accessibility to its congregation. Darren Lizzack and Randy Horning of NAI James Hanson represented the seller, a private investor, in the transaction. Allegra House of Prominent Properties represented All Souls Evangelical Church.

October 24, 2019

Market Reports Midwest Midwest Market Reports Office Ohio

New Construction, Mixed-Use Drive Columbus Office Market Activity

by Kristin Harlow October 24, 2019

As a whole, commercial real estate in Columbus has experienced high levels of activity in recent years, and the office market has been no exception. The amount of new office space hitting the market has kept vacancy and average rental rates relatively flat, pacing the economic growth of the region. The vacancy rate has hovered around 6 to 7 percent, and the average rental rates are around $18 to $19 per square foot on a gross basis. Developers in the region are anticipating continued growth, so there is an additional 830,000 square feet of office space currently under construction. With that amount of new construction, we don’t expect the vacancy or rental rates to change dramatically in the coming year. Let’s look at the trends driving these numbers. Population, economic growth Columbus continues to grow quickly. Columbus offers residents a low cost of living, great drivability, plenty of amenities and economic opportunity. Since 2010, the metro area has grown by 10.8 percent, adding over 200,000 people, which makes Columbus the 14th-largest city in the United States with over 2 million total residents. The population growth hasn’t slowed down; from 2017 to 2018, the area grew 1.2 percent, and forecasts expect …

October 24, 2019

Acquisitions Midwest Office Ohio

JLL Arranges $41.4M Sale of Two-Building Office Property in Easton, Ohio

by Kristin Harlow October 23, 2019

EASTON, OHIO — JLL has arranged the sale of One & Two Easton Oval, a two-building office property in Easton, for $41.4 million. The Class A asset spans 252,461 square feet and is situated approximately 10 miles northeast of Columbus’ central business district. Completed in the late 1990s, the property is 91.4 percent leased. Jim Postweiler, Peter Harwood, Derek Fohl and Patrick Shields of JLL represented the seller, Garrison Investment Group. Steve Buss and Marc Nanne of JLL represented the buyer, Minneapolis-based Founders Properties. Local JLL brokers Collin Wheeler and Aaron Duncan supported the sales effort. Keith Largay and Patrik Modig of JLL secured $27.8 million in acquisition financing. TCF Bank provided the seven-year, floating-rate loan.

October 23, 2019

Acquisitions Midwest Missouri Office

Kadean Construction Purchases 5,250 SF Building for Kansas City Office

by Kristin Harlow October 23, 2019

KANSAS CITY, MO. — Kadean Construction has purchased the 5,250-square-foot building at 1821 McGee St. in Kansas City that the company has been leasing since January 2018. The purchase price was not disclosed. Kadean plans to immediately commence renovations to finish out approximately 2,700 square feet of existing shell space into new office space. The construction firm expects to fully occupy the space beginning in January. Headquartered in St. Louis, Kadean has been active in the Kansas City market since 2015.

October 23, 2019

Acquisitions Office Texas

Songy Highroads Acquires 151,722 SF Office Building in Metro Houston

by Taylor Williams October 23, 2019

SUGAR LAND, TEXAS — Songy Highroads LLC, an Atlanta-based investment and development firm, has acquired Sugar Creek Place I, a 151,722-square-foot office building located in the southwestern Houston suburb of Sugar Land. The six-story, Class A building was 86 percent leased at the time of sale. Sugar Creek Place I recently received more than $1.7 million in capital improvements, including the addition of a new conference facility, tenant lounge and common area, as well as an upgraded lobby and corridors. Marty Hogan and Dan Miller of JLL represented the seller, HighBrook Investors, in the transaction, while Ed Coco, Matt Casey and Michael Johnson of JLL arranged acquisition financing on behalf of Songy Highroads. Transwestern Commercial Services handles leasing of the property, which was 86 percent occupied at the time of sale.

October 23, 2019

Leasing Activity Office Texas

Architecture Firm Signs 34,000 SF Office Lease Extension in Downtown Dallas

by Taylor Williams October 23, 2019

DALLAS — Global architecture and engineering firm Page has signed a 34,000-square-foot office lease extension at the historic Mercantile National Bank Building in downtown Dallas. The firm has operated out of the property, located at 1800 Main St., since 2011 and will add an additional seven years to its lease term. Matt Heidelbaugh and Billy Gannon of Cushman & Wakefield represented Page in the lease negotiations.

October 23, 2019

Acquisitions New York Northeast Office

Citigroup Agrees to Purchase 158,000 SF Office Building in Getzville, New York

by Alex Patton October 23, 2019

GETZVILLE, N.Y. — Citigroup has agreed to purchase 580 CrossPoint Parkway, a 158,000-square-foot office building in the CrossPoint Business Park, as well as approximately nine acres of adjacent land in the northern Buffalo suburb of Getzville. With this transaction, Citigroup will also extend its lease at the conjoined 107,000-square-foot office building located at 540 CrossPoint Parkway. Uniland Development Co. was the seller of 580 CrossPoint and is also the landlord of 540 Crosspoint. The Buffalo News reports the sale, which is expected to close in November, fetched a sales price of $52 million.

October 23, 2019

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