AUSTIN, TEXAS — Boutique investment firm Valor Capital Partners LLC has acquired Rialto I and II, a 160,000-square-foot office complex in southwest Austin. The two-building property, which is situated on 29 acres within the Lantana development, houses tenants such as LJA Engineering, Amica and Regus. Equitable Commercial Realty will handle leasing of the property, the seller of which was an undisclosed institutional owner. With this acquisition, Valor’s portfolio of office space in Austin now exceeds 500,000 square feet.
PHILADELPHIA — Marcus & Millichap has brokered the sale of a 44,500-square-foot office building located at 5548 Chestnut St. in west Philadelphia. The property, which sold for $5.8 million, is situated near multiple public transit lines. Fred Paisley of Marcus & Millichap represented the seller, a limited liability company that acquired the property in 2006, in the transaction. Paisley also secured the buyer, another limited liability company.
NEW YORK CITY — Gerber Finance has signed a 6,667-square-foot office lease at 8 West 40th Street, a 22-story building located in Manhattan’s Bryant Park district. The company will relocate from 488 Madison Avenue this summer and will occupy the entire 14th floor. Brett Greenberg and Fran Delgorio represented the landlord, Jack Resnick & Sons, in the lease negotiations on an internal basis. Rob Silver of Newmark Knight Frank represented Gerber Finance.
DENVER — Confluent Development and Kelmore Development have broken ground on The Boulevard at Lowry, a commercial mixed-use redevelopment project in Denver’s Lowry neighborhood. Situated on 1.5 acres, the infill development will feature 140,000 square feet of restaurant, retail and office space. A 25,000-square-foot Lucky’s Market will anchor the property. Additional tenants will include a 1,750-square-foot Logan House Coffee Co. Completion is slated for fourth-quarter 2020.
SEATTLE — Unico Properties, a subsidiary of Unico Investment Group, has purchased Washington Park Building, a historic building located in Seattle’s Pioneer Square submarket. Terms of the sale were not disclosed. The four-story Washington Park Building features 36,000 square feet of office space, with 83 percent leased to a number of small tenants. Originally constructed in 1890, the building was built for the Lowman & Hanford Stationery and Printing Co. for its printing and bindery operations. The building features 16-foot to 18-foot ceilings, as well as the original Carnegie steel beams. MaKensay Real Estate Services will continue to operate and manage the building on behalf of the ownership group. The acquisition marks Unico’s seventh investment along Seattle’s waterfront since 2014. With the addition of Washington Park Building, the company now owns and manages more than 840,000 square feet along the waterfront.
ORLANDO, FLA. — CBRE has negotiated the $32.5 million sale of a two-building office portfolio totaling 182,753 square feet in Orlando. The assets include Windsor at Metrocenter located at 2101 Park Center Drive and Berkshire at Metrocenter located at 2145 Metrocenter Blvd., with both locations offering convenient access to the downtown area and the Florida Turnpike. The Class A portfolio was 89 percent leased at the time of sale to 11 tenants. Ron Rogg and Chip Wooten of CBRE represented the undisclosed seller in the transaction. The buyer was a locally based limited liability company, Metrocenter Office LLC.
ARLINGTON, VA. — Carr Properties has signed coworking firm Industrious to a 25,000-square-foot lease at 2311 Wilson, a new LEED Gold-certified office building situated one block from the Court House Metro station in Arlington. The Chicago-based coworking firm plans to occupy the entire third floor at 2311 Wilson by the first quarter of 2020. Carr has recently inked deals with boutique fitness concept Solidcore and For Five Coffee at the office building, which was delivered in 2018. Amenities include a two-story lobby, glass curtain walls, column-free floor plates, onsite daycare, dedicated park, fitness center, shared rooftop space, conference center, secure bike room and electric car charging stations.
It’s not often that a single project captures an office market’s growth and evolution over a 40-year period. But that is precisely what’s happening in El Paso. WestStar Tower, a 19-story, Class A building, is the first project of its kind to be built in El Paso in 40 years since the 415,000-square-foot Stanton Tower was constructed for El Paso Natural Gas. With co-developers Hunt Cos. and WestStar Bank beginning vertical construction of the 262,000-square-foot building last summer, El Paso’s skyline is set to change considerably upon its completion in late 2020. The symbolism of WestStar Tower to El Paso is not unlike the relationship between Frost Tower and San Antonio, another city that was starved of major Class A office development throughout the 1990s and 2000s. With both cities experiencing steady job growth from local expansions and new relocations, developers of quality office product are viewing these markets in new lights. El Paso is also getting younger. According to recent research from El Paso’s economic development department, roughly 40 percent of the city’s 838,000 residents are under the age of 40. The median age is 31 and the city ranks in the Top 10 in terms of its appeal …
RICHARDSON, TEXAS — Los Angeles-based Stanton Road Capital LLC has acquired Campbell Glen II, a 210,000-square-foot office building located in the northeastern Dallas suburb of Richardson. The Class A building, which is currently vacant, was formerly 100 percent leased to AT&T. Stanton Road Capital will undertake a capital improvements program that will overhaul the property’s lobby and common areas and introduce new amenities, including a fitness center, tenant lounge and outdoor recreational spaces. Cushman & Wakefield will handle leasing of the property under the new ownership.
SAN ANTONIO — California-based direct lender Money360 has closed a $4.4 million bridge loan for the refinancing of an undisclosed office property in San Antonio. The loan featured a 24-month term, a fixed interest rate of approximately 7.8 percent and a loan-to-value structure of 69.8 percent. The borrower was not disclosed.