Office

InnerWorkings Signs 41,443 SF Headquarters Lease in Downtown Chicago

by Kristin Harlow March 20, 2019

CHICAGO — InnerWorkings Inc. has signed a 41,443-square-foot lease for its global headquarters to be located at 203 N. LaSalle St. in downtown Chicago. InnerWorkings is a marketing execution firm serving Fortune 1000 brands across a range of industries. The company is relocating from 600 W. Chicago Ave. in the River North submarket. Jeff Dowdell, Eric Myers and William Briggs of Transwestern Commercial Services provided office leasing services on behalf of the landlord, a publicly traded international holding company. Brandon Glick, Chris Bargowski and Sam Picchiotti of Mohr Partners Inc. represented the tenant. The 625,000-square-foot office property is now 71 percent leased.

March 20, 2019

Office Southeast Virginia

Arlington County Board Approves Incentive, Investment Packages for Amazon HQ2

by Alex Tostado March 19, 2019

ARLINGTON, VA. — The five elected members of the Arlington County Board unanimously approved the incentive and investment packages negotiated between the Commonwealth of Virginia and Amazon for the e-commerce giant to locate its second headquarters in Arlington’s National Landing. Through the incentives agreement, Amazon will receive up to $23 million if it creates 25,000 jobs with an average salary of $150,000 by 2025 and occupies 6 million square feet of office space in Arlington County by 2035. The money will be paid through allocating a portion of the anticipated increase in hotel tax revenues. According to the Arlington Economic Development Commission, the county will realize a $14 return for every $1 that Amazon earns in performance-based incentives. The additional tax revenues generated by Amazon’s headquarters will be used to invest in improvements to the county’s schools, affordable housing, parks and transportation network. Combined with Saturday’s Arlington Board vote, approval has now been secured for all of the government’s pledged support as part of a November 2018 Memorandum of Understanding with Amazon. In February, Amazon announced it was pulling out of its HQ2 deal with New York City, leaving Arlington as the only headquarters for Amazon outside of Seattle. Chevy …

March 19, 2019

Acquisitions Georgia Office Southeast

ESJ Capital Partners Acquires Office Park in Metro Atlanta for $24.3M

by Alex Tostado March 19, 2019

KENNESAW, GA. — ESJ Capital Partners LLC has acquired Barrett Business Center, a four-building, 187,373-square-foot office park located at 2015 Vaughn Road in Kennesaw, for $24.3 million. The Miami-based firm plans to invest more than $1 million in capital improvements, focusing mainly on updating the park’s common areas and business systems. The seller, Pope & Land Real Estate, which originally developed the asset between 1999 and 2008, has been retained by ESJ to continue property management and leasing. The property was 92 percent leased at the time of the sale to tenants including Airgas and CarMax. MetLife provided acquisition financing. Justin Parsonnet and Ryan Reethof of CBRE represented the seller in the transaction.

March 19, 2019

Leasing Activity Maryland Office Southeast

Law Firm Signs 42,206 SF Office Lease for New Headquarters Near Bethesda

by Alex Tostado March 19, 2019

ROCKVILLE, MD. — Law firm Stein Sperling Bennett de Jong Driscoll has signed a 42,206-square-feet lease at the Tower Building, situated at 1101 Wootton Parkway in Rockville. The firm currently occupies space across five offices throughout the Mid-Atlantic region. The firm expects to occupy Tower Building by the third quarter of 2020, a move that is expected to raise occupancy of the 12-story, 290,000-square-foot office building to 86 percent. The law firm employs more than 130 workers, most of whom are expected to relocate to Rockville. Marc Balamaci and Scott Mendelson of Edge Commercial Real Estate represented the tenant, and Kevin McGloon and Peter Rosan of Cushman & Wakefield represented the landlord, The Tower Cos., in the lease transaction.

March 19, 2019

Acquisitions New Jersey Northeast Office

Marcus & Millichap Orchestrates $19.2M Sale of Headquarters Building for BP Lubricants USA in New Jersey

by David Cohen March 19, 2019

WAYNE, N.J. — Marcus & Millichap has arranged the $19.2 million sale of the BP Lubricants USA Inc. headquarters in Wayne. The 100,000-square-foot property sits on more than 10 acres of land and is occupied by BP Lubricants’ lab technicians, engineers, analysts, upper management and corporate services as well as the Castrol Oil top sales team. BP has made a significant investment in the building, including renovations to the second and third floors as well as the expansion of lab and testing operations spaces. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was a private investor in a 1031 exchange.

March 19, 2019

Acquisitions Office Oregon Retail Western

Intercontinental Real Estate Buys 72,130 SF Office/Retail Building in Portland

by Amy Works March 19, 2019

PORTLAND, ORE. — Intercontinental Real Estate Corp., on behalf of its managed fund U.S. Real Estate Investment Fund, has acquired the 72,130-square-foot office and retail portion of the Heartline Condominium. The price was not disclosed. Located at 1241 NW Johnson St., Heartline is part of a master-planned, mixed-use residential and commercial development within Portland’s Pearl District. Completed in 2018, the property features 61,659 square feet of office space and 10,471 square feet of retail space. Vacasa, a company that manages vacation homes, occupies the entire office portion of the project in a long-term basis. Ground-floor retail tenants include Kure Juice Bar, Little Bean and QuickFish Poke Bar. Nick Kucha, James Childress and Bill DeLacy of Newmark Knight Frank represented the seller, Security Properties Development Co., in the deal.

March 19, 2019

Development Office Texas

KDC to Develop 100,000 SF Office Campus in McKinney for Building Supplies Distributor

by Taylor Williams March 19, 2019

MCKINNEY, TEXAS — KDC will develop a 100,000-square-foot office campus in the northern Dallas metro of McKinney for SRS Distribution Inc., a wholesale provider of roofing and building products. The campus will be situated on 4.2 acres within Hub 121, a 22-acre mixed-use development. According to the incentive agreement signed with the McKinney Economic Development Corp., the move will aim to create more than 150 new jobs over the next 10 years.

March 19, 2019

Loans Office Texas

EverWest Arranges $63M Loan for Refinancing of Metro Dallas Office Complex

by Taylor Williams March 18, 2019

ADDISON, TEXAS — Denver-based EverWest Real Estate Investors has arranged a $63 million loan for the refinancing of The Colonnade, a 1 million-square-foot office complex in the northern Dallas metro of Addison. The Class A property, which is owned by New York-based Fortis Property Group, was built in phases between 1983 and 1998, with $32.5 million in renovations completed between 2015 and 2017. The Colonnade’s tenants roster includes Hilton, United Surgical Partners and Zurich American Insurance. Property amenities include a fitness center with locker rooms, a retail store, conference center and an eight-story parking garage. Tom McCahill, Joe Chickey and Zi Chong of EverWest placed the five-year loan through UBS.

March 18, 2019

Industrial Leasing Activity Office Texas

Sports Merchandiser Relocates from Colorado to 24,506 SF Flex Space in Fort Worth

by Taylor Williams March 18, 2019

FORT WORTH, TEXAS — Team ProMark, a supplier of licensed sports merchandise, has relocated its headquarters from Colorado to Fort Worth, signing a 24,506-square foot office/warehouse lease at 5001 North Freeway. Nick Talley of Bradford Commercial Real Estate Services represented Team ProMark, which will occupy roughly half the space at the property for seven years, in the lease negotiations. Jeff Givens and Todd Hawpe of Transwestern represented the landlord, 5001 North Freeway LLC.

March 18, 2019

Acquisitions New Jersey Northeast Office

CBRE Arranges Sale of 621,000 SF Former Toys ‘R’ Us Headquarters in Wayne, New Jersey

by David Cohen March 18, 2019

WAYNE, N.J. — CBRE has arranged the sale of the former Toys ‘R’ Us corporate headquarters in Wayne. The sales price was undisclosed. Located at 1 Geoffrey Way, the 621,000-square-foot property is situated on 191 acres overlooking a reservoir. The property was built in 1962 as the original headquarters for American Cyanamid and consists of two interconnected office buildings. Toys ‘R’ Us occupied the property for 16 years. Jeffrey Babikian, Robert L’Abbate, Allyson L’Abbate, Nor Ramos and Brian Godau of CBRE represented the seller, Toys ‘R’ Us Property Company I LLC, and Raider Hill Advisors, in the transaction. The buyer was undisclosed.

March 18, 2019

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