Office

Coworking, Flexible Work Spaces are Latest Trends in Evolving Office Needs of Modern Workforce

by Alex Tostado March 5, 2019

The beauty of creative office is in the eye of the leaseholder. In today’s world, phrases like “coworking” and “flexible workspace” often arise in conversation, but what do these terms really mean? The definition varies depending on who you ask, where they are and what they do for a living. As these factors are often in flux, so is the meaning of creative office. However, there are four core elements that comprise the essence of creative office regardless of market or mindset: collaboration, engagement, technology and flexibility. These four tenets ultimately comprise a framework that drives profitability and increases employee engagement in an increasingly competitive environment. At the end of the day, these environments must not only enhance business goals, but also be specifically tailored to the culture and needs of the organizations they serve. Changing Workforce From a city’s urban core to prime business centers in the suburbs, the trends emerging in modern office spaces are in response to the rapidly changing needs of today’s workforce. Though it comes with an extra premium on rent, many startups and new employers are choosing to save capital on the front-end by moving into tech-equipped spec suites that enable them to hit …

March 5, 2019

Dilweg Sells 171,523 SF Office Building in Nashville to Innovatus Capital Partners

by Alex Tostado March 5, 2019

NASHVILLE, TENN. — The Dilweg Cos. has sold Vantage Place, a 171,523-square-foot office building in Nashville. Innovatus Capital Partners LLC acquired the asset, which spans five stories and was built in 1981. Vantage Place is situated about three miles north of downtown Nashville in the city’s Metrocenter district. The building was 99 percent leased at the time of sale to tenants including AO Smith, Centerstone Research Institute, CGS and Young Williams. Dilweg, which purchased the property in April 2017, modernized the elevators and upgraded the building management systems. The sales price was not disclosed.

March 5, 2019

Acquisitions Office Southeast Virginia

Colliers Arranges $24.9M Sale of Two-Building Office Campus in Norfolk

by Alex Tostado March 5, 2019

NORFOLK, VA. — Colliers International has arranged the $24.9 million sale of Twin Oaks, two four-story office buildings totaling 171,000-square-feet in Norfolk. The two buildings are situated at 5700 and 5800 Lake Wright Drive within Lake Wright Executive Center. Florida-based SF Partners purchased the assets from Bethesda, Md.-based Guardian Realty Investors. Twin Oaks’ tenant roster includes Booz Allen Hamilton and Titan America. J. Scott Adams, Mac Weaver and Don Crigger of Colliers represented the seller in the transaction.

March 5, 2019

Loans New York Northeast Office

PCCP Provides $152M Refinancing for Office Building in Brooklyn

by David Cohen March 5, 2019

NEW YORK CITY — PCCP has provided a $152 million senior loan to refinance The Pioneer Building, a 270,000-square-foot, 10-story office property in Brooklyn. Located at 41 Flatbush Ave., the former warehouse/storage facility was constructed in 1896 and was converted to a creative office space after it was acquired in 2014 by a joint venture of Quinlan Development Group and Building and Land Technology. As part of the renovation, Quinlan and BLT updated the building’s façade and installed elevators, a modern HVAC system, windows and a landscaped rooftop amenity. PCCP provided the loan to Quinlan and BLT. Terms of the financing were undisclosed.

March 5, 2019

Acquisitions Midwest Missouri Office

Stan Johnson Co. Brokers $11.7M Sale of Office Center in Kansas City

by Kristin Harlow March 5, 2019

KANSAS CITY, MO. — Stan Johnson Co. has brokered the sale of Prairie View Business Center in Kansas City for $11.7 million. The 109,089-square-foot office center is 97 percent occupied by five tenants, including the U.S. Military Entrance Processing Station for Kansas City, which leases approximately half of the building’s rentable area. The facility sits on 12.2 acres and is comprised of two buildings that were constructed in 1993. Scott Briggs of Stan Johnson represented the sellers, Prairie View Business Center LLC and Prias Prairie View LLC. Briggs also represented the buyer, Chicago-based Boyd Kansas City II LLC.

March 5, 2019

Acquisitions Office Southeast Tennessee

FD Stonewater Purchases 89,000 SF Office Building in Nashville

by Alex Tostado March 5, 2019

NASHVILLE, TENN. — FD Stonewater has purchased Aramark Global Business’ operations property, an 89,000-square-foot office building fully leased to Aramark. The asset is situated at 5880 Nolensville Pike, about 12 miles south of downtown Nashville. Aramark, a global food services, facilities management and uniform services provider, has occupied the space since 2013. This is FD Stonewater’s fourth acquisition in Nashville in seven years. The seller and sales price were not disclosed, but The Tennessean reported that New York-based Gramercy Property Trust purchased the asset in 2014 for $16.5 million.

March 5, 2019

Leasing Activity Office Texas

Entergy, ExxonMobil Sign Office Leases Totaling 80,113 SF in The Woodlands

by Taylor Williams March 5, 2019

THE WOODLANDS, TEXAS — Energy giants Entergy and ExxonMobil have both signed office leases at Lake Front North in Hughes Landing, a mixed-use development by The Howard Hughes Corp. (NYSE: HHC). The property is located in The Woodlands, about 30 miles north of Houston. Entergy’s new lease totals 54,010 square feet and ExxonMobil’s new lease spans 26,103 square feet. Entergy assumed occupancy in November 2018 and ExxonMobil expects to move in this month.

March 5, 2019

Acquisitions District of Columbia Office Southeast Top Stories

Saban Real Estate Buys D.C. Office Building from Piedmont for $170M

by John Nelson March 5, 2019

WASHINGTON, D.C. — Los Angeles-based Saban Real Estate has purchased One Independence Square, a 334,000-square-foot office building located at 250 E. St. in Washington, D.C.’s Southwest submarket. Piedmont Office Realty Trust (NYSE: PDM) sold the nine-story office asset to Saban for approximately $170 million. Built in 1991 near the National Mall and the Smithsonian, One Independence was 94 percent leased at the time of sale to multiple government tenants. The property’s average weighted lease term is 10 years, according to Brent Smith, president and chief investment officer of Piedmont. “The sale of One Independence reduces Piedmont’s exposure to the Southwest D.C. submarket and disposes of a fully stabilized asset,” explains Smith. “The net sales proceeds will be used in the short-term to pay down our line of credit as we evaluate our pipeline of acquisition candidates.” After undergoing a major renovation in 2013, One Independence now features a rooftop terrace, modern fitness center, café and an updated lobby. Saban Real Estate and its affiliates own real estate assets in three sectors: student housing, government office and self-storage. The company owns a portfolio of 30 student housing properties containing 20,000 beds, seven office buildings spanning 1.4 million square feet and 34 …

March 5, 2019

Leasing Activity New York Northeast Office

WeWork Signs 201,231 SF Lease at One Seaport Plaza in Manhattan

by David Cohen March 1, 2019

NEW YORK CITY — Collaborative workspace provider WeWork has signed a 201,231-square-foot lease at One Seaport Plaza in Manhattan. Located at 199 Water St., the 35-story property is owned by Jack Resnick & Sons. The 15-year lease is for WeWork to occupy the top five floors at the property. John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon of Cushman & Wakefield represented Jack Resnick & Sons in the transaction with WeWork.

March 1, 2019

Acquisitions California Office Western

Joint Venture Purchases 111,268 SF Mesa View Plaza in San Diego for $39.1M

by Amy Works March 1, 2019

SAN DIEGO — A joint venture between San Diego-based Coast Income Properties and Washington Capital Management has purchased Mesa View Plaza, a mid-rise office building located at 9350 Waxie Way in San Diego’s Kearny Mesa neighborhood. Stockbridge sold the property for $39.1 million. Situated on 9.8 acres, the five-story, multi-tenant building features 111,268 square feet of Class A office space. At the time of sale, the property was 100 percent leased to a mix of professional services and tech companies. Brian Paul & Associates designed the building, which was completed in 2003. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets group in San Diego represented the seller in the transaction.

March 1, 2019

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