Office

George Oliver Plans 181,188 SF Office Redevelopment in Phoenix’s Uptown District

by Amy Works February 27, 2019

PHOENIX — George Oliver has unveiled plans for its redevelopment of CASA, an office building in Phoenix’s Uptown neighborhood. The company plans to implement a $17 million renovation to re-establish CASA from a 1989-built project, previously known as Catalina Terraces, into a modern Class A office space focused on community, health and wellness. Renovations will keep the 181,188-square-foot building’s Spanish architectural roots, including natural wood elements and smooth stucco finishes, as well as updated modern lobbies, updated restrooms, an exterior facelift and new landscaping. Tenant amenities will include a tenant lounge and café operated by Kaleidoscope Juice and a training center with the ability to host approximately 60 guests. The property will feature two centralized courtyards with water features and seating, as well as an on-site co-working facility operated by the ownership accommodating users ranging from one to 10 desks. CASA will also include a wellness center with a yoga room, new fitness center with showers, on-site meditation room, salon with hair stylist and dog park. The ownership also plans to include a two-story dining experience with dedicated food truck parking, climate-controlled space, a shaded outdoor dining area, and outdoor games and lounge space. Phoenix-based George Oliver purchased the CASA …

February 27, 2019

Acquisitions Massachusetts Northeast Office

CBRE Brokers Sale of 78,717 SF Office Building in Massachusetts

by David Cohen February 27, 2019

LEXINGTON, MASS. — CBRE has brokered the sale of a 78,717-square-foot office building in Lexington for an undisclosed price. Located at 131 Hartwell Ave., the three-story building is located on more than five acres in the heart of the Route 128 Technology Corridor in Lexington. The property was renovated in 2014 and is currently 80 percent leased to six tenants. Roy Sandeman, Chris Skeffington and Jason Levendusky of CBRE represented the seller, Griffith Properties, in the transaction. The buyer was Azad Legacy Partners.

February 27, 2019

Acquisitions Development Georgia Multifamily Office Southeast

Alliance Residential Buys Vacant Office Park in Metro Atlanta, Plans Multifamily Community

by John Nelson February 27, 2019

NORCROSS, GA. — Alliance Residential has acquired the former WestRock office campus in the northeastern Atlanta suburb of Norcross. The vacant site has eight office buildings, of which two will be preserved and transformed into 90 residential units and coworking space in Alliance Residential’s planned Broadstone Norcross apartment community. Alliance Residential will construct two four-story buildings that will house 200 rental units. The project will also include a half-acre park. The 12-acre site is located at 504 Thrasher St., two blocks south of downtown Norcross and about 19 miles northeast of downtown Atlanta. The community is expected to be open to residents in 2020.

February 27, 2019

Market Reports Massachusetts Northeast Northeast Market Reports Office

Office Demand Holds Steady in Suburban Boston Markets

by David Cohen February 27, 2019

Boston’s metro west office market continued to move along at a steady clip in 2018. Many of the trends seen in the west market have been consistent over the past few years. One of the most prominent trends is that tenants continue to prefer high-quality properties. Class A product has benefited from the demand, resulting in a limited supply of Class A large blocks. In contrast, commodity space is still lagging from a demand standpoint. Additionally, many landlords have been performing gut renovations on older properties and have been reaping the rewards of their investments. The west market has also benefited from tenants migrating from Cambridge and life science demand, which are two closely related trends. Cambridge, particularly Kendall Square, is well known as the national hub of the life science industry. With that pedigree, pricing there has grown tremendously, and available space is scarce. As such, many life science occupiers are looking west to fulfill their needs, and the Cambridge market conditions have pushed other non-life science occupiers west as well. A proximity to the inner urban core makes towns like Watertown and Waltham particularly attractive. The above trends are not new, but one is. New economy tenants, who …

February 27, 2019

Development Midwest Nebraska Office

Darland Underway on 40,000 SF Office Complex in West Omaha

by Kristin Harlow February 27, 2019

WEST OMAHA, NEB. — Darland Construction Co. is underway on Pacific Springs Center II, a 40,000-square-foot office complex in West Omaha. Located on the northwest corner of 168th and Pacific streets, the two-story property features an underground parking garage. Completion is slated for this fall. Investors Realty is handling management and leasing for the project. Avant Architects is the architect and Century Development is the developer.

February 27, 2019

Acquisitions Healthcare New York Northeast Office

Jacobson Properties Brokers $45M Sale of Medical Office Portfolio in New York

by David Cohen February 26, 2019

NEW YORK STATE — Jacobson Properties has brokered the $45 million sale of the New York State Medical Office Portfolio, five properties located in the Capital Region and Hudson Valley of New York State. The 209,382-square-foot portfolio is anchored by St. Peter’s Hospital, Ellis Hospital, Seton Health System and Westchester Medical Center Health Network. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Co. represented the undisclosed seller in the transaction. The buyer was a national private equity healthcare investor.

February 26, 2019

Connecticut Leasing Activity Northeast Office

CCM Signs 30,000 SF Lease Office Lease in New Haven

by David Cohen February 26, 2019

NEW HAVEN, CONN. — Connecticut Conference of Municipalities (CCM) has signed a 30,000-square-foot lease at 545 Long Wharf Drive in New Haven. CCM, an organization of municipal leaders, will relocate its corporate offices from 900 Chapel St. to 545 Long Wharf Drive. O,R&L Commercial represented CCM in the transaction. The landlord, 545 Long Wharf Holdings, was represented by David Hansen of CBRE New England.

February 26, 2019

Acquisitions Office Texas

HFF Negotiates Sale of 20,762 SF Office Building in Austin

by Taylor Williams February 26, 2019

AUSTIN, TEXAS — HFF has negotiated the sale of 3208 Red River Street, a 20,762-square-foot office building in Austin. Walter Saad, Cathy Nabours and Drew Fuller of HFF represented the seller, San Francisco-based Drawbridge Realty, which acquired the property in 2013 and performed a complete redevelopment. Avison Young represented the buyer, an undisclosed private real estate trust. Tenants at the property include Xeris Pharmaceutical and YMCA.

February 26, 2019

Illinois Leasing Activity Midwest Office

AbelsonTaylor Signs 85,000 SF Lease at Chicago’s Old Post Office Building

by Kristin Harlow February 26, 2019

CHICAGO — AbelsonTaylor, a health and wellness advertising agency, has signed a lease to occupy nearly 85,000 square feet at the Old Post Office Building in Chicago. The firm plans to move all its operations to the building on March 1, 2020. The property owner, 601W Cos., is transforming the building into office space. Other tenants who have signed office leases at the building include Walgreens, candy manufacturer Ferrara and the Chicago Metropolitan Agency for Planning. Work on the $800 million adaptive reuse project is underway. Plans call for a food hall, fitness center, library and multi-acre rooftop park. Stephen Smith, Jamey Dix and Daniel Heckman of The Telos Group represented building ownership in the lease transaction with AbelsonTaylor. Jack Keenan of Cushman & Wakefield represented the tenant.

February 26, 2019

Acquisitions New Jersey Northeast Office Uncategorized

NKF Brokers $15.5M Sale of Office Campus in Malvern, Pennsylvania

by David Cohen February 25, 2019

MALVERN, PA. — Newmark Knight Frank has brokered the $15.5 million sale of Malvern Executive Center, a 91,190-square-foot office campus in Malvern. Located at 100 Deerfield Lane, the property was 73 percent occupied at the time of sale. The private campus includes abundant parking and a state-of-the-art fiber optic cabling system. Mike Margolis, Dave Dolan, Dave Garonzik and Jim Dugan of NKF represented the seller, PNL Cos., in the transaction. The buyer was undisclosed.

February 25, 2019

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