Office

HFF Secures $27M Refinancing for Office Building in Northern New Jersey

by David Cohen February 14, 2019

FAIRFIELD, N.J. — HFF has secured two loans totaling $27 million to refinance Greenbrook Executive Center, a 203,028-square-foot, office building in Fairfield. Located at 100 Passaic Ave., the three-story building is near the Willowbrook Mall as well as Interstate 80 and Route 46. Jim Cadranell and Matthew Pizzolato of HFF secured the two loans on behalf of the borrower, Accordia Realty Ventures. Silverpeak Argentic provided a $22.4 million, 10-year securitized loan and Morrison Street Capital provided a $4.5 million, 10-year mezzanine loan. The financing allowed Accordia to buy out its institutional equity partner, Guggenheim Real Estate. Accordia and Guggenheim who they have owned the asset with since 2006.

February 14, 2019

Development Office Texas

Stonelake Capital Breaks Ground on 210,000 SF Office Building in Houston

by Taylor Williams February 14, 2019

HOUSTON — Stonelake Capital Partners, a private equity firm with offices in Dallas, Houston and Austin, has broken ground on Park Place Tower, a 210,000-square-foot office building located at 4200 Westheimer Road in Houston. The 15-story property, which will include ground-floor retail space, represents the third phase of the Park Place | River Oaks development. The building is expected to be available for occupancy in spring 2020. Beck Architecture handled design for the project and Harvey Builders served as general contractor. Texas Capital Bank provided construction financing, and Colvill Office Properties is handling leasing of the office space.

February 14, 2019

Acquisitions Office Texas

KBS Sells 98,750 SF Office Building in Plano’s Legacy District

by Taylor Williams February 14, 2019

PLANO, TEXAS — California-based private equity real estate firm KBS has sold Parkwood Place, a 98,750-square-foot office building located in the Legacy area of Plano, a northeastern suburb of Dallas. The two-story, Class A building, which offers a tenant lounge and a conference facility, was approximately 91 percent leased at the time of sale. Robert Hill, Gary Carr and John Alvarado of CBRE represented KBS in the sale. The buyer was not disclosed.

February 14, 2019

Acquisitions California Office Western

Optimus Properties Buys 60,804 SF Office Building in Torrance, California

by Amy Works February 14, 2019

TORRANCE, CALIF. — Los Angeles-based Optimus Properties, through an affiliate, has acquired an office building located at 2325 Crenshaw Blvd. in Torrance. The original developer sold the property for an undisclosed price. Built in 1989 and renovated in 2010, the asset features 60,804 square feet and 350 parking spaces on 5.5 acres of land. The Los Angeles Department of Children and Family Services occupies the property.

February 14, 2019

Data Centers Development Industrial Office Top Stories

Google to Invest $13B in 2019 on New Data Centers, Offices Across the United States

by Alex Tostado February 14, 2019

MOUNTAIN VIEW, CALIF. — Google (Nasdaq: GOOGL) has announced plans for more than $13 billion in investments during 2019 in data centers and offices across the United States, with major expansions in 14 states. According to a blog post written by Google CEO Sundar Pichai, this will mark the second year in a row that Google will grow faster outside the Bay Area than within it. With the expansions, Mountain View-based Google expects to hire tens of thousands of employees across the country, including 10,000 construction jobs in Nebraska, Nevada, Ohio, Texas, South Carolina and Virginia. The tech-giant will have a presence in 24 states, as well as data centers in 13 communities. “This growth will allow us to invest in the communities where we operate, while we improve the products and services that help billions of people and businesses globally,” Pichai said in the blog post. “Our new data center investments, in particular, will enhance our ability to provide the fastest and most reliable services for all our users and customers.” Data centers In the Western States, south Nevada is set to get a new data center. In the Midwest, data centers will pop up in Ohio, Nebraska and …

February 14, 2019

Market Reports Michigan Midwest Midwest Market Reports Office

For Detroit’s Office Market, Motown Is Growth Town

by Kristin Harlow February 14, 2019

With 2018 in the rearview mirror, it’s clear that the Detroit commercial office space market looks dramatically different today than it did just a few years ago. By far the biggest story is the continuing (and perhaps even accelerating) level of leasing activity across the metro area. In the context of Detroit’s ongoing civic renaissance and sustained level of economic growth both regionally and nationally, the strength of the office market isn’t necessarily a shock, but it’s still fascinating to watch things unfold. Downtown expansion With both demand and rental rates on the rise, and a central business district (CBD) that is close to full capacity (currently there is less than 5 percent vacancy in Detroit’s CBD), we are starting to see office tenants moving up into Midtown, New Center and other neighborhoods. The growth in these areas has been not just noteworthy, but significant, with buildings like New Center One on West Grand Boulevard in excess of 90 percent occupancy. The Fisher Building in New Center boasts more than 100,000 square feet of new leasing activity in the last year. Suburban momentum More than a few office tenants now find themselves priced out of the CBD, a situation that …

February 14, 2019

Development District of Columbia Office Southeast

Akridge Delivers 104,000 SF Office Building in D.C. Fully Leased to WeWork

by Alex Tostado February 13, 2019

WASHINGTON, D.C. — Akridge has delivered 1701 Rhode Island, a seven-story, 104,000-square-foot building in Washington, D.C., that is fully leased to WeWork. Hickok Cole Architects designed the building, which features floor-to-ceiling windows, a landscaped entry plaza, two-story lobby, fitness center and a rooftop terrace. Whiting-Turner Contracting Co. was the general contractor. Zach Boroson, Andy O’Brien and Greg Lubar of JLL represented WeWork in the lease transaction.

February 13, 2019

Leasing Activity Office Texas

CBRE Negotiates 126,000 SF Office Lease Renewal in Downtown Houston for Energy Firm

by Taylor Williams February 13, 2019

HOUSTON — CBRE has negotiated a 126,000-square-foot office lease renewal at 717 Texas, a 697,195-square-foot property in downtown Houston, on behalf of Calpine, a provider of natural gas and geothermal resources. Calpine has been an anchor tenant at the 33-story building, which is owned and developed by Hines, since 2003. Lucian Bukowski of CBRE represented Calpine in the lease negotiations. Win Haggard of Colvill Office Properties represented Hines.

February 13, 2019

Acquisitions Office Texas

Thor Equities Purchases Newly Built Austin Office Campus for $16M

by Taylor Williams February 13, 2019

AUSTIN, TEXAS — Thor Equities Group has purchased 1005 East St. Elmo Road, a 60,000-square-foot office campus in Austin, for $16 million. The property was built in 2017 and fully leased at the time of sale to tenants such as Skull Mechanix and Fuse Architecture Studio. The seller was not disclosed.

February 13, 2019

Acquisitions California Office Western

HFF Arranges $76.8M Sale of, $58.9M Financing for Liberty Station Office Portfolio in San Diego

by Amy Works February 13, 2019

SAN DIEGO — HFF has arranged the sale of Liberty Station, an office complex in San Diego. McMillin Cos. sold the property to a partnership between IDS Real Estate Group and Lionstone Investments for $76.8 million. Located at 2280, 2468 and 2488 Historic Decatur Road and 2750 Womble Road, Liberty Station features four buildings offering a total of 181,171 square feet of office space. The buildings were completed between 2003 and 2006 and are 81.1 percent leased to a diverse tenant roster of legal, professional and financial services, aerospace and defense, hospitality, government and media tenants, among others. Nick Psyllos and Kara Mathis of HFF represented the seller in the deal. Tim Wright and Chris Collins of HFF secured a $58.9 million, 72-month, floating-rate acquisition loan with SunTrust Bank for the buyer. Liberty Station is situated within the greater 360-acre Liberty Station master plan, which includes 349 residential units; 347 hotel rooms, with an additional 650 hotel rooms under construction or proposed; nearly 400,000 square feet of office space; more than 30 food and beverage establishments; over 40 retail stores, including grocery anchors; and 16 health and fitness centers. The master-planned community also features 11 event spaces; a luxury movie theatre; …

February 13, 2019

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