Office

CBRE Arranges $29.9M Sale of Office Building in Downtown Charlotte

by Alex Tostado February 12, 2019

CHARLOTTE, N.C. — CBRE has arranged the $29.9 million sale of the Chamber Building, a five-story, 65,444-square-foot office building located at 330 S. Tryon St. in downtown Charlotte. The asset was fully renovated in 2015 and includes a parking garage on a half-acre lot adjacent to the building. Tenants at the time of the sale included the Charlotte Chamber of Commerce, Perkins & Will, Compass Bank, Famous Toastery and Progressive AE. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller, Grubb Properties, in the transaction. Ferncroft Capital purchased the property.

February 12, 2019

Development Northeast Office Pennsylvania Uncategorized

Cordish Cos. to Develop $80M Office Tower in Philadelphia

by David Cohen February 12, 2019

CPHILADELPHIA — Comcast Spectacor and the Cordish Cos. have announced plans to develop Pattison Place, an $80 million office tower inside the Philadelphia Sports Complex. Designed by Beyer Blinder Belle and BLT Architects, the 200,000-square-foot Pattison Place will feature a 4,000-square-foot lobby with 35-foot ceiling heights and 20,000 square feet of ground-floor retail. The 12-foot floor-to-ceiling windows in the building will also provide views of the Philadelphia skyline, surrounding sports complex and neighboring Navy Yard. Pattison Place is expected to create 1,670 new jobs and generate $295 million in economic benefits to Philadelphia and Pennsylvania over a 30-year period, according to Cordish.

February 12, 2019

Leasing Activity Office Texas

Westdale, KDC Announce First Tenants at 251,000 SF Office Tower in Dallas

by Taylor Williams February 12, 2019

DALLAS — Developers Westdale and KDC have announced the first tenants to join The Epic office tower, a 251,000-square-foot property in Dallas. The Epic is an eight-acre mixed-use development situated at the intersection of downtown Dallas, Deep Ellum and the Dallas Farmers Market. Westdale will occupy 39,124 square feet in the office tower beginning in June. Coworking firm Spaces has leased 47,026 square feet, and Asian restaurant and lounge Komodo will occupy a total of 22,200 square feet of interior and exterior seating space. The Epic’s office building will feature a fitness center, office terraces, multiple collaborative workspaces and a seventh-floor amenity deck with views of downtown Dallas.

February 12, 2019

Acquisitions Midwest Office Ohio

TEI Purchases Office Building Near Cleveland for $7.5M

by Kristin Harlow February 12, 2019

HIGHLAND HILLS, OHIO — Time Equities Inc. (TEI) has purchased a 163,000-square-foot, four-story office building in Highland Hills for $7.5 million. The Class A property is located at 23000 Millcreek Blvd., about 16 miles southeast of Cleveland. PNC Bank, which formerly occupied the building, sold the property. The building, constructed in 1997, is now vacant. Jonathan Dulberg of TEI led the acquisition. Robert Leibold, Steve Ross and Douglas Leary of CBRE represented TEI in the sale. CRESCO Real Estate represented PNC Bank. TEI plans to make upgrades to the property in order to attract new tenants. PNC Bank is consolidating employees to its downtown space.

February 12, 2019

Development Illinois Midwest Office

Skender Completes Construction of Aspen Dental Midwest Headquarters in Chicago

by Kristin Harlow February 12, 2019

CHICAGO — Skender has completed interior construction of Aspen Dental’s Midwest headquarters in Chicago. The company now occupies 50,000 square feet at 1040 W. Randolph St. Aspen Dental is a New York-based company that provides administrative and business support to branded dental practices. To accommodate a practice support center and 250 newly created jobs, Aspen Dental’s two-story buildout includes a training center, three large training rooms and an audiovisual media wall. Additional features include a coffee bar, café and catering kitchen space. Skender collaborated with architecture firm Perkins+Will.

February 12, 2019

Acquisitions Midwest Missouri Office

Colliers Brokers Sale of Two Office Buildings in Kansas City

by Kristin Harlow February 12, 2019

KANSAS CITY, MO. — Colliers International has brokered the sale of two office buildings within the Ward Parkway Corridor of Kansas City. One of the properties, 8080 Ward Parkway, is a 41,034-square-foot multi-tenant building that was 64 percent occupied at the time of sale. The other property, 9140 Ward Parkway, is a 33,687-square-foot building that was 76 percent occupied at the time of sale. Both assets were built in 1970. Mike Yeggy and Ross Simpson of Colliers represented the seller, Asset Management Group. The buyers, two private investors, plan to redevelop the properties.

February 12, 2019

Acquisitions California Office Western

Omninet Sells Cornerstone Plaza Office Complex in San Diego’s Sorrento Mesa for $18.8M

by Amy Works February 12, 2019

SAN DIEGO — Omninet has completed the sale of Cornerstone Plaza, an office campus located at 6160 and 6170 Cornerstone Court East in San Diego’s Sorrento Mesa submarket. Bridge Investment Group acquired the property for $18.8 million. Built in 1996 and situated on 5 acres, Cornerstone Plaza consists of two buildings offering a total of 97,316 square feet of office space. At the time of sale, the property was 67 percent occupied by a variety of tenants, including Broadcast Company of America, Robbins Research International and Bentley Systems. The buildings are joined by a furnished outdoor gathering space with water features, landscaping and collaborative spaces. Kevin Shannon, Brunson Howard, Paul Jones, Ken White, Rick Stumm and Andrew Pascale of Newmark Knight Frank’s U.S. Capital Markets represented the seller, while Bridge Investment Group was self-represented in the deal.

February 12, 2019

Acquisitions California Office Western

Joint Venture Sells Bristol 61 Creative Office Campus in Culver City, California

by Amy Works February 12, 2019

CULVER CITY, CALIF. — Boston-based Intercontinental Real Estate Corp. and San Francisco-based The Swing Co. have completed the disposition of Bristol 61, a creative campus in Culver City, for an undisclosed price. The name of the buyer was not released. Formerly known as Fox Hills Business Park, Bristol 61 is a four-building, 75,941-square-foot creative office campus located at 6100-6160 Bristol Parkway within the Corporate Pointe submarket of Culver City. Situated on four separate legal parcels, totaling 4.88 acres, the asset also features surface parking for 265 cars. Kevin Shannon, Rob Hannon and Laura Stumm of NKF Capital Markets brokered the sale and Andrea Salvi of Bradley & Associates P.C. represented the sellers in the transaction.

February 12, 2019

Acquisitions District of Columbia Office Southeast

Office Properties Income Trust Sells Office Building Portfolio in Metro D.C. for $198.5M

by Alex Tostado February 11, 2019

WASHINGTON, D.C. — Office Properties Income Trust has sold a 34-building portfolio of office assets in metro Washington, D.C., to an undisclosed buyer for $198.5 million. The names and locations of the buildings were not disclosed. Office Properties is a newly named REIT, formed after Government Properties Income Trust and Select Income REIT merged Dec. 31, 2018. This portfolio sale completes Office Properties’ previously disclosed disposition plan with respect to its long-term financing of its acquisition of First Potomac Realty Trust (FPO) in 2017. Office Properties has sold $520.8 million worth of properties since it acquired FPO, including the 34-property portfolio sale.

February 11, 2019

Acquisitions Connecticut Healthcare Northeast Office Uncategorized

NKF Negotiates $18.7M Sale of Medical Office Complex in Connecticut

by David Cohen February 11, 2019

WESTPORT, CONN. — NKF has negotiated the $18.7 million sale of Westport Center for Health in Westport. Located at 323-329 Riverside Ave., Yale New Haven Health’s Northeast Medical Group anchors the 38,000-square-foot property. The property recently underwent an extensive renovation highlighted by the demolition of an entire building to convert the former five-building office campus into a four-building medical office complex with added parking to accommodate medical office tenants. Frank Nelson, Michael Greeley, James Tribble and Casey O’Brien of NKF’s Boston Capital Markets team represented the seller, The Davis Cos., in the transaction. The buyer was Healthcare Trust of America Inc.

February 11, 2019

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