ST. LOUIS — Coworking giant WeWork has signed a 60,000-square-foot lease at One Metropolitan Square in downtown St. Louis. The office will serve as the company’s first location in St. Louis. WeWork will occupy space on the 22nd and 23rd floors. One Metropolitan Square, owned by an affiliate of 601W Cos., is the tallest building in St. Louis at 43 stories. It comprises 1.5 million square feet of office and ground-floor retail space. David Steinbach of JLL represented 601W Cos. in the lease transaction with WeWork.
BREA, CALIF. — LaSalle Investment Management, through its medical office fund, has acquired a medical office property located at 2767 E. Imperial Highway in Brea. A joint venture between Healthcare Property Advisors and The Innovation Institute sold the asset for an undisclosed price. St. Jude fully occupies the 89,650-square-foot property on a net-lease basis with 14 years remaining on the term. The two-story property is situated on 5.1 acres with frontage and visibility from Imperial Highway, as well as convenient access to the 57 Freeway. St. Jude is a network hospital of Providence St. Joseph Health. Nick Foster of JLL’s Net Lease Practice Group; Evan Kovac and Andrew Milne of JLL’s National Healthcare Capital Markets team; and Andrew Harper from JLL’s Los Angeles office investment team represented the seller. Additionally, John Chun of JLL’s National Healthcare Capital Market team advised from a debt and structured finance perspective.
SAN ANTONIO — JLL has brokered the sale of 800 Dolorosa, a 51,508-square-foot office building situated on approximately two acres in downtown San Antonio. The sale includes a 174-space surface parking lot. Chuck King and Ben Jordan of JLL represented the seller, GTM Washington Square Ltd., in the transaction. 800 Painful LP, an affiliate of Weston Urban, acquired the property for an undisclosed price. Occupancy was 91.6 percent at the time of sale.
BERNARDSVILLE, N.J. — JLL has negotiated an 8,474-square-foot office lease extension in Bernardsville, located about 30 miles west of New York City. The property, located at 150 Morristown Road, recently underwent a $500,000 capital improvement project that upgraded the lobby, lighting, HVAC system and walkway. Charlie Dillon of JLL represented the tenant, Decile.Ten Communications, in the lease negotiations. David Zimmel of Zimmel Associates represented the landlord, Denholtz Associates.
BRENTWOOD, TENN. — Highwoods Properties will develop Virginia Springs II, a 111,000-square-foot office building within Maryland Farms in Brentwood. The company expects to invest $37.8 million in the development. Virginia Springs II is the second of two office buildings Highwoods has planned, joining the 113,000-square-foot Virginia Springs I, which was delivered earlier this year. Amenities at Virginia Springs II will include outdoor common areas, modern architecture and access to Powell Park and Maryland Farms Greenway. The office building will be situated 12 miles south of downtown Nashville. Construction is scheduled to begin in the third quarter, with targeted completion in the third quarter of 2020 and projected stabilization in the third quarter of 2022.
CHAMBLEE, GA. — A joint venture between MidCity Real Estate Partners and Anchor Capital Partners has acquired 5616 Peachtree, a 42,500-square-foot industrial building in downtown Chamblee. The owners plan to immediately begin construction to reposition the building into a 36,500-square-foot office building. The asset will be extensively renovated with all new base building features and new tenant interiors. Winter Construction will serve as the general contractor for the renovations, and will occupy half of the building upon completion. The joint venture expects the building will be move-in ready in February 2020. Patterson Real Estate Advisory Group arranged a construction loan and equity financing on behalf of the borrowers. First Citizens Bank provided the construction loan. The joint venture paid $3.5 million for the existing industrial building. The building is located two blocks from the $2 billion Assembly Yards in Doraville and 18 miles northeast of downtown Atlanta.
NEW YORK CITY — Savanna, a New York City-based development and investment firm, has purchased 360 Lexington Avenue, a 268,383-square-foot office building in Manhattan, for $180 million. Barclays provided a $126 million loan for the acquisition. Savanna will rebrand the 12-story building and implement a $20 million renovation project that will deliver a new full lobby and entrance, bathrooms, corridors and infrastructure upgrades. Grant Frankel, Philip McKnight and Rob Turner of Eastdil Secured arranged financing through Barclays on behalf of Savanna. Cole Schotz P.C. served as Savanna’s legal counsel in the acquisition of the property.
MADISON, N.J. — Gulf Islamic Investments LLC (GII), a United Arab Emirates-based firm, has purchased a 270,000-square-foot office building in Madison, a western suburb of New York City. The building was completed in 2012 and is the corporate headquarters of residential real estate firm Reology. F.D. Stonewater, a Washington D.C.-based firm, represented GII in the transaction, and The Hampshire Companies was the seller. The price was undisclosed.
BURLINGTON, MASS. — JLL has arranged a $28 million acquisition loan for 10 and 20 Mall Road, two office buildings totaling 154,378 square feet in Burlington, a northwestern suburb of Boston. Peoples United Bank provided the loan, which carries a fixed interest rate and a 10-year term. 10 Mall Road contains 58,160-square-feet and is leased to four tenants. 20 Mall Road contains 96,218 square feet and is leased to approximately 20 tenants. Lauren O’Neil and Brett Paulsrud of JLL arranged the financing on behalf of the borrower, R.J. Kelly Co. The seller was undisclosed.
RED BANK, N.J. — Dickstein Real Estate Services, a New Jersey-based brokerage firm, has negotiated a 5,175-square-foot office lease in Red Bank, a coastal city about 50 miles south of New York City. The property is located within a two-building complex at 322 Highway 35 South, which was 90 percent occupied at the time of leasing. Larry Dickstein of Dickstein represented the tenant, New Jersey-based Xela Communications, in the lease negotiations. Kristin Hurlbut of Denholtz Properties represented the landlord on an internal basis.