Office

Newmark Knight Frank Arranges Sale of 174,546 SF Canyon Pointe Office Campus in Washington

by Amy Works January 30, 2019

BOTHELL, WASH. — Newmark Knight Frank (NKF) has arranged the sale of Canyon Pointe, a single-tenant office campus located at 22309 and 22213 30th Drive SE in Bothell. Terms of the transaction were not released. T-Mobile occupies the 174,546-square-foot Class A office campus under a long-term lease agreement. Built in 2007 on 9.8 acres, the property includes two three-story buildings with private third-floor balconies, abundant on-site parking, 30,000-square-foot floorplates and an outdoor landscaped area. Kevin Shannon, Nick Kucha, Ken White, Michael Moll and Bill DeLacy of NKF represented the undisclosed seller in the deal.

January 30, 2019

Georgia Leasing Activity Office Southeast

WeWork Signs 100,300 SF Lease in Downtown Atlanta, Including Building-Top Signage

by Alex Tostado January 29, 2019

ATLANTA — WeWork has signed a multi-floor, 100,300-square-foot lease at Centennial Tower, an approximately 665,000-square-foot office tower located at 101 Marietta St. in downtown Atlanta. WeWork’s long-term lease deal includes building-top signage. WeWork, one of the world’s largest coworking space providers, plans to add 1,300 members to the new space. This is WeWork’s largest space of it six Atlanta locations and its first in downtown. Katherine Lynch and Chris Port of CBRE represented the landlord, The Dilweg Cos., in the lease agreement. Clinton McKellar and Sam Hollis of Cushman & Wakefield represented the tenant. Southeast Real Estate Business reported earlier this month that Dilweg signed tech startup company Steady to a full-floor lease within Centennial Tower.

January 29, 2019

Acquisitions New Jersey Northeast Office

Paramount Assets Acquires 12-Story Office Building in Newark

by David Cohen January 29, 2019

NEWARK, N.J. — Paramount Assets has acquired 17 Academy Street, a 100,000-square-foot, 12-story office building in Newark’s Four Corners Historic District. The sales price was undisclosed. Built in 1926, the property was 70 percent occupied at the time of sale by a variety of professional services firms. Situated between Halsey and Broad streets, 17 Academy Street is directly across the street from the world headquarters of the Prudential Insurance Co. and is within walking distance of public transportation. Paramount Assets already owns three other properties on the same street, 31 Academy, 27 Academy and 45 Academy.

January 29, 2019

Leasing Activity Office Texas

NAI Partners Negotiates 19,865 SF Office Lease in Houston

by Taylor Williams January 29, 2019

HOUSTON — NAI Partners has negotiated a 19,865-square-foot office lease at 1360 Post Oak Blvd. in Houston for U.S. Well Services, a provider of hydraulic fracturing solutions. Dan Boyles and Liz Westcott-Brown of NAI Partners represented U.S. Well Services in the lease negotiations. Morgan Relyea Colt of Cushman & Wakefield represented the landlord.

January 29, 2019

Acquisitions Arizona Office Western

Helix Properties Purchases 81,922 SF Office Building in Phoenix for $8.5M

by Amy Works January 29, 2019

PHOENIX — Helix Properties LLC, on behalf of Next Gen 101 LLC, has purchased West 101 Corporate Center, an office property located at 1860 N. 95th Lane in Phoenix. Regent Properties sold the property for $8.5 million. Situated on a 230,432-square-foot lot, the three-story building features 81,922 square feet of Class A office space. Designed by DFD Architects, the property features 452 linear feet of Loop 101 frontage. At the time of acquisition, the property was 53 percent occupied. Chris Toci and Chad Littell of Cushman & Wakefield’s Phoenix office represented the seller in the transaction. The buyer is a single entity controlled by Helix.

January 29, 2019

Acquisitions Midwest Minnesota Office

Group RMC Acquires 10-Building Office Campus in Eagan, Minnesota

by Kristin Harlow January 29, 2019

EAGAN, MINN. — An affiliate of Group RMC has acquired the 10-building Grand Oak Business Park in Eagan, a suburb of Minneapolis. The purchase price was not disclosed. The office buildings total 550,224 square feet. The 98-acre campus features outdoor amenity areas and trails. Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz of CBRE represented the seller, an affiliate of Equus Capital Partners Ltd. This is the first acquisition in the Minneapolis market for Group RMC.

January 29, 2019

Leasing Activity Office Texas

Salesforce Signs Lease at 420,000 SF Office Tower in Dallas

by Taylor Williams January 28, 2019

DALLAS — San Francisco-based software company Salesforce has signed a lease at The Union, a mixed-use property located at 2300 N. Field St. in Dallas that includes a 420,000-square-foot office tower and a 31-story residential building. The square footage of space was not disclosed, but Salesforce has confirmed it to be at least 100,000 square feet. According to brokers, the deal was the largest office lease executed in Uptown Dallas when it closed in late 2018. Clay Vaughn and Preston Lynn of CBRE represented Salesforce in the lease negotiations. John Brownlee, Gini Rounsaville and Brooke Oliver of Peloton Commercial Real Estate represented the landlord. The lease brings The Union to 90 percent occupancy. The office component of The Union opened in October 2018. The entire development is expected to be complete by spring 2019.

January 28, 2019

Acquisitions New Jersey Northeast Office

Marcus & Millichap Orchestrates $2.6M Sale of Office Building in Clifton, New Jersey

by David Cohen January 28, 2019

CLIFTON, N.J. — Marcus & Millichap has arranged the $2.6 million sale of a 21,240-square-foot office building in Clinton. Located at 95 Main Ave., the property was built in 1985. Fahri Ozturk and Richard Gatto of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

January 28, 2019

Crescent-Real-Estate-Colorado-Springs-CO

Acquisitions Colorado Loans Office Western

Crescent Real Estate Receives $102.5M in Financing for 13-Building Office Portfolio in Colorado Springs

by Amy Works January 28, 2019

COLORADO SPRINGS, COLO. — Crescent Real Estate LLC has received $102.5 million in acquisition financing for a suburban office portfolio in Colorado Springs. Trey Morsbach, Jim Curtin and Leon McBroom of HFF secured the five-year, floating-rate acquisition loan through Bank of America Merrill Lynch. The 13-building portfolio features more than 1 million square feet of office space. At the time of acquisition, the portfolio was 75 percent occupied by a variety of industry sectors, including aerospace, government and military/defense contractors, technology and healthcare. Major tenants include Northrop Grumman, Army National Guard, GSA, The Spectranetics Corp., Booz Allen Hamilton and United Healthcare.

January 28, 2019

District of Columbia Market Reports Office Southeast Southeast Market Reports

Amenities, Transit Push D.C.’s Central Business District to New Heights

by John Nelson January 28, 2019

Investors have renewed their interest in office properties in the Washington, D.C. central business district (CBD) based on increasing tenant demand. The market is putting a higher value on the built-in amenities that exist in the CBD, like dining and entertaining options, transportation accessibility and architecturally timeless buildings. We can always tell the center of gravity of a city by where the brokerage shops locate. In D.C., CBRE’s latest move to the CBD from the East End puts all of the agency brokerage shops within feet of each other. With a healthy stock of historically significant, well-built office properties with value-add potential, the CBD is primed to continue its office renaissance. Transportation Infrastructure While the existing public transportation infrastructure in the CBD is an important factor driving businesses back to the submarket, shaving 20 to 30 minutes from commute times — whether by car, bus or train — is decidedly attractive to today’s employers. Combined with the variety of established dining, entertainment and hospitality options in the CBD, transportation is vital to attracting high-profile employers. The city’s law firms in particular have taken note. Over 20 notable practices have relocated their offices to the CBD in the last year alone. …

January 28, 2019

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