Office

Bridge Investment Group Acquires Two Office Properties Totaling 528,679 SF in Metro Miami

by Alex Patton August 16, 2019

MEDLEY AND DORAL, FLA. — Bridge Investment Group LLC, a Salt Lake City-based investment firm, has acquired two office properties totaling more than 500,000 square feet in the western Miami metro area. The price was not disclosed. The properties include the Offices at Flagler Station in Medley and the Offices at Doral Square in Doral. The buildings are approximately five miles away from each other, and just west of Miami International Airport. The Offices at Flagler Station is a collection of three buildings totaling 387,474 square feet within the Flagler Station Business Park. Bridge plans to invest $5.2 million to renovate the fitness centers, conference facilities and cafes of all three buildings. Renovations are slated for completion in 2020. At the time of sale, the buildings were 91 percent leased, with available offices ranging from 1,507 to 16,970 square feet. The Offices at Doral Square is an eight-story, 141,205-square-foot property originally built in 1979. A recent $8.5 million renovation project upgraded the lobby, corridors, bathrooms and elevators. The investment also funded completion of a new roof and three-story parking deck. At the time of sale, the building was 89 percent leased, with available offices ranging from 1,974 to 8,165 square …

August 16, 2019

Arizona Market Reports Office Western Western Market Reports

Phoenix Earns Spotlight on National Stage Among Office Users

by Taylor Williams August 16, 2019

Greater Phoenix has re-cast itself in this real estate cycle. It is no longer expected to play the “boom-to-bust” role in the office sector. The metro area has definitely expanded its breadth of industries, reaching beyond homebuilding and professional services to now feature some of the country’s leading insurance corporations, technology companies and medical innovators. This diversification promises to buffer any future fall in nationwide economic activity. Greater Phoenix continues to lead the country in job creation, adding an estimated 66,500 net new jobs between May 2018 and May 2019, marking a 3.2 percent increase. These jobs are coming from companies like Carvana, AllState and WageWorks. Phoenix has benefitted from great exposure from in the national media, which has matriculated to corporate America and attracted broad attention. The Greater Phoenix MSA boasts a phenomenal combination of attractive cost of living, growing wages and an enviable lifestyle. This package of appealing factors has allowed Phoenix to garner more than its fair share of corporate expansions and relocations throughout the Western U.S. Demand has been strong for office space in the area. However, a diminishing availability of quality, speculative space is creating a battle for the tenants. Sizable users wanting signature spaces …

August 16, 2019

Development New York Northeast Office

F&T, SCG America Open 85,000 SF Office Building in Queens

by Alex Patton August 15, 2019

NEW YORK CITY — A partnership between New York-based developers F&T Group and SCG America has opened Tangram Tower, an 85,000-square-foot office building within the Tangram mixed-use development in Queens. The building is currently 80 percent sold to medical practitioners and other professionals. Tangram Tower offers access to the 1.2 million-square-foot Tangram development’s two residential towers and hotel, as well as an array of retail and culinary options. Margulies Hoelzli Architecture designed the development.

August 15, 2019

Illinois Leasing Activity Midwest Office

WeWork Leases 89,500 SF at Property Under Redevelopment in Chicago’s Fulton Market

by Kristin Harlow August 15, 2019

CHICAGO — Coworking giant WeWork has leased 89,500 square feet at 1155 W. Fulton St. in Chicago’s Fulton Market. The lease represents all of the office space within the building, which was acquired earlier this year by Barnett Capital Ltd. and Domus Special Situations Group and is undergoing a redevelopment. As originally developed, 1133 and 1155 were separate three-story industrial buildings. Through the redevelopment process, the new ownership has combined the buildings to create larger floorplates, add a fourth floor and convert the property into office and retail space. A rooftop deck and amenity space will wrap around the perimeter of the fourth floor. The property spans a total of 100,000 square feet. The location will serve as WeWork’s 13th location in Chicago.

August 15, 2019

Acquisitions Arizona Office Western

Harvard Investments, Lincoln Property Co. Sell Waypoint Office Campus in Metro Phoenix for $107.6M

by Amy Works August 15, 2019

MESA, TEMPE AND SCOTTSDALE, ARIZ. — Harvard Investments and Lincoln Property Co. (LPC) have completed the sale of Waypoint, a suburban Class A office campus located in Mesa, Tempe and Scottsdale. New York City-based Innovatus Capital Partners acquired the four-building asset for $107.6 million. Harvard and LPC developed the first 108,956-square-foot building at Waypoint in 2014 as a build-to-suit that was fully pre-leased to Verrda Mobility, formerly American Traffic Solutions. In 2016, the partnership completed the second 153,134-square-foot building. Additionally, the companies purchased two adjacent existing buildings to create the four-building, 426,951-square-foot Waypoint campus. At the time of sale, the campus was 98 percent leased. Tenants include Cognizant, Verra Mobility, Mitel, Ashton Woods, Beazer Homes, Nextcare, Udall Shumway and EPS Group. LPC serves as property manager for all four buildings and the company will maintain the management assignment as part of its almost 10 million-square-foot Phoenix property management portfolio. Dave Carder and Scott Boardman of Cushman & Wakefield are handling leasing for the property.

August 15, 2019

Acquisitions California Office Western

Intercontinental Real Estate, Harvest Properties Purchase 85,580 SF Office Building in San Francisco

by Amy Works August 15, 2019

SAN FRANCISCO — Intercontinental Real Estate Corp. and Harvest Properties have completed the acquisition and recapitalization of 400 Montgomery, a historic office building located in San Francisco’s Financial District. Located at the corner of California and Montgomery streets, 400 Montgomery features 85,580 square feet of office space. Constructed in 1901, the building has undergone a multi-million-dollar capital improvement program that included upgraded building systems and infrastructure, a new lobby, refreshed common areas and restrooms, as well as a complete façade restoration to preserve the building’s Renaissance/Baroque architecture and ornamentation. Additionally, more than half of the building’s space was redesigned as creative office space offering more than 13-foot ceiling heights, polished concrete floors and operable windows. At the time of sale, the building was 91 percent occupied by a variety of tenants, including Hexagone, Clearmetal, WE Communications, Lightsource Renewable Energy, Bank of Guam and Sterling Bank & Trust. Rob Hielscher, Michel Seifer, Erik Hanson, Cheri Pierce, Kristina Wollan and Michael Manas of JLL advised on the transaction.

August 15, 2019

Development Georgia Office Southeast

Gene Kansas Commercial Real Estate to Open 35,000 SF Coworking Space in Atlanta

by Alex Tostado August 14, 2019

ATLANTA — Gene Kansas Commercial Real Estate plans to open Indie Studios, a 35,000-square-foot coworking space in Atlanta, in spring 2020. Located at 190 Ottley Drive, Indie Studios will be fashioned for designers and creative companies with 12 spaces accommodating eight to 20 people. Indie Studios will also include “Studio X,” a technology-driven space for software developers creating programs, products and processes that center on design. Amenities at Indie Studios will include a living room, conference rooms, full-service café, community space, porches, patios, 150 linear feet of front garden and cinnamon rolls served each afternoon with complimentary coffee. Additionally, the space is situated across the street from SweetWater Brewing Co. Atlanta-based Gene Kansas will develop, lease and manage Indie Studios.

August 14, 2019

Acquisitions Arizona Office Western

Buchanan Street Partners Sells Quattro Office Building in Phoenix for $43.5M

by Amy Works August 14, 2019

PHOENIX — Newport Beach, Calif.-based Buchanan Street Partners has completed the disposition of Quattro, an office building located at 4310-4350 E. Colton Center Blvd. in Phoenix. Boston-based Albany Road Real Estate Partners acquired the property for $43.5 million. Situated within Cotton Center business park, Quattro features 264,994 square feet of flex office space. Built in 2002, the asset was 92.5 percent leased at the time of sale. Current tenants include CVS Health, Freeport-McMoRan, Konica Minolta, Sodexo and Xerox. Tracy Cartledge, Bob Buckley and Steve Lindley of Cushman & Wakefield’s Phoenix office represented the seller in the deal.

August 14, 2019

Loans New Jersey Northeast Office

NorthMarq Arranges $8M in Financing for Office Building in Newark

by Alex Patton August 14, 2019

NEWARK, N.J. — NorthMarq has arranged $8 million in financing for 31 Clinton Street, a 12-story office building in Newark. The public defender’s office of the State of New Jersey occupies the property. The non-recourse loan carries a 15-year term and a fixed interest rate of 3.72 percent. The loan proceeds will be used for renovations including a new elevator, new roof, new HVAC control system and facade repairs. Charles Cotsalas of NorthMarq arranged the loan. The lender and borrower were undisclosed.

August 14, 2019

Development Michigan Midwest Office

Olympia Development to Build New Headquarters for Mercedes-Benz Financial Services in Michigan

by Kristin Harlow August 14, 2019

FARMINGTON HILLS, MICH. — Mercedes-Benz Financial Services USA LLC and Olympia Development of Michigan have unveiled plans to develop a new build-to-suit office property in Farmington Hills. The Class A office space will serve as the headquarters for Mercedes-Benz Financial Services and the regional headquarters for Daimler Mobility Americas. The complex, pending permits and zoning approvals from the city, will be located on a 35-acre site on the southwest corner of Drake and 12 Mile roads. The three-story, 200,000-square-foot property will include a fitness center, café and coffee bar. Olympia Development has selected Gensler as the architect and Kirco Manix as the general contractor. Construction is expected to begin in the fall with completion slated for summer 2021. Mercedes-Benz Financial Services currently leases space in an office complex less than one mile from the new site. The automotive financial services provider is a member of the Daimler Mobility AG group of companies, headquartered in Germany. The company’s planned move to a new office space will retain approximately 1,000 jobs in the community.

August 14, 2019

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