Office

IPA Brokers $17.5M Sale of Office Building in Norristown, Pennsylvania

by David Cohen January 18, 2019

NORRISTOWN, PA. — Institutional Property Advisors (IPA) has brokered the $17.5 million sale of a 102,894-square-foot office building in Norristown. Located at 1000 Madison Ave., five tenants fully occupy the three-story property, including the Commonwealth of PA, which occupies 37 percent of the building. The property was constructed in 1990 and includes 469 surface parking spaces. John Abuja and Robert Filley of IPA along with David Beyel, Lawrence Gariano and Robert Bechtel of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was a regional investor.

January 18, 2019

Acquisitions Mixed-Use Office Restaurant Retail Washington Western

HFF Secures $32.5M Acquisition Financing for Old Rainier Brewery Mixed-Use Campus in Seattle

by Amy Works January 18, 2019

SEATTLE — HFF has arranged $32.5 million in financing for the acquisition of the Original Rainier Brewery, a mixed-use campus located at 5624-6004 Airport Way South in Seattle’s historic Georgetown neighborhood. Tom Wilson and Zachary Kersten of HFF secured a three-year, floating-rate loan with two one-year extension options with a debt fund for the borrower, ScanlanKemperBard. The borrower plans to make improvements to the property. Originally built in the early 1990s as a brewery for Seattle Brewing and Malting Co., the property eventually housed Rainier Beer and is a designated landmark. The campus encompasses four separate buildings — the Bottling Plant, the Malt House, the Warehouse and the General Office — and two land parcels. The assets feature natural light, exposed brick, original flooring, historical detailing and unique layouts. At the time of financing, the property was 92 percent leased to 55 tenants, including REI, Patagonia, Keen, Elysian Brewing Co., Frans Chocolate and Kyoto Art and Antiques.

January 18, 2019

Acquisitions Colorado Office Western

Unique Properties Arranges $14.2M Sale of The Forum Office Building in Aurora, Colorado

by Amy Works January 18, 2019

AURORA, COLO. — Unique Properties has negotiated the sale of The Forum, an office building located in Aurora. An undisclosed buyer acquired the property for $14.2 million, or $82.04 per square foot. Located at 14001 E. Illiff Ave., the property features 174,622 square feet of office space. At the time of sale, the building was 76 percent occupied. The Lippitt/Shwayder Team of Unique Properties represented the undisclosed seller, while Newmark Knight Frank represented the buyer in the deal.

January 18, 2019

Acquisitions Colorado Office Top Stories Washington Western

Unico Sells 11-Property Office Portfolio in Seattle, Denver for $710M

by Kristin Harlow January 18, 2019

SEATTLE AND DENVER — Real estate investment and operating firm Unico Investment Group LLC has sold 11 office assets totaling 1.8 million square feet in Seattle and Denver for $710 million. Broad Street Principal Investments LLC, an affiliate of Goldman Sachs, was the buyer. The portfolio includes 10 creative office assets and one parking garage. The collection of properties is 85 percent leased to more than 190 tenants. Since 2014, Unico has invested $87 million in capital improvements for the properties. Some of the fully repositioned assets include the iconic Smith Tower in Seattle’s Pioneer Square, 1505 Fifth Ave. in Seattle’s central business district (CBD) and the DC Building in Denver’s CBD. The 27-building portfolio also includes new-construction buildings such as the Circa Building, which is located along Denver’s Platte Street. The Class A asset received the Mayor’s Design Award for Sustainability in 2018. Unico will retain a stake in the portfolio and will continue to operate and manage the properties on behalf of the new partnership. “We look forward to working with Goldman Sachs to fully complete the property repositions and new development opportunities still embedded within the portfolio,” says Jonas Sylvester, Unico president. Jason Flynn and Paul Nelson …

January 18, 2019

Acquisitions Northeast Office Rhode Island

NKF Arranges $71M Sale of Office Building in Providence, Rhode Island

by David Cohen January 17, 2019

PROVIDENCE, R.I. — NKF has arranged the $71 million sale of a 202,096-square-foot office building in downtown Providence. Located at 10 Memorial Boulevard, the 10-story property is currently 97 percent leased to a tenant roster that includes IGT, Columbia Threadneedle Investments, The Capital Grille and Rockland Trust. Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell of NKF’s Boston Capital Markets team represented the seller, RJ Kelly Co., in the transaction. The buyer was Tritower Financial Group.

January 17, 2019

Acquisitions New Jersey Northeast Office

Marcus & Millichap Orchestrates $2M Sale of Office Property in New Jersey

by David Cohen January 17, 2019

BLOOMFIELD, N.J. — Marcus & Millichap has arranged the $2 million sale of an 11,000-square-foot office property in Bloomfield. Located at 57 Park St., the property is less than half a mile from the Glen Ridge and Bloomfield Train Station. Fahri Ozturk and Richard D. Gatto of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors. The property was vacant at the time of sale.

January 17, 2019

Leasing Activity Office Texas

Energy Firms Signs 20,423 SF Office Lease in Houston

by Taylor Williams January 17, 2019

HOUSTON — Murex Petroleum Corp. has signed a 20,423-square-foot lease at 363 North Belt, an office building located at 363 N. Sam Houston Parkway in Houston. According to LoopNet Inc., the property was built in 1982 and totals 223,158 square feet. Terri Torregrossa and Kurt Kistler of Moody Rambin represented the landlord, TA Realty Associates, in the lease negotiations. Ryan Fassett and Josh Marcell, also of Moody Rambin, represented Murex.

January 17, 2019

Leasing Activity Office Southeast Virginia

PBS Signs 15-Year Lease to Keep Headquarters in Metro D.C.

by Alex Tostado January 16, 2019

ARLINGTON, VA. — Public Broadcasting Service (PBS) has signed a 15-year lease to remain with landlord JBG Smith Properties. PBS will relocate from JBG Smith’s 2100 Crystal Drive asset in Arlington’s Crystal City district to JBG Smith’s asset situated at 1225 S. Clark St. in Arlington’s National Landing district. National Landing is a newly branded neighborhood encompassing parts of Pentagon City and Crystal City in Arlington and Potomac Yard in nearby Alexandria. The two assets are located less than a mile apart. PBS is expected to relocate in mid-2020, where it will occupy 120,328 square feet alongside March of Dimes, Conservation International and other nonprofits. Paul Darr, Dale Powell and Chaise Schmidt of Cushman & Wakefield represented PBS in the lease transaction.

January 16, 2019

Georgia Leasing Activity Office Southeast

Dilweg Signs Tech Startup to Full-Floor Office Lease in Downtown Atlanta

by Alex Tostado January 16, 2019

ATLANTA — The Dilweg Cos. has signed Steady, an Atlanta-based tech startup, to a full-floor lease at Centennial Tower located at 101 Marietta St. in downtown Atlanta. Steady gained fame when it beat out more than 1,000 competitors at Money Pitch at Money 20/20, the world’s largest innovation event. The startup company will occupy 20,060 square feet of space for six years. Centennial Tower recently underwent a $5 million renovation to improve amenities and workspace. Katherine Lynch of CBRE represented the landlord in the lease transaction, while Greg Baxendale of JLL represented the tenant.

January 16, 2019

Arizona Development Office Western

Hines Opens 250,000 SF Offices at Chandler Viridian in Chandler, Arizona

by Amy Works January 16, 2019

CHANDLER, ARIZ. — Hines has officially opened the Offices at Chandler Viridian, a six-story, Class A office property located in at the intersection of Loop 101 and Loop 202 in Chandler. The 250,000-square-foot building features a large, open floorplan with 10-foot tall ceilings, a lounge and a large courtyard. In addition to the grand opening, Hines announced two tenants: Stantec will occupy approximately 51,000 square feet on the second and third floors, while Workuity will occupy 19,787 square feet on the first floor. Phoenix-based Whiting Turner served as the general contractor, while Minneapolis-based RSP Architects designed the building. Jerry Roberts and Patrick Boyle of Cushman & Wakefield have been retained to lead the leasing efforts for the office building. Hines developed the office building, which is the capstone of Chandler Viridian, in a joint venture agreement with New York Life Real Estate Investors, on behalf of its institutional client. The 25-acre Chandler Viridian features a hotel, multifamily units, retail offerings, pedestrian promenades, a dog park, jogging trail and a large public plaza with high-speed internet and Wi-Fi.

January 16, 2019

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