Office

Amazon Web Services to Lease 270,000 SF in Northern Virginia

by Alex Tostado July 26, 2019

HERNDON, VA. — Griffin Capital has signed a 270,000-square-foot office lease with a Fortune 100 company in Herndon. Griffin did not release the name of the tenant, though several media outlets report it is Amazon Web Services. The 12-year lease is expected to commence in April 2020 when Griffin completes renovations at 13820 Sunrise Valley, a 10-story office building. Situated about 25 miles west of downtown Washington, D.C., the office building has been undergoing renovations since 2018 when its previous tenant, Time Warner Communications, consolidated its space and broke its lease. Griffin was able to use the money from Time Warner’s buyout to immediately begin upgrading the building. Furthermore, the property is situated about 20 miles northwest of National Landing, where Amazon’s announced HQ2 will be located.

July 26, 2019

Acquisitions California Industrial Office Western

Embarcadero Capital Partners, PCCP Acquire 472,000 SF Office/R&D Campus in Silicon Valley

by Amy Works July 26, 2019

MILPITAS, CALIF. — Embarcadero Capital Partners and PCCP have purchased Park Point, a recently renamed office/R&D campus located at 115-155 N. McCarty Blvd. in Milpitas. Los Angeles-based Hudson Pacific Properties sold the asset for an undisclosed price. Situated on 30 acres, the campus features three buildings totaling approximately 472,000 square feet. The buyers retained HOK, a global design, architecture, engineering and planning firm, to revitalize the property into a contemporary, creative workplace. Jeff Arrillaga, Shawn Kellenberger and Michael Saign of Newmark Knight Frank’s Silicon Valley offices represented the seller in the transaction.

July 26, 2019

Acquisitions New York Northeast Office

Milvado Property Group Acquires Two Office Properties on Long Island for $18.7M

by Alex Patton July 26, 2019

SYOSSET, NEW YORK — Locally based investment firm Milvado Property Group has acquired two office properties on the Long Island city of Syosset for $18.7 million. The properties, 6801 and 6901 Jericho Turnpike, total 220,000 square feet. The locations offer close access to the Long Island Railroad, as well as tJFK, LaGuardia and MacArthur Airports. Gary Gabriel, David Bernhaut and Andrew MacDonald of Cushman & Wakefield represented the seller, The Rosmarin Family, in the transaction.

July 26, 2019

1551-South-Washington-Avenue-Piscataway-New-Jersey

Acquisitions New Jersey Northeast Office

Colliers Arranges $11.5M Sale of Office Property in Piscataway, New Jersey

by Alex Patton July 26, 2019

PISCATAWAY, N.J. — Colliers International has arranged the $11.5 million sale of Washington Plaza, a Class A office property in Piscataway, located in northeast New Jersey. The 200,000-square-foot property is located at 1551 South Washington Ave. Eight tenants occupied less than 50 percent of the building at the time of sale. Jacklene Chesler, Matthew Brown, Frank Summers, Michael Tesser and Ryan Haggerty of Colliers represented the buyer and seller in the transaction. Both parties requested anonymity.

July 26, 2019

Development Indiana Midwest Office

KTGY Architecture + Planning Designs South Bend Office Development

by Kristin Harlow July 26, 2019

SOUTH BEND, IND. — KTGY Architecture + Planning has revealed the design of the Barnes & Thornburg Building, a new office development in downtown South Bend. Law firm Barnes & Thornburg LLP will anchor the project. Co-developed by Great Lakes Capital, Bald Mountain LLC and Norris Equity Partners, the five-story building will be situated at 201 S. Main St. It marks the first downtown Class A office project in nearly 20 years. The project, consisting of 35,531 square feet of office space and 6,537 square feet of street-level retail space, is slated for completion in summer 2021.

July 26, 2019

Market Reports Office Texas Texas Market Reports

As Users Flock to Quality Space, Houston Office Owners Focus on “Ecosystems”

by Taylor Williams July 26, 2019

If industry professionals, particularly developers and landlords, don’t make educated attempts to understand the mindsets of their tenants, they have little hope of advancing the dialogue and ultimately furthering their understanding of tenant decision-making. Take the Houston office market, for example, and its inventory of approximately 330 million square feet, according to CoStar Group. This market has experienced rising vacancy and declining rents throughout the four-year oil slump, but continues to see strong tenant demand in the Class A space. To this end, CoStar reports that there are still nearly 3 million square feet of new office projects under construction throughout metro Houston, the vast majority of which is Class A product. The high proportion of Class A deliveries is partially attributable to rising land and construction costs that mandate heftier rent projections. But still, there’s no question that Houston’s growth in certain employment sectors — healthcare, technology, financial services — ensures that many of the jobs being created in the city need to be paired with high-quality office space. Understanding and explaining the actions of the thousands of companies that commit to millions of square feet of office space is a case-by-case endeavor. But as markets of this size …

July 26, 2019

California Development Mixed-Use Multifamily Office Retail Top Stories Western

San Francisco Planning Commission OKs Pinterest-Anchored Mixed-Use Project

by John Nelson July 26, 2019

SAN FRANCISCO — For the second time in a week, the San Francisco Planning Commission has approved a significant mixed-use development in the city’s SoMa (South of Market) district. Following its approval of the Flower Mart redevelopment project, the commission has approved a 1.1 million-square-foot mixed-use development located at 88 Bluxome St. The project, led by developers Alexandria Real Estate Equities Inc. (NYSE: ARE) and TMG Partners, is nearly 60 percent preleased. The co-developers describe 88 Bluxome as a “high-tech office and laboratory project.” Social media giant Pinterest has signed on to anchor the development with a 490,000-square-foot office lease. The Bay Club, a fitness and social club offering events and a wide range of sports classes, will also anchor the project. The 88 Bluxome campus will feature a technology and life science facility with ground-floor retail space and outdoor deck space on multiple levels of the building. The project also includes an expansion of the neighborhood’s existing Gene Friend Recreation Center, adding two swimming pools and a public activity space. Other features of 88 Bluxome will be a childcare center, a pedestrian “art walk” with commissioned pieces from internationally renowned and local artists, light industrial space available for use …

July 26, 2019

Market Reports Office Oregon Western Western Market Reports

Office Expansion Continues in Portland for 10th Consecutive Year

by Taylor Williams July 26, 2019

Consistent investment trends, a steady demand for tenants, stable in-migration and several new additions to the skyline have provided Portland with a strong first half of 2019. With more than 100,000 square feet of positive net absorption this year, the Portland office market shook off any lingering negative sentiment from 2018 and started the year strong. Portland has built a reputation as a second outpost to cities like Seattle and the Bay Area. Companies tend to initially set up small offices before quickly realizing Portland is a viable alternative to other larger hubs. In-migration remains strong but the major growth the market has experienced recently has been from homegrown companies ramping up or expanding their operations. We’re continuing to see office rents grow at almost 12 percent year over year. Portland office rents average $32.12 per square foot, making them nearly 60 percent cheaper than San Francisco and 25 percent cheaper than Seattle. The city is also well situated to attract companies that are being priced out of primary markets but still need to be geographically close. When you layer on our cost of living and high quality of life, Portland becomes even more attractive, which also contributes to its …

July 26, 2019

Features Leasing Activity Office

Coworking Poised to Overtake Tech as Top Office Leasing Sector in 2019, Says JLL

by John Nelson July 26, 2019

CHICAGO — The U.S. office market registered 34.8 million square feet of leasing activity larger than 20,000 square feet during the second quarter, according to JLL’s latest Office Outlook report. This continues the established absorption trend of 30 to 35 million square feet per quarter. Among office-using sectors, tech and coworking remain dominant, having both exceeded the 10 million-square-foot mark halfway through the year and representing 31.1 percent of all activity year-to-date. The year-to-date gap between tech and coworking narrowed even further in the second quarter as WeWork, Spaces and other coworking operators continued to rapidly expand. At the current rate of growth, coworking is likely to be 2019’s largest driver of office leasing. Consolidation and mergers-and-acquisitions, combined with a severe lack of skilled employees, have tempered expansion potential for tech companies, according to JLL. About 58 percent of transaction volumes in the tech sector represented growth or expansion. In comparison, expansion as a share of tech leasing activity routinely reached 75 to 80 percent in 2016, 2017 and early 2018. Densification and office space efficiency are still weighing on legal, consulting and other professional services firms, although active preleasing and relocation is boosting total activity from these users. JLL’s …

July 26, 2019

Leasing Activity Office Texas

Venture X to Open 30,000 SF Coworking Space in Metro Dallas

by Taylor Williams July 25, 2019

LEWISVILLE, TEXAS — Venture X will open a 30,000-square-foot coworking space within Offices at The Realm, a 235,000-square-foot office building located in the northern Dallas metro of Lewisville. Developed by Bright Realty, the property offers a fitness center, conference center, rooftop deck, event space and water design features. Sarah Savage, Ryan Hoopes and Tom Sutherland of Cushman & Wakefield represented Venture X in the lease negotiations. Lincoln Property Co. represented Bright Realty. The space is expected to open in early 2020.

July 25, 2019

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