Office

CGS3 Arranges $58M Sale of Ground Lease Interest in Brentwood Gateway Office Building in Los Angeles

by Amy Works May 17, 2019

LOS ANGELES — Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3) has arranged the sale of a ground lease interest in Brentwood Gateway, a 10-story office building in Los Angeles’ Brentwood neighborhood. Brentwood Gateway LLC, an affiliate of Vintage Capital Group, sold the asset to Sargossa LLC, an affiliate of Fortress Investment Group, for $58 million. Located at 11611 San Vicente Blvd., the 104,716-square-foot building was built in 1977. At the time of sale, the property was 99 percent occupied by a variety of tenants including Buter, Buzard, Fishbien & Royce; Allison & Partners; and Oaktree Capital Management. David Alvardado and Eoin Gubbins of CGS3 handled the deal. Newmark Knight Frank served as broker for the seller, while the buyer was self-represented in the transaction.

May 17, 2019

Leasing Activity Office Texas

NKF to Relocate North Dallas Office to 8,454 SF Space at Plano’s Legacy Business Park

by Taylor Williams May 16, 2019

PLANO, TEXAS — Newmark Knight Frank (NKF) will relocate its North Dallas office to an 8,454-square-foot space at 5201 Tennyson Parkway within Legacy Business Park in Plano. The 124,731-square-foot building was completed in 2015. John Wolf internally represented NKF, which is nearly doubling the size of it old office, in the lease negotiations.

May 16, 2019

Acquisitions Florida Office Southeast

Joint Venture Sells Adjacent South Florida Office Campuses for $33M

by Alex Tostado May 16, 2019

NAPLES, FLA. — A joint venture between Creekside West Inc., GC Partnership Ltd. and FoxRock Newgate 5150 Realty LLC has sold Newgate Center and Park North, a pair of adjacent office campuses in Naples. Newgate Center is a three-building, 80,000-square-foot office campus situated at 5200 Tamiami Trail N., and Park North is a two-building, 19,450-square-foot office property situated at 5125 Castello Drive. David Stevens of Investment Properties Corp. represented the sellers in the transaction. Rainer Filthaut of International Realty Corp. represented the buyer, a private European investment group doing business as Tamiami Newgate LLC.

May 16, 2019

Leasing Activity Office South Carolina Southeast

Coworking Firm Signs 28,900 SF Office Lease Within Downtown Greenville’s Camperdown Development

by Alex Tostado May 16, 2019

GREENVILLE, S.C. — Coworking firm Spaces has signed an office lease to occupy the bottom two floors of Falls Tower in downtown Greenville. Falls Tower is a 184,000-square-foot office building under construction at 423 S. Main St. as part of Centennial American Properties’ Camperdown development. This marks Spaces’ first location in South Carolina. It will occupy 28,900 square feet, business solutions firm Elliott Davis will occupy 65,000 square feet and Bank of America will occupy 32,000 square feet at Falls Tower. At full buildout, Camperdown will offer office, residential, retail and hotel space, as well as an outdoor courtyard. Centennial American Properties expects to complete Falls Tower in mid-2020. Charles Gouch and Doug Webster of CBRE represented the landlord and developer in lease negotiations.

May 16, 2019

Leasing Activity Northeast Office Pennsylvania

CHOP Signs 54,000 SF Office Lease Expansion at Wanamaker Building in Philadelphia

by Taylor Williams May 16, 2019

PHILADELPHIA — Children’s Hospital of Philadelphia (CHOP) has signed a 54,000-square-foot office lease expansion at the Wanamaker building, a 1.4 million-square-foot office and retail property located in the Center City neighborhood of Philadelphia. Following this transaction, CHOP will occupy more than 300,000 square feet across six floors. The building owner, a partnership between Rubenstein Partners LP and Amerimar Enterprises Inc., is entering the final phase of a capital improvement program for the building, which was originally built in 1911 to house Wanamaker’s, one of America’s first department stores.

May 16, 2019

Market Reports New Jersey Northeast Northeast Market Reports Office

The Silver Lining of the Amazon HQ2 Outcome in Northern New Jersey

by Taylor Williams May 16, 2019

Despite the heartache from losing the bid for Amazon’s second headquarters, New Jersey is undoubtedly in a more competitive position than it was before the selection process began. The exercise of responding to Amazon’s request for proposals showcased many of New Jersey’s strengths, such as its talented labor pool, access to higher education and vast transportation infrastructure. As we now know, these assets weren’t enough to secure the Amazon campus, leaving state officials and business leaders motivated to work on those areas identified as falling short. But that doesn’t take away from what the state offers both corporate occupiers and institutional investors. To start, building owners are increasingly investing significant capital to improve and expand New Jersey’s aging supply of office properties. This is music to a tenant’s ears and, as a result, the office market continued its streak of growing occupancy with 302,577 square feet of positive absorption in the fourth quarter, according to Transwestern. Where many of the new leases were signed, landlords committed to substantial capital improvement programs. For the past several years, the best lease-up success stories have come from owners that upgraded their properties to current standards and added amenities preferred by today’s dynamic workforce. …

May 16, 2019

Development Georgia Office Southeast

John Portman & Associates Unveils Plans for 20-Story Office Tower in Midtown Atlanta

by Alex Tostado May 15, 2019

ATLANTA — John Portman & Associates has unveiled plans for 712 West Peachtree, a 578,851-square-foot office tower in Midtown Atlanta. The tower will stand 20 stories high and include one story below ground. The total rentable office space will span 309,465 square feet from the eighth to 20th floor. The building will also include 8,761 square feet of retail space, 516 parking spaces and an outdoor terrace on the eighth floor. Developed by Portman Holdings LLC, an affiliate of the Atlanta-based architectural firm, 712 West Peachtree will be located near NCR’s headquarters, Anthem Technology Center and Norfolk Southern’s headquarters. The project is also near Coda at Tech Square, a 770,000-square-foot mixed-use development on the edge of Georgia Tech’s campus that Portman Holdings is also developing. A timeline for 712 West Peachtree’s construction was not disclosed.

May 15, 2019

Florida Leasing Activity Office Southeast

WeWork Signs Three-Floor Lease in Downtown Orlando Office Building

by Alex Tostado May 15, 2019

ORLANDO, FLA. — WeWork has signed a three-floor lease within downtown Orlando’s SunTrust Center. This is the first Orlando location for the New York-based coworking giant, which will occupy more than 70,000 square feet and accommodate more than 1,000 members who will have access to the onsite fitness center and conference center. The landlord, Piedmont Office Realty Trust, recently unveiled plans for upgrades at SunTrust Center, which is located at 200 Orange Ave. Renovations will include upgrading the lobby and adding a rooftop terrace and food hall. Terms of WeWork’s lease were not disclosed.

May 15, 2019

Acquisitions Office Texas

Cushman & Wakefield Brokers Sale of 35,000 SF Office Building in Fort Worth

by Taylor Williams May 15, 2019

FORT WORTH, TEXAS — Cushman & Wakefield has brokered the sale of a 35,000-square-foot office building in Fort Worth that will serve as the new North American headquarters for Point of Rental Software. Charlie Beck and Cribb Altman of Cushman & Wakefield represented Point of Rental in the property search and purchase, while Sam Franklin of Peak CRE represented the seller, Corporate Statler Ltd. Point of Rental, which offers four software platforms and operates three international offices, expects to move the 100-plus employees in its DFW office into the new space some time this summer.

May 15, 2019

Acquisitions New Jersey Northeast Office

Devli Group, Aspen Realty Acquire 129,632 SF Office Complex in Eatonton, New Jersey

by Taylor Williams May 15, 2019

EATONTON, N.J. — A joint venture between New York-based investment firm Devli Group and Connecticut-based Aspen Realty has acquired a two-building office complex totaling 129,632 square feet in Eatonton. The property, which comprises a 100,272-square-foot building and a 29,360-square-foot building, is situated on eight acres at 260 and 270 Industrial Way near the oceanfront city of Long Branch. The property was fully leased at the time of sale. The seller and sales price were not disclosed. The joint venture officially acquired the note on the property in November 2018 at a foreclosure auction and has now officially taken title of the property.

May 15, 2019

Newer Posts

Older Posts