Office

Bridgeview to Renovate 204,461 SF Office Tower in Dallas

by Taylor Williams May 9, 2019

DALLAS — Bridgeview Real Estate, a privately held developer and owner-operator will implement a multimillion-dollar renovation plan at LBJ Tower, a 10-story, 204,461-square-foot office tower in Dallas. Bridgeview, with help from Stream Realty Partners, will redesign the building’s lobby to feature modern finishes and lounge space, as well as add a 75-person meeting space and a fitness center. The renovation project, which is meant to elevate the building’s appeal to relocating corporate firms, is expected to be complete by the fourth quarter.

May 9, 2019

Company News Hawaii Office Retail Western

Parallel Capital Partners to Oversee $300M Portfolio of Retail/Office Assets in Honolulu

by Amy Works May 9, 2019

HONOLULU — San Diego-based Parallel Capital Partners has taken over asset management of a $300 million portfolio of office and retail properties in downtown Honolulu. As part of the deal, Parallel will oversee day-to-day management and leasing for the 1 million-square-foot portfolio. The assets include two office buildings — the 550,000-square-foot Waterfront Plaza and 375,000-square-foot Davies Pacific Center — and two retail assets known as Waikiki Marketplace and King Kalakaua. The principals of Parallel, along with Jay Shidler, are the existing owners of Davies Pacific Center and Waterfront Plaza, which the partnership originally acquired in 2003 and 2004 respectively. Additionally, the firm tapped Steven Sullivan, a former vice president of operations at The Shidler Group, as regional vice president for the Hawaii market. Serena Longo and Jack Roney of CBRE’s Honolulu office will oversee leasing at the properties.

May 9, 2019

Leasing Activity New York Northeast Office

Madison Realty Capital Relocates to 20,000 SF Office Space in Midtown Manhattan

by Taylor Williams May 9, 2019

NEW YORK CITY — Private equity firm Madison Realty Capital has relocated its New York City headquarters to a 20,000-square-foot space located at 520 Madison Ave. in Midtown Manhattan. After spending 12 years at 825 Third Avenue, the company will now occupy the 35th floor at its new high-rise building, which is located between 53rd and 54th streets. Adam Doneger, Anthony LoPresti and Ethan Silverstein of Cushman & Wakefield represented Madison Realty Capital in the lease negotiations for the new space. Tishman Speyer owns the building, which offers approximately 1 million square feet of office space.

May 9, 2019

Colorado Loans Mixed-Use Office Retail Western

HFF Arranges $10.2M Refinancing for 18,460 SF Mixed-Use Property in Denver

by Amy Works May 8, 2019

DENVER — HFF has secured $10.2 million in refinancing for 2nd and Clayton, a mixed-use office and retail property located in Denver’s Cherry Creek neighborhood. Unico Properties, a subsidiary of Unico Investment Group, is the borrower and used the proceeds to pay off an existing loan. Originally constructed in 1954, the asset comprises three buildings totaling 18,460 square feet of retail and office space. The properties are located at 2641, 2645, 2659 East 2nd Ave. and 211 and 227 Clayton St. Tom Wilson and Leon McBroom of HFF arranged the six-year, fixed-rate loan with a portfolio lender for the borrower.

May 8, 2019

Acquisitions Midwest Office Ohio

Marcus & Millichap Brokers $5.6M Sale-Leaseback of Melink Headquarters in Ohio

by Kristin Harlow May 8, 2019

MILFORD, OHIO — Marcus & Millichap has brokered the $5.6 million sale-leaseback of Melink Corp.’s global headquarters in Milford, about 15 miles northeast of Cincinnati. The office property spans 30,000 square feet. Alexander Nulf, David Peirce and Joseph DiSalvo of Marcus & Millichap marketed the property on behalf of Melink, the seller. Craig Fuller, Erin Patton, Josephine Zupan and Scott Wiles of Marcus & Millichap represented the buyer, a limited liability company. Melink is a provider of energy efficiency and renewable energy solutions for commercial buildings. The lease term is 15 years.

May 8, 2019

Market Reports New York Northeast Northeast Market Reports Office

New York City, There’s a Smarter Way to Do Glass Buildings

by Taylor Williams May 8, 2019

New York City recently passed the Climate Mobilization Act, the first real action by any city to require buildings’ greenhouse gas emissions to meet global climate targets. The new law requires owners of large buildings to meet carbon footprint standards or face millions of dollars in annual fines. The emission limits will begin in 2024 and become increasingly stringent from there. The legislation primarily applies to commercial office and market-rate multifamily buildings over 25,000 square feet. According to Urban Green, these buildings account for about 60 percent of the total building area in New York City — those that make up the Manhattan skyline. While skyscrapers will be forced to act first, significant levels of investment will also be needed for public buildings, affordable housing and non-profits. The Real Estate Board of New York (REBNY) estimates the total cost of the upgrades needed to comply with the new law is about $4 billion. Building owners can calculate the performance targets they’ll need to meet and the associated fines if they fail to meet them. While it may be possible to buy renewable energy credits to offset emissions, it is unclear how many will be available. Some buildings will need to …

May 8, 2019

Development Georgia Office Southeast

Serta Simmons Bedding Opens New Office Headquarters at $2B Assembly Yards Project in Metro Atlanta

by Alex Tostado May 7, 2019

DORAVILLE, GA. — Georgia Gov. Brian Kemp was onhand Friday at the site of the former GM plant in Doraville to officially open the new Serta Simmons Bedding headquarters. The mattress company now employs more than 500 people at its 210,000-square-foot office building situated adjacent to Third Rail Studios within the $2 billion Assembly Yards project. Joining Gov. Kemp were Doraville Mayor Donna Pittman, chairman and CEO of Serta Simmons Dave Smith and outgoing CEO of Serta Simmons, Michael Traub. In 2014, The Integral Group LLC acquired the land after GM closed its plant in 2008 and began working on Assembly Yards. The planned “city within a city” will offer 120,000 square feet of retail and entertainment space, 500,000 square feet of office space, more than 700 residential units and three miles of paved pathways at full buildout. “Assembly Yards is one of the things that really excites me about our metro area,” said Kemp during the event. Autonomous Transportation In addition to creating a place where people can work and live, Integral is also creating a technological hub by bringing in Georgia’s only autonomous shuttle bus operated by Navya that will be able to take employees from the campus to …

May 7, 2019

Development Georgia Office Southeast

Georgia Tech Research Institute Completes $42M Expansion in Marietta

by Alex Tostado May 7, 2019

MARIETTA, GA. — Georgia Tech Research Institute (GTRI) has completed a $42 million expansion that includes two buildings spanning 350,000 square feet in Marietta. The facilities are part of GTRI’s South Cobb Campus. In 20167, GTRI acquired four buildings on an unused, 52-acre Lockheed Martin site next to Dobbins Air Reserve Base. Renovations included transforming 205,500 square feet of retired office space into a research facility featuring computing and electronics laboratories. It also included the 144,500-square-foot renovation of a 403,500-square-foot high-bay industrial warehouse, which GTRI will also use for research. This space incorporates two, 10-ton cranes and a 30-ton crane to handle heavy equipment. The design team included McCarthy Building Cos. and Flad Architects. JLL’s project and development services division managed the design and construction phases.

May 7, 2019

Acquisitions Georgia Office Southeast

Newmark Knight Frank Arranges Sale of Office Building in Metro Atlanta for $10.8M

by Alex Tostado May 7, 2019

ALPHARETTA, GA. — Newmark Knight Frank (NKF) has arranged the $10.8 million sale of an 88,000-square-foot office building in Alpharetta. The property, situated at 5925 Cabot Parkway 25 miles north of downtown Atlanta, was built in 1999 and renovated in 2007. The asset offers 48 private offices, about 130 work stations, 11 conference rooms, two lounge areas and a full-service catering kitchen. Jason Schrago and Frank Clementi of NKF represented the seller, JM Family Enterprises, in the transaction. Tom Kirbo of SK Commercial Realty represented the buyer, The Woodbury Group.

May 7, 2019

Acquisitions Arizona Industrial Office Western

B.H. Properties Buys Honeywell Aerospace Glendale Office/Industrial Campus in Arizona

by Amy Works May 7, 2019

GLENDALE, ARIZ. — Los Angeles-based B.H. Properties has purchased the Honeywell Aerospace Glendale DSES Campus, located at 19019 N. 59th Ave. in Glendale, for an undisclosed price. Constructed in 1986 and situated on 45 acres, the property features 252,300 square feet of space, including offices, clean rooms, R&D labs and assembly areas. At the time of sale, the property was 100 percent occupied by Honeywell International, which signed a new lease to extend occupancy until July 2024. Mindy Korth and Kirk Kuller of Colliers International in Arizona negotiated the sale.

May 7, 2019

Newer Posts

Older Posts