Office

Marcus & Millichap Brokers $4.6M Sale of Office Property in Harrisburg

by Alex Patton July 12, 2019

HARRISBURG, PA. — Marcus & Millichap has brokered the $4.6 million sale of a 73,289-square-foot office building in Harrisburg. The four-story property is located on the corner of Cameron and Walnut streets, and is leased to a mix of community-based, service and nonprofit organizations. Craig Dunkle and Mark O’Shea of Marcus & Millichap’s Philadelphia office represented the seller, investment firm Brickbox Enterprises Ltd. Dunkle also represented the buyer, Halzlucha LLC, a private investment group based in Muncie, New York.

July 12, 2019

Acquisitions California Office Western

Parallel Capital Partners Buys Sky Park Office Plaza in San Diego for $50.6M

by Amy Works July 12, 2019

SAN DIEGO — San Diego-based Parallel Capital Partners has acquired Sky Park Office Plaza, a Class A office complex located at 9275 and 9325 Sky Park Court in San Diego’s Kearny Mesa submarket. Blackstone/Equity Office Properties sold the two-building asset for $50.6 million. Built in 1986, the 203,258-square-foot property features a three- and four-story, glass-and-concrete office complex with steel frame construction and large flexible floor plates. Amenities include an on-site café and full-service gym. At the time of sale, the property was 96 percent leased to a variety of tenants, including Union Bank, Qualcomm, Liberty Mutual Insurance, The Travelers Indemnity Co. and Molina Healthcare. Nick Psyllos and Michael Leggett of HFF represented the seller, while Parallel was self-represented in the transaction.

July 12, 2019

Acquisitions Arizona Office Western

Transwestern Purchases Camelback Esplanade III Office Tower in Phoenix

by Amy Works July 12, 2019

PHOENIX — Transwestern, in a joint venture with an institutional partner, has acquired Camelback Esplanade III, a Class A office tower in Phoenix. The price was not disclosed. Developed by Opus in 1997, the 10-story Camelback Esplanade III features 218,387 square feet of office space. At the time of sale, the property was 50 percent leased to a mix of nationally recognized tenants. The LEED Gold-certified and Energy Star-rated office tower is located within The Esplanade, a mixed-use development. Jim Fijan and Jack Fijan of Transwestern represented the buyer and sourced the institutional partner. Additionally, Jim Achen and Bill Zurek of Transwestern will provide office leasing services and oversee property management.

July 12, 2019

Development Leasing Activity Office Texas

Endurance Builders Completes Renovation of Two Houston Office Buildings Totaling 880,000 SF

by Taylor Williams July 12, 2019

HOUSTON — General contractor Endurance Builders has completed renovations of One and Three Riverway, two office buildings totaling 880,000 square feet in Houston. Ziegler Cooper Architects handled the design of the renovation program, which delivered new amenities such as a coffee bar, tenant lounge, fitness center and conference centers. Additionally, law firm McKinney Taylor PC has signed a 10,000-square-foot lease at Three Riverway and will move in this summer, and Commonwealth Projects LLC relocated to a 10,616-square-foot space at One Riverway earlier this year. CBRE handles leasing of the buildings, and Unilev Management Corp. manages them.

July 12, 2019

Leasing Activity Office Texas

NAI Partners Secures 5,106 SF Office Lease in West Houston

by Taylor Williams July 12, 2019

HOUSTON — NAI Partners has secured a 5,106-square-foot office lease at 510 Bering Drive in west Houston for Partners Surgical LLC, which acquires, develops and manages acute surgery centers across the United States. According to LoopNet Inc., the property was built in 1984 and totals 100,840 square feet. Dan Boyles of NAI Partners represented the tenant in the lease negotiations. Richard Barbles of Stream Realty Partners represented the landlord.

July 12, 2019

New York Northeast Office

Consulate General of Japan Signs 58,000 SF Lease Extension at 299 Park Avenue in Manhattan

by Alex Patton July 11, 2019

NEW YORK CITY — The Consulate General of Japan has signed a 58,000-square-foot lease extension at the Plaza District tower owned by Fisher Brothers in Manhattan. The lease extension will keep the consulate at 299 Park Ave. until 2036. The office provides protection to Japanese nationals within the United States and promotes trade and investment with Japan. Fisher Brothers, which constructed the building in 1967, is set to initiate a capital improvement program to upgrade the lobby and entrance, and incorporate a new exterior lighting system. Since announcing the renovation plans in 2017, Fisher Brothers has secured 316,000 square feet of new leases and renewals at the tower, including investment firms One William Street Capital and GoldPoint Partners.

July 11, 2019

Georgia Leasing Activity Office Southeast

WeWork Leases Total of 150,000 SF of Space in Metro Atlanta

by Alex Tostado July 11, 2019

ATLANTA — WeWork has signed three office leases in metro Atlanta totaling 150,000 square feet. In the first lease, WeWork will occupy 35,000 square feet and all three stories of office space within a mixed-use project located at 120 W. Trinity Place in downtown Decatur. The space will accommodate 540 members. Atlanta-based Cousins Properties is developing the project, which will include 18,000 square feet of retail and restaurant space, 329 residential units and a parking deck, in addition to WeWork’s office space. Construction is expected for the first half of 2020. WeWork’s second lease is in Atlanta’s Central Perimeter district in Sandy Springs. The coworking company will lease 70,000 square feet of office space at 1155 Perimeter Center W. WeWork will occupy three floors and will accommodate 1,200 members. The space is expected to open in early 2020. WeWork also signed a 45,000-square-foot lease spanning two floors along the Atlanta BeltLine’s Eastside Trail near Ponce City Market. WeWork will occupy the space within the 725 Ponce project by the end of this year. Developer New City Properties plans to open 725 Ponce this fall. The project will comprise 370,000 square feet of office space and include an urban prototype Kroger …

July 11, 2019

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $4M Sale of Medical Office Building in Metro Philadelphia

by Alex Patton July 11, 2019

CHERRY HILL, N.J. — Marcus & Millichap has brokered the $4 million sale of South Jersey Medical Center, a 33,426-square-foot medical office building located in Cherry Hill, located just outside Philadelphia in New Jersey. The property features 14 suites and 425 feet of frontage along State Route 70, which has a daily traffic count in excess of 53,000 cars. David Beyel, Lawrence Gariano and Michael Hinchman of Marcus & Millichap’s Philadelphia represented the undisclosed seller and procured the buyer, a Pennsylvania-based partnership that will upgrade the property’s common areas.

July 11, 2019

Features Office

Coworking is Snatching Up Office Space, But Is More Disruption on the Horizon?

by Kristin Harlow July 11, 2019

CARLSBAD, CALIF. — The office investment market is back on track and buoyed by significant sources of capital for deal making, following some political and economic uncertainty over the past year, according to the June 2019 Office Investor Sentiment Report by Real Capital Markets (RCM). Among the key takeaways is that a majority of investors (87 percent) who participated in the survey view coworking as a moderate to high risk to investment values, with 37 percent of that group noting that the market could already be saturated. Overall, investors are looking more closely at the investment value of coworking space, given its rapid expansion and potential exposure to any market downturn. The report also notes that investors remain confident in the office market in general, especially given economic conditions and population growth. “Conventional wisdom and years of experience tell us that we may be long in the [economic] cycle,” says Tina Lichens, COO of Carlsbad, Calif.-based RCM. “At the same time, there is a broad sense of optimism, albeit somewhat cautious, that with the level of capital poised for investment, there are still allocations to be met and transactions to be completed.” Coworking risks, opportunities Coworking space has led all …

July 11, 2019

Loans Office Texas

NXT Capital Provides $54.7M Loan for Refinancing of Metro Dallas Office Building

by Taylor Williams July 11, 2019

RICHARDSON, TEXAS — Chicago-based NXT Capital has provided a $54.7 million loan for the refinancing of a 312,000-square-foot office building in Richardson, a northeastern suburb of Dallas. The Class A property is situated near Central Expressway and President George Bush Turnpike and offers amenities such as a fitness center, deli, bocce ball court and shuttle service to a nearby DART station. Greg Young of Grandbridge Real Estate Capital placed the loan on behalf of the undisclosed borrower.

July 11, 2019

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