Office

Kaiser Permanente Unveils Plans for $900M Corporate Headquarters in Downtown Oakland

by John Nelson June 18, 2019

OAKLAND, CALIF. — Healthcare behemoth Kaiser Permanente has unveiled plans to build a new headquarters dubbed The Kaiser Permanente Thrive Center in downtown Oakland. Local developer Lane Partners will break ground on the project in 2020 with a planned opening slated for 2023. The San Francisco Chronicle reports that the $900 million office tower will rise 29 stories. The new campus will consolidate 7,200 Kaiser Permanente employees who are currently working in seven different locations around Northern California. Situated at 2100 Telegraph Ave., the new building will span 1.6 million square feet of office space and will reduce the company’s operational costs by more than $60 million annually, according to Bernard Tyson, chairman and CEO of Kaiser Permanente. The building’s design is set to include dedicated space for a health clinic and health education, healthy food options and 20,000 square feet of public space for weekly farmers markets, exercise and cooking classes and a showplace for community-inspired art. Lane Partners is aiming to achieve LEED Platinum certification for Thrive Center. Kaiser Permanente is the largest private employer in Oakland, and Lane Partners estimates that the new building, which was formerly known as Eastline, will generate a one-time $23 million economic …

June 18, 2019

Acquisitions Office Texas

Fuller Realty Partners Buys Two Office Buildings Totaling 175,700 SF in Houston

by Taylor Williams June 17, 2019

HOUSTON — An affiliate of locally based investment firm Fuller Realty Partners has purchased Parkview I and II, two office buildings totaling 175,700 square feet in Houston’s Energy Corridor area. Both properties were built in the 1980s and were a combined 11 percent leased at the time of sale. Rick Goings, Rudy Hubbard and Kevin McConn of JLL represented the seller, LNR Partners, in the transaction.

June 17, 2019

Colwick-Business-Center-Cherry-Hill-New-Jersey

Acquisitions New Jersey Northeast Office

JLL Negotiates $17.4M Sale of 172,500 SF Office Park in Cherry Hill, New Jersey

by Taylor Williams June 17, 2019

CHERRY HILL, N.J. — JLL has negotiated the $17.4 million sale of Colwick Business Center, a 172,500-square-foot office park located outside Philadelphia in Cherry Hill. The three-building property was 90 percent leased at the time of sale. An undisclosed Brooklyn-based firm acquired the portfolio from a joint venture between Endurance Real Estate Group and Blue Vista Capital Management. Brett Grifo, Jim Galbally, John Plower and Chad Orcutt of JLL brokered the deal.

June 17, 2019

Leasing Activity Northeast Office Pennsylvania

Marcus & Millichap Relocates Office From Wynnewood, Pennsylvania to King of Prussia

by Taylor Williams June 17, 2019

KING OF PRUSSIA, PA. — Marcus & Millichap has relocated its office in the western Philadelphia suburb of Wynnewood to 200 N. Warner Road in King of Prussia. Sean Beuche, regional manager of Marcus & Millichap’s Philadelphia office, will oversee the new operation, which is currently manned by eight agents.

June 17, 2019

Indiana Leasing Activity Midwest Office

BNSF Signs 13,105 SF Office Lease in Downtown Indianapolis

by Kristin Harlow June 17, 2019

INDIANAPOLIS — BNSF Logistics has signed a 13,105-square-foot office lease at 141 E. Ohio St. in downtown Indianapolis. Crown Property Management owns the historic building, which dates back to 1913. First-floor tenants at the property include Crown Wine & Spirits and Punch Burger. Kevin O’Donnell of Newmark Knight Frank represented BNSF in the lease transaction. BNSF had outgrown its former office space in Indianapolis, which spans 2,500 square feet.

June 17, 2019

Loans Massachusetts Northeast Office Retail Top Stories

Citizens Commercial Provides $435M Construction Loan for Boston Office, Retail Project

by Taylor Williams June 17, 2019

BOSTON — Citizens Commercial Banking has provided a $435 million construction loan for a 500,000-square-foot office and retail project in Boston’s Seaport District. The new building at 111 Harbor Way will feature two floors of retail space and 15 floors of office space that Amazon will fully occupy. Construction of the project is scheduled for completion by 2021. The borrower, a partnership between locally based investment firm WS Development and Canada’s Public Sector Pension Investment Board, officially broke ground on the building May 28. The partnership is the lead developer of the Boston Seaport, a 23-acre waterfront project that will eventually span 7.6 million square feet of residential, retail, office and hospitality space. The project also includes 8.8 acres of open public space. Citizens, a Rhode Island-based lender with more than $160 billion in assets under management, is also the lead arranger and administrative agent for the loan, which officially closed June 7. — Taylor Williams

June 17, 2019

Development Office Southeast Tennessee

KDC to Develop 750,000 SF Office Building Within Aureum Mixed-Use Project in Nashville’s Cool Springs

by Alex Tostado June 14, 2019

FRANKLIN, TENN. — Dallas-based KDC has partnered with SouthStar and Chartwell Hospitality to develop a 750,000-square-foot office building within Aureum, a mixed-use development in Franklin. KDC will develop Aureum’s office component, SouthStar will develop 100,000 square feet of retail space, Chartwell Hospitality is developing three hotels totaling 700 rooms and SouthStar and Chartwell will co-develop a 480-unit residential community. Aureum, which is Latin for “golden,” will span 22 acres in Franklin’s Cool Springs area, about 18 miles south of downtown Nashville. KDC is expected to break ground on the office building in early 2020.

June 14, 2019

Leasing Activity Office Texas

Accesso Signs Two Tenants to 200,000 SF of Office Space in Northwest Austin

by Taylor Williams June 14, 2019

AUSTIN, TEXAS — Office investment firm Accesso has signed two leases totaling 200,000 square feet at Riata Corporate Park, a 61.5-acre office campus in northwest Austin. Global pharmaceutical company Allergan has leased 107,000 square feet at the eight-building campus, which offers multiple fitness centers, an employee lounge and a deli café. In addition, an unnamed Silicon Valley-based computer company will occupy 93,000 square feet at Riata Corporate Park. Mike Brown and Will Stewart of Transwestern negotiated both leases on behalf of Accesso.

June 14, 2019

Leasing Activity Office Texas

Common Desk Begins Leasing 52,000 SF Coworking Space at Trammell Crow Center in Dallas

by Taylor Williams June 14, 2019

DALLAS — Common Desk, a coworking concept with five locations in the metroplex, has begun leasing its 52,000-square-foot space at Trammell Crow Center in the Arts District neighborhood of Dallas. The space offers amenities such as a coffee bar, golf simulator, speakeasy-style bar, a game lounge and conference rooms. Sara Terry and Scott Sowanick of Stream Realty Partners are representing Common Desk in the leasing and management of the space.

June 14, 2019

Acquisitions Arizona Office Western

DRA Advisors Acquires Camelback Lakes Office Building in Phoenix for $47.5M

by Amy Works June 14, 2019

PHOENIX — New York-based DRA Advisors has purchased Camelback Lakes, a multi-story office building located at 2710, 2720, 2730 and 2850 E. Camelback Road, for $47.5 million. Developed in 1983, the four-building asset features 203,290 square feet of office space with a detached parking deck. At the time of sale, the property was 85 percent occupied. Mainstreet Capital will provide property management services, while Keith Lambeth of Cushman & Wakefield will provide leasing services for the property. Chris Toci and Chad Littell of Cushman & Wakefield, supported by the agency leasing team of Keith Lambeth, closed the transaction.

June 14, 2019

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