Office

Amazon to Open 98,000 SF Office Location in Denver, Plans to Create 400 New Tech Jobs

by Amy Works May 1, 2019

DENVER — Amazon plans to expand its Denver Tech Hub and create 400 new high-tech jobs in a variety of fields, including software engineering, hardware engineering, cloud computing and advertising. To accommodate this growth, the company will open a 98,000-square-foot office at Invesco’s 1515 Wynkoop building in Denver’s Lower Downtown district. Currently, Amazon has more than 350 employees in the Denver area, building new products and services for the company’s retail, advertising and Amazon Web Services businesses. The company’s new office joins the company’s Boulder office, which opened last fall, and will allow Amazon to more than double its tech workforce in the Denver area. In total, Amazon has created more than 3,500 full-time jobs in Colorado. Over the last three years, Amazon has invested more than $1.5 billion in Colorado including infrastructure, compensation and Whole Foods Market.

May 1, 2019

Acquisitions Colorado Development Industrial Office Western

Cushman & Wakefield Brokers $4M Sale of Flex Development in Thornton, Colorado

by Amy Works May 1, 2019

THORNTON, COLO. — Cushman & Wakefield has arranged the sale of 67 acres of industrial-zoned land that will be developed into 25 North, a master-planned flex development in Thornton. A newly formed joint venture between RMS Properties Co. and Bow River Capital acquired the site for $4 million. Located at Washington Street and 148th Avenue in Thornton, 25 North will feature approximately 900,000 square feet of Class A industrial space. Construction of the first phase is underway and will include two speculative buildings totaling approximately 220,000 square feet. The site is zoned to allow for a variety of uses, including office, flex, industrial, warehousing, manufacturing and outdoor storage uses. Additionally, the development will offer new speculative development and land for build-to-suits, with buildings ranging in size from 50,000 square feet to 250,000 square feet. Matt Trone, Steve Hager and Joey Trinkle of Cushman & Wakefield Denver represented the seller, Regal Properties, in the transaction.

May 1, 2019

Development Northeast Office Pennsylvania Retail

LG Realty Advisors Unveils Plans for $50M Office, Retail Project in Pittsburgh

by Taylor Williams May 1, 2019

PITTSBURGH — LG Realty Advisors, a privately held development and management firm, has unveiled plans for Liberty East, a $50 million office and retail project in Pittsburgh. Liberty East, which is a redevelopment of the nine-story Penn Plaza building, will ultimately house 246,000 square feet of Class A office space with a 50,000-square-foot retail space on the ground floor that will be occupied by Whole Foods Market. The development will also include an additional 4,600 square feet of retail space and 700 parking spaces. Construction of Phase I of the project, which also includes a $1 million contribution to the upgrading of nearby Enright Park, is expected to begin this summer and wrap up in summer 2021.

May 1, 2019

Acquisitions Connecticut Industrial Northeast Office

Sheldon Gross Realty Brokers $30M Sale of Seven Office, Industrial Buildings in Fairfield, Connecticut

by Taylor Williams April 30, 2019

FAIRFIELD, CONN. — West Orange, New Jersey-based brokerage firm Sheldon Gross Realty has closed the $30 million-plus sale of seven office and industrial buildings totaling 315,800 square feet in the coastal Connecticut city of Fairfield. The buyer was an institutional investment firm and the seller was undisclosed. Robert Nathin of Sheldon Gross Realty, which has also managed the properties for the past two decades, brokered the deal.

April 30, 2019

Leasing Activity Office Texas

Alight Solutions Signs 180,000 SF Office Lease in Metro Houston

by Taylor Williams April 30, 2019

THE WOODLANDS, TEXAS — Wealth and human resources consulting firm Alight Solutions has signed a 180,000-square-foot office lease within The Woodlands, a master-planned community located north of Houston. The company’s new office space will offer access to walking trails and other outdoor amenities. The build-to-suit lease is for a building in The Woodlands that is currently under construction and is expected to be complete by spring 2020. Ronnie Deyo and David Bale of JLL represented Alight Solutions in the lease negotiations. Robert Parsley, Norm Munoz and Jillian Fredericks of Colliers International represented the landlord and developer, The Howard Hughes Corp.

April 30, 2019

Acquisitions Office Texas

Bradford Commercial Brokers Sale of 9,358 SF Office Building in Metro Dallas

by Taylor Williams April 30, 2019

GRAND PRAIRIE, TEXAS — Bradford Commercial Real Estate Services has brokered the sale of Bardin Professional Center, a 9,358-square-foot office building in Grand Prairie, located roughly midway between Dallas and Fort Worth. The two-story property, which was built in 2003, is situated just off Interstate 20 and was 82 percent leased at the time of sale. Leigh Richter of Bradford Commercial represented the seller, IM Bardin LLC, in the deal. The buyer, Nabua Property Holdings LLC, plans to renovate the building.

April 30, 2019

Leasing Activity Office Texas

CBRE Negotiates 8,828 SF Office Lease in Richardson, Texas

by Taylor Williams April 30, 2019

RICHARDSON, TEXAS — CBRE has negotiated an 8,828-square-foot office lease at 3001 E. George Bush Turnpike in Richardson, a northeastern suburb of Dallas. Tommy Nelson and Ben Davis of CBRE represented the landlord, Buchanan Street Partners, in the lease negotiations. Jeff Smith of Transwestern represented the tenant, Cardiovascular Provider Resources LLC.

April 30, 2019

Illinois Leasing Activity Midwest Office

Home Chef to Move Headquarters to Chicago’s Old Post Office

by Kristin Harlow April 30, 2019

CHICAGO — Home Chef has unveiled plans to move its headquarters into the redeveloped Old Post Office in Chicago this year. Home Chef, which merged with The Kroger Co. in 2018, will use the new space to accelerate growth, develop new products and expand its offerings. The company, which produces meal kits, will occupy 74,000 square feet. Home Chef currently has more than 750 employees in the Chicago area at its corporate offices in the Wrigley Building, satellite offices and distribution center in Bedford Park. The renovation of the Old Post Office Building is an $800 million project currently underway by owner 601W Cos. to transform the property into office space. Other tenants who have recently signed leases include Walgreens, Ferrara Candy Co. and AbelsonTaylor.

April 30, 2019

Leasing Activity New York Northeast Office

Savills Negotiates 34,000 SF Office Lease Renewal, Expansion in Lower Manhattan

by Taylor Williams April 29, 2019

NEW YORK CITY — Savills has negotiated a 34,000-square-foot office lease renewal and expansion for The Innocence Project, a local nonprofit organization, at 40 Worth Street in lower Manhattan. The tenant, which advocates for criminal justice reform, originally leased 20,000 square feet at 40 Worth Street in 2010 and expanded by an additional 3,000 square feet in 2014 prior to this expansion. Roy Lapidus of Newmark Knight Frank represented the landlord, GFP Real Estate, in the lease negotiations. The building was originally constructed in 1929 and houses the East Coast headquarters for The Gap, among other tenants.

April 29, 2019

Acquisitions Office Texas

Valor Capital Partners Buys 160,000 SF Office Complex in Southwest Austin

by Taylor Williams April 26, 2019

AUSTIN, TEXAS — Boutique investment firm Valor Capital Partners LLC has acquired Rialto I and II, a 160,000-square-foot office complex in southwest Austin. The two-building property, which is situated on 29 acres within the Lantana development, houses tenants such as LJA Engineering, Amica and Regus. Equitable Commercial Realty will handle leasing of the property, the seller of which was an undisclosed institutional owner. With this acquisition, Valor’s portfolio of office space in Austin now exceeds 500,000 square feet.

April 26, 2019

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