Office

Marketing Firm Signs 960,000 SF Office Lease Renewal, Expansion in Manhattan

by Alex Patton July 9, 2019

NEW YORK CITY — Publicis Group, a French marketing, advertising and public relations firm, has signed a lease renewal and expansion at 375 Hudson Street in Manhattan. The firm is renewing its original 680,000-square-foot lease, which is set to expire in 2023, and taking on an additional 280,000 square feet. The new lease term is 20 years, and the firm will take occupancy of the expanded space in August. Tishman Speyer owns 375 Hudson, which was built in 1987 and spans a full city block from King to West Houston streets. Howard Fiddle, Paul Amrich, and Ben Joseph of CBRE represented ownership in the lease negotiations. John Maher, Paul Myers, Mike Wellen, Greg Maurer-Hollaender and Cara Chayet, also with CBRE, represented Publicis.

July 9, 2019

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Negotiates $3.9M Sale of Office Property in Camp Hill, Pennsylvania

by Alex Patton July 9, 2019

CAMP HILL, PA. — Marcus & Millichap has negotiated the sale of a 26,541-square-foot office property in Camp Hill, Pennsylvania. The property is located at 355 N. 21st St and Cumberland Blvd. The sales price was $3.9 million. The building offers 16 office suites leased to tenants in an array of industries, including medicine, finance and law. Craig Dunkle of Marcus & Millichap’s Philadelphia office represented the seller, 355 N. 21st Camp Hill Associates, as well as the buyer, Thank You Hashem, in the transaction.

July 9, 2019

Acquisitions District of Columbia Office Southeast

Akridge, Alcion Partners Sell Office Building in Downtown D.C. for $119M

by Alex Tostado July 9, 2019

WASHINGTON, D.C. — Akridge and Alcion Partners have sold 1701 Rhode Island Ave., a seven-story, 103,908-square-foot office building in downtown Washington, D.C., for $119 million. The partnership acquired the then-YMCA in March 2016 before repositioning the asset into an office building fully leased to WeWork. WeWork has occupied the space since February. Design firm Hickok Cole Architects and general contractor Whiting-Turner Contracting Co. led the redevelopment of 1701 Rhode Island to include a two-story lobby, pocket park, rooftop decks on the penthouse and seventh floor and a landscaped rooftop terrace. An affiliate of EXAN Capital acquired 1701 Rhode Island. Collins Ege, Sean McDermott, Nicholas Pappas and Nick Carpenter of Eastdil Secured represented the sellers in the transaction. EXAN Capital will remain as the asset manager.

July 9, 2019

Leasing Activity Office Texas

WeWork to Open 56,000 SF Coworking Space in Downtown Houston

by Taylor Williams July 9, 2019

HOUSTON — WeWork will open a 56,000-square-foot coworking space at 609 Main at Texas, a 1 million-square-foot office tower in downtown Houston that was developed by Hines. Members will have access to the building’s café and 7,000-square-foot fitness center. Michael Anderson and Damon Thames of Colvill Office Properties represented Hines in the lease negotiations. Mark O’Donnell of Savills Commercial Real Estate represented WeWork, which now has four locations in Houston. The opening is slated for late 2019.

July 9, 2019

Acquisitions Midwest Minnesota Office

Lingerfelt CommonWealth Acquires 42-Story Office Tower in Minneapolis

by Kristin Harlow July 9, 2019

MINNEAPOLIS — Lingerfelt CommonWealth Partners LLC has acquired 222 South Ninth Street, a 42-story office tower in downtown Minneapolis. The purchase price was $81 million, according to the Minneapolis/St. Paul Business Journal. Principal Real Estate Investors sold the 727,170-square-foot tower, which will be rebranded as Two22. The new name stems from the property’s street address. Built in 1985, the building was originally known as the Piper Jaffray Tower and most recently the Campbell Mithun Tower. The property is 51 percent occupied. Lingerfelt plans to immediately implement an estimated $20 million comprehensive renovation, including modernization of the elevators, Skyway renovations, additional amenities, a lobby renovation and addition of an outdoor terrace. Lingerfelt will own the tower via its vertically integrated investment platform. Commonwealth Commercial Partners, the company’s affiliated real estate operating firm, will handle day-to-day property management for Two22 and open its first office in the Twin Cities. Atlantic Real Estate Capital arranged acquisition financing for the transaction. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE arranged the sale on behalf of the seller.

July 9, 2019

Development Office Top Stories Washington Western

Hines Breaks Ground on 17-Story Office Tower in Bellevue Fully Leased to Amazon

by John Nelson July 9, 2019

BELLEVUE, WASH. — Hines has broken ground on Summit 3, a 17-story office tower located in downtown Bellevue, a suburb of Seattle situated on the shores of Lake Washington. The Houston-based development firm has preleased the Class A, 374,220-square-foot office building to a tenant it did not disclose, but the Puget Sound Business Journal reports that Amazon has leased the entire tower with plans to grow its Bellevue employee base to 2,500 by 2020. The Seattle Times reported last week that the Seattle-based tech giant has also begun the permitting process for a new 43-story tower at 600 108th Ave., about two blocks north of Summit 3. Situated at the corner of 108th Ave. NE and N.E. 4th St., general contractor JTM Construction will build Summit 3 atop an existing subterranean parking garage that spans seven levels. Hines will develop the office space to accommodate high-density tech operations. The property is the third building within The Summit office campus, which includes Café Pogacha and a Bright Horizons childcare facility. Other onsite amenities at the Summit campus include a fitness center, conference center and The Summit Room, which functions as a combination of a lobby, lounge and meeting area. The U.S. …

July 9, 2019

Acquisitions Office Texas

Stan Johnson Co. Negotiates $4M Sale of Office Building in Corpus Christi

by Taylor Williams July 8, 2019

CORPUS CHRISTI, TEXAS — Stan Johnson Co., an Oklahoma-based brokerage firm specializing in net-leased assets, has negotiated the $4 million sale of a single-tenant office building in Corpus Christi. The Texas Department of Family & Protective Services occupies the 51,307-square-foot property and has less than a year remaining on its lease. Brian Corriston of Stan Johnson Co. represented the seller, a Texas-based developer, in the transaction. The buyer was a group of individual investors from the Midwest that acquired the asset in an off-market transaction.

July 8, 2019

Leasing Activity Midwest Missouri Office

Law Organizations to Share Office Space in Kansas City’s Country Club Plaza

by Kristin Harlow July 8, 2019

KANSAS CITY, MO. — Kirkendall Dwyer LLP and Law Tigers have jointly signed a long-term office lease for 1,474 square feet at the Skelly Building in Kansas City’s Country Club Plaza. The organizations will occupy Suite 208 on the second floor. The building, located at 605 W. 47th St., is now 97 percent occupied. Other tenants include Panera Bread, Bo Lings Chinese restaurant, Footlocker, Roth Living, McDowell Rice Smith & Buchanan, House Park & Dobratz, Block & Co. Inc. Realtors and MegaStar Financial. Alex Block of Block & Co. handled the lease transaction on behalf of property ownership. Kirkendall Dwyer specializes in automotive personal injury. Law Tigers is a national network of motorcycle accident attorneys that focuses more specifically motorcycle personal injury. Block & Co. is the property manager for the Skelly Building.

July 8, 2019

Development Office Southeast Tennessee

Brasfield & Gorrie Delivers New Headquarters for Mars Petcare Near Nashville

by John Nelson July 8, 2019

FRANKLIN, TENN. — Brasfield & Gorrie has delivered the new North American headquarters for Mars Petcare, a leading pet care and products firm. Located in the southern Nashville suburb of Franklin, the pet-friendly campus includes a Wi-Fi-enabled dog park, two indoor dog play areas with options for daycare, coffee bars on every floor with designated “slurp stations” for pets, pet beds and toys throughout the campus, wide furniture that is upholstered with pet-friendly fabric and green space with walking paths. Mars Petcare employs 85,000 associates and features 50 brands, including Pedigree, Iams and Whiskas.

July 8, 2019

Acquisitions California Healthcare Office Western

JLL Income Property Trust Acquires Genessee Plaza Medical Office Complex in San Diego for $90M

by Jeff Shaw July 5, 2019

SAN DIEGO — JLL Income Property Trust, an institutionally managed daily NAV REIT, has acquired a two-building medical office campus known as Genesee Plaza for $90 million. Genesee Plaza is located in San Diego’s University Town Center, near the University of California, San Diego and Scripps Hospital campuses.

July 5, 2019

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