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AcquisitionsOfficeTexas

Equus Capital Sells 193,998 SF Office Building in Metro Houston to Glazer Properties

by Taylor Williams

SUGAR LAND, TEXAS — Equus Capital Partners Ltd., a Philadelphia-based private equity firm with five other offices around the country, has sold One Sugar Creek Center, a 193,998-square-foot office building located in the southwestern Houston suburb of Sugar Land. The asset was sold to Glazer Properties, an investment firm headed by Tampa Bay Buccaneers co-owner Kevin Glazer. The 11-story, Class A property was built in 1983 on 4.5 acres and was renovated in 2017 to feature a new lobby, added security systems, elevator cab upgrades, a new conference center and refreshed landscaping. Additional amenities include a deli, bank branch and an outdoor patio and cornhole court. The property was 90 percent leased at the time of sale to tenants such as Comerica Bank, Wholesome Sweeteners and Amerex Brokers Natural Gas. Christopher Locatell, Mark Ledger and Greg Chapin of Equus handled the transaction for their firm along with Dan Miller, Marty Hogan and Johnny Kight of HFF.

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Leasing ActivityOfficeTexas

Kirksey Architecture Opens New Office in South Austin

by Taylor Williams

AUSTIN, TEXAS — Kirksey Architecture, which has more than $500 million worth of projects underway throughout Central Texas, has opened a new, 2,500-square-foot office at 1701 Directors Blvd. in south Austin. The company’s main office is located in Houston. Executive vice president Benito Guerrier and vice presidents David Dalton and Kathleen Jircik will head the company’s Austin office. Kirksey officially took occupancy of the space in June 2018.

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AcquisitionsOfficeTexas

Bright Realty Brokers Sale of 2,144 SF Office Condo in McKinney, Texas

by Taylor Williams

MCKINNEY, TEXAS — Metro Dallas-based Bright Realty has brokered the sale of a 2,144-square-foot office condominium located at 501 Medical Center in McKinney, a northern suburb of Dallas. The property offers access to both U.S. Highway 75 and the Sam Rayburn Tollway. Britton Lankford and Nick Miller of Bright Realty represented the seller in the transaction. The buyer and sales price were not disclosed.

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GeorgiaLeasing ActivityOfficeSoutheast

Spaces Signs 40,000 SF Office Lease in Atlanta’s Central Perimeter Submarket

by Alex Tostado

ATLANTA — Coworking firm Spaces will occupy 40,000 square feet of Building I within The Collective at Concourse in Atlanta’s Central Perimeter submarket. Spaces will occupy the entire eighth floor, as well as conference space, by November. Totaling 751,093 square feet, Buildings I, II and IV at The Collective at Concourse are undergoing a $6 million renovation to improve lobbies with collaboration spaces, natural light, new conference centers and a new greenspace for community events. This will be Spaces’ sixth location in metro Atlanta.

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FloridaLoansOfficeSoutheast

Aztec Group Provides $11.9M Loan for Redevelopment of Office Building in Miami

by Alex Tostado

MIAMI — Aztec Group has provided an $11.9 million loan to 4141 Design LLC, an affiliate of JCube Development, to redevelop an office building in Miami. The borrower plans to fully renovate the 15,843-square-foot building to include 6,100 square feet of ground-level retail space, 4,400 square feet of office space on the second and third floors and 4,000 square feet of rooftop event space. The building, known as 4141 International Design Center, was built in 1961 and used to be used as a design hub housing more than 150 designers and architects. A timeline for construction was not disclosed.

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AcquisitionsIllinoisIndustrialLee & AssociatesMidwestOffice

Lee & Associates Negotiates Sales of Office, Industrial Buildings in St. Charles, Illinois

by Kristin Harlow

ST. CHARLES, ILL. — Lee & Associates has negotiated the sale of two buildings in St. Charles for undisclosed prices. The first was a 5,100-square-foot office building located on School Road. Jay Farnam of Lee & Associates represented the buyer, AMI Group Inc. The second transaction was the sale of a 13,250-square-foot industrial building located at 2541 DuKane Drive. Mike Androwich Jr. of Lee & Associates represented the buyer, El Milagro.

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AcquisitionsNew YorkNortheastOfficeTop Stories

Savanna Acquires Office Tower in Midtown Manhattan for $381M

by John Nelson

NEW YORK CITY — Savanna, a real estate owner and developer based in New York City, has purchased a 39-story office tower in Midtown Manhattan for $381 million. The nearly 500,000-square-foot building is located at 521 Fifth Ave., which is near the corner of 43rd Street and one block from Grand Central Station in New York City. The seller is a joint venture between SL Green Realty Corp., Quantum Global Real Estate and LaSalle Investment Management. Bill Shanahan, Darcy Stacom, David Fowler and Doug Middleton of CBRE represented the joint venture in the sale. Built in 1929, the office tower is LEED Gold-certified and Energy Star-rated, but Savanna plans to make significant capital improvements to the asset. More specifically, the renovation includes a complete entrance and lobby overhaul, new signage, selective systems upgrades and common corridor work. “After we make a few select cosmetic improvements, we believe this property will be well-positioned for a successful leasing campaign,” says Andrew Fichte, managing director of Savanna. Savanna has selected a CBRE team led by Peter Turchin and David Hollander as the leasing agent for the office tower. At year-end 2018, the build was more than 96 percent leased to tenants including China …

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AcquisitionsFloridaOfficeSoutheast

KBS Sells Office Property in West Palm Beach for $40M

by Alex Tostado

WEST PALM BEACH, FLA. — KBS Real Estate Investment has sold Emerald View at Vista Center, a two-building office property in West Palm Beach, for $40 million. A partnership including Vanderbilt Office Properties acquired the 139,471-square-foot property. Emerald View is situated near the Florida Turnpike and Okeechobee Boulevard within the 500-acre master-planned Vista Center. Vista Center is a mixed-use development that will include office, industrial, hotel and retail space. Emerald View was built to exceed hurricane requirements and provide 100 percent power for 25 days of “business as usual” operations. KBS made several upgrades and improvements to the property, including the construction of move-in ready speculative suites and enhancements to the building common areas and lobby. Christian Lee, Jose Lobon, Kevin Probel, Kevin McCarthy and Tyler Ploshnick of CBRE represented KBS in the transaction.

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AcquisitionsNew YorkNortheastOfficeRetail

GFP Real Estate Acquires 311,000 SF Office, Retail Building in Manhattan

by Taylor Williams

NEW YORK CITY — Locally based investment and development firm GFP Real Estate has acquired 675 Avenue of the Americas (AOA), a 311,000-square-foot office and retail building located in the Flatiron District of Manhattan. Originally constructed in 1901 to house the Adams Dry Goods department store, the Class A property houses the headquarters of several major companies, including Weight Watchers, Nielsen and Trader Joe’s. GFP partnered on the sale with tech firm Guidepoint, which will occupy a 50,000-square-foot headquarters space within the building and retain minority ownership in it. Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Paul Talbot of Newmark Knight Frank arranged an undisclosed amount of acquisition financing through Signature Bank for the deal. The seller and sales price were not disclosed.

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