Office

BLT Enterprises Divests 54,000 SF Flex Building in San Diego’s Kearny Mesa for $18M

by Amy Works November 14, 2018

SAN DIEGO — Santa Monica, Calif.-based BLT Enterprises has completed the sale of an R&D and flex building, located at 5454 Ruffin Road in San Diego’s Kearny Mesa district. San Diego Unified School District acquired the asset for $18 million, or $330 per square foot. BLT acquired the property in 2017. During its ownership, the company converted the 77,000-square-foot, two-story office building back to its original 54,000-square-foot size by removing the dated addition of a second-story office space that was constructed in the late 1980s. Additionally, BLT modernized the property and added an outdoor amenity space, new lobby, exposed high ceilings, skylights, dual-pane, energy-efficient glazing and LED lighting. Ron Jacobson of SD Realty Partners, in conjunction with Brad Black and Chris Pascale of CBRE, represented the seller, while Tom Mercer of Colliers International represented the buyer in the deal.

November 14, 2018

Development Office Texas

Parkway to Build 600-Space Parking Garage Annex at Greenway Plaza in Houston

by Taylor Williams November 13, 2018

HOUSTON — Parkway Property Investments LLC will build a 600-space parking garage annex at Phoenix Tower, a 34-story office building located within Greenway Plaza in Houston. The structure, which will adjoin Phoenix Tower’s original eight-story garage, will span eight floors and 247,000 square feet. The groundbreaking is expected to occur before year’s end, and completion is slated for late 2019. HOK is the project architect and Kimley Horn is the project engineer.

November 13, 2018

Loans Office Texas

NXT Capital Provides $33M Acquisition Loan for Dallas Office Building

by Taylor Williams November 13, 2018

DALLAS — Chicago-based NXT Capital has provided a $33 million acquisition loan for a 202,000-square-foot office building in Dallas. The Class A property is located along the Dallas North Tollway within one mile of 61 restaurants, 7,800 residential units and 19 hotels. C.J. Kelly of CBRE placed the loan with NXT Capital on behalf of an undisclosed borrower. The name of the property was also withheld.

November 13, 2018

Leasing Activity Office Texas

Coworking Firm Opens 22,553 SF Space at One McKinney in Uptown Dallas

by Taylor Williams November 13, 2018

DALLAS — Venture X, a Florida-based coworking concept, has opened a 22,553-square-foot space at One McKinney, a 15-story office building located in Uptown Dallas. The space will cover the fifth floor and feature communal areas, conference rooms, 240 dedicated desks and both private and virtual offices. Ryan Hoopes of Colliers International represented Venture X in the lease negotiations. Elliot Prieur and Allison Johnston internally represented the landlord, Gaedeke Group.

November 13, 2018

Market Reports Nevada Office Western Western Market Reports

Reno Office Market Tightens With Lack of New Supply

by Taylor Williams November 13, 2018

The northern Nevada office market is picking up steam, despite still lagging behind the robust growth taking place in the industrial and multifamily sectors. Year-to-date net absorption of 136,607 square feet has brought overall market vacancy rates down to 10.1 percent. Rates are well below that in the more desirable office submarkets. South Reno, once plagued with vacancy rates exceeding 30 percent during the downturn, now hovers at a rate of 6.3 percent. Downtown vacancy rates currently sit at 7.9 percent with no new supply on the horizon. In fact, no significant office property has been built in downtown Reno since 1981. Reno is a market in need of new office supply; however, new office construction is challenging to build on a speculative basis except in the most amenity-rich locations that offer visibility and accessibility. The lack of incoming supply and rising demand has caused office lease rates to increase. Rates have generally remained stable over the past few years with the exception of Class A office lease rates, which have climbed steadily over the past 12 months. There is a gap between existing Class A office lease rates, which range from $2 per square foot to $2.50 per square …

November 13, 2018

Company News Development New York Northeast Office Southeast Top Stories Virginia Washington Western

Amazon Selects New York City, Northern Virginia for $5B Second Headquarters, Nashville for Operations Hub

by John Nelson November 13, 2018

SEATTLE — Amazon (NASDAQ: AMZN) has officially selected New York City and Arlington, Va., as the homes for its second headquarters, confirming reports last week of the e-commerce giant’s decision to split HQ2. Amazon will invest $5 billion and create more than 50,000 jobs across the two new headquarters locations, with more than 25,000 employees in each new headquarters. Both campuses will feature 4 million square feet of new office space, which is expandable up to 8 million square feet at each location. New York City and Arlington will join Seattle as the company’s three headquarters in North America. “These two locations will allow us to attract world-class talent that will help us to continue inventing for customers for years to come,” says Jeff Bezos, founder and CEO of Amazon. “The team did a great job selecting these sites, and we look forward to becoming an even bigger part of these communities.” The New York location will be in Queens’ Long Island City neighborhood. The Arlington office will be in River Landing, a newly branded neighborhood encompassing parts of Pentagon City and Crystal City in Arlington and Potomac Yard in nearby Alexandria. Amazon estimates the incremental tax revenue to exceed $10 billion for the New York location …

November 13, 2018

Acquisitions District of Columbia Office Southeast

PRP, GMF Capital Acquire 334,000 SF Office Building on Pennsylvania Avenue in D.C.

by Amy Works November 12, 2018

WASHINGTON, D.C. — PRP, in partnership with GMF Capital, has acquired the Presidential Building, an office building located at 1111 Pennsylvania Ave. N.W. in Washington, D.C. The name of the seller and acquisition price were not released, but media outlets report the asset sold for $338 million. Originally built in 1967, the property was renovated and expanded in 2002 from 12 stories and 253,000 square feet to 14 stories and 334,000 square feet. The property also includes a four-story underground parking structure. Law firm Morgan, Lewis & Bockius occupies the entire building on a long-term lease through 2032. SKB redesigned the building’s interior space in 2017 as part of Morgan Lewis’ lease renewal. Since 2010, $35 million has been spent on base building and tenant space improvements.

November 12, 2018

Leasing Activity Office Texas

Waste Management Inc. Leases 284,000 SF at Capitol Tower in Houston

by Taylor Williams November 12, 2018

HOUSTON — Waste Management Inc. (NYSE: WM), has leased nine floors totaling 284,000 square feet at Capitol Tower, a 35-story office project being developed in Houston. Capitol Tower, which is slated to be complete by late 2019, is now 72 percent preleased. Waste Management Inc. will move into its new space in 2020. Rich Pancioli, Jon Lee and Lisa Konieczka of CBRE represented the tenant in the lease negotiations. Kristen Rabel and Warren Savery, also of CBRE, represented the developer and landlord, Skanska.

November 12, 2018

Acquisitions Nevada Office Western

SVN Commercial Negotiates $3.9M Sale of Office Building in Reno, Nevada

by Amy Works November 12, 2018

RENO, NEV. — SVN Commercial Associates has arranged the sale of an office building, located at 9785 Gateway Drive in Reno. An undisclosed buyer acquired the property for $3.9 million. The 18,964-square-foot property is occupied by a single tenant. Casey Prostinak of SVN Commercial handled the transaction.

November 12, 2018

Leasing Activity Office Retail Texas

Marcus & Millichap Brokers Sale of 17,636 SF Retail/Office Center in Metro Houston

by Taylor Williams November 12, 2018

PASADENA, TEXAS — Marcus & Millichap has brokered the sale of Harris Professional Pavilion, a 17,636-square-foot retail/office center in Pasadena, a southeastern suburb of Houston. Justin Miller, Harris Brooks and Davis Hansen of Marcus & Millichap represented the seller, a Houston-based investor, in the transaction. Tommy Lovell III and Richard Robson, also of Marcus & Millichap, procured the buyer, which acquired the property via a 1031 exchange. Other terms of sale were not disclosed.

November 12, 2018

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