Office

HFF Secures $32M Refinancing for Office Tower in Manhattan

by David Cohen April 8, 2019

NEW YORK CITY — HFF has secured a $32 million loan to refinance a 12-story office tower in the Garment District of Manhattan. Located at 35 W. 36th St., the 77,880-square-foot office building was built in 1911. The building’s renovated lobby includes two high-speed elevators as well as building amenities such as a doorman, 24/7 key card access, an onsite café and a kickboxing gym. Steven Klein, Scott Findlay and Jackie Ferrer of HFF secured financing on behalf of the borrower, Hidrock Properties. The lender was Ladder Capital Finance. Terms of the financing included a three-year, floating-rate loan.

April 8, 2019

Market Reports Office Southeast Southeast Market Reports Tennessee

Corporate Relocations, Coworking Concepts Reshape Nashville’s Office Market

by Alex Tostado April 8, 2019

The Nashville office market continues to have positive momentum coming into 2019, following three years of record-setting leasing that brought several big name corporate tenants to the market — plus a recent surprise announcement that Amazon will soon be adding 5,000 employees to Nashville’s central business district (CBD) within the Nashville Yards development. The bulk of the activity is concentrated in CBD Class A office space, as tenants focus on real estate decisions that emphasize recruiting and employee retention. This trend mirrors activity occurring in many major markets across the country. Companies continue to seek the coveted urban work-live-play environments designed to attract the millennial population. Avison Young research shows that the CBD recorded 255,330 square feet of positive net absorption at year-end 2018. Among the large companies that signed notable leases in the urban core in 2018 are Philips, AllianceBernstein and Asurion, which is adding 400 tech employees and consolidating several locations into a new 550,000-square-foot headquarters at 11th Avenue North and Church Street in the Gulch. Construction is scheduled to begin this year on that headquarters, with completion slated by the end of 2021. Nashville’s strong business climate and robust office leasing activity have caught the attention of …

April 8, 2019

Alabama Leasing Activity Office Southeast

Georgia Tech Leases 38,000 SF of Office Space in Huntsville

by Alex Tostado April 5, 2019

HUNTSVILLE, ALA. — Georgia Tech Research Institute has leased 38,000 square feet of office space within Redstone Gateway, a 76,000-square-foot building in Huntsville being developed by Corporate Office Properties Trust, which will also serve as the landlord. Georgia Tech’s focus in Huntsville is aero-space related reasearch. Redstone Gateway is a research park near U.S. Army post Redstone Arsenal, which is home to the U.S. Army Aviation and Missile Command (AMCOM), major components of the Defense Intelligence Agency and the NASA‐ George C. Marshall Space Flight Center. Redstone Gateway is expected to open this fall. Georgia Tech will consolidate 70 employees from offices around Huntsville to the new location, with plans to further expand. Dale Lewis and Mark Rosenthal of CBRE and Russ Russell Real Estate represented Georgia Tech in the lease negotiations. The landlord was represented internally by James Lomax.

April 5, 2019

Development Office Texas

Kaizen Development Begins Work on 300,000 SF Office Project in Uptown Dallas

by Taylor Williams April 5, 2019

DALLAS — Kaizen Development Partners has begun demolition work on The Link at Uptown, a 300,000-square-foot office project located at 2601 Olive St. in Uptown Dallas. BOKA Powell and Balfour Beatty are respectively serving as the architect and general contractor for the 25-story building, which will be situated near a variety of retail and restaurant destinations. JLL is handling leasing and marketing of the property, which is expected to be complete in fall 2021. An investment fund managed by Goldman Sachs’ merchant banking division is providing project financing.

April 5, 2019

Acquisitions Colorado Development Office Western

Schnitzer West to Develop Speculative Office Project in Denver’s River North Art District

by Amy Works April 5, 2019

DENVER — Schnitzer West has purchased a land parcel, located at 3615 Delgany St. in Denver’s River North Art District, for an undisclosed price. The acquisition is the result of a partnership between Schnitzer West and Craft Cos., a Denver-based real estate firm. Schnitzer plans to develop a 12-story, 200,000-square-foot speculative office building on the 34,250-square-foot site. The current site design includes one level of underground parking, five levels of above-grade podium parking and seven floors of office space. The first phase of construction is scheduled to begin first-quarter 2020.

April 5, 2019

Georgia Leasing Activity Office Southeast

FleetCor Technologies to Relocate Headquarters to Atlanta’s Buckhead District

by Alex Tostado April 4, 2019

ATLANTA — FleetCor Technologies Inc. will move its headquarters to Atlanta’s Buckhead District by the end of the year. Currently occupying 100,000 square feet in Norcross, Ga., FleetCor will move into a 46,000-square-foot space within Terminus 100 formerly occupied by Bain & Co. Terminus 100 is a 27-story, 660,000-square-foot office tower situated 10 miles north of downtown Atlanta. Kevin Carroll of CBRE represented FleetCor in the lease negotiations.

April 4, 2019

Development Loans New York Northeast Office

JLL Secures $66.7M Construction Loan for Office Building in Manhattan

by David Cohen April 4, 2019

NEW YORK CITY — JLL has arranged a $66.7 million construction loan for a nine-story boutique office building in Manhattan. Located at 141 E. Houston St., the 63,000-square-foot property will include seven individual office floors ranging from 5,000 to 7,000 square feet, a 3,300-square-foot retail store at grade level, and two additional below-grade retail levels. Aaron Appel, Jonathan Schwartz, Michael Diaz, and Patrick Cotter of JLL secured the financing on behalf of the borrowers, East End Capital and K Property Group. The lender was CapitalSource, a division of Pacific Western Bank and Canyon Partners Real Estate LLC. Terms of the financing were not disclosed.

April 4, 2019

Acquisitions California Office Western

Clarion Partners, LPC West Buy 215 Fremont Office Building in San Francisco

by Amy Works April 4, 2019

SAN FRANCISO — Clarion Partners and LPC West have acquired 215 Fremont, an office building in San Francisco’s financial district for an undisclosed price. Constructed in 1927 and renovated in 2001, the eight-story office building features 360,000 square feet of office space with 45,000-square-foot floor plates and multiple roof decks. Additional building amenities include terraces, bicycle parking, shower facilities, on-site parking and 19,000 square feet of ground-floor retail space. JLL and Eastdil Secured assisted in the transaction.

April 4, 2019

Acquisitions California Office Western

Brookwood Financial Acquires Four Points Business Park in San Diego for $28.2M

by Amy Works April 4, 2019

SAN DIEGO — Brookwood Financial Partners has purchased Four Points Business Park in San Diego’s Kearny Mesa district. San Diego-based Fenway Capital Advisors and Water Asset Management sold the property for $28.2 million. Louay Alsadek and Hunter Rowe of CBRE represented the seller, while Fenway Capital Advisors and Waterfall Asset Management were self-represented. Located at 5575, 5625 and 5675 Ruffin Road, the 124,463-square-foot office campus was 92 percent leased at the time of sale. The asset consists of three freestanding buildings and 590 on-site parking spaces. The sellers acquired the property in 2013.

April 4, 2019

California Leasing Activity Office Top Stories Western

Culver City to Become New Home for HBO’s West Coast Headquarters

by Alex Tostado April 4, 2019

CULVER CITY, CALIF. — HBO has signed a long-term lease to move its West Coast corporate headquarters from Santa Monica, Calif. to Ivy Station in Culver City in 2021. HBO will fully occupy the five-story, 240,000-square-foot office building at Ivy Station. HBO’s current lease at Colorado Center in Santa Monica, where it has been based since 2004, expires at the end of this year. The Los Angeles Times reports that the new lease is for 15 years. A joint venture between Lowe, AECOM-Canyon Partners and Rockwood Capital broke ground on the $350 million, 5.2-acre mixed-use project in September 2017. Completion is scheduled for mid-2020. Ivy Station is situated adjacent to the Culver City station stop along the Los Angeles Metro Expo Line. The transit-oriented development will include 200 apartment units, a 148-room hotel, 50,000 square feet of retail and restaurant space, two acres of outdoor space and 1,500 parking spaces, 300 of which will be designated for metro transit riders. “HBO is an ideal business anchor for Ivy Station, bringing to the property creative professionals that will enjoy access to public transit, host out of town guests at the hotel, and frequent the shops and restaurants that will populate the …

April 4, 2019

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