DEERFIELD BEACH, FLA. — Grover Corlew, a real estate investment management group, has purchased Hillsboro Center, a five-building, 216,101-square-foot office park in Deerfield Beach for $32.5 million. Hillsboro Center includes a six-story, 116,250-square-foot office building and four two-story office buildings totaling 99,851 square feet. The asset is situated at 600 and 700 Hillsboro Blvd. in South Florida’s Broward County. Hillsboro Center was 90 percent leased at the time of the sale to tenants such as Dart Container Corp., Humana and Old Republic National Title Co. Amenities include onsite management and security teams, landscaped walkways, courtyard sitting areas, a tranquil pond, waterfalls and an on-site café. Cushman & Wakefield represented the undisclosed seller in the transaction.
EMERYVILLE, CALIF. — BioMed Realty, a Blackstone portfolio company, has purchased Emeryville Center for Innovation from an undisclosed seller for $135 million. Located in Emeryville, the property currently consists of a 250,000-square-foot, six-story life science office building and adjacent developable land parcels. As part of the transaction, Novartis will enter into a one-year leaseback on the existing building. During this time, BioMed Realty will advance redevelopment plans to transform the building into a Class A+, multi-tenant laboratory and office facility with integrated amenities. The asset also offers the potential to develop approximately 850,000 square feet of additional laboratory and office space on the campus through an existing development agreement with the City of Emeryville. This acquisition allows BioMed, an owner of approximately 4 million square feet of life science office space in the Bay Area, to continue capitalizing on the tenant demand in the San Francisco Bay Area.
CHICAGO — JLL has acquired Corporate Concierge Services, a national provider of onsite tenant amenity and concierge solutions for retail, office, residential and hospitality properties. JLL says the acquisition is in line with its mission to bring the level of service that guests experience in the hospitality sector to the office, retail and residential sectors. Corporate Concierge Services adds more than 200 employees to JLL. The majority will continue to work in the buildings where they provide services for their tenants. Founded in 2001 by Tom Larance, Corporate Concierge Services has employees in 15 markets across the country. Services include conveniences in office buildings such as TSA Pre-Check, dry cleaning and pickup delivery, flu shots and yoga classes as well as concierge services in retail and multifamily buildings.
MINNEAPOLIS — Briggs and Morgan, a full-service law firm, has signed a 93,000-square-foot lease renewal at IDS Center in downtown Minneapolis. The firm plans to fully renovate its space, which is located on floors 22 through 25. Plans call for a more modern, open and collaborative space. Briggs and Morgan employs 250 people. Paul Donovan, Jaclyn May, Jeremy Striffler, Jennifer Stumm and Sherry Cushman of Cushman & Wakefield brokered the lease transaction. MP Johnson Construction Inc. and NELSON make up the project team. Completion is slated for mid-2020.
CHICAGO — InnerWorkings Inc. has signed a 41,443-square-foot lease for its global headquarters to be located at 203 N. LaSalle St. in downtown Chicago. InnerWorkings is a marketing execution firm serving Fortune 1000 brands across a range of industries. The company is relocating from 600 W. Chicago Ave. in the River North submarket. Jeff Dowdell, Eric Myers and William Briggs of Transwestern Commercial Services provided office leasing services on behalf of the landlord, a publicly traded international holding company. Brandon Glick, Chris Bargowski and Sam Picchiotti of Mohr Partners Inc. represented the tenant. The 625,000-square-foot office property is now 71 percent leased.
ARLINGTON, VA. — The five elected members of the Arlington County Board unanimously approved the incentive and investment packages negotiated between the Commonwealth of Virginia and Amazon for the e-commerce giant to locate its second headquarters in Arlington’s National Landing. Through the incentives agreement, Amazon will receive up to $23 million if it creates 25,000 jobs with an average salary of $150,000 by 2025 and occupies 6 million square feet of office space in Arlington County by 2035. The money will be paid through allocating a portion of the anticipated increase in hotel tax revenues. According to the Arlington Economic Development Commission, the county will realize a $14 return for every $1 that Amazon earns in performance-based incentives. The additional tax revenues generated by Amazon’s headquarters will be used to invest in improvements to the county’s schools, affordable housing, parks and transportation network. Combined with Saturday’s Arlington Board vote, approval has now been secured for all of the government’s pledged support as part of a November 2018 Memorandum of Understanding with Amazon. In February, Amazon announced it was pulling out of its HQ2 deal with New York City, leaving Arlington as the only headquarters for Amazon outside of Seattle. Chevy …
KENNESAW, GA. — ESJ Capital Partners LLC has acquired Barrett Business Center, a four-building, 187,373-square-foot office park located at 2015 Vaughn Road in Kennesaw, for $24.3 million. The Miami-based firm plans to invest more than $1 million in capital improvements, focusing mainly on updating the park’s common areas and business systems. The seller, Pope & Land Real Estate, which originally developed the asset between 1999 and 2008, has been retained by ESJ to continue property management and leasing. The property was 92 percent leased at the time of the sale to tenants including Airgas and CarMax. MetLife provided acquisition financing. Justin Parsonnet and Ryan Reethof of CBRE represented the seller in the transaction.
ROCKVILLE, MD. — Law firm Stein Sperling Bennett de Jong Driscoll has signed a 42,206-square-feet lease at the Tower Building, situated at 1101 Wootton Parkway in Rockville. The firm currently occupies space across five offices throughout the Mid-Atlantic region. The firm expects to occupy Tower Building by the third quarter of 2020, a move that is expected to raise occupancy of the 12-story, 290,000-square-foot office building to 86 percent. The law firm employs more than 130 workers, most of whom are expected to relocate to Rockville. Marc Balamaci and Scott Mendelson of Edge Commercial Real Estate represented the tenant, and Kevin McGloon and Peter Rosan of Cushman & Wakefield represented the landlord, The Tower Cos., in the lease transaction.
WAYNE, N.J. — Marcus & Millichap has arranged the $19.2 million sale of the BP Lubricants USA Inc. headquarters in Wayne. The 100,000-square-foot property sits on more than 10 acres of land and is occupied by BP Lubricants’ lab technicians, engineers, analysts, upper management and corporate services as well as the Castrol Oil top sales team. BP has made a significant investment in the building, including renovations to the second and third floors as well as the expansion of lab and testing operations spaces. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was a private investor in a 1031 exchange.
PORTLAND, ORE. — Intercontinental Real Estate Corp., on behalf of its managed fund U.S. Real Estate Investment Fund, has acquired the 72,130-square-foot office and retail portion of the Heartline Condominium. The price was not disclosed. Located at 1241 NW Johnson St., Heartline is part of a master-planned, mixed-use residential and commercial development within Portland’s Pearl District. Completed in 2018, the property features 61,659 square feet of office space and 10,471 square feet of retail space. Vacasa, a company that manages vacation homes, occupies the entire office portion of the project in a long-term basis. Ground-floor retail tenants include Kure Juice Bar, Little Bean and QuickFish Poke Bar. Nick Kucha, James Childress and Bill DeLacy of Newmark Knight Frank represented the seller, Security Properties Development Co., in the deal.