Office

RFR Holding, Signa Acquire New York City’s Chrysler Building for $150M

by Taylor Williams March 11, 2019

NEW YORK CITY — A partnership between Manhattan-based investment firm RFR Holding LLC and Austrian development group Signa Holding has acquired the 77-story Chrysler Building in New York City for $150 million, according to Reuters. The seller was a Dubai-based investment group that acquired a 90 percent share in the property in 2008 for $800 million, according to The Wall Street Journal (WSJ). Abu Dhabi Investment Council purchased its stake from Tishman Speyer, a locally based investment and development company. The Chrysler Building, located at the corner of 42nd Street and Lexington Avenue, is one of the more recognizable pieces of the New York City skyline. The 1.2 million-square-foot office property is perhaps best known for its art deco style that features a crowning dome and spire, as well as for being the city’s tallest building when it was completed in 1930. The Cooper Union for the Advancement of Science & Art, a private college in Manhattan, owns the land on which the skyscraper is situated. Annual rent from the ground lease paid to the school increased substantially in 2018, rising from $7.75 million to $32.5 million, per WSJ. The combined effect of rent increases, which will occur again in …

March 11, 2019

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 271,988 SF Office Tower in New Jersey

by David Cohen March 8, 2019

ISELIN, N.J. — Cushman & Wakefield has brokered the sale of a 271,988-square-foot office tower in Iselin. The sales price was undisclosed. Located at 99 Wood Ave., the property features a recently renovated full-service cafeteria, fitness center with locker rooms and a three-story parking structure. At the time of sale, the property was 84 percent leased to a roster of tenants that includes Citibank, Wells Fargo, Ernst & Young and Cushman & Wakefield. Andrew Merin, Gary Gabriel, David Bernhaut, Kyle Schmidt and Kubby Tischler of Cushman & Wakefield represented the seller, a private real estate investment firm, in the transaction. The buyer was Mack-Cali Realty.

March 8, 2019

Acquisitions Development New York Northeast Office Retail

Marcus & Millichap Arranges $1.1M Sale of Two Development Sites in New York

by David Cohen March 8, 2019

MIDDLETOWN, N.Y. — Marcus & Millichap has arranged the $1.1 million sale of two, one-acre pad sites at Middletown Commons, a retail center in Middletown. Located at 193 Dolson Ave., the properties have 235 feet of street frontage and are zoned for a variety of permitted uses, including retail and office. Alan Cafiero, Ben Sgambati, John Moroz and Matt Leszyk of Marcus & Millichap’s New Jersey office represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company.

March 8, 2019

Acquisitions California Industrial Office Western

Embarcadero Capital Partners Acquires 108,500 SF Flex Asset in North San Jose

by Amy Works March 8, 2019

SAN JOSE, CALIF. — San Francisco-based Embarcadero Capital Partners has purchased 2125 O’Nel, an office/R&D building located in North San Jose. PSAI Realty Partners sold the 108,500-square-foot, value-add property for an undisclosed price. Built in 1984 and renovated in 2012, the two-story building is will configured for technology users needing to house multiple functions under one roof. The building is situated on 5.2 acres. Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets group represented the seller, while Erik Hallgrimson of the firm’s San Jose office, along with Craig Fordyce of Colliers International provided local market advisory.

March 8, 2019

Acquisitions California Industrial Office Western

SVP Management Buys Vacant Flex/R&D Building in Bay Area for $19M

by Amy Works March 8, 2019

SAN JOSE, CALIF. — SVP Management has purchased a vacant flex/R&D office building, located at 3775 N. First St. in San Jose. Chandler HFP, an affiliate of Los Angeles-based Held Properties Inc. sold the property for $19 million. Built in 1985, Honeywell occupied the single-story, 67,733-square-foot building from its acquisition in 2013 through December 2017. Originally, the property served as the world headquarters for RAE Systems Inc. Held Properties owned the property since 2014. Bob Bower and Chip Sutherland of CBRE Capital Markets-Investment Properties represented both parties in the transaction.

March 8, 2019

Development Illinois Midwest Office

Franklin Partners Unveils Redevelopment Plans for Office Building in Downtown Chicago

by Kristin Harlow March 8, 2019

CHICAGO — Franklin Partners has unveiled the redevelopment plans for One Mag Mile, an office property located at 980 N. Michigan Ave. This includes significant lobby renovations and the recent opening of international juice chain Joe & the Juice. The upgraded lobby will have a hospitality influence with new finishes and modern lighting. Wright Heerema Architects is working with Franklin Partners on the design. One Mag Mile offers 400,000 square feet of office and retail space. Tenants Berkshire Hathaway Home Services, Singerman Real Estate and The Realreal recently expanded their office leases within the property. Phil Golding and Todd Siegel of CBRE brokered the lease transaction with Joe & the Juice.

March 8, 2019

Development Michigan Midwest Office

Coyote Logistics to Open New Detroit Tech Hub in Corktown Neighborhood

by Kristin Harlow March 8, 2019

DETROIT — Coyote Logistics, a UPS company and global third-party logistics provider, is creating a new tech hub in Detroit’s Corktown neighborhood. The facility is expected to open in the third quarter of this year. Coyote will be the anchor tenant in The Assembly, a Bedrock-owned building. The five-story property was formerly a warehouse. Coyote is expected to employ 500 people, with 350 of those being new positions. Coyote will occupy the entire second and third floors for a total of 58,000 square feet. The Assembly will span approximately 160,000 square feet. Bedrock is the real estate arm of billionaire businessman Dan Gilbert, founder and chairman of Quicken Loans.

March 8, 2019

Acquisitions Office Southeast Tennessee

Cushman & Wakefield Arranges $71.9M Sale, Acquisition Loan for Office Tower in Downtown Nashville

by Alex Tostado March 7, 2019

NASHVILLE, TENN. — Cushman & Wakefield has arranged the $71.9 million sale of Philips Plaza, a 435,535-square-foot, 24-floor office building in downtown Nashville. The building, which was purchased by Wheelock Street Capital, is situated at 414 Union St. and was 97 percent leased to 26 tenants at the time of the sale. Since 2015, the property has undergone $3.5 million in renovations to include a new lobby, HVAC systems, roof, upgraded common areas and an upgraded conference center. The office building shares a plaza with a recently renovated DoubleTree by Hilton hotel. Stewart Calhoun, Samir Idris, Crews Johnston, David Meline and Hailey Paul of Cushman & Wakefield represented the undisclosed sellers in the transaction. Additionally, Michael Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged acquisition financing on behalf of Wheelock Street Capital.

March 7, 2019

Acquisitions Massachusetts Northeast Office

Cushman & Wakefield Brokers Sale of 88,910 SF Office Building in Morris Plains

by David Cohen March 7, 2019

MORRIS PLAINS, N.J. — Cushman & Wakefield has arranged the sale of a three-story office building in Morris Plains. The sales price was undisclosed. Located at 201 Littleton Road, the 88,910-square-foot property is set on a nearly 17-acre site. The property was 44 percent leased at the time of sale to a tenant roster that includes the State of New Jersey. Andrew Merin, Andrew Schwartz and Kubby Tischler of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp., in the transaction. The buyer was Chopp Holdings, a local investor.

March 7, 2019

Loans Office Texas

New York Life Provides $122.9M Construction Loan for Austin Office Project

by Taylor Williams March 7, 2019

AUSTIN, TEXAS — New York Life Insurance Co. has provided $122.9 million in construction financing for RiverSouth, a 350,611-square-foot office project in Austin. The 15-story property, which is expected to be complete in early 2021, will feature 17,277 square feet of retail space and amenities including a fitness center, a sky lounge and surrounding hiking trails. The loan carries a floating interest rate, five-year term and a 12-month extension option. The borrower was not disclosed, but the property brochure identifies Stream Realty Partners as the developer. Colby Mueck, Robert Wooten, Chris McColpin and Jayme Nelson of HFF placed the debt on behalf of Stream Realty Partners.

March 7, 2019

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