FRISCO, TEXAS — The Dallas Cowboys will open Formation, an 18,000-square-foot coworking office space at The Star, the team’s 91-acre headquarters facility in Frisco. Formation will feature open collaborative workspace, dedicated desks and private offices, as well as access to The Star’s retail and restaurant amenities. The opening is currently set for early summer.
NORTH SAN JOSE, CALIF. — Cushman & Wakefield has arranged the sale of Orchard Corporate Campus, a Class A office/R&D campus located in North San Jose. Silicon Valley-based South Bay Development Co. sold the property to a private investor for an undisclosed price. Completed in 2017, the two-building property features 101,374 square feet of space. At the time of sale, the property was 100 percent leased. Situated on 5.3 acres at 2755 and 2777 Orchard Parkway, the asset features a 15,000-square-foot outdoor courtyard. Eric Fox, Adam Lasoff, Seth Siegel, Steve Hermann and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets Group represented the seller in the disposition. Nick Lazzarini and Kalil Jenab of Cushman & Wakefield’s Silicon Valley offices provided local market advisory and negotiated the leases with the current tenants.
BOULDER, COLO. — San Francisco-based Graham Street Realty has purchased a three-building office portfolio in Boulder from SteelWave for an undisclosed price. The portfolio features a total of 114,862 square feet of leasable office and lab space. The portfolio includes: Plaza III — Located at 3005 Center Green Court, the property features 43,421 square feet, views of the Flatirons and covered parking. Built in 1984, the asset was 87.5 percent occupied at the time of acquisition. A two-story Class B property, located at 2945 Wilderness Place, that features traditional office space with lab improvements and surface parking. The property is fully leased to a single biotechnology tenant and has maintained 100 percent occupancy for more than 20 years. A 40,554-square-foot office property, located at 5665 Flatiron Parkway, that features a double-height lobby, glass roll-up door and modernized common areas and landscaping. The buyer plans to continue the seller’s building renovation program.
WEST LAFAYETTE, IND. — Maverick Commercial Mortgage has arranged a $7 million bridge loan for the International Technology Center in West Lafayette. The anchor tenant of the 75,099-square-foot office building is Parkwest Fitness. Space currently used as a basketball court at the property will be converted into additional office space. A national lender provided the nonrecourse loan. The initial funding paid for the refinancing of existing debt on the property and closing costs. Remaining funding will be used for construction costs, tenant improvement costs and leasing commission costs related to the conversion of the gym to office space. The three-year loan features a 75 percent loan-to-value ratio.
The beauty of creative office is in the eye of the leaseholder. In today’s world, phrases like “coworking” and “flexible workspace” often arise in conversation, but what do these terms really mean? The definition varies depending on who you ask, where they are and what they do for a living. As these factors are often in flux, so is the meaning of creative office. However, there are four core elements that comprise the essence of creative office regardless of market or mindset: collaboration, engagement, technology and flexibility. These four tenets ultimately comprise a framework that drives profitability and increases employee engagement in an increasingly competitive environment. At the end of the day, these environments must not only enhance business goals, but also be specifically tailored to the culture and needs of the organizations they serve. Changing Workforce From a city’s urban core to prime business centers in the suburbs, the trends emerging in modern office spaces are in response to the rapidly changing needs of today’s workforce. Though it comes with an extra premium on rent, many startups and new employers are choosing to save capital on the front-end by moving into tech-equipped spec suites that enable them to hit …
NASHVILLE, TENN. — The Dilweg Cos. has sold Vantage Place, a 171,523-square-foot office building in Nashville. Innovatus Capital Partners LLC acquired the asset, which spans five stories and was built in 1981. Vantage Place is situated about three miles north of downtown Nashville in the city’s Metrocenter district. The building was 99 percent leased at the time of sale to tenants including AO Smith, Centerstone Research Institute, CGS and Young Williams. Dilweg, which purchased the property in April 2017, modernized the elevators and upgraded the building management systems. The sales price was not disclosed.
NORFOLK, VA. — Colliers International has arranged the $24.9 million sale of Twin Oaks, two four-story office buildings totaling 171,000-square-feet in Norfolk. The two buildings are situated at 5700 and 5800 Lake Wright Drive within Lake Wright Executive Center. Florida-based SF Partners purchased the assets from Bethesda, Md.-based Guardian Realty Investors. Twin Oaks’ tenant roster includes Booz Allen Hamilton and Titan America. J. Scott Adams, Mac Weaver and Don Crigger of Colliers represented the seller in the transaction.
NEW YORK CITY — PCCP has provided a $152 million senior loan to refinance The Pioneer Building, a 270,000-square-foot, 10-story office property in Brooklyn. Located at 41 Flatbush Ave., the former warehouse/storage facility was constructed in 1896 and was converted to a creative office space after it was acquired in 2014 by a joint venture of Quinlan Development Group and Building and Land Technology. As part of the renovation, Quinlan and BLT updated the building’s façade and installed elevators, a modern HVAC system, windows and a landscaped rooftop amenity. PCCP provided the loan to Quinlan and BLT. Terms of the financing were undisclosed.
KANSAS CITY, MO. — Stan Johnson Co. has brokered the sale of Prairie View Business Center in Kansas City for $11.7 million. The 109,089-square-foot office center is 97 percent occupied by five tenants, including the U.S. Military Entrance Processing Station for Kansas City, which leases approximately half of the building’s rentable area. The facility sits on 12.2 acres and is comprised of two buildings that were constructed in 1993. Scott Briggs of Stan Johnson represented the sellers, Prairie View Business Center LLC and Prias Prairie View LLC. Briggs also represented the buyer, Chicago-based Boyd Kansas City II LLC.
NASHVILLE, TENN. — FD Stonewater has purchased Aramark Global Business’ operations property, an 89,000-square-foot office building fully leased to Aramark. The asset is situated at 5880 Nolensville Pike, about 12 miles south of downtown Nashville. Aramark, a global food services, facilities management and uniform services provider, has occupied the space since 2013. This is FD Stonewater’s fourth acquisition in Nashville in seven years. The seller and sales price were not disclosed, but The Tennessean reported that New York-based Gramercy Property Trust purchased the asset in 2014 for $16.5 million.
