MILWAUKEE — R2 Cos. has purchased The Tannery, a six-building, 253,022-square-foot office complex on Virginia Street in Milwaukee’s Walker’s Point neighborhood. The purchase price was not disclosed. Ned Purtell and Scott Revolinski of Founders 3 Real Estate Services represented the seller, SARA Investment Real Estate. The property is home to several tenants, including Aurora Healthcare, Great Lakes Distillery and Springfield College.
Bolstered by New York City’s growing and diversified economy, Manhattan’s office market continued to hum along during the second quarter, if at a slower pace than earlier in 2018. Technology, advertising, media and information (TAMI) companies are looking at in-demand submarkets such as Chelsea and Midtown South, where the bulk of new development is underway. Some financial firms are contemplating a move to the Hudson Yards neighborhood, where more than 9 million square feet of space is scheduled for completion in the next several quarters.The wave of efficiently operated properties is a magnet for the demands of forward-looking tenants and the city’s growing millennial workforce. Vacancy rates were below 11 percent across all submarkets in the second quarter, and new product scheduled to come on line during the next several quarters will help accommodate demand from creative industries and other sectors of the local economy. The supply-constrained United Nations-Turtle Bay submarket posted the borough’s lowest vacancy rate, 4.4 percent, while the famed Plaza District posted a 10.2 vacancy rate—a sign of Manhattan’s changing office landscape. Asking rents gained 40 basis points year-over-year overall to $64.86-per-square-foot. On the development front, the highlight of the second quarter was the debut of 3 …
NEW YORK CITY — NKF Capital Markets has arranged the $250 million refinancing of a two-building office portfolio in Manhattan’s financial district. Located at 80-90 Maiden Lane, the adjacent properties include a combined 610,000 square feet of office space. Both properties have been recently renovated. Dustin Stolly and Jordan Roeschlaub of NFK Capital Markets represented the borrowers — Normandy Real Estate Partners, Meadow Partners and AM Property Holding Corp. — in securing the floating-rate loan from Invesco Real Estate.
FALMOUTH, MAINE — Cardente Real Estate has brokered the $1.1 million sale of a 6,085-square-foot office property in Falmouth. Located at 19 Northbrook Drive, the tenant roster includes Goldman Financial Planning, Maine Laser, Edward Jones and Joshua Rent. Matthew Cardente of Cardente Real Estate represented the seller, Mark Richards. The buyer was CPM-19 Northbrook Drive LLC.
SALT LAKE CITY — Unico Properties, a subsidiary of Unico Investment Group, has purchased City Centre I, a high-rise tower in downtown Salt Lake City, for an undisclosed price. Located in Salt Lake City’s central business district, the 10-story property features 229,600 square feet of Class A office space. Additionally, the acquisition includes an adjoining 1.8-acre surface parking lot. The building is situated on the TRAX light rail line and offers direct freeway access to Interstate 15, as well as walkability throughout the downtown core. This transaction is Unico’s third investment in the Salt Lake City market, bringing the company’s downtown Salt Lake City portfolio to more than 1 million square feet of space.
HOUSTON — HFF has negotiated the sale of three office properties totaling 230,506 square feet in Houston. Amerix Capital purchased 2930 West Sam Houston Parkway; Enterprise Holdings bought 10401 CentrePark Drive; and S&B Engineers & Contractors Ltd. acquired 15150 Memorial Drive. The first two properties were built in the early 2000s, are located in Houston’s West Belt submarket and were 94.2 percent and 69.7 percent leased at the time of sale, respectively. The third property was built in 1992 and is located in the Energy Corridor area. Dan Miller and Trent Agnew of HFF represented the privately held seller, Houston-based MetroNational, in the transactions.
SANTA MONICA, CALIF. — California Realty Group has arranged the sale of the Yale-Wilshire Medical Building, a mixed-use property located in Santa Monica. Yale Wilshire LTD sold the property to an affiliate of Golden West Properties for an undisclosed price. The 45,881-square-foot medical office building also features 6,700 square feet ground-floor retail space. Mark Esses of California Realty Group represented the seller in the deal.
DALLAS — Dallas-based Common Desk will open Common Desk — Factory Six03, an 18,085-square-foot coworking office space in the West End area of Dallas. The opening is set for early next year. The space will be the company’s second location with Plano-based investment and development firm Granite Properties and its sixth location in North Texas. Tenants at the new space will have access to a rooftop lounge and a food hall.
TROY, MICH. — Power Home Solar & Roofing has signed a 17,986-square-foot office lease at 500 Stephenson Highway in Troy. The Mooresville, N.C.-based company specializes in solar energy and roofing services. The Troy office will enable the company to address ongoing growth and expansion of call center operations. Aaron Smith and Mason Capitani of L. Mason Capitani CORFAC International represented the tenant in the lease transaction. The landlord was not disclosed.
ATLANTA — Salesforce (NYSE: CRM), a customer relationship software and services provider, is set to expand its regional headquarters in Atlanta. The company will grow its current footprint in The Atlanta Plaza, located in the city’s Buckhead district, which will now be known as Salesforce Tower Atlanta. The lobby, and each new floor set for occupancy by the company, will be renovated as part of the expansion. Salesforce currently occupies four floors of The Atlanta Plaza totaling 85,722 square feet. Following the expansion, the company will occupy seven floors and 158,163 square feet. The top floor of the building will also be transformed into an, “Ohana Floor,” which will offer an open hospitality space for Salesforce employees, customers and partners. The space will also be available for use by nonprofits and local education groups on weeknights and weekends at no cost. The expansion will allow the company to nearly double its Atlanta-based workforce of approximately 600 employees. Employees will begin moving into the newly renovated floors in 2019. “Atlanta is a fantastic market for world-class talent and we’re thrilled to grow our presence in the region,” says Warren Wick, executive vice president of commercial sales at Salesforce. “Many of our top customers call …