Office

Irgens Breaks Ground on 47,322 SF Office/Healthcare Building in Scottsdale

by Amy Works April 1, 2019

SCOTTSDALE, ARIZ. — The Phoenix office of Irgens has broken ground on 17 Three Hundred at Perimeter Center, a two-story office/healthcare building in Scottsdale. Located at 17300 N. Perimeter Drive, the property will feature 47,322 square feet of Class A office and healthcare space. Additionally, the building will feature extensive glass lines, contemporary horizontal window shades, balconies, operable windows and mature landscaping. Slated for completion in October, the building will be the second property in the Irgens Perimeter Center project. The project team includes Irgens Partners as developer, Vertical Design Studio as architect, RSG Builders as contractor and Greg Mayer of Cushman & Wakefield as leasing agent.

April 1, 2019

Acquisitions California Office Western

Colliers Brokers $4.8M Sale of Office Building in San Diego’s Hillcrest Neighborhood

by Amy Works April 1, 2019

SAN DIEGO — Colliers International has arranged the sale of a freestanding office building, located at 3850 Fifth Ave. in San Diego’s Hillcrest neighborhood. LuxView Properties sold the asset to the AIDS Healthcare Foundation for $4.8 million. The buyer plans to transform the two-story, 13,253-square-foot building into a mixed-use property with a retail thrift store on the ground floor and medical clinic space above. Marc Posthumus of Colliers represented the seller in the deal.

April 1, 2019

Acquisitions District of Columbia Office Southeast

Penzance Buys Office Building in D.C.’s East End for $85M

by Alex Tostado March 29, 2019

WASHINGTON, D.C. — Penzance, a real estate owner, operator and developer based in Washington, D.C., has bought a 212,780-square-foot office building located at 50 F St. NW in the District’s East End. Washington Business Journal reports Tokyo-based Unizo Holdings Co. sold the property for $85 million, $24.5 million less than when the company bought it in 2016. Developed as part of Capitol Place, 50 F features a 3,500-square-foot conference facility with a 128-person capacity, a ground-floor deli and 134 parking spaces. The asset is situated three blocks from the U.S. Capitol Building and two blocks from Union Station.

March 29, 2019

Acquisitions California Office Western

Cushman & Wakefield, SD Realty Partners Broker $17.6M Sale of Office Building in Carlsbad, California

by Amy Works March 29, 2019

CARLSBAD, CALIF. — Cushman & Wakefield has arranged the sale of an office building, located at 2888 Loker Ave. East in Carlsbad. Zoe Office Center LLC acquired the property from Global Carlsbad I LLC for $17.6 million. Aric Starck of Cushman & Wakefield, along with Ron Jacobson of SD Realty Partners, represented the seller in the transaction. The 80,659-square-foot asset consists of more than 70 professional office suites surrounding an outdoor atrium, as well as a two-story parking structure on site. At the time of sale, the property was 99 percent leased.

March 29, 2019

Loans Midwest Minnesota Office

JLL Arranges $52.5M Acquisition Loan for Business Park in Eagan, Minnesota

by Kristin Harlow March 29, 2019

EAGAN, MINN. — JLL Capital Markets has arranged a $52.5 million loan for the acquisition of Grand Oak Business Park in Eagan. The 10-building business park is located on 83.5 acres of land. The Class A property comprises eight office buildings and two retail buildings for a total of 550,224 square feet. The buildings were constructed between 1999 and 2007. The property is 92 percent occupied. Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Matt Collins and Patrick Heitmann of JLL arranged the loan on behalf of the borrower, Group RMC. Morgan Stanley provided the loan.

March 29, 2019

Acquisitions Maryland Office Southeast

EDGE Brokers $15.9M Sale of Maryland Office Building

by Alex Tostado March 28, 2019

FREDERICK, MD. — EDGE Commercial Real Estate has brokered the $15.9 million sale of Patrick Center, a seven-story office building located at 30 W. Patrick St. in downtown Frederick. Lee Development Group bought the 67,000-square-foot building from West-End Atlas. Patrick Center was 90 percent leased at the time of the sale to tenants including Bank of America Merrill Lynch, Miles & Stockbridge, Morgan Stanley and PNC Wealth Management. The asset, which was developed in 1987 and underwent renovations in 2015, includes a two-story atrium lobby and marble flooring. Joe Friedman of EDGE represented the buyer in the transaction, and Julian Etches and Joe Donegan of Scheer Partners represented the seller.

March 28, 2019

Development Office Retail Texas

Life Time to Bring 94,000 SF of Fitness, Coworking Space to Downtown Houston

by Taylor Williams March 28, 2019

HOUSTON — Life Time Inc., an owner-operator of health clubs across the country, will bring a 56,000-square-foot athletic facility and 38,000-square-foot coworking space to GreenStreet, an office and retail property in downtown Houston by local developer Midway. The facility will be located at 1201 Main St. and will offer two floors featuring a range of health and wellness amenities combined with coworking space. The opening is scheduled for 2020.

March 28, 2019

Development Illinois Midwest Office

Clayco to Construct $26M Office Development in Chicago’s West Loop

by Kristin Harlow March 28, 2019

CHICAGO — Developers Bob Wislow and Camille Julmy have selected Clayco to construct a 12-story office development in Chicago’s West Loop. Located at 215 N. Peoria St., the $26 million mid-rise project will include a ground-level restaurant and lobby. Floors two through four will feature a 45-space parking garage and floors six through 12 will be leasable office space. Plans also call for an amenity rooftop. Clayco plans to break ground next month. Clayco’s in-house design firms, BatesForum and LJC Collaborative, make up the project team. CBRE will market the property for lease.

March 28, 2019

Acquisitions Midwest Minnesota Office

TCM Acquires 358,941 SF Office Property in Plymouth, Minnesota

by Kristin Harlow March 28, 2019

PLYMOUTH, MINN. — Ten Capital Management (TCM) has acquired Atria Corporate Center in Plymouth, located about 15 miles west of downtown Minneapolis, for an undisclosed price. The 358,941-square-foot office property was built in the late 1980s and substantially renovated in 2017. Atria offers food service, a complimentary coffee bar, fitness center, locker room with showers, training center, onsite management and heated parking. The seller was not disclosed.

March 28, 2019

Connecticut Leasing Activity Northeast Office

Cushman & Wakefield Arranges 30,000 SF Office Lease in Danbury, Connecticut

by David Cohen March 28, 2019

DANBURY, CONN. — Cushman & Wakefield has arranged a 30,000-square-foot lease for Christian-nonprofit organization Guideposts at 39 Old Ridgebury Road in Danbury. Built in 1982 as the headquarters of Union Carbide, the property consists of 700,000 square feet of office space, 400,000 square feet of residential apartments and 100,000 square feet of conference and event space. Adam Klimek, Kathleen Fazio, Meredith Siburn, Bill Montague and Brian Scruton of Cushman & Wakefield represented the landlord, Summit Development, in the transaction. Trip Hoffman of Cushman & Wakefield represented Guideposts.

March 28, 2019

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