FAIRFIELD, N.J. — Alexander Property Group has acquired a four-story, 48,000-square-foot office building in Fairfield. The sales price was undisclosed. Located at 700 Route East, the property is currently 98 percent leased. Alexander Property Group purchased the office building from Boston-based real estate development and management company the Davis Cos. and joint venture partner Rubicon Cos. The office building is located adjacent to the 204-room Fairfield Crowne Plaza Hotel.
NEW YORK CITY — Bessemer Trust has signed a 239,000-square-foot lease at the Time Life Building in Midtown Manhattan. The privately owned wealth management company will occupy the top seven floors at the 48-story skyscraper. Located at 1271 Avenue of the Americas, the tower was built in 1959 as part of Rockefeller Center. Cushman & Wakefield represented Bessemer Trust in the transaction. An in-house Rockefeller Group leasing team represented the building’s owner. Terms of the lease were not disclosed.
NEW YORK — New York-based Mission Capital Advisors has arranged a $16.8 million loan for the refinancing of 10 office, medical and retail properties located across Central Florida. Matt Polci, Ari Hirt, Alex Draganiuk and Justin Hunt of Mission Capital arranged the non-recourse loan through Deutsche Bank on behalf of the borrower, DMCC Holdings. The assets are located in the greater Orlando, Tampa and Altamonte Springs markets. The portfolio was 97.7 percent leased at the time of sale. DMCC acquired the properties over the past four years, and has made significant property improvements.
CHICAGO — An affiliate of Beacon Capital Partners has acquired 303 East Wacker, a 944,000-square-foot riverfront office tower in Chicago’s East Loop, for $182 million. Completed in 1980 by Metropolitan Structures, the 30-story tower has two penthouse levels and floor-to-ceiling windows offering unobstructed, 360-degree views of the Chicago River, Lake Michigan and the city skyline. A lower-level retail concourse at the property connects it directly to the Swissotel and Hyatt Regency Chicago hotels. The building also features a 294-space parking lot. The JLL Capital Markets team of Bruce Miller and Nooshin Felsenthal brokered the sale on behalf of the seller, Franklin Street Properties, while Keith Largay and Heather Brown arranged acquisition financing for the buyer. Previous owners of the trophy office building include a joint venture between Hines and J.P. Morgan Fleming Asset Management. The companies held the property from 1997 to 2007, implementing a renovation program before selling to Franklin Street Properties. Hines was still managing the leasing of the property at the time of sale to Beacon. Fujikawa Johnson & Associates was the original architect of the property. Notable tenants include AECOM, Hewlett-Packard, Kelly Scott Madison, Maximus Inc., Northwestern University, Senior Lifestyle Management LLC and XPO Logistics. Beacon …
Compared to Houston and Dallas, the office markets of Austin and San Antonio have a hard time competing on sheer size alone. However, these two central Texas cities are undergoing rapid changes that are leaving longtime residents amazed at the constantly morphing skylines. Both metros boast strong office markets that are growing with the entire Texas economy. But how do they match up in a head-to-head comparison? Basic Numbers At approximately 50 million square feet of office space, Austin holds a size advantage over San Antonio, which has about 30 million square feet. As of the second quarter 2018, annual full-service average office rents in Austin are also substantially higher at $36.54 per square foot compared to San Antonio’s $22.05 per square foot. Both markets have seen steady year-over-year increases in rates as the economy has recovered from the Great Recession. The familiar real estate mantra, “Location! Location! Location!” plays a big role in office rates and affordability in each market. Austin’s central business district (CBD) continues to draw major employers, including Google and Indeed, which combined occupy about 667,000 square feet of office space. This downtown migration has pushed vacancy in the CBD down to 10.1 percent, with rents …
FORT WORTH, TEXAS — Amegy Bank, a Texas bank with $13 billion in assets and about 1,600 employees, is set to open its first Fort Worth office in the city’s Sundance Square district downtown. The bank will occupy 8,091 square feet of space in The Westbrook, a Class A office building located at 425 Houston St. Jamie Galati of JLL represented Amegy Bank in the lease negotiations. Robert Gamblin represented the landlord, Sundance Square, internally. In addition to the new office space, Amegy Bank plans to open its first full-service banking center in Fort Worth in mid-November at 2718 Hulen St.
CORAL SPRINGS, FLA. — Tiktin Real Estate Investment Services (TREIS) has brokered the $43 million sale of the Heron Bay Office and Retail Portfolio in Coral Springs. The Broward County portfolio includes Waterway Shoppes, a 40,258-square-foot retail center; Heron Bay III, a 45,344-square-foot, Class A office building; and Heron Bay IV, a 45,383-square-foot, Class A office building. Adam Tiktin and Alejandro Snyder of TREIS arranged the transaction on behalf of the sellers, RM-NA HB Three Office Building LLC, RM-NA HB Four Office Building LLC and RM-NA HB Waterway Shoppes LLC. Asuman 57th Street LLC acquired the assets. The sellers constructed the three buildings in 2006 and 2008. The portfolio is fully occupied by a mix of national, regional and local tenants.
SAN DIEGO — Ware Malcomb has completed the redevelopment construction of Rancho Vista Corporate Center, located at 16399 W. Bernardo Drive in San Diego. Swift Real Estate Partners is the developer, Level 10 Construction served as general contractor and Ware Malcomb provided architecture, interior design and branding services for the project. The newly renovated corporate campus features Class A office and R&D buildings totaling 838,300 square feet on 67.5 acres. The project included the renovation of the exteriors, with upgraded landscape and hardscape throughout, as well as upgrading the on-site amenities for tenants. Additionally, the project now features a remodeled conference center, courtyard and 15,600-square-foot café with an operable glass wall system, as well as a new indoor workout facility, activity center with basketball and volleyball courts, outdoor collaboration areas and an outdoor dining area with a stretched fabric canopy. Ware Malcomb’s Branding Studio also provided signage design services for the redevelopment. The main goal for the project was to create site and brand identity with a design focused on energy efficiency, with xeriscaping to minimize water use and abundant shared areas to allow users to utilize site amenities.
ADA, MICH. — MichiganLabs has expanded into the second floor at 452 Ada Drive in Ada, about 10 miles east of Grand Rapids. In December, the software developer leased 2,541 square feet on the third floor. The new office space, totaling 1,643 square feet, will be called “The Lab” and will allow the company to expand its services and hire additional developers. First Cos. is building out the space and Integrated Architecture is providing interior design services. MichiganLabs plans to occupy the new space starting Oct. 7. Jason Webb of Colliers International represented MichiganLabs in the new lease. Brian Sikma of Highpoint Real Estate represented the undisclosed landlord.
ORLANDO, FLA. — Innovatus Capital Partners LLC has acquired Westwood Corporate Center, a five-building, 343,331-square-foot office campus in Orlando. The name of the seller and sales price were not disclosed. The complex was built in three phases between 1988 and 1999. Phase I included three single-story buildings and Phases II and III are both five-story, Energy Star-certified buildings. Westwood Corporate Center was 97 percent leased at the time of sale to 25 tenants. The largest tenant — Marriott Vacations Worldwide — opened its global headquarters at the property in 1996 and has since more than tripled its footprint, expanding eight times to its current operations at 157,400 square feet. The property features a four-story, 1,463-space parking garage, and is situated on 21 acres, roughly 12 miles from Orlando International Airport.