Office

Carr Signs Coworking Firm Industrious to 25,000 SF Lease at Arlington Office Building

by John Nelson April 26, 2019

ARLINGTON, VA. — Carr Properties has signed coworking firm Industrious to a 25,000-square-foot lease at 2311 Wilson, a new LEED Gold-certified office building situated one block from the Court House Metro station in Arlington. The Chicago-based coworking firm plans to occupy the entire third floor at 2311 Wilson by the first quarter of 2020. Carr has recently inked deals with boutique fitness concept Solidcore and For Five Coffee at the office building, which was delivered in 2018. Amenities include a two-story lobby, glass curtain walls, column-free floor plates, onsite daycare, dedicated park, fitness center, shared rooftop space, conference center, secure bike room and electric car charging stations.

April 26, 2019

Market Reports Office Texas Texas Market Reports

El Paso’s Office Market Announces Its Arrival Through WestStar Tower

by Taylor Williams April 26, 2019

It’s not often that a single project captures an office market’s growth and evolution over a 40-year period. But that is precisely what’s happening in El Paso. WestStar Tower, a 19-story, Class A building, is the first project of its kind to be built in El Paso in 40 years since the 415,000-square-foot Stanton Tower was constructed for El Paso Natural Gas. With co-developers Hunt Cos. and WestStar Bank beginning vertical construction of the 262,000-square-foot building last summer, El Paso’s skyline is set to change considerably upon its completion in late 2020. The symbolism of WestStar Tower to El Paso is not unlike the relationship between Frost Tower and San Antonio, another city that was starved of major Class A office development throughout the 1990s and 2000s. With both cities experiencing steady job growth from local expansions and new relocations, developers of quality office product are viewing these markets in new lights. El Paso is also getting younger. According to recent research from El Paso’s economic development department, roughly 40 percent of the city’s 838,000 residents are under the age of 40. The median age is 31 and the city ranks in the Top 10 in terms of its appeal …

April 26, 2019

Acquisitions Office Texas

Stanton Road Capital Acquires 210,000 SF Former AT&T Building in Metro Dallas

by Taylor Williams April 25, 2019

RICHARDSON, TEXAS — Los Angeles-based Stanton Road Capital LLC has acquired Campbell Glen II, a 210,000-square-foot office building located in the northeastern Dallas suburb of Richardson. The Class A building, which is currently vacant, was formerly 100 percent leased to AT&T. Stanton Road Capital will undertake a capital improvements program that will overhaul the property’s lobby and common areas and introduce new amenities, including a fitness center, tenant lounge and outdoor recreational spaces. Cushman & Wakefield will handle leasing of the property under the new ownership.

April 25, 2019

Loans Office Texas

Money360 Closes $4.4M Bridge Loan for Refinancing of San Antonio Office Asset

by Taylor Williams April 25, 2019

SAN ANTONIO — California-based direct lender Money360 has closed a $4.4 million bridge loan for the refinancing of an undisclosed office property in San Antonio. The loan featured a 24-month term, a fixed interest rate of approximately 7.8 percent and a loan-to-value structure of 69.8 percent. The borrower was not disclosed.

April 25, 2019

Acquisitions Arizona Office Western

Pathfinders Partners, Global Building Divest of 32,741 SF Office Property in Phoenix for $5.2M

by Amy Works April 25, 2019

PHOENIX — Pathfinders Partners and Global Building LLC have completed the sale of an office building located at 2730 W. Agua Fria Freeway in Phoenix. Devil Dogs Properties acquired the property for $5.2 million. Located in the Deer Valley/Interstate 17 submarket, the asset features 32,741 square feet of office space. At the time of sale, the multi-tenant property was fully leased. Darren Tappen and Peter Beauchamp of Kidder Mathews represented the seller, while Michelle Gardner, also of Kidder Matthews, represented the buyer in the transaction.

April 25, 2019

Leasing Activity Michigan Midwest Office

UBS Opens First Detroit Office in Woodward Shopping District

by Kristin Harlow April 25, 2019

DETROIT — UBS Financial Services Inc. has opened its first Detroit office in the historic downtown Woodward shopping district. The 11,000-square-foot office represents an expansion of UBS’s investment in the metro area. The office spans two buildings and has six meeting rooms, a flexible breakout area and a coffee bar. Visitors will be greeted by a large black-and-white map of Detroit behind the reception area. Bedrock owns the property, which was designed by architecture firm Smith, Hinchman & Grylls. UBS is a global wealth management firm.

April 25, 2019

Features Industrial Office

SIOR Conference Tackles E-Commerce, Technology

by Jeff Shaw April 25, 2019

WASHINGTON, D.C. — The Society of Industrial and Office Realtors (SIOR) held its annual Spring World Conference in Washington, D.C. at the Omni Shoreham hotel from April 10 through April 13. The event drew over 800 SIOR members from 12 different countries around the globe. Major topics of discussion at the conference included: the impact of e-commerce on the industrial market; emerging digital technologies and their practical applications for the brokerage community; a discussion of how brokers and investors can access opportunities with the U.S. Government General Services Administration and the Department of Veterans Affairs; and how emotional intelligence impacts success in our personal and professional relationships. Special guest speakers included: Joseph F. Coughlin, PhD, director of the Massachusetts Institute of Technology’s AgeLab and author of “The Longevity Economy,” who provided insight into how the lifestyles of an aging but energized, tech-enabled, older demographic will impact the built environment Robin Chase, co-founder and former CEO of Zipcar and author of “Peers Inc.” who discussed how a combination of people power and corporate power can unlock the potential of a new, collaborative economy Greg Lindsay, a senior fellow of the New Cities Foundation who gave a talk on the emergence of …

April 25, 2019

Acquisitions Alabama Office Southeast

PointOne Holdings, Biscayne Atlantic Sell Two Office Buildings in Birmingham for $34.5M

by Alex Tostado April 24, 2019

BIRMINGHAM, ALA. — PointOne Holdings LLC and Biscayne Atlantic have sold two office buildings in Birmingham for $34.5 million. The Class A office buildings total 153,000 square feet and are situated at 1800 and 1900 International Park, about 11 miles south of downtown Birmingham. The joint venture originally acquired the property as part of a three-building portfolio that also included Blue Lake, which PointOne Holdings and Biscayne Atlantic will retain. Kevin Markwordt of Transwestern represented the sellers in the transaction. Shamrock Investments acquired the buildings.

April 24, 2019

Development Office Oklahoma Texas

MCA Arranges $10.7M Construction Loan for Renovation of Tulsa Office Building

by Taylor Williams April 24, 2019

TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA), which also has an office in Denver, has arranged $10.7 million in construction financing for the renovation of Reunion Center, a 95,000-square-foot historic office building in downtown Tulsa. The borrower, Oklahoma-based Rose Rock Development Partners, plans to convert the 10-story building into a 79-unit residential property with 10,000 square feet of ground-floor retail space. The new community will offer a pool, outdoor grilling area and a rooftop terrace. Brandon Wilhite of MCA arranged the loan though CrossFirst Bank on behalf of Rose Rock, which will also receive $4.3 million in federal and state historic tax credits for the project.

April 24, 2019

Leasing Activity New York Northeast Office

Med Review Renews, Expands Office Lease at 199 Water Street in New York City

by Taylor Williams April 24, 2019

NEW YORK CITY — Med Review, a subsidiary of the New York County Health Services Organizations that provides healthcare assessment services, has inked a deal to lease 72,439 square feet of office space at 199 Water Street in New York City. As part of the deal, the firm is taking an additional 35,454 square feet on the seventh floor, while also renewing its 36,985-square-foot space that spans the entire 27th floor. Built in 1984, 199 Water Street was renovated in 2014 to offer upgraded signage and lighting, as well as to add a new parking garage and tenant amenities. Brett Greenberg and Adam Rappaport represented the landlord, Jack Resnick & Sons, on an internal basis, along with John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon of Cushman & Wakefield. Mark Ravesloot and Bill Iacovelli of CBRE represented Med Review. Other tenants at the 1.1 million-square-foot property include The Howard Hughes Corp. and Allied World Insurance Co.

April 24, 2019

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