Office

Barton Malow to Construct 225,000 SF Office Building in Daytona Beach for Brown & Brown Insurance

by Alex Tostado February 8, 2019

DAYTONA BEACH, FLA. — Barton Malow will construct an 11-story, 225,000-square-foot glass building for Brown & Brown Insurance Co. in Daytona Beach. The building will be situated on more than 10 acres and will include terraces on the second and 11th floors overlooking the Halifax River. Brown & Brown has worked in the area before, having remodeled Daytona International Speedway and built Embry-Riddle Aeronautical University’s four-story student union. The Daytona Beach-based insurance company will house more than 600 workers at the building upon completion. A timeline for construction was not disclosed.

February 8, 2019

Acquisitions California Office Western

PCCP Acquires 138,393 SF Office Building in San Francisco for $120M

by Amy Works February 8, 2019

SAN FRANCISCO — PCCP has purchased a four-story office property, located at 350 Rhode Island St. in San Francisco’s Potreto Hill neighborhood and Showplace Square office submarket, for $120 million. The name of the seller was not released. Built in 2001, the asset includes two interconnected buildings offering a total of 138,393 square feet of Class A office space over three levels of subterranean parking. The buildings are now under separate ownership, and the parking structure component of PCCP’s acquisition provides added cash flow for the investment. The property features 35,000-square-foot floor plates and a modern, distinctive architectural design.

February 8, 2019

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Acquisitions Colorado Office Western

Bailey Co. Buys Park Meadows Corporate Center in Lone Tree, Colorado, for $10M

by Amy Works February 8, 2019

LONE TREE, COLO. — Golden, Colo.-based The Bailey Co. has acquired Park Meadows Corporate Center I, located at 10004 Park Meadows Drive in Lone Tree. LRS Bay Road Investment Group sold the property for $10 million. Monica Wiley and Jeff Wood of CBRE represented the seller, while Mitch Bradley, Joe Serieno and Chad Alexander, also of CBRE, served as leasing advisors on the transaction. Constructed in 2000, the three-story multi-tenant asset features 60,144 square feet of office space. Lone Tree is located in metro Denver, approximately 15 miles south of downtown.

February 8, 2019

Acquisitions Colorado Office Western

Concord HQ Purchases 9,009 SF Office Property in Denver for $4.5M

by Amy Works February 8, 2019

DENVER — Concord HQ LLC has purchased an office property in Denver from Unico BOP 1406 Wazee LLC/Unico BOP 1408 Wazee for $4.5 million. Located at 1408 Wazee in Denver, the asset features 9,009 square feet of office space. Andrew Blaustein and Josh Pons of Newmark Knight Frank represented the buyer, while JLL represented the seller in the deal. First American Title Insurance Co. also participated in the transaction.

February 8, 2019

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Acquisitions California Office Western

CBRE Brokers $3M Sale of Creative Office Building in San Diego’s Bankers Hill

by Amy Works February 8, 2019

SAN DIEGO — CBRE has arranged the sale of a creative office building, located at 2870 Fifth Ave. in San Diego’s Bankers Hill neighborhood. A private 1031-exchange buyer acquired the approximately 7,300-square-foot property for $3 million, or $411 per square foot. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Marc Frederick of CBRE represented the seller, HG Fenton Co., in the deal. Originally constructed as a fire station in 1900, the two-story building was recently repositioned and renovated into a modern creative office building. At the time of sale, the property was 100 percent leased. Tenants include Fox & Jane salon, Sojourn Healing Collective, KD Skin beauty salon and Explore That Store digital marketing agency.

February 8, 2019

Leasing Activity Massachusetts Northeast Office

PTC Relocates to 250,000 SF Global Headquarters in Boston’s Seaport District

by Alex Tostado February 7, 2019

BOSTON — Computer software and services company PTC has relocated to a new 250,000-square-foot global headquarters in Boston’s Seaport District. PTC relocated its headquarters in Needham to 121 Seaport Blvd., a newly constructed 17-story, 400,000-square-foot office building. The property will house 1,000 of PTC’s 6,000 employees worldwide. The open design of PTC’s office includes conference rooms and meeting spaces around the building core on each floor as well as a themed work café and coffee space. The office will feature no private offices and no assigned seats. Cresa represented PTC in the site-selection process, lease administration, transaction management, workplace strategy and project management. Gilbane Building Co. served as construction manager and Margulies Perruzzi Architects served as architectural and interior designer on the project. A joint venture of American Realty Advisors and Norges Bank Real Estate Management owns 121 Seaport.

February 7, 2019

Development Office Texas

Ryan, Invest Group to Develop 900,000 SF Office Complex in Frisco

by Alex Tostado February 7, 2019

FRISCO, TEXAS — Minneapolis-based Ryan Cos. and Dubai-based Invest Group Overseas will develop Auspire at The Gate, a 900,000-square-foot office campus that will be located in the northern Dallas metro of Frisco. The office space will be part of a mixed-use development that includes retail space, two multifamily buildings totaling 775 units and a hotel. Avison Young will handle leasing of the office space, which has a construction schedule of 18 to 20 months.

February 7, 2019

Leasing Activity Office Texas

Common Desk Opens 18,085 SF Coworking Office Space in West End of Dallas

by Taylor Williams February 7, 2019

DALLAS — Common Desk has opened an 18,085-square-foot coworking office space at Factory Six03, a warehouse-turned-office building located at 603 Munger St. in Dallas’ West End neighborhood. The space features 26 private offices, conference rooms, a vinyl record lounge, nap room and a wet bar. The location represents the second collaboration between Common Desk and the landlord, Granite Properties.

February 7, 2019

Acquisitions Georgia Office Southeast

Ardent Buys Office Building in Atlanta’s Buckhead District for $58M

by Alex Tostado February 7, 2019

ATLANTA — The Ardent Cos. has purchased Piedmont Center 14, a 300,454-square-foot office building located at 3535 Piedmont Road in Atlanta’s Buckhead district, for $58 million. The building is situated within Piedmont Center, a 2.1 million-square-foot office park in Buckhead located on 52 acres near Ga. Highway 400 and Piedmont Road. According to the Atlanta Business Chronicle, Ardent now owns nearly 1.7 million square feet within Piedmont Center and has the third largest office footprint among Buckhead owners, trailing only Cousins Properties and Highwoods Properties Inc. Built in 1988, Piedmont Center 14 was 79 percent leased at the time of sale to tenants including MagMutual, Change Healthcare, Kenzie Lane and NCC Media. Richard Reid, Ryan Clutter, Ralph Smalley and Huston Green of HFF represented the undisclosed seller and procured the buyer in the transaction.

February 7, 2019

Acquisitions California Office Western

CIGNA Investment Management, The Muller Co. Buy Century Plaza in San Jose for $63.4M

by Amy Works February 7, 2019

SAN JOSE, CALIF. — A joint venture between CIGNA Investment Management and The Muller Co. has acquired Century Plaza, a six-story office building located at 550 S. Winchester Blvd. near Santana Row in San Jose. New York Life Real Estate Investors sold the property for $63.4 million. The new ownership plans to rebrand the 103,622-square-foot property and invest approximately $4.1 million to upgrade the façade, landscaping, lobby, restrooms and corridors. At the time of sale, the property was 82 percent leased. Eric Fox and Nick Lazzarina of Cushman & Wakefield’s San Jose office, along with Steven Hermann, Seth Siegel and Adam Lasoff of Cushman & Wakefield’s San Francisco office, represented the buyer and seller in the deal.

February 7, 2019

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