Office

TPG Real Estate, Crestlight Capital Purchase Schlitz Park Office Campus in Milwaukee

by Kristin Harlow February 7, 2019

MILWAUKEE — TPG Real Estate and Crestlight Capital have purchased the Schlitz Park office campus in Milwaukee for an undisclosed price. The joint venture acquired the 32-acre office property from The Brewery Works Inc., the development and ownership group led by the Grunau and Sampson families. After a $30 million, multi-year renovation, Schlitz Park reached full occupancy in mid-2018. Tenants include US Bank, UMB Fund Services, HSA Bank, Aurora Health Care and the Milwaukee Bucks. The property originally served as the brewery for Joseph Schlitz Brewing Co.

February 7, 2019

Acquisitions Midwest Minnesota Office

Sumitomo Corp. Acquires SPS Office Tower in Minneapolis for $144M

by Taylor Williams February 7, 2019

MINNEAPOLIS — Sumitomo Corp. of Americas, a New York City-based subsidiary of Japanese general trading firm Sumitomo Corp., has acquired SPS Tower, a 31-story office building located in Minneapolis’ central business district. The seller was not disclosed, but The Minneapolis Star Tribune reports that the sales price was $144 million. The building, which totals 655,070 square feet of rentable office space, was 84 percent occupied at the time of sale. SPS Commerce, a provider of cloud-based supply chain management software, and Accenture LLP, a global management and consulting firm, serve as the anchor tenants. Amenities at SPS Tower include a fitness center and conference facilities, as well as banking, dry cleaning and concierge services. The property is connected to three adjacent buildings via a pedestrian skyway and sits atop a 630-space underground parking garage. “This is our first real estate investment in Minneapolis,” says Yurika Sugimoto, real estate manager at Sumitomo Corp. of Americas. “We believe the expertise we’ve cultivated throughout our several years within the U.S. real estate market will allow us to bring insights and improvements related to building management and tenant relationships.” — Taylor Williams

February 7, 2019

Leasing Activity New York Northeast Office

Cushman & Wakefield Negotiates 26,206 SF Office Lease for The Wallace Foundation in Manhattan

by Jeff Shaw February 6, 2019

NEW YORK CITY — Cushman & Wakefield has secured a 26,206-square-foot lease for The Wallace Foundation at 140 Broadway in downtown Manhattan. The private foundation will occupy the entire 49th floor of the building. Andrew Chase, Carri Lyon and Wes Rudes of Cushman & Wakefield represented The Wallace Foundation in the transaction. Robert Constable, Myles Fennon and Edward Mombello of Cushman & Wakefield represented the landlord, 140 BW LLC. The Wallace Foundation’s mission is to foster learning and enrichment for disadvantaged children and the vitality of the arts.

February 6, 2019

Acquisitions Office Texas

Marcus & Millichap Arranges Sale of 25,000 SF Office Portfolio in Grapevine, Texas

by Taylor Williams February 6, 2019

GRAPEVINE, TEXAS — Marcus & Millichap has arranged the sale of a portfolio of five office buildings totaling 25,000 square feet in Grapevine, located on the fringe of DFW International Airport. Cody Payne of Marcus & Millichap represented the seller and procured the buyer, an out-of-state private investor, in the transaction. Other terms of sale were not disclosed.

February 6, 2019

Development Illinois Midwest Office

Skender Completes 34,000 SF Headquarters for Upwork in Chicago

by Kristin Harlow February 6, 2019

CHICAGO — Skender has completed interior construction of Upwork’s new 34,000-square-foot headquarters in Chicago. Upwork, a website for hiring freelancers, has relocated to 525 W. Van Buren St. from its former space at 224 N. Desplaines St. Upwork’s space includes a café, server room, reception area, executive suite and open office concept for workstations. Upwork plans to build out an additional 34,000 square feet for use in 2020. Skender collaborated with architecture firm SCB, engineering firm Syska Hennessy Group and the building owner’s representative, Cresa.

February 6, 2019

Loans Mixed-Use Nevada Office Retail Western

PBC USA Receives $70M in Refinancing for Mixed-Use Development in Metro Las Vegas

by Amy Works February 6, 2019

SUMMERLIN, NEV. — New York City-based PBC USA has received a $70 million loan to refinance Tivoli Village, a 28-acre mixed-use development in Summerlin, a suburb of Las Vegas. Bank of Nevada provided the capital, which replaces financing from KeyBank and reduces the interest rate by 150 basis points. The refinancing is a result of near completion of a two-year turnaround campaign at the 700,000-square-foot retail and office property, bringing occupancy rates to above 80 percent. The first phase of Tivoli Village opened in 2011 and the second phase opened in 2016. Tenants at the property include Restoration Hardware’s RH Las Vegas, Echo & Rig Butcher and Steakhouse, Brio Tuscan Grille, David Barton Gym and Dance With Me. The property features 370,000 square feet of retail space and 300,000 square feet of Class A office space.

February 6, 2019

Market Reports Massachusetts Northeast Northeast Market Reports Office

Small But Mighty Cambridge Office Market Primed for More Growth

by David Cohen February 6, 2019

Although one of New England’s smallest geographical submarkets, spanning only 7.1 square miles, Cambridge packs a serious one-two punch between its thriving office and life science sectors. Routinely ranked as one the nation’s most densely populated cities, universities, research institutes and private corporations employ many of the 110,000 residents of Cambridge. Not surprisingly, 44 percent of those residents are highly educated millennials between the ages of 18 and 35, according to the most recent U.S. Census and American Community Survey. Those millennials form the unparalleled labor pool that has employers clamoring for talent. Hosting more than 230 life science and high-tech companies, research from CBRE suggests that Cambridge contains upwards of 700 start-ups, many of which are pioneered by entrepreneurial professionals spinning out from larger institutions. Known as the city of squares, Cambridge is divided into three distinct submarkets, each with their own distinctive flavor — East Cambridge, anchored by MIT and Kendall Square; Mid Cambridge, home to Harvard University and West Cambridge/Fresh Pond area. Collectively the city contains roughly 11.2 million and 14.6 million square feet of commercial office and life science space, respectively. Low Vacancy, High Rents Cambridge finished 2018 maintaining incredibly low office and life science vacancy …

February 6, 2019

Acquisitions Massachusetts Northeast Office

KS Partners Acquires 11-Story Office Building in Boston

by David Cohen February 5, 2019

BOSTON — KS Partners LLC has acquired 15 Court Square, an 11-story office building with ground-floor retail space in downtown Boston. The sales price was undisclosed. The 82,000-square-foot property, which is also known as 15 Pi Alley, includes an on-site tailor, 24-hour maintenance and an ATM. At the time of sale, 15 Court Square was 98 percent leased. KS Partners acquired the building from Brickpoint Properties, which had owned the property since 1978. KS Partners plans to fully renovate the lobby and common areas of the property and add amenities such as a lounge, conference room, fitness center and bike room.

February 5, 2019

Acquisitions Office Texas

Marcus & Millichap Brokers Sale of 61,500 SF Business Park in Metro Houston

by Jeff Shaw February 5, 2019

KATY, TEXAS — Marcus & Millichap has brokered the sale of West Little York Office Plaza, a 61,500-square-foot business park located in the western Houston suburb of Katy. Built in 2015 on 3.7 acres, the property was 87 percent leased at the time of sale. Nate Newman and Logan Kelly of Marcus & Millichap represented the seller, a local developer, in the transaction. Newman also procured the buyer, a limited liability company. Both parties requested anonymity. The sales price was also undisclosed.

February 5, 2019

California Development Office Western

Alvarez & Marsal Capital Real Estate to Develop ELEVAR Creative Office Campus in Los Angeles

by Amy Works February 5, 2019

LOS ANGELES — Alvarez & Marsal Capital Real Estate recently acquired a 4.3-acre site at 18362-18424 Oxnard St. in Los Angeles’ Tarzana neighborhood for redevelopment into a creative office campus with studio capabilities. The site, which was formerly used as production space, will be redeveloped into ELEVAR, a state-of-the-art studio and creative office campus. Situated at the corner of Oxnard Street and Reseda Boulevard, the asset currently consists of four standalone flex and industrial buildings totaling 73,045 square feet. The new construction will add more than 20,000 square feet, bringing the total project size to 96,500 square feet. The redeveloped campus will feature usable outdoor space, including a greenbelt, WiFi-enabled patios and an artisanal café. Additionally, the campus will feature shaded outdoor areas, above-standard power and data capabilities, high ceilings and a fitness center for tenants. ELEVAR will offer ample surface-level parking and close proximity to the Metro Orange Line Reseda Station. Rob Hooks, Katie Bernhisel and Dillon Moscone of Cushman & Wakefield, along with Kevin Fenenbock and Jacob Mumper of Colliers, will serve as the leasing agents for the property.

February 5, 2019

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