Office

Granite Properties Buys Office Complex in Houston’s Energy Corridor for $78.4M

by Taylor Williams February 1, 2019

HOUSTON — Plano, Texas-based investment firm Granite Properties has purchased Eldridge Place, a three-building, 824,632-square-foot office complex in Houston’s Energy Corridor area, for $78.4 million. Granite Properties will invest $20.6 million in capital improvements to the lobbies, mechanical systems and amenity spaces, which include a conference center, fitness center and a café. Jeff Hollinden and Marty Hogan of HFF represented seller, TIER REIT Inc. (NYSE: TIER), in the transaction. Scott Martin and Paul Bennett represented Granite Properties internally.

February 1, 2019

Acquisitions California Office Western

M & J Wilkow, National Real Estate Advisors Sell 112,208 SF Office Building in San Francisco

by Amy Works February 1, 2019

SAN FRANCISCO — M & J Wilkow, in partnership with National Real Estate Advisors, has completed the sale of 600 Battery Street, a three-story historic office building in San Francisco. Invesco Real Estate and TMG Partners acquired the property for an undisclosed price. The 112,208-square-foot property features a 360-degree view from its rooftop deck and occupies a full city block in historic Jackson Square. The seller originally acquired the office complex in June 2001. Kyle Kovac and Michael Taquino of CBRE’s San Francisco office represented the seller in the transaction.

February 1, 2019

Acquisitions Data Centers Industrial Office Texas

ESRP Arranges Sale-Leaseback of 1 MSF Office, Data Center Campus in Plano

by Taylor Williams January 31, 2019

PLANO, TEXAS — Metro Dallas-based brokerage firm ESRP has arranged the sale-leaseback of a 1 million-square-foot office and data center campus in Plano, a northeastern suburb of Dallas. The seller/tenant is NTT Data, a Japanese data systems integration company, and the buyer was an undisclosed, San Francisco-based private equity firm. The property includes two data centers and leasable office space and has the capacity for future data center development. Steve Jarvie, Darren Woodson, Karra Guess and Damian Rivera of ESRP represented the seller in he transaction. Paul Moser and Rob Kennedy of Stream Data Centers represented the buyer.

January 31, 2019

Acquisitions Connecticut Northeast Office

Geenty Group Brokers $2.6M Sale of Two Office Buildings in Branford, Connecticut

by David Cohen January 31, 2019

BRANFORD, CONN. — The Geenty Group has brokered the $2.6 million sale of two office buildings in Branford. Located at 21 and 23 Business Park Drive, the properties total approximately 72,000 square feet. 21 Business Park Drive is a multi-tenant flex building while 23 Business Park Drive comprises multiple office and laboratory spaces. Kristin Geenty of the Geenty Group represented the seller, Todd’s Hill Investment Circle LLC, in the transaction. The buyer was Corner Properties LLC.

January 31, 2019

Acquisitions Northeast Office Pennsylvania Top Stories

Equity Commonwealth to Sell 55-Story Office Tower in Philadelphia for $451.6M

by Alex Tostado January 31, 2019

PHILADELPHIA — Equity Commonwealth (NYSE: EQC) is under contract to sell BNY Mellon Bank Center, a 55-story, 1.3 million-square-foot office building located at 1735 Market St. in downtown Philadelphia. The price is $451.6 million. The buyer was undisclosed, though multiple media outlets report that a partnership between New York-based Silverstein Properties Inc. and Philadelphia-based Arden Group is acquiring the building. Proceeds after credits for capital costs, contractual lease costs, and rent abatements are expected to be approximately $435.6 million. The sale is slated to close by March 27. The asset is the fourth-largest building in Philadelphia. Amenities include The Lounge at 1735, a 19,000-square-foot space offering a 100-person classroom-style conference facility, fireplaces, wine lockers and TVs; Pyramid Club, a lounge on the 52nd floor offering a 360-degree view of Philadelphia, a bistro bar and a sit-down restaurant; the Philadelphia Sports Club, a 25,000-square-foot, two-story fitness center offering a sauna, rowing machine, group fitness classes, and massage therapy; and covered bike parking. BNY Mellon Bank Center was built in 1990 and designed by Kohn Pedersen Fox Associates. The building is situated less than a mile from Philadelphia City Hall and Logan Square, and less than two miles from the Liberty Bell. Chicago-based …

January 31, 2019

Illinois Leasing Activity Midwest Office

Upwork Signs 67,730 SF Office Lease in Chicago

by Kristin Harlow January 31, 2019

CHICAGO — Upwork, a global freelancing website, has signed a 67,730-square-foot office lease at 525 W. Van Buren St. in Chicago. The Silicon Valley-based start-up launched its Chicago presence in 2017. Melissa Rubenstein and Gary Kostecki of JLL represented the owner, AEW Capital Management LP. Allen Rogoway, Janna Luce and Eric Nolin of Cresa represented Upwork. Completed in 2002, the 16-story office tower consists of 519,668 square feet. This year, AEW plans to renovate the lobby.

January 31, 2019

Development Illinois Midwest Office

Skender Completes Office Headquarters for ShopRunner in Chicago

by Kristin Harlow January 31, 2019

CHICAGO — Skender has completed construction of ShopRunner’s new 25,000-square-foot headquarters in Chicago. The e-commerce start-up company has relocated to 350 N. Orleans St. from 350 N. LaSalle St. The new office has full Wi-Fi capabilities, eliminating the need for data cabling. The open floor plan includes a large conference room. Skender served as interior construction manager. Partners by Design and ConopCo Project Management also assisted in the project.

January 31, 2019

Loans Massachusetts Northeast Office

NKF Arranges $71M Recapitalization of Office Building in Cambridge, Massachusetts

by David Cohen January 30, 2019

CAMBRIDGE, MASS. — NKF has arranged a $71 million recapitalization of a 63,943-square-foot office building in Cambridge. Located at 87 Cambridgepark Drive, the property is fully leased to biopharmaceutical companies Dicerna Pharmaceuticals and Ra Pharma. Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell of NKF’s Boston Capital Markets team secured financing for the borrowers, King Street Properties and The Carlyle Group. The lender was real estate investment trust HCP Inc.

January 30, 2019

Acquisitions Northeast Office Pennsylvania

CBRE Brokers $8M Sale of Office Campus in Harrisburg, Pennsylvania

by David Cohen January 30, 2019

HARRISBURG, PA. — CBRE has brokered the $8 million sale of a two-building, 50-acre office campus in Harrisburg. Located at 100 and 200 Amp Drive, the 250,000-square-foot property includes a full-service cafeteria and electric car charging stations. 100 Amp Drive totals 170,000 square feet while 200 Amp Drive totals 80,000 square feet. Michael Curran, William Krisztal and Nicholas Westley of CBRE’s Los Angeles South Bay office represented the seller, TE Connectivity Corp., in the transaction. Garrett Rothman of RSR Realtors represented the buyer, D&H Distributing Co., which will relocate its headquarters to the property.

January 30, 2019

Leasing Activity Office Texas

NAI Partners Negotiates 12,084 SF Office Lease in Houston

by Taylor Williams January 30, 2019

HOUSTON — NAI Partners has negotiated a 12,084-square-foot office lease at 11550 Fuqua St. in Houston for local accounting firm Ham, Langston & Brezina LLP. According to LoopNet Inc., the Class B property was built in 1983. Griff Bandy of NAI Partners represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

January 30, 2019

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