Office

UBS Asset Management Sells Office Building in Broward County for $20.8M

by Alex Tostado March 11, 2019

SUNRISE, FLA. — UBS Asset Management has sold Corporate Center II, a 91,221-square-foot office building in Sunrise, to Vanderbilt Office Properties and Barron Colliers Cos. for $20.8 million. The building is situated at 1571 Sawgrass Corporate Parkway within Sawgrass International Corporate Park. Corporate Center II, which is situated on 6.2 acres and built in 1998, was 98 percent leased to tenants including Cigna Insurance, Heritage Insurance and Synechron, an information technology and consulting company. Amenities include a two-story lobby, onsite café and a parking ratio of 4.4 per 1,000 square feet. Mike Davis, Dominic Montazemi, Scott O’Donnell and Rick Brugge of Cushman & Wakefield represented the seller in the transaction.

March 11, 2019

Development Office Texas

Capella Capital Partners to Develop 450,000 SF Office Building in Austin

by Taylor Williams March 11, 2019

AUSTIN, TEXAS — Capella Capital Partners will develop Arena Tower, a 450,000-square-foot office building in Austin. The 19-story, Class A property will be located near the site of the future Austin FC stadium just south of The Domain on the city’s north side. In addition to 35,000- to 50,000-square-foot floor plates, the property will feature four parking spaces per 1,000 square feet. Amenities will include a tenant lounge, fitness center with locker rooms, a juice bar and an outdoor yoga area. AQUILA Commercial will handle leasing of the project, which is slated for a first-quarter 2021 delivery.

March 11, 2019

Acquisitions California Office Western

Newmark Knight Frank Arranges $11.3M Sale of Office Property in Torrance, California

by Amy Works March 11, 2019

TORRANCE, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of an office building, located at 3520 Challenger St. in Torrance. Excelsior Partners acquired the asset from Fairway LLC for $11.3 million. Sean Fulp, Ken White, Ryan Plummer and Mark Schuessler of NKF’s Team Shannon Private Capital Group, led by Fulp and Kevin Shannon, represented the seller, while the buyer was self-represented in the transaction. Built in 1990 and renovated in 2016, the two-story property is situated on 2.5 acres and offers a flex industrial component with approximately 5,200 square feet of storage warehouse space accessible by two dock-high loading doors and one ramped loading area. Bobit Business Media, a media publisher and events producer, fully occupies the 49,336-square-foot property.

March 11, 2019

Acquisitions Michigan Midwest Office

L. Mason Capitani CORFAC International Brokers Sale of Office Building in Troy, Michigan

by Kristin Harlow March 11, 2019

TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of Butterfield Park Place, a 28,364-square-foot, multi-tenant office building located at 2250 Butterfield Drive in Troy. California-based LSTC Michigan LLC purchased the asset from Wilson Real Estate LLC. LSTC previously acquired a neighboring building in 2017. Mason L. Capitani represented both parties in the sale. He will also continue to oversee leasing for the new owner. Liberty Property & Asset Management will manage the property.

March 11, 2019

Illinois Leasing Activity Midwest Office

Ardmore Roderick Signs 12,700 SF Headquarters Lease in Chicago

by Kristin Harlow March 11, 2019

CHICAGO — Ardmore Roderick has signed a 12,700-square-foot headquarters lease for the entire third and fourth floors at 1500 W. Carroll Ave. in Chicago’s Fulton Market West. Ardmore is a civil engineering firm providing design engineering, construction inspection and management, structural engineering and survey work. Dayton Street Partners, which owns the property, recently completed a $4 million renovation at the six-story, 38,000-square-foot loft office building. The renovation included new exterior windows, bathrooms, HVAC system and lighting. The developer also added a modern lobby, rooftop deck, bicycle garage and parking for 42 cars. Mike Curran and Mark Georgas of JLL represented Dayton Street in the lease with Ardmore. Other recently signed leases at the building include Via Technik, Limitless Coffee, Neato Agency and Breather.

March 11, 2019

Acquisitions New York Northeast Office Top Stories

RFR Holding, Signa Acquire New York City’s Chrysler Building for $150M

by Taylor Williams March 11, 2019

NEW YORK CITY — A partnership between Manhattan-based investment firm RFR Holding LLC and Austrian development group Signa Holding has acquired the 77-story Chrysler Building in New York City for $150 million, according to Reuters. The seller was a Dubai-based investment group that acquired a 90 percent share in the property in 2008 for $800 million, according to The Wall Street Journal (WSJ). Abu Dhabi Investment Council purchased its stake from Tishman Speyer, a locally based investment and development company. The Chrysler Building, located at the corner of 42nd Street and Lexington Avenue, is one of the more recognizable pieces of the New York City skyline. The 1.2 million-square-foot office property is perhaps best known for its art deco style that features a crowning dome and spire, as well as for being the city’s tallest building when it was completed in 1930. The Cooper Union for the Advancement of Science & Art, a private college in Manhattan, owns the land on which the skyscraper is situated. Annual rent from the ground lease paid to the school increased substantially in 2018, rising from $7.75 million to $32.5 million, per WSJ. The combined effect of rent increases, which will occur again in …

March 11, 2019

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 271,988 SF Office Tower in New Jersey

by David Cohen March 8, 2019

ISELIN, N.J. — Cushman & Wakefield has brokered the sale of a 271,988-square-foot office tower in Iselin. The sales price was undisclosed. Located at 99 Wood Ave., the property features a recently renovated full-service cafeteria, fitness center with locker rooms and a three-story parking structure. At the time of sale, the property was 84 percent leased to a roster of tenants that includes Citibank, Wells Fargo, Ernst & Young and Cushman & Wakefield. Andrew Merin, Gary Gabriel, David Bernhaut, Kyle Schmidt and Kubby Tischler of Cushman & Wakefield represented the seller, a private real estate investment firm, in the transaction. The buyer was Mack-Cali Realty.

March 8, 2019

Acquisitions Development New York Northeast Office Retail

Marcus & Millichap Arranges $1.1M Sale of Two Development Sites in New York

by David Cohen March 8, 2019

MIDDLETOWN, N.Y. — Marcus & Millichap has arranged the $1.1 million sale of two, one-acre pad sites at Middletown Commons, a retail center in Middletown. Located at 193 Dolson Ave., the properties have 235 feet of street frontage and are zoned for a variety of permitted uses, including retail and office. Alan Cafiero, Ben Sgambati, John Moroz and Matt Leszyk of Marcus & Millichap’s New Jersey office represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company.

March 8, 2019

Acquisitions California Industrial Office Western

Embarcadero Capital Partners Acquires 108,500 SF Flex Asset in North San Jose

by Amy Works March 8, 2019

SAN JOSE, CALIF. — San Francisco-based Embarcadero Capital Partners has purchased 2125 O’Nel, an office/R&D building located in North San Jose. PSAI Realty Partners sold the 108,500-square-foot, value-add property for an undisclosed price. Built in 1984 and renovated in 2012, the two-story building is will configured for technology users needing to house multiple functions under one roof. The building is situated on 5.2 acres. Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets group represented the seller, while Erik Hallgrimson of the firm’s San Jose office, along with Craig Fordyce of Colliers International provided local market advisory.

March 8, 2019

Acquisitions California Industrial Office Western

SVP Management Buys Vacant Flex/R&D Building in Bay Area for $19M

by Amy Works March 8, 2019

SAN JOSE, CALIF. — SVP Management has purchased a vacant flex/R&D office building, located at 3775 N. First St. in San Jose. Chandler HFP, an affiliate of Los Angeles-based Held Properties Inc. sold the property for $19 million. Built in 1985, Honeywell occupied the single-story, 67,733-square-foot building from its acquisition in 2013 through December 2017. Originally, the property served as the world headquarters for RAE Systems Inc. Held Properties owned the property since 2014. Bob Bower and Chip Sutherland of CBRE Capital Markets-Investment Properties represented both parties in the transaction.

March 8, 2019

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