Office

SJP, PGIM Partner to Acquire Office Building in Manhattan for $245M

by Alex Tostado December 20, 2018

NEW YORK CITY — SJP Properties and PGIM Real Estate, the real estate investment business of PGIM Inc., have acquired 470 Park Avenue South in Manhattan’s Midtown South neighborhood for $245 million. Norges Bank Real Estate Management and TH Real Estate sold the 301,178-square-foot office and retail building. New York City-based SJP Properties will lease and manage the property. The partners plan to transform the property to accommodate the modern workforce with a boutique-style hotel lobby, outdoor garden, a game room, café, bar and enhanced rooftop terraces on the 14th and 18th floors, totaling 7,670 square feet. The new owners plan to gear the renovated workspace toward technology and creative sector tenants. The building takes up a city block between 31st and 32nd streets. It was 82 percent leased at the time of the sale with tenants including Priceline.com and Dstillery Inc., a data science firm. “In recent years, the Park Avenue South submarket has seen a large influx of tenants across a variety of industries — technology, healthcare, media, hospitality and more — making it a vibrant live/work/play destination,” says Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “We are pleased to collaborate again with our long-term …

December 20, 2018

Acquisitions New York Northeast Office

American Exchange Time Acquires Office Condominium in Manhattan for $18.7M

by David Cohen December 20, 2018

NEW YORK CITY — Apparel manufacturer American Exchange Time has acquired an 18,000-square-foot office condominium in the Midtown South neighborhood of Manhattan. The company purchased the entire 15th floor office condo, which benefits from an open layout, full height windows on all four sides and 13-foot ceilings slab-to-slab. Located at 420 Fifth Ave., the building includes a three-story atrium lobby and a large plaza entry. John Ciraulo, Craig Waggner and Doug Blankrot of Cushman & Wakefield represented the seller, AM Property Holding & Quality Capital USA, in the transaction. American Exchange Time was represented by Wayne Siegel of Advisors Commercial Real Estate.

December 20, 2018

Leasing Activity New York Northeast Office

WeWork Signs 236,000 SF Lease in Manhattan

by David Cohen December 20, 2018

NEW YORK CITY — Coworking company WeWork has signed a 236,000-square-foot lease at 1440 Broadway, a 25-story, 747,000-square-foot office building in Manhattan. WeWork’s space will consist of a newly constructed private entrance and lobby. The company will occupy floors 14 through 21 at the building. New York-based owner and developer CIM Group acquired 1449 Broadway in December 2017 and is currently executing a capital improvement plan at the building. The plan includes the renovation of the existing street entrance and lobby as well as a new roof deck amenity that will offer views of Bryant Park, Times Square and the Hudson River.

December 20, 2018

Acquisitions Colorado Healthcare Office Western

Northstar Sells 113,568 SF Commercial Property in Aurora, Colorado

by Amy Works December 20, 2018

AURORA, COLO. — Northstar Commercial Partners has completed the sale of 860 Potomac St., a commercial building in Aurora. An undisclosed buyer acquired the property for $34.7 million. Situated on 5.2 acres, the property features 113,568 square feet of commercial space. Children’s Hospital of Colorado currently leasing the property on a long-term basis, with lease commencement on June 1, 2019. Construction and build-out of the tenant’s space is occurring now. Due to its proximity to the Fitzsimons Medical Campus, the property is ideal for ancillary medical offices. Chris Bodnar, Lee Asher, Shane Seitz, Ryan Lindsley and Sabrina Solomiany of CBRE U.S. Healthcare Capital Markets partnered with James Brady and Campbell Davis of CBRE Denver Investment Properties to advise the seller in the deal. Northstar originally purchased the property vacant in March 2017.

December 20, 2018

California Industrial Loans Office Western

HFF Secures $70.5M in Financing for Two-Property Life Science Portfolio in San Diego

by Amy Works December 20, 2018

SAN DIEGO — HFF has arranged $70.5 million in financing for a two-property life science portfolio in San Diego’s Sorrento Mesa neighborhood. Bioscience Properties and Singerman Real Estate, the borrowers, plan to use loan proceeds to convert the buildings into Class A laboratory assets. The portfolio comprises The Peak at Wateridge, a 180,000-square-foot, two-story office/R&D building situated on 11.1 acres at 10770 Wateridge Drive, and 6325 Lusk, a 50,005-square-foot life science building situated on 5.5 acres. Overall, the portfolio is 65 percent leased to two tenants: Abzena PLC and TriLink Biotechnologies. Tim Wright, Zack Holderman, Olga Walsh and Daniel Pinkus of HFF arranged the five-year, floating-rate bank loan.

December 20, 2018

Market Reports Massachusetts Northeast Northeast Market Reports Office

Boston Relishes Status as Hot Spot for Tech, Life Science Firms

by David Cohen December 19, 2018

The Boston office market continues to see established out-of-market tech users from a diverse group of industries take large blocks of space. In the Seaport District, Aptiv, a division of the car technology company Delphi Technologies, took 93,000 sq. ft. at 100 Northern Avenue. In the central business district, Spotify, a digital music service company, opened its first Boston location and leased 73,000 sq. ft. at Center Plaza. Verizon’s Oath, the digital publishing arm of the company, inked a 440,000 sq. ft. lease at North Station’s The Hub. And Bose, a consumer electronic products company, recently took the remaining available space at Boston Landing, bringing its leasing total to 145,000 sq. ft. at the project. The diversity of this new crop of tech entrants into the market solidifies the strength of Boston’s growing technology cluster. Innovators aplenty In a city once dominated by financial service and insurance firms, Boston is now home to a world-class entrepreneurial ecosystem. This is important as established companies across industries race to innovate in the digital age. The juxtaposition of Fortune 500 companies such as Optum and Amazon next door to newly funded and rapidly expanding home-grown startups such as Draft Kings and Toast makes …

December 19, 2018

Georgia Leasing Activity Office Southeast

NAP Signs Whole Foods to 30,000 SF Office Lease at Colony Square in Midtown Atlanta

by Alex Tostado December 19, 2018

ATLANTA — North American Properties has unveiled plans for Building 300, an 87,500-square-foot mixed-use building in Colony Square in Midtown Atlanta. Whole Foods Market’s South regional office is set to occupy 30,000 square feet of the six-story building that is expected to deliver in 2020. The office relocation will bring about 90 employees of Whole Foods to Midtown. Building 300 will feature 11-foot ceilings, floor-to-ceiling windows and street-level retail space and restaurants. NAP recently closed a $278.4 million loan to finance the redevelopment of the 1 million-square-foot Colony Square project.

December 19, 2018

Acquisitions Illinois Midwest Office

Fairbridge Properties Acquires Office Building in Warrenville, Illinois for $20.7M

by Kristin Harlow December 19, 2018

WARRENVILLE, ILL. — Fairbridge Properties has acquired Cornerstone I at Cantera, a 152,520-square-foot office building in Warrenville, about 30 miles west of Chicago, for $20.7 million. The Class A building is part of the 650-acre mixed-use development known as Cantera. The seller, Northwestern Mutual, invested $540,000 in fitness center and conference room renovations. The building is currently 79.6 percent leased. Jim Postweiler, Peter Harwood and Derek Fohl of JLL represented Northwestern Mutual in the sale.

December 19, 2018

Illinois Leasing Activity Midwest Office

Chicago Office of Colliers International Moves Locations

by Kristin Harlow December 19, 2018

CHICAGO — Colliers International | Chicago has moved its downtown operations to 71 S. Wacker Drive. The 17,000-square-foot space will house the company’s valuation and advisory services, Chicago office advisory group and corporate solutions teams. The firm will continue to have a strong presence in Rosemont, where its industrial advisory, supply chain logistics, investment services and office leasing groups reside. The downtown office has 83 workspaces, of which 55 are workstations and 28 are private offices. In addition, the new office includes client workspace, wellness rooms and a café-style break area. The Irvine Company owns the 48-story, 1.5 million-square-foot office tower.

December 19, 2018

Development Office Texas

Local Artist to Open 3,600 SF Creative Office Space in Austin

by Taylor Williams December 19, 2018

AUSTIN, TEXAS — Local artist and designer Lauren Cunningham will open The Commune, a 3,600-square-foot creative office space in central Austin. Set to open in February 2019, the space will be housed in an abandoned building at 101 E. North Loop Blvd. Individual features will include seven private studios, 10 dedicated desks and shared workspace.

December 19, 2018

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