Office

Franklin Partners Unveils Redevelopment Plans for Office Building in Downtown Chicago

by Kristin Harlow March 8, 2019

CHICAGO — Franklin Partners has unveiled the redevelopment plans for One Mag Mile, an office property located at 980 N. Michigan Ave. This includes significant lobby renovations and the recent opening of international juice chain Joe & the Juice. The upgraded lobby will have a hospitality influence with new finishes and modern lighting. Wright Heerema Architects is working with Franklin Partners on the design. One Mag Mile offers 400,000 square feet of office and retail space. Tenants Berkshire Hathaway Home Services, Singerman Real Estate and The Realreal recently expanded their office leases within the property. Phil Golding and Todd Siegel of CBRE brokered the lease transaction with Joe & the Juice.

March 8, 2019

Development Michigan Midwest Office

Coyote Logistics to Open New Detroit Tech Hub in Corktown Neighborhood

by Kristin Harlow March 8, 2019

DETROIT — Coyote Logistics, a UPS company and global third-party logistics provider, is creating a new tech hub in Detroit’s Corktown neighborhood. The facility is expected to open in the third quarter of this year. Coyote will be the anchor tenant in The Assembly, a Bedrock-owned building. The five-story property was formerly a warehouse. Coyote is expected to employ 500 people, with 350 of those being new positions. Coyote will occupy the entire second and third floors for a total of 58,000 square feet. The Assembly will span approximately 160,000 square feet. Bedrock is the real estate arm of billionaire businessman Dan Gilbert, founder and chairman of Quicken Loans.

March 8, 2019

Acquisitions Office Southeast Tennessee

Cushman & Wakefield Arranges $71.9M Sale, Acquisition Loan for Office Tower in Downtown Nashville

by Alex Tostado March 7, 2019

NASHVILLE, TENN. — Cushman & Wakefield has arranged the $71.9 million sale of Philips Plaza, a 435,535-square-foot, 24-floor office building in downtown Nashville. The building, which was purchased by Wheelock Street Capital, is situated at 414 Union St. and was 97 percent leased to 26 tenants at the time of the sale. Since 2015, the property has undergone $3.5 million in renovations to include a new lobby, HVAC systems, roof, upgraded common areas and an upgraded conference center. The office building shares a plaza with a recently renovated DoubleTree by Hilton hotel. Stewart Calhoun, Samir Idris, Crews Johnston, David Meline and Hailey Paul of Cushman & Wakefield represented the undisclosed sellers in the transaction. Additionally, Michael Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged acquisition financing on behalf of Wheelock Street Capital.

March 7, 2019

Acquisitions Massachusetts Northeast Office

Cushman & Wakefield Brokers Sale of 88,910 SF Office Building in Morris Plains

by David Cohen March 7, 2019

MORRIS PLAINS, N.J. — Cushman & Wakefield has arranged the sale of a three-story office building in Morris Plains. The sales price was undisclosed. Located at 201 Littleton Road, the 88,910-square-foot property is set on a nearly 17-acre site. The property was 44 percent leased at the time of sale to a tenant roster that includes the State of New Jersey. Andrew Merin, Andrew Schwartz and Kubby Tischler of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp., in the transaction. The buyer was Chopp Holdings, a local investor.

March 7, 2019

Loans Office Texas

New York Life Provides $122.9M Construction Loan for Austin Office Project

by Taylor Williams March 7, 2019

AUSTIN, TEXAS — New York Life Insurance Co. has provided $122.9 million in construction financing for RiverSouth, a 350,611-square-foot office project in Austin. The 15-story property, which is expected to be complete in early 2021, will feature 17,277 square feet of retail space and amenities including a fitness center, a sky lounge and surrounding hiking trails. The loan carries a floating interest rate, five-year term and a 12-month extension option. The borrower was not disclosed, but the property brochure identifies Stream Realty Partners as the developer. Colby Mueck, Robert Wooten, Chris McColpin and Jayme Nelson of HFF placed the debt on behalf of Stream Realty Partners.

March 7, 2019

Leasing Activity Office Texas

Dallas Cowboys to Open 18,000 SF Coworking Space at The Star in Frisco

by Taylor Williams March 7, 2019

FRISCO, TEXAS — The Dallas Cowboys will open Formation, an 18,000-square-foot coworking office space at The Star, the team’s 91-acre headquarters facility in Frisco. Formation will feature open collaborative workspace, dedicated desks and private offices, as well as access to The Star’s retail and restaurant amenities. The opening is currently set for early summer.

March 7, 2019

Acquisitions California Office Western

Cushman & Wakefield Arranges Sale of 101,374 SF Office/R&D Campus in Northern California

by Amy Works March 6, 2019

NORTH SAN JOSE, CALIF. — Cushman & Wakefield has arranged the sale of Orchard Corporate Campus, a Class A office/R&D campus located in North San Jose. Silicon Valley-based South Bay Development Co. sold the property to a private investor for an undisclosed price. Completed in 2017, the two-building property features 101,374 square feet of space. At the time of sale, the property was 100 percent leased. Situated on 5.3 acres at 2755 and 2777 Orchard Parkway, the asset features a 15,000-square-foot outdoor courtyard. Eric Fox, Adam Lasoff, Seth Siegel, Steve Hermann and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets Group represented the seller in the disposition. Nick Lazzarini and Kalil Jenab of Cushman & Wakefield’s Silicon Valley offices provided local market advisory and negotiated the leases with the current tenants.

March 6, 2019

Acquisitions Colorado Office Western

Graham Street Realty Buys Three-Building Office Portfolio in Boulder

by Amy Works March 6, 2019

BOULDER, COLO. — San Francisco-based Graham Street Realty has purchased a three-building office portfolio in Boulder from SteelWave for an undisclosed price. The portfolio features a total of 114,862 square feet of leasable office and lab space. The portfolio includes: Plaza III — Located at 3005 Center Green Court, the property features 43,421 square feet, views of the Flatirons and covered parking. Built in 1984, the asset was 87.5 percent occupied at the time of acquisition. A two-story Class B property, located at 2945 Wilderness Place, that features traditional office space with lab improvements and surface parking. The property is fully leased to a single biotechnology tenant and has maintained 100 percent occupancy for more than 20 years. A 40,554-square-foot office property, located at 5665 Flatiron Parkway, that features a double-height lobby, glass roll-up door and modernized common areas and landscaping. The buyer plans to continue the seller’s building renovation program.

March 6, 2019

Indiana Loans Midwest Office

Maverick Commercial Mortgage Arranges $7M Bridge Loan for Office Property in Indiana

by Kristin Harlow March 6, 2019

WEST LAFAYETTE, IND. — Maverick Commercial Mortgage has arranged a $7 million bridge loan for the International Technology Center in West Lafayette. The anchor tenant of the 75,099-square-foot office building is Parkwest Fitness. Space currently used as a basketball court at the property will be converted into additional office space. A national lender provided the nonrecourse loan. The initial funding paid for the refinancing of existing debt on the property and closing costs. Remaining funding will be used for construction costs, tenant improvement costs and leasing commission costs related to the conversion of the gym to office space. The three-year loan features a 75 percent loan-to-value ratio.

March 6, 2019

Features Office

Coworking, Flexible Work Spaces are Latest Trends in Evolving Office Needs of Modern Workforce

by Alex Tostado March 5, 2019

The beauty of creative office is in the eye of the leaseholder. In today’s world, phrases like “coworking” and “flexible workspace” often arise in conversation, but what do these terms really mean? The definition varies depending on who you ask, where they are and what they do for a living. As these factors are often in flux, so is the meaning of creative office. However, there are four core elements that comprise the essence of creative office regardless of market or mindset: collaboration, engagement, technology and flexibility. These four tenets ultimately comprise a framework that drives profitability and increases employee engagement in an increasingly competitive environment. At the end of the day, these environments must not only enhance business goals, but also be specifically tailored to the culture and needs of the organizations they serve. Changing Workforce From a city’s urban core to prime business centers in the suburbs, the trends emerging in modern office spaces are in response to the rapidly changing needs of today’s workforce. Though it comes with an extra premium on rent, many startups and new employers are choosing to save capital on the front-end by moving into tech-equipped spec suites that enable them to hit …

March 5, 2019

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