Office

South Korean Gaming Developer Acquires Pettebone Building in Los Angeles for New Headquarters

by Amy Works January 24, 2019

LOS ANGELES — NHN Global, a South Korean video game developer, has purchased the historic Pettebone Building, located at 501 S. Broadway in Los Angeles. RYDA sold the property for $22 million, or $595 per square foot. The video game developer plans to relocate its headquarters, which is currently in Koreatown, to the new location in downtown Los Angeles. Andrew Tashjian and Michael Gooch of Cushman & Wakefield represented the seller, while Carle Pierose of Industry Partners represented the buyer in the transaction. Originally built in 1905, Pettebone Building is designated a Historic-Cultural Monument and underwent an extensive renovation in 2015. The property features updated elevators, fiber internet, and a 3,000-square-foot rooftop deck. Retail tenants at the office building include Mezcalero and YAKIDO.

January 24, 2019

Acquisitions New York Northeast Office

HFF Arranges $16M Sale of Office Complex on Long Island

by David Cohen January 23, 2019

HAUPPAUGE, N.Y. — HFF has arranged the $16 million sale of a two-building, 131,223-square-foot office complex in Hauppauge, Long Island. Located at 330 and 350 Motor Parkway, the property was originally built in 1971 and renovated between 2012 and 2016. The complex is currently 94 percent leased. Amenities include a full-service cafeteria, fitness center with locker rooms, shared conference rooms and tenant storage areas. Jose Cruz, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli and Michael Oliver of HFF represented the sellers, KABR Group and Capstone Realty Group, in the transaction. The buyer was Long Island-based Valley East Management.

January 23, 2019

Leasing Activity Midwest Office Ohio

Marathon Petroleum Inks 37,727 SF Office Lease in Findlay, Ohio

by Kristin Harlow January 23, 2019

FINDLAY, OHIO — Marathon Petroleum Co. has signed a 37,727-square-foot office lease in Findlay, about 40 miles south of Toledo. The Findlay-based company will fully occupy the building, which is known as the Waterside Building. Lynette Reichle and Todd Dickerson of Reichle Klein Group represented the landlord, Roach Enterprises of Ohio Ltd. Marathon Petroleum signed a three-year lease.

January 23, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $48.5M Sale of Office Building in Metro Orlando

by Alex Tostado January 23, 2019

MAITLAND, FLA. — Cushman & Wakefield has arranged the $48.5 million sale of Maitland Promenade One, a 230,371-square-foot office building in Maitland. KBS purchased the asset, which is situated within Maitland Center, an office park with eight Class A office buildings. KBS already owns Maitland Promenade Two. Maitland Promenade One is located about 10 miles north of downtown Orlando and was 98.1 percent leased at the time of sale to tenants including Allstate, Spectrum Communications, Adventist Health and Taylor Morrison. Michael Lerner, Mike Davis, Rick Brugge and Rick Colon of Cushman & Wakefield represented the seller, Boston-based TA Realty, a private real estate investment firm, in the transaction.

January 23, 2019

Development Office Texas

Hunt, Moss Begin Vertical Construction of 262,000 SF Office Building in Downtown El Paso

by Taylor Williams January 22, 2019

EL PASO, TEXAS — Developer Hunt Cos. and Florida-based general contractor Moss have gone vertical on construction of WestStar Tower, a 262,000-square-foot office building in downtown El Paso. The companies broke ground on the project last June, WestStar Tower will serve as the new corporate headquarters for both Hunt and WestStar, a regional bank. Together, the two firms will employ about 430 people at the new building, which will include an 850-space parking garage. Sonny Brown & Associates is handling preleasing of the property.

January 22, 2019

Havenwood-Office-Park-The-Woodlands-Texas

Leasing Activity Office Texas

Med-Data Signs 50,717 SF Office Lease in The Woodlands

by Taylor Williams January 22, 2019

THE WOODLANDS, TEXAS — Med-Data Inc., a provider of technology-enabled healthcare services, has signed a 50,717-square-foot office lease at Havenwood Office Park in The Woodlands, about 30 miles north of Houston. The Class A property features a fitness center, conference room and an outdoor plaza. Lisa Hughes of The J. Beard Real Estate Co. represented the landlord, Havenwood Land Developments LP, in the lease negotiations. Kevin Saxe and Rupi Singh of CBRE represented Med-Data.

January 22, 2019

Acquisitions Office Texas

Bradford Arranges Sale of 37,069 SF Office Building in Metro Dallas

by Taylor Williams January 21, 2019

COPPELL, TEXAS — Bradford Commercial Real Estate Services has arranged the sale of a 37,069-square-foot office building located at 635 Fritz Drive in Coppell, a northwestern suburb of Dallas. Erik Blais and Richmond Collinsworth of Bradford Commercial represented the seller, International Association of Venue Managers Inc., in the transaction. Ben Appleby of Paladin Partners represented the buyer, Tanam LLC.

January 21, 2019

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $56M Sale of Newly Renovated Office Building in Richmond

by Alex Tostado January 21, 2019

RICHMOND, VA. — Cushman & Wakefield | Thalhimer Capital Markets Group has arranged the sale of Deep Run 3, a 355,449-square-foot office building in Richmond. The Class A office building recently underwent a $19 million renovation, with new additions including a 250,000-square-foot parking garage, roof, fitness center and cafeteria. The renovation also included updating the building’s lobbies and elevators. Deep Run 3 was 98 percent leased at the time of sale to tenants including McKesson Medical-Surgical, Essex Bank’s headquarters and Travelers Insurance. Eric Robison and Erik Berkman of Cushman & Wakefield | Thalhimer represented the seller, Markel | Eagle Partners, in the transaction. An undisclosed buyer acquired the property for $158 per square foot.

January 21, 2019

Leasing Activity Lee & Associates Office Texas

Lee & Associates Negotiates 13,297 SF Office Lease in Dallas

by Taylor Williams January 21, 2019

DALLAS — Lee & Associates has negotiated a 13,297-square-foot office lease at 750 N. St. Paul St. in Dallas. Nathan Denton of Lee & Associates represented the tenant, Mayer LLP, in the lease negotiations. Ben Davis, Jackie Marshall and Fletcher Cordell of CBRE represented the landlord, Quadrant.

January 21, 2019

Acquisitions Illinois Midwest Office

SVN | Chicago Commercial Arranges $8.1M Sale of Office Building in Chicago’s Fulton Market

by Kristin Harlow January 21, 2019

CHICAGO — SVN | Chicago Commercial has arranged the sale of a loft office building located at 327 N. Aberdeen St. in Chicago’s Fulton Market for $8.1 million. The 27,895-square-foot property is located one block from Google’s Midwest headquarters and three blocks from McDonald’s new headquarters. Chad Schroedl, Drew Dillon and Scott Maesel of SVN represented the seller.

January 21, 2019

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