Office

Google Opens 30,000 SF Office at District Detroit

by Kristin Harlow November 12, 2018

DETROIT — Google has opened its first Detroit office at The District Detroit, which is linked to Little Caesars Arena. Approximately 100 employees will work out of the 30,000-square-foot, two-floor office, which is located at 52 E. Henry St. Designed by Detroit-based architecture firm SmithGroup, the office features interior décor showcasing the history and landmarks of the Motor City. The space also includes workout amenities and kitchens. Google will join the Detroit Red Wings, Olympia Entertainment and 313 Presents as tenants in the office space adjacent to the arena. More than 600 employees work for Google in the state of Michigan. The District Detroit is a $1.4 billion project undertaken by Olympia Development.

November 12, 2018

Development Illinois Midwest Office

Skender Begins Interior Construction of Vital Proteins Headquarters in Chicago’s Fulton Market

by Kristin Harlow November 12, 2018

CHICAGO — Skender is underway with the interior construction of the future 40,000-square-foot headquarters for Vital Proteins, a retailer of health supplement products. The company is assuming full occupancy of the four-story building at 939 W. Fulton St. and relocating 130 employees from its current office at 1201 W. Washington Blvd. The company’s new space will include open office workstation areas as well as private offices and conference rooms, two reception areas and a large café. The interior design will retain the historic building’s high ceilings, exposed brick walls and wood floors. Completion is slated for July 2019. SCB and JLL are project partners.

November 12, 2018

Kentucky Market Reports Office Southeast Southeast Market Reports

Louisville’s CBD, Suburbs Offer Good Landing Spots for Office Tenants

by John Nelson November 12, 2018

Louisville’s office landscape can be described as a tale of two distinct submarkets woven together by a common thread of consistency. In the central business district (CBD), Class A vacancy rate stands at approximately 13 percent while the suburban Class A vacancy rate hovers around 8.5 percent. As can be noted, there is a substantial gap in occupancy between the two submarkets — 450 basis points. The thread of consistency in the Louisville office market lies in the fact that both are within 100 basis points of those vacancy rates for the same quarter of last year. The suburban office market continues to see healthy rental rate increases driven by the low rate of delivery for new product, coupled with consistently lower vacancy rates. Newer projects are advertising rates in the range of $24 to $28 per square foot, while second-generation, Class A product has quoted rates in the high teens and low 20s. Many companies such as Thornton Oil, BrightSpring Health Services (formerly ResCare) and V-Soft have chosen to grow their headquarters presence in Louisville, which is helping maintain stability in the suburban market. As in most markets, Class B and C product continues to struggle as functional obsolescence, …

November 12, 2018

Arizona Development Healthcare Office Western

MedProperties Breaks Ground on 56,000 SF Medical Office Building in Gilbert, Arizona

by Amy Works November 9, 2018

GILBERT, ARIZ. — Chicago-based MedProperties Group has broken ground on Mercy Medical Commons II, a medical office building located on Mercy Road adjacent to the main entrance of Dignity Mercy Gilbert Medical Center in Gilbert. Designed by Ware Malcomb, the three-story, 56,000-square-foot building will feature a 55-foot high-curved fin wall with integrated steel shade canopies, while the western curved façade will open to parking and a porte-cochere arrival area. The CORE Institute will occupy 20,000 square feet of the property, which is slated for completion in third-quarter 2019. Balfour Beatty US is serving as general contractor for the property. Philip Wurth of Colliers International in Greater Phoenix is serving as the leasing agent for the development, which is MedProperties’ first ground-up development in the East Valley area.

November 9, 2018

Development Office Texas

AQUILA to Develop 63,297 SF Office Property in Metro Austin

by Taylor Williams November 9, 2018

CEDAR PARK, TEXAS — AQUILA Commercial will develop Cross Creek Landing, a 63,297-square-foot office project that will be located in the northern Austin metro of Cedar Park. The three-story building will be situated near The Grove mixed-use development and will offer onsite showers and a 5:1 parking ratio. Austin-based Runa Workshop is designing the project, which is slated for an early 2020 delivery. AQUILA will also handle leasing of Cross Creek Landing.

November 9, 2018

Loans Office Texas

Pearlmark Originates $4.5M Mezzanine Loan for Office Building in San Antonio

by Taylor Williams November 9, 2018

SAN ANTONIO — Chicago-based Pearlmark Real Estate Partners has originated a $4.5 million mezzanine loan for McAllister Plaza, a 190,511-square-foot office building in San Antonio. The proceeds will be used to finance tenant improvements and leasing commissions. The 12-story property is located near San Antonio International Airport and the Loop 410/Highway 281 interchange. The borrower was not disclosed.

November 9, 2018

Acquisitions Company News District of Columbia Multifamily Office Southeast Virginia

DivcoWest Opens D.C. Office, Acquires 392-Unit Apartment Community in Northern Virginia

by Amy Works November 9, 2018

WASHINGTON, D.C. — Divco West Real Estate Services (DivcoWest), a real estate investment firm based in San Francisco, has opened an office in Washington, D.C. Located at 1620 L St. N.W., the new location joins the firm’s roster of offices in Boston, Los Angeles and New York. Additionally, DivcoWest has acquired Avalon Woodland Park, a 392-unit apartment community in Herndon, Va., for an undisclosed price. The company purchased the asset in partnership with Arlington, Va.-based Blackfin Real Estate Investors and renamed the property as Adara Herndon. The gated community features a fitness center, resort-style pool, picnic tables and park benches, sand volleyball court, children’s playground and private garages.

November 9, 2018

Acquisitions Northeast Office Pennsylvania

NKF Brokers $20M Sale of Office Building in Audubon, Pennsylvania

by David Cohen November 9, 2018

AUDUBON, PENN. — NKF Capital Markets has brokered the $20 million sale of a 136,918-square-foot office building in Audubon. Located at 1001 Adams Ave., the property is currently fully occupied by Optum 360, a UnitedHealth Company. Amenities at the property include a full-service cafeteria, on-site fitness center with showers, outside patio dining and video conferencing facilities. Mike Margolis, Dave Dolan, Dave Garonzik and Jeff Mack of NKF Capital Markets represented the seller, Delaware Valley Real Estate Investment Fund, in the transaction. The buyer was Blue Stone Capital.

November 9, 2018

Acquisitions Florida Office Southeast

Pacer Partners Acquires 151,479 SF Office Portfolio in Orlando

by Amy Works November 9, 2018

ORLANDO, FLA. — Pacer Properties has purchased a two-building office portfolio located within Orlando’s SouthPark Center, a suburban master-planned business center near Orlando International Airport. AEW Capital Management sold the asset for an undisclosed price. Located at 700 and 800 SouthPark Center and totaling 151,479 square feet, the properties are 100 percent leased to a diverse group of tenants, including Catamaran (a subsidiary of UnitedHealth Group), Walgreens and Banco de Brasil. Michael Lerner, Mike Davis, Rick Brugge of Cushman & Wakefield’s Capital Markets team represented the seller in the transaction.

November 9, 2018

Acquisitions Midwest Minnesota Office Wisconsin

R2, Skydeck Acquire 11-Building Office Portfolio in Minneapolis, Milwaukee

by Kristin Harlow November 9, 2018

MINNEAPOLIS AND MILWAUKEE — R2 Cos. and Skydeck LLC have acquired an 11-building, 525,000-square-foot office portfolio in Minneapolis and Milwaukee. The Minneapolis properties are located in the Northeast Arts District. Tenants include Blu Dot, Tactile Medical, Anagram International, Object Partners, AON, Sociable Cider Werks, Bauhaus Brew Labs and Dogwood Coffee.The Milwaukee property is The Tannery, a creative office campus in the Walker’s Point submarket. Advocate Aurora Health anchors the property. The portfolio was 95 percent leased at the time of sale. The buyer plans to make significant improvements via new amenities such as bike rooms, fitness centers and dedicated outdoor space. The purchase price was in excess of $60 million.

November 9, 2018

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