ROMEOVILLE, ILL. — Principle Construction Corp. has broken ground on a 43,227-square-foot, speculative office development in Romeoville, about 30 miles southwest of Chicago. Known as the OWL 3 Spec Office, the property is located at 1250 Windham Parkway. The project, slated for completion this October, will be able to accommodate 10 tenants. This will be the first LEED-certified office building in Romeoville, according to Principle. The project is being developed in partnership with Lakeview Realty Investors LLC. SKJN Architeckten is providing architectural services.
ATLANTA — Charlotte-based Asana Partners has acquired Krog Street Market and Atlanta Stove Works, two mixed-use destinations in Atlanta’s Inman Park neighborhood that once housed Tyler Perry Studios. Paces Properties sold both assets to Asana for an undisclosed price. Situated across Krog Street from one another, the properties are adjacent to the Atlanta BeltLine’s Eastside Trail, a former railway corridor-turned-multi-use trail. Krog Street Market houses a food hall and retail shops including Hop City, Bar Mercado, Jeni’s Splendid Ice Creams, Superica, Ticonderoga Club, The Collective and The Merchant. Atlanta Stove Works houses creative office space for firms like Media Star Promotions, Trees Atlanta and Atlanta BeltLine Partnership, as well as three restaurants — Rathbuns, Bell Street Burrito and Krog Bar. Paces Properties opened Krog Street Market in 2014 in a former 1920s warehouse. The Atlanta-based company acquired Stove Works in 2012. Asana will invest capital to enhance the properties, building on their appeal as central gathering spaces along the BeltLine trail. King & Spalding served as legal adviser to Asana, and Eastdil Secured arranged the transaction on behalf of Paces Properties.
NORTH SIOUX CITY, S.D. — Sterling Computers has purchased an 82,829-square-foot office building in North Sioux City for $4.7 million. The property, which is connected to a 105,938-square-foot distribution center, is situated on 5.7 acres within the former Gateway Computer Campus. Chris Bogenrief of NAI United represented the seller, Keating Resources, in the transaction. Keating purchased the 750,000-square-foot, six-building campus in January and plans to sell all of the buildings to local companies.
HOUSTON — Clay Development & Construction will build Offices @ North Post Oak, a seven-building, 150,000-square-foot office campus in Houston. The property will be situated on a 7.5-acre site between the Galleria/Post Oak area and the planned high-speed rail terminal at Northwest Mall. Building features will include 12,000-square-foot floor plates and 14-foot ceiling heights. Clay will break ground on the first two buildings during the third quarter, with a target completion date of first-quarter 2019. Frost Bank is providing construction financing for the project, which is being designed by Cisneros Design Studio.
ALPHARETTA, GA. — HFF has arranged the $23.5 million sale of Preston Ridge I, a 148,355-square-foot office building located at 3655 N. Point Parkway in Alpharetta, roughly 26 miles north of Atlanta. Ralph Smalley of HFF represented the seller, Barings Real Estate, a subsidiary of Barings LLC, on behalf of an institutional client. HFF also procured the buyer, The Simpson Organization. The six-story building was constructed in 1997 and features 25,000-square-foot floorplates, a circular entrance lobby and more than 590 parking spaces. The property is located less than a mile from Avalon, an 86-acre mixed-use development situated on Old Milton Parkway near Ga 400.
CHICAGO — Angelo, Gordon & Co. has acquired Presidents Plaza in Chicago for $147 million. The pair of Class A office buildings, totaling 834,893 square feet, are located at 8600 and 8700 W. Bryn Mawr Ave. in the O’Hare submarket. Developed in 1980, the buildings are 92.4 percent leased to various tenants. The property, which is LEED Silver and EnergyStar certified, has undergone more than $15 million in capital renovations since 2016. The seller had made improvements to building systems, lobbies, entrances, canopies and landscaping. Property amenities include a 17,900-square-foot fitness center, conference center, café, hair salon/barber, convenience store, tenant lounge and full-service car wash. James Postweiler and Peter Harwood of JLL brokered the transaction. The seller, a partnership between Chicago-based GlenStar Properties LLC and a global real estate investment manager, has owned the property since 2006. GlenStar, the current leasing manager and operator of the property, will partner with the new owner to provide services and building upgrades. Angelo, Gordon & Co. is a $28 billion alternative investment firm focused on real estate and credit investing. — Kristin Hiller
PLAINFIELD, ILL. — Buoyed by a strengthening economy, more companies have the resources to invest in office redesigns. That is good news — a well-designed office renovation can transform an existing workspace into a dynamic, energy-efficient nerve center for staff. If properly carried out by a skilled contractor, an office renovation can optimize employee productivity and craft an effective work environment. Here are six ideas that reflect today’s most influential office design trends, according to Plainfield, Ill.-based Cicero Development Corp., a general contractor specializing in commercial renovations. 1. Make a color splash The typical aesthetic of office design is being replaced by workplaces that integrate bold pops of color. This is not just to elevate the visuals, but also to code different sections, whether they are departments or desks. As a contrast to many offices’ neutral decors, jewel tones (resembling the colors of gemstones) and energetic patterns are becoming more popular in making a strong statement. Vibrant colors do more than show people that your business is creative and dynamic. Colors can have psychological effects on employees, as some tend to inspire creativity and productivity. 2. Improve the floor plan Open, fluid floor plans improve efficiency and mobility for your …
PLANO, TEXAS — Cawley Partners, a Dallas-based office development and management firm, will develop HQ53, a 200,000-square-foot office building located at the corner of Headquarters Drive and Dominion Parkway in Plano. The five-story building will feature a fitness center, café, conference center and ground-floor patio lounge. Preleasing is currently underway for HQ53, which has a target delivery date of first-quarter 2020.
BOSTON — Cornerstone Realty Capital has arranged an $8.5 million loan for the refinancing of a mid-rise office building in Boston near transit hub South Station. The borrower, a long-time owner of the property was not disclosed. The lender was a local savings bank. Cornerstone delivered a non-recourse, fixed-rate loan with a two-year interest-only period followed by a 30-year amortization. The brick building was built in 1899 and fully renovated in 2013. It contains approximately 36,500 of rentable square feet with offices ranging in size from 1,000 square feet to 4,700 square feet. Tenants include a number of technology companies and an art design firm.
NEW YORK CITY— SL Green Realty Corp. (NYSE:SLG) and joint venture partner Ivanhoé Cambridge have agreed to sell their office condominium space at 1745 Broadway in Manhattan for $633 million. The 930,000-square-foot tower includes retail spaces, offices and residential condominiums. SL Green and Ivanhoé will sell their portion of the property, totaling 674,000 square feet and spanning floors two through 26, to an institutional client of Invesco Real Estate. In deals separate from Ivanhoé Cambridge, SL Green also agreed to sell two suburban office properties in New York —115-117 Stevens Ave. in Valhalla and Reckson Executive Park in Rye Brook — to two different buyers for a combined price of $67 million. The transactions are expected to generate combined net proceeds to SL Green of approximately $190 million, which will be used toward the company’s $1.5 billion stock repurchase program. To date, SL Green has repurchased a total of 12.3 million shares. “We continue to make strategic divestments of non-core assets to both support the stock repurchase program and strengthen our portfolio,” says Isaac Zion, co-chief investment officer of SL Green. 1745 Broadway occupies the entire block front between 55th and 56th streets and is located three blocks from Central Park and …