Office

Lincoln Property Co. Breaks Ground on 352,000 SF Office Building in Tempe

by Nellie Day April 10, 2018

TEMPE, ARIZ. — Lincoln Property Co. has broken ground on the second building at Grand at Papago Park Center in Tempe. The 352,000-square-foot building will be located at 1027 W. Roosevelt Way. The Grand Building Two is one of Arizona’s largest office buildings to break ground as a purely speculative endeavor, according to Lincoln. It is scheduled for completion in the second quarter of 2019. The building will be the second of eight Class A office buildings scheduled to be built by Lincoln within the 60-acre mixed-use Grand at Papago Park Center. The newest office building will provide creative office space with a two-story lobby, modern and flexible floorplates and an open office concept highlighted by 12-foot floor-to-ceiling windows. Among the project’s features are a 10,000-square-foot amenity lounge with a full-service restaurant, indoor/outdoor seating, TV viewing area and two conference facilities with full audio-visual technology. Other amenities include a private fitness facility and a modern rooftop lounge designed for tenant events and collaboration, with seating areas, an architectural shade element, catering conveniences and sweeping views of the Papago Buttes, Hole in the Rock and Camelback Mountain. Lincoln also serves as the property manager. Jerry Roberts and Patrick Boyle of Cushman & Wakefield …

April 10, 2018

Acquisitions New Jersey Northeast Office

Bergman, Gottesman Acquire 94,000 SF Office Building in Roseland, New Jersey

by David Cohen April 10, 2018

ROSELAND, N.J. — Bergman Real Estate Group and Gottesman Real Estate Partners have acquired 75 Livingston Ave. in Roseland through a joint venture. The sale price was not disclosed. The three-story, 94,000-square-foot office property was purchased from Mack-Cali Realty Corp. Michael DiFede of Bergman and Patrick Leary of Gottesman represented the joint venture in the transaction. TriState Capital Bank provided acquisition financing. The acquisition is the fourth joint venture between Bergman and Gottesman, which plans to invest more than $1.7 million in capital improvements to the building over the next 24 months.

April 10, 2018

Acquisitions Office Southeast Virginia

Meridian Group Sells Majority Stake in Northern Virginia Office Complex to MetLife for $244M

by Camren Skelton April 10, 2018

TYSONS, VA. — The Meridian Group has secured MetLife Investment Management as a joint venture partner for Boro Station, a three-building office complex in Tysons. MetLife acquired a 95 percent stake in the property for $244 million, according to local media reports. Meridian will retain a minority interest and continue day-to-day property management. Boro Station serves as the gateway to The Boro, Meridian’s planned 4.2 million-square-foot mixed-use development that will feature office, retail, entertainment and open park space upon completion. Meridian acquired Boro Station from Science Applications International Corp. in 2013 and invested more than $60 million to renovate the property. Capital improvements included an upgraded lobby, improved fitness center, new entrance, new conference center and the addition of a two-story café and a Starbucks Coffee. The property features a 1,602-car parking garage and is located within walking distance to the Greensboro Metro station. Collins Ege, Nicolas Seidenberg, Sean McDermott, Bradley Allen and Axel Azcue of Eastdil Secured arranged the transaction on behalf of Meridian.

April 10, 2018

Acquisitions Office Texas

Taconic Capital Acquires 757,000 SF Office Campus in Dallas

by Taylor Williams April 10, 2018

DALLAS — Taconic Capital Advisors LP, an investment firm with offices in New York, London and Hong Kong, has acquired International Plaza I and II, a two-building office campus totaling 757,000 square feet in Dallas. Designed by HKS Inc., the Class A buildings were developed in 1999 and 2002, respectively, and until recently were leased to JPMorgan Chase and Fannie Mae. Both companies have relocated to Plano. Taconic will make capital upgrades to the campus, including new amenities. Other terms of sale were not released. The third building at International Plaza is under separate ownership and was not part of this transaction. Cushman & Wakefield will handle leasing and management of the property.

April 10, 2018

Acquisitions Illinois Midwest Office

Millennium Properties Brokers Sale of 51,230 SF Office Building in Elgin, Illinois

by Kristin Harlow April 10, 2018

ELGIN, ILL. — Millennium Properties Real Estate has brokered the $1.1 million sale of a 51,230-square-foot office building in Elgin, about 35 miles northwest of Chicago. The property, located at 164 Division St., is 83 percent occupied by a variety of doctor offices, law firms and design firms. Brad Thompson and Daniel Hyman of Millennium brokered the sale. A partnership sold the property to a private investor.

April 10, 2018

Development New York Northeast Office Property Type Top Stories

Tishman Speyer to Break Ground on $3.7B, Pfizer-Anchored Office Tower in Manhattan

by John Nelson April 10, 2018

NEW YORK CITY — Tishman Speyer, a New York-based owner and developer of trophy office assets around the world, plans to break ground in June on The Spiral, a $3.7 billion office tower that will rise 65 stories at 66 Hudson Blvd. in Manhattan. Global pharmaceutical company Pfizer recently signed an 800,000-square-foot, 20-year lease at The Spiral, which is slated for completion in 2022. Pfizer will occupy floors seven through 21, as well as some lobby space. The Spiral will serve as Pfizer’s new home, replacing its existing global headquarters at 235 E. 42nd St. in Manhattan. Blackstone Mortgage Trust Inc. (NYSE: BXMT) recently provided a $1.8 billion construction loan for the project. Tishman Speyer will finance the remaining $1.9 billion of development costs with its own equity, as well as financing from more than a dozen other institutional, pension fund and individual investors. Designed by BIG-Bjarke Ingels Group, each floor of The Spiral’s façade will feature landscaped terraces and hanging gardens that will be accessible to tenants. At one outdoor terrace per floor, the tower’s façade will be wrapped around by green space in a swirling pattern that serves as the tower’s signature element. The trophy office tower will …

April 10, 2018

Acquisitions Industrial Northeast Office Rhode Island

CBRE Negotiates Sale of 280,982 SF Flex Property in Rhode Island

by David Cohen April 9, 2018

LINCOLN, R.I. — CBRE New England has negotiated the sale of Albion Crossing, a 280,982-square-foot flex building in Lincoln. The sales price was not disclosed. CBRE represented the seller in the transaction, Albion Crossing LLC. The buyer was an affiliate of FoxRock Properties LLC. Located at One Albion Road in Lincoln, the property was originally developed as the global headquarters for A.T. Cross Co., a manufacturer of high-quality ballpoint and fountain pens. In 2007, Cross sold the building and it was converted to a mixed-use flex office building. Current tenants include United Natural Foods, Zebra Technologies, Granite Telecommunications and Vicor Technologies Inc.

April 9, 2018

Loans Massachusetts Northeast Office

Colliers Secures $38M Refinancing for Two Office Buildings in Boston

by David Cohen April 9, 2018

BOSTON — Colliers | Boston has secured a $38 million refinancing for two office buildings at 155 Federal and 10 High streets in Boston’s financial district. Farley White Interests owns and manages the two adjacent buildings, which total 294,000 square feet. The two properties are currently 98 percent leased and feature ground-floor retail and more than 60 tenants. Nationwide Life Insurance Co. provided the long-term, fixed-rate financing on an interest-only basis. Colliers | Boston will service the loan until maturity.

April 9, 2018

Acquisitions Connecticut Northeast Office

RHYS Arranges Sale of Office Building in Southern Connecticut for $5M

by David Cohen April 9, 2018

FAIRFIELD, CONN. — RHYS has arranged the sale of 1 Eliot Place, a 25,000-square-foot office building in Fairfield, approximately 25 miles southwest of New Haven. Rockwest Real Estate Partners purchased the three-story property, which was constructed in 1985, for $5 million. The building is fully leased. The seller was FNL Enterprises. Alex Haendler, Ted Grogan and Greg Romano of RHYS were the sole brokers in the transaction. An office of Northwestern Mutual Insurance Co. is the building’s largest tenant. The Fairfield office market has recorded 15 percent rent growth since 2015, according to RHYS.

April 9, 2018

Development Office Southeast Virginia

Stihl to Open New $25M Administrative Facility in Virginia Beach

by Camren Skelton April 9, 2018

VIRGINIA BEACH, VA. — Stihl Inc., a Virginia Beach-based manufacturer of handheld outdoor power equipment, has celebrated the groundbreaking of its new $25 million, 80,000-square-foot office building in Virginia Beach. The company is the U.S. operations arm for German parent company Stihl Group. The property is located at the site of the company’s existing headquarters, which totals more than 1 million square feet. Hourigan Construction is the general contractor for the project, and HBA Architecture Interior Design is the lead architect. Creative Development Partners (CDP) is representing Stihl as the owner’s representative. The new administration space will include a Stihl museum and customer welcome center. In addition, the project will include improvements to an outdoor demonstration area for hands-on training, enhancements to the entry guardhouse and updates to traffic flow and security at the main gate. The expansion will replace the former 21,000-square-foot administration building, which was razed to make way for the new facility. The new building and other campus improvements are slated for completion in mid-2019.

April 9, 2018

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