Office

Startups, Millennials Drive Strong Fundamentals for Columbus Office Market

by Kristin Harlow October 18, 2018

The Columbus office market continues to be diverse and thriving as the city becomes an economic hub in the Midwest. With a population that has grown to over 2.1 million people, and the eighth largest millennial population, Columbus has developed varied markets including concentrations in automotive, data centers, fashion/apparel, finance/insurance, food, healthcare, logistics, manufacturing, R&D, beauty, retail/e-commerce and technology. Columbus boasts 14 Fortune 1000 headquarters and five Fortune 500 companies, including Cardinal Health, Nationwide Insurance, American Electric Power, L Brands and Big Lots. Columbus also hosts a multitude of other large businesses, which are drivers in the market, such as The Ohio State University, JPMorgan Chase and Huntington Bancshares. Having such large employers in the central Ohio region has helped draw other small businesses and given rise to a thriving start-up community, which is supported by Rev1 Ventures (a technology incubator), several community supported incubators and venture capital. A successful Columbus start-up, Cover My Meds, recently sold for $1.3 billion, and the city of Columbus hopes that this is the first of many similar success stories. With its recent sale, Cover My Meds is now planning a new 400,000-square-foot corporate headquarters in Columbus. Another notable project in Columbus is Facebook’s …

October 18, 2018

California Development Office Western

Wilshire Skyline, Kings Arch Break Ground for Adaptive Reuse of Office Building in Santa Monica

by Amy Works October 17, 2018

SANTA MONICA, CALIF. — Wilshire Skyline, in partnership with Kings Arch Inc., has broken ground on the restoration and adaptive reuse of a landmarked building located at 1305 Second St. in Santa Monica. KFA designed the renovation of the three-story building that was built in 1914. The project will provide new spaces for commercial office tenants. Exterior renovations will include adding ground-floor window awnings, providing new landscaping around the property and rehabilitating the exterior brick finishes and site paving. The existing windows will be rehabilitated, as well as the cornice and corbel details along the roofline of the building, which will be repainted and repaired as required. Additionally, a new roof deck area, providing an amenity for future commercial office tenants, will be created adjacent to the existing penthouse. The surface parking will be updated to provide two loading spaces, an accessible parking space and 10 tenant parking spaces.

October 17, 2018

Development Office Texas

Cawley Partners to Develop 168,000 SF Spec Office Building in Metro Dallas

by Taylor Williams October 17, 2018

COPPELL, TEXAS — Dallas-based Cawley Partners will develop The Braun on Belt Line, a 168,000-square-foot office building that will be located in Coppell, a northern suburb of Dallas. The four-story property, which marks Phase I of a larger office development, is being built on a speculative basis. Amenities will include a conference center, patio lounge and a fitness center. Gensler designed the project, which is slated for a third-quarter 2020 completion.

October 17, 2018

Illinois Leasing Activity Midwest Office

Assurance to Relocate Headquarters to Schaumburg, Illinois

by Kristin Harlow October 17, 2018

SCHAUMBURG, ILL. — Assurance Agency Ltd. has signed a 75,000-square-foot office lease to relocate its headquarters to Woodfield Preserve Office Center in Schaumburg. Bill Elwood and Rob Graham of CBRE represented the landlord, Zeller Realty Group (ZRG), in the lease transaction. Jesse Van Dyke of JLL represented Assurance, which will relocate to the property in 2019. The independent insurance brokerage firm will occupy a portion of the first floor and the entire sixth floor. ZRG has significantly upgraded the property with new amenities such as two fitness centers, game rooms, conference centers, Wi-Fi lounges, full-service delis, community yoga classes and an outdoor courtyard.

October 17, 2018

Acquisitions Midwest Office Wisconsin

R2 Cos. Purchases 253,022 SF Office Complex in Milwaukee

by Kristin Harlow October 17, 2018

MILWAUKEE — R2 Cos. has purchased The Tannery, a six-building, 253,022-square-foot office complex on Virginia Street in Milwaukee’s Walker’s Point neighborhood. The purchase price was not disclosed. Ned Purtell and Scott Revolinski of Founders 3 Real Estate Services represented the seller, SARA Investment Real Estate. The property is home to several tenants, including Aurora Healthcare, Great Lakes Distillery and Springfield College.

October 17, 2018

Market Reports New York Northeast Northeast Market Reports Office

New Development, Emerging Submarkets Shift Manhattan’s Office Landscape

by David Cohen October 17, 2018

Bolstered by New York City’s growing and diversified economy, Manhattan’s office market continued to hum along during the second quarter, if at a slower pace than earlier in 2018. Technology, advertising, media and information (TAMI) companies are looking at in-demand submarkets such as Chelsea and Midtown South, where the bulk of new development is underway. Some financial firms are contemplating a move to the Hudson Yards neighborhood, where more than 9 million square feet of space is scheduled for completion in the next several quarters.The wave of efficiently operated properties is a magnet for the demands of forward-looking tenants and the city’s growing millennial workforce. Vacancy rates were below 11 percent across all submarkets in the second quarter, and new product scheduled to come on line during the next several quarters will help accommodate demand from creative industries and other sectors of the local economy. The supply-constrained United Nations-Turtle Bay submarket posted the borough’s lowest vacancy rate, 4.4 percent, while the famed Plaza District posted a 10.2 vacancy rate—a sign of Manhattan’s changing office landscape. Asking rents gained 40 basis points year-over-year overall to $64.86-per-square-foot. On the development front, the highlight of the second quarter was the debut of 3 …

October 17, 2018

Loans New York Northeast Office

NKF Capital Markets Arranges $250M Refinancing for Office Portfolio in Manhattan

by David Cohen October 16, 2018

NEW YORK CITY — NKF Capital Markets has arranged the $250 million refinancing of a two-building office portfolio in Manhattan’s financial district. Located at 80-90 Maiden Lane, the adjacent properties include a combined 610,000 square feet of office space. Both properties have been recently renovated. Dustin Stolly and Jordan Roeschlaub of NFK Capital Markets represented the borrowers — Normandy Real Estate Partners, Meadow Partners and AM Property Holding Corp. — in securing the floating-rate loan from Invesco Real Estate.

October 16, 2018

Acquisitions Maine Northeast Office

Cardente Real Estate Brokers $1.1M Sale of Office Property in Maine

by David Cohen October 16, 2018

FALMOUTH, MAINE — Cardente Real Estate has brokered the $1.1 million sale of a 6,085-square-foot office property in Falmouth. Located at 19 Northbrook Drive, the tenant roster includes Goldman Financial Planning, Maine Laser, Edward Jones and Joshua Rent. Matthew Cardente of Cardente Real Estate represented the seller, Mark Richards. The buyer was CPM-19 Northbrook Drive LLC.

October 16, 2018

Acquisitions Office Utah Western

Unico Properties Acquires 229,600 SF City Centre Office Tower in Salt Lake City

by Amy Works October 16, 2018

SALT LAKE CITY — Unico Properties, a subsidiary of Unico Investment Group, has purchased City Centre I, a high-rise tower in downtown Salt Lake City, for an undisclosed price. Located in Salt Lake City’s central business district, the 10-story property features 229,600 square feet of Class A office space. Additionally, the acquisition includes an adjoining 1.8-acre surface parking lot. The building is situated on the TRAX light rail line and offers direct freeway access to Interstate 15, as well as walkability throughout the downtown core. This transaction is Unico’s third investment in the Salt Lake City market, bringing the company’s downtown Salt Lake City portfolio to more than 1 million square feet of space.

October 16, 2018

Acquisitions Office Texas

HFF Negotiates Sale of Three Office Properties Totaling 230,506 SF in Houston

by Taylor Williams October 16, 2018

HOUSTON — HFF has negotiated the sale of three office properties totaling 230,506 square feet in Houston. Amerix Capital purchased 2930 West Sam Houston Parkway; Enterprise Holdings bought 10401 CentrePark Drive; and S&B Engineers & Contractors Ltd. acquired 15150 Memorial Drive. The first two properties were built in the early 2000s, are located in Houston’s West Belt submarket and were 94.2 percent and 69.7 percent leased at the time of sale, respectively. The third property was built in 1992 and is located in the Energy Corridor area. Dan Miller and Trent Agnew of HFF represented the privately held seller, Houston-based MetroNational, in the transactions.

October 16, 2018

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