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

Georgia Leasing Activity Life Sciences Office Southeast

Biotech Firm Opens 15,585 SF Headquarters at Georgia Tech’s Technology Enterprise Park in Atlanta

by Camren Skelton April 9, 2018

ATLANTA —Vero Biotech has opened a new 15,585-square-foot headquarters at the Georgia Institute of Technology’s Technology Enterprise Park in Atlanta. The biopharmaceutical company, formerly known as GeNO LLC, designs, develops and commercializes products for patients with pulmonary and cardiac diseases. Vero Biotech will move its administrative, research & development and manufacturing departments from its current office in Cocoa, Fla., to the new space over the next six to 12 months. The company plans to double its operations, hiring up to 40 new employees over the next year. In addition, Vero Biotech will partner with Georgia Tech to provide hands-on experience and internship opportunities for students. Chad Koenig and Ben Jackson of Cushman & Wakefield represented Vero Biotech in the lease negotiations, and Enio Guerra and Dick Bowers of Richard Bowers & Co. represented Georgia Tech.

April 9, 2018

California Office Western

BJ’s Restaurants Renews Office Lease at Huntington Beach Headquarters

by Nellie Day April 9, 2018

HUNTINGTON BEACH, CALIF. — BJ’s Restaurants has extended the lease term on its corporate headquarters in Huntington Beach. The headquarters is located at One Pacific Plaza. Known as the “Restaurant Support Center,” BJ’s occupies 57,100 square feet of office space on multiple floors at the 12-story, Class A tower. PR One Pacific Plaza LLC owns the complex. Chon Kantikovit of Cushman & Wakefield represented BJ’s.

April 9, 2018

Loans New Jersey Northeast Office

Thorofare Capital Provides $27M Loan for Acquisition of Office Park in Northern New Jersey

by David Cohen April 6, 2018

MORRISTOWN, N.J. — Thorofare Capital has provided a $27.1 million loan for the acquisition of Mount Kemble Corporate Center, a 229,685-square-foot office campus in Morristown. The loan proceeds will also be used for property improvements and lease-up efforts. The borrower is a joint venture between Vision Properties and The Birch Group. The property was built in 1999 and is comprised of two, three-story Class A office buildings. At the time of closing, the property was 81 percent leased with a tenant roster that included Coughlin Duffy LLP, Avaya, Tenfour and Artech. Thorofare’s floating-rate mortgage featured a three-year initial term and two, one-year extension options.

April 6, 2018

Acquisitions New York Northeast Office Retail

Meridian Arranges $23M Sale of Commercial Building in Brooklyn

by David Cohen April 6, 2018

NEW YORK CITY — Meridian Investment Sales has arranged the sale of a newly renovated commercial building at 2857 West 8th St. in Brooklyn for $23 million. David Schechtman and Rich Velotta of Meridian represented the undisclosed seller and procured the unidentified buyer in the transaction. Located in the West Brighton neighborhood of Brooklyn, the 52,302-square-foot office building is fully leased. The tenant roster includes New York City Human Resources Administration, Blink Fitness and Dollar Tree. The two-story building also has a Verizon cell and GPS tower on the roof. The property was recently renovated to include a new façade, an updated plumbing system and electrical upgrades.

April 6, 2018

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of Three-Building Office Park in Basking Ridge, New Jersey

by David Cohen April 6, 2018

BASKING RIDGE, N.J. — Cushman & Wakefield has brokered the sale of a three-building office park in Basking Ridge, approximately 40 miles west of Manhattan. Signature Acquisitions purchased the 524,260-square-foot property, located at 106, 110 and 150 Allen Road for an undisclosed price. The seller, The Silverman Group, acquired the property in three separate transactions starting in 2010 and subsequently rebranded the office park as The Offices at Liberty Corner.

April 6, 2018

Leasing Activity Office Texas

Keen Realty Group Negotiates 21,000 SF Office Lease in Houston

by Taylor Williams April 6, 2018

HOUSTON — Keen Realty Group has negotiated a 21,000-square-foot office lease at 9703 Richmond Ave. in the Westchase district of Houston. The tenant, The Nations Law Firm, a litigation firm with offices in Houston, New York, Atlanta and Washington, D.C., was self-represented in the lease negotiations. Payton Indermuehle and Gloria Casimir of Keen Realty represented the landlord, Tass Realty LLC. The new lease brings the building to 92 percent occupancy.

April 6, 2018

Acquisitions Maryland Office Southeast

Hertz Acquires Wells Fargo Tower in Baltimore’s CBD for $36.8M

by Camren Skelton April 6, 2018

BALTIMORE — Hertz Investment Group has acquired Wells Fargo Tower, a 24-story office building located at 7 St. Paul St. in Baltimore’s central business district, for $36.8 million. According to the Baltimore Business Journal, Bethesda, Md.-based special servicer CWCapital Asset Management sold the asset less than a year after acquiring it following foreclosure by the previous owner. Natixis provided a $29.3 million acquisition loan on behalf of Hertz. The 378,010-square-foot tower was 67 percent leased at the time of sale to tenants such as Wells Fargo Bank and law firms Whiteford Taylor & Preston, Anderson Coe King and Wright, Constable & Skeen. Wells Fargo Tower was originally constructed in 1985, and recently underwent renovations including an updated lobby and replacement of water pumps, chillers and cooling tower.

April 6, 2018

Acquisitions Office Texas

Colliers Brokers Sale of 18,206 SF Office Building in Dallas

by Taylor Williams April 5, 2018

DALLAS — Colliers International has brokered the sale of the McKool Building, an 18,206-square-foot office building located at 5025 N. Central Expressway in Dallas. The property is named after former Texas State Senator Mike McKool, who developed the building in 1965. Susan Gwin Burks, John Bowles and Bruce Butler of Colliers represented the seller in the transaction. An affiliate of Woods Capital Management LLC purchased the building for an undisclosed price.

April 5, 2018

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