Office

JLL Secures $52.8M Loan for Refinancing of Historic Houston Office Property

by Taylor Williams January 9, 2019

HOUSTON — JLL has secured a $52.8 million loan for the refinancing of Esperson, a historic property in downtown Houston that currently provides office space to firms in the energy, law and banking industries. MetLife Investment Management provided the loan on behalf of the borrower, a partnership between Contrarian Capital Management and Cameron Management, which acquired the property in 2012. Tom Melody, Paul House, John Ream and Connor Harrell of JLL placed the debt for Esperson, which spans about 600,000 square feet across two buildings.

January 9, 2019

Acquisitions Connecticut Northeast Office

Vidal/Wettenstein Orchestrates $2.6M Sale of Office Building in Fairfield, Connecticut

by David Cohen January 9, 2019

FAIRFIELD, CONN. — Vidal/Wettenstein has arranged the $2.6 million sale of a 7,326-square-foot office building in Fairfield. Located at 95 Reef Road, the property currently houses an architectural firm, interior design company, a children’s medical walk-in facility and a residence and storage area in the lower level. Bruce Wettenstein of Vidal/Wettenstein represented the undisclosed seller in the transaction. The buyer was 1222 Wisconsin Ave LLC, an investor that purchased the property via a 1031 exchange. Jamar Arbelo of J Aaron Investments represented the buyer in the transaction.

January 9, 2019

Illinois Leasing Activity Midwest Office

Global Snacks Company Mondelez International to Relocate Headquarters to Chicago’s Fulton Market

by Kristin Harlow January 9, 2019

CHICAGO — Mondelez International, a global snacks company, has leased 905 West Fulton Market in Chicago for its new headquarters. The company will relocate from Deerfield, Ill. Mondelez will occupy all 77,100 square feet of office space within the five-story building as well as 6,150 square feet of retail space. Thor Equities Group is the landlord for the property, which is still under construction. The building has three distinct facades, contiguous floor plates, a landscaped terrace and green roof, and 300 square feet of retail frontage. Approximately 10,000 square feet of retail space remains available for lease. The building is scheduled for completion in summer 2019, and Mondelez is planning to relocate in April 2020.

January 9, 2019

Market Reports New Jersey Northeast Northeast Market Reports Office

Adaptive Reuse Projects Spur Growth in New Jersey Office Market

by David Cohen January 9, 2019

Adaptive reuse and redevelopment projects along with a robust job market—particularly in the financial and professional services sectors—are the linchpins driving New Jersey’s office market growth. The availability rate, which is at its lowest point in nine years, has improved thanks to the repurposing of obsolete office product. Last year, 12 properties totaling 2.3 million square feet were marked for redevelopment, taking them out of inventory. Through the first half of 2018, 20 office properties totaling 2.7 million square feet are slated for redevelopment, which will further lower the availability rate. The redevelopment of these spaces has also steadily driven up Class A asking rents over the past three years by 6.1 percent to 29.62 per square foot. The positive momentum in the market can also be attributed to the 4.2 percent unemployment rate, a 10-year low, and incentive programs, like Grow NJ, that have attracted and retained businesses in the Garden State, sustaining demand. The most significant adaptive reuse project currently under way is at 110 Edison Place in Newark. Also known as Ironside, the 22-acre project will transform a historic obsolete building at the corner of Edison Place and McCarter Highway into a 450,000-square-foot state-of-the-art office and retail …

January 9, 2019

Acquisitions Office Texas

Varidesk Acquires 424,000 SF Office Building in Irving’s Las Colinas District

by Taylor Williams January 8, 2019

IRVING, TEXAS — Varidesk, a provider of adjustable desks, has acquired a 424,000-square-foot office building located at 901 W. Walnut Hill Lane in Irving’s Las Colinas district. The three-story building was built in 1983 and formerly served as the headquarters of jewelry retailer Zales. Amenities include a fitness center, cafeteria and conferencing facilities. The new ownership will reposition the building with a design that activates the entry plaza, promotes connectivity to the outdoors and modernizes the amenity spaces. Cushman & Wakefield is working with Varidesk on the redevelopment and lease up of the building. Corgan is the architect and interior designer for the new office space, which is expected to open this summer as VARISPACE Las Colinas.

January 8, 2019

Alabama Leasing Activity Office Southeast

Target-Owned Shipt to Anchor 30-Story Tower in Birmingham

by Alex Tostado January 8, 2019

BIRMINGHAM, ALA. — Shipt, a same-day delivery marketplace based in Birmingham that was purchased by Target Corp. in December 2017, will become the anchor tenant of Shipt Tower, currently known as Wells Fargo Tower. The 30-story, 514,893-square-foot building is located at 420 20th St. North in Birmingham’s central business district. According to local media outlets, Shipt signed a 60,000-square-foot lease with building owner Hertz Investment Group, and Philip Currie of J.H. Berry Commercial Real Estate represented Shipt in the lease negotiations. The tallest skyscraper in Birmingham will undergo renovations in Shipt’s space, the lobby and common areas, and will bear the Shipt logo in 2020. Bill Smith launched Shipt in 2014 in his hometown of Birmingham and has expanded its service to cover 250 markets across the country. Last summer, Shipt announced its intentions to keep its headquarters in Birmingham and create an additional 881 jobs. The company will maintain its headquarters in the nearby John Hand Building.

January 8, 2019

Development Georgia Loans Office Southeast

Loudermilk Cos. Restores, Refinances Former Aaron’s Headquarters in Atlanta’s Buckhead District

by Alex Tostado January 8, 2019

ATLANTA — Loudermilk Cos. has partnered with Knox | Redan to restore 309 Paces Ferry, a 12-story office building in Atlanta’s Buckhead district. Loudermilk also closed on the refinancing of the 103,000-square-foot building with assistance from Patterson Real Estate Advisory Group. Built in the 1960s, 309 Paces Ferry was 90 percent leased at the time of the closing to tenants including Chicago-based coworking firm Industrious. Aegon USA Realty Advisors provided the refinancing loan.

January 8, 2019

Acquisitions Florida Office Southeast

Avison Young Arranges $33M Sale of Former Office Depot Headquarters in Palm Beach County

by Alex Tostado January 8, 2019

DELRAY BEACH, FLA. — Avison Young has arranged the sale of the former Home Depot headquarters in Delray Beach. The 42.7-acre site in Palm Beach County was sold on behalf of Investors Warranty of America in three transactions totaling $33 million. Three parcels were sold to three separate South Florida developers, and they have created a joint venture to turn the land into a mixed-use project. Centerpointe Delray Holdings, consisting of Miami-based firms 13th Floor Investments and Key International, along with Boca Raton-based CDS International Holdings, will build more than 600 multifamily units. CDS plans to also develop office and retail space on the site. The project will include a 1.8-acre park with trails connecting to the 25-acre Delray Natural Oaks Preserve. The Delray Beach City Commission has already unanimously approved the master plan.

January 8, 2019

Acquisitions Office Southeast Virginia

The Falstaff Group Acquires Office Building in Downtown Norfolk for $19.9M

by Alex Tostado January 8, 2019

NORFOLK, VA. — The Falstaff Group has acquired Town Point Center, a 12-story, 132,000-square-foot office building located at 150 Boush St. in downtown Norfolk. CIG Town Point Center LLC and The Runnymede Corp. sold the Class A building to Falstaff for $19.9 million. Situated along Elizabeth River, the building was 94 percent leased at the time of the sale to tenants including Verizon Wireless, BDO USA, The UP Center, RCMA Americas and The Virginia Symphony. Gil Neuman of Neuman Commercial Group represented the Florida-based buyer in the transaction, which included the simultaneous sale of the building, the separately owned ground leasehold interest and a seller-leaseback.

January 8, 2019

Acquisitions New Jersey Northeast Office

CBRE Negotiates $13.3M Sale of Office Building in Springfield, New Jersey

by David Cohen January 8, 2019

SPRINGFIELD, N.J. — CBRE has negotiated the $13.3 million sale of a 60,000-square-foot office building in Springfield. Located at 966 South Springfield Ave., the property currently serves as the national headquarters for the watch and jewelry divisions of LVMH Moët Hennessy Louis Vuitton SE, a French multinational luxury goods conglomerate headquartered in Paris. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the seller, a tenancy-in-common, in the transaction. The buyer was a private investor in a 1031 exchange.

January 8, 2019

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