Office

GlenStar to Complete $20M Renovation of Office Property in Chicago

by Kristin Harlow December 14, 2018

CHICAGO — GlenStar Properties LLC and its joint venture Angelo Gordon & Co. LP have unveiled plans to complete a $20 million renovation of President’s Plaza in Chicago’s O’Hare submarket. The two-building, 830,479-square-foot office property is located at 8600 and 8700 W. Bryn Mawr Ave. Plans call for a lobby refresh at both buildings, new tenant lounge with a coffee café, renovation of the fitness center, renovation of the deli, new technology for the conference center, new lobby stairwell, new passenger elevator interiors and corridor renovations. Completion is slated for the second quarter of 2019. Major tenants at the property include True Value, American Imaging Management and Lafarge North America. Occupancy stands at 94.4 percent.

December 14, 2018

Acquisitions Development Georgia Office Southeast

Norfolk Southern to Relocate Headquarters to Atlanta, Buys Midtown Site for $575M

by Alex Tostado December 13, 2018

ATLANTA — Transportation giant Norfolk Southern will relocate its headquarters from Norfolk, Va., to Midtown Atlanta. The railroad company is expected to buy a site at 650 W. Peachtree St. from Cousins Properties for $575 million. The Atlanta-based real estate owner and developer will manage the office campus when the project is completed. Norfolk Southern president and CEO Jim Squires says the headquarters will be complete in 2021. The announcement comes on the heels of Norfolk Southern selling its land in downtown Atlanta’s Gulch area for a reported $115 million to Los Angeles-based CIM Group. CIM Group plans to redevelop the 16.3-acre site into a “mini-city,” with office buildings, residential units, hotels, shops and restaurants. The Atlanta City Council approved the plans in November. Norfolk Southern is expected to put money from the sale toward its new headquarters.

December 13, 2018

Development Office Texas Top Stories

Apple to Invest $1B in Austin Campus, Create New Sites in California, Seattle

by Alex Tostado December 13, 2018

AUSTIN, TEXAS — Apple (NASDAQ: AAPL) will expand its operations in Austin by building a $1 billion campus in North Austin, the Cupertino, Calif.-based company announced Thursday morning. The new campus will be located less than one mile from existing facilities, though the exact site and development timeline were not disclosed. Apple officials said the 133-acre campus is expected to initially employ 5,000 new workers with the potential to house 15,000 employees, which Apple says would make it the largest private employer in Austin. The jobs to be created will be in engineering, research and development, operations, finance, sales and customer support. “Apple is proud to bring new investment, jobs and opportunity to cities across the United States and to significantly deepen our quarter-century partnership with the city and people of Austin,” says Apple CEO Tim Cook. “Talent, creativity and tomorrow’s breakthrough ideas aren’t limited by region or ZIP code, and, with this new expansion, we’re redoubling our commitment to cultivating the high-tech sector and workforce nationwide.” The Austin Business Journal reports that the Texas capital is the second-largest hub for Apple outside company headquarters. A recent report by Yardi Systems Inc. pegged Apple as one of Austin’s largest office landlords with …

December 13, 2018

Acquisitions Colorado Office Western

NAI Shames Makovsky Brokers $24.5M Sale of Symes Building Office Property in Denver

by Amy Works December 13, 2018

DENVER — NAI Shames Makovsky has negotiated the sale of an office property, located at 820 16th St. in Denver. Harbor Associates purchased the building from 820 16th Street LLC for $24.5 million. Known as the Symes Building, the property recently underwent renovations and improvements, including to the common-area corridors. Renovations included flooring, wall treatments, lighting, signage and restrooms. The buyer plans additional improvements including amenities, interior and exterior improvements, and more creative office features to the existing space. Dorit Fischer, Hayden Hirschfield, Trent Rice and Connor Donahue of NAI Shames Makovksy represented the seller in the deal.

December 13, 2018

Acquisitions California Office Western

NKF Arranges $20.7M Acquisition of Office Building in Riverside, California

by Amy Works December 13, 2018

RIVERSIDE, CALIF. — Newmark Knight Frank (NKF) has directed the purchase of Center Tower Riverside, a five-story office building in downtown Riverside. De Anza Land and Leisure Corp. acquired the property from Irvine-based CIP Real Estate for $20.7 million. Located at 3880 Lemon St., the property features 73,645 square feet of Class A office space. Situated on 1.1 acres, the building was built in 1987 and underwent a more than $3 million renovation in 2017. Renovations included common area improvements and upgrades to the lobby, elevators, corridors, restroom and landscaping. At the time of sale, the building was 94 percent occupied by 11 tenants, including Best Best & Krieger, County of Riverside, Index Fresh, Kimley-Horn & Associates and Reid & Hellyer. Additionally, the property features 248 parking stalls in an adjacent four-level parking structure. John Ewart and John Daciolas of NKF represented the buyers, while Mike Longo, Todd Tydlaska, Sean Sullivan, Barbara Perrier and Darla Longo of CBRE represented the seller in the deal.

December 13, 2018

Development Office Texas

Worth & Associates Breaks Ground on 84,890 SF Office Building in San Antonio

by Taylor Williams December 13, 2018

SAN ANTONIO — Worth & Associates has broken ground on Farinon Business Park III, an 84,890-square-foot office building in San Antonio. The two-story, Class A property is located within Worth’s master-planned business community at 5818 Farinon Drive on the city’s northwest side. Completion is slated for the third quarter of 2019.

December 13, 2018

Acquisitions Office Texas

JMC Holdings Acquires 410,000 SF Office Tower in North Dallas

by Taylor Williams December 12, 2018

DALLAS — New York City-based investment firm JMC Holdings LLC has acquired Lakeside Square, a 410,000-square-foot office tower located along the Lyndon B. Johnson Freeway in north Dallas. The Class A, 18-story property was built in 1985 and offers amenities such as a fitness center, a deli and multiple conference rooms. JMC Holdings will invest more than $20 million in capital improvements to the building. The seller was California-based Younan Properties. The sales price was not disclosed.

December 12, 2018

Acquisitions California Industrial Office Western

Joint Venture Acquires 208,904 SF Former Hughes Aircraft Facility in Carlsbad

by Amy Works December 12, 2018

CARLSBAD, CALIF. — A joint venture between SteelWave and funds managed by Angelo Gordon has purchased a former Hughes Aircraft Co. facility, located at 2051 Palomar Airport Road in Carlsbad. Palomar Acquisitions Partners sold the single-story, multi-tenant property for an undisclosed price. Situated on more than 13 acres, the property was originally developed as a build-to-suit campus for Hughes Aircraft Co. in the early 1980s, with a series of renovations over the decades. The buyer plans to convert the 208,904-square-foot asset into a modern creative office/R&D campus. Renovations will include exterior upgrades and improved amenities, as well as a re-branding that will both honor the property’s history and embrace its future use as a creative environment for tech, biotech and creative industry tenants. Upgrades will include a new full-service fitness center, a bistro with indoor/outdoor seating, contemporary architecture, common areas with gaming and lounge areas, and multiple outdoor patios and workspaces. Aric Starck and Rick Reeder of Cushman & Wakefield’s San Diego office represented the seller in the deal.

December 12, 2018

Development North Carolina Office Southeast

Duke Energy to Build 39-Story Office Building in Uptown Charlotte

by Alex Tostado December 11, 2018

CHARLOTTE, N.C. — Duke Energy plans to consolidate its office space in Uptown Charlotte and build a 39-story office building located on the 500 block of South Tryon Street, across from Duke Energy Center. Duke Energy will sell two properties (526 Church St. and 401 S. College St.) and exit its lease at 400 S. Tryon St. The Charlotte-based company will reduce its Charlotte office space from 2 million square feet to 1.5 million square feet. The building, developed by Childress Klein, is expected to take three years to build. Duke Energy provides electricity to 7.6 million retail customers in six states and has $138 billion in assets as of year-end 2017. The company currently employs 29,060 people.

December 11, 2018

Acquisitions New Jersey Northeast Office

CBRE Negotiates Sale of 110,000 SF Office Complex in Princeton, New Jersey

by David Cohen December 11, 2018

PRINCETON, N.J. — CBRE Institutional Properties has negotiated the sale of a 110,000-square-foot, two-building office complex in Princeton. The sales price was undisclosed. Located at 100 and 101 Thanet Circle, the property sits on 15 acres and is less than two miles from downtown Princeton and Princeton University. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE represented the undisclosed seller in the transaction. The buyer was KABR Group.

December 11, 2018

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