Office

S.J. Collins Inks WeWork to Anchor Mixed-Use Project in Atlanta’s West Midtown District

by Alex Tostado December 5, 2018

ATLANTA — S.J. Collins Enterprises, developer of The Interlock mixed-use project, has signed WeWork as the newest tenant of the $450 million development. This will be WeWork’s sixth Atlanta location with anticipated occupancy in fall 2020. The office, dubbed WeWork Interlock, will be situated at the corner of Howell Mill Road and 14th Street in West Midtown, spanning three stories and 118,000 square feet. WeWork provides more than 320,000 members around the world with office space, community and services through both physical and digital offerings. When complete, The Interlock will offer 200,000 square feet of loft office space, 105,000 square feet of retail space, 350 apartment units, 70 single-family homes and a 145-key Marriott Tribute Portfolio hotel. Tenants previously announced include Slater Hospitality, St. Germain French Bakery and Georgia Technology Ventures. The Interlock is slated to open summer 2020.

December 5, 2018

Acquisitions Midwest Minnesota Office

Artis REIT Acquires Prime Therapeutics Headquarters in Eagan, Minnesota for $98.5M

by Kristin Harlow December 5, 2018

EAGAN, MINN. — Artis REIT, one of the largest diversified commercial real estate investment trusts in Canada,has acquired the Prime Therapeutics headquarters in Eagan for $98.5 million. The sale includes the first two phases of the facility at 2900 Ames Crossing Road within the Boulder Lake Business Park. A 225,000-square-foot building was completed in September, while a 160,000-square-foot building is slated for completion in 2019. Ryan Watts, Sonja Dusil, Tom Holtz and Judd Welliver of CBRE represented the seller, Eagan Heights LLC, a local partnership with developer United Properties. Prime Therapeutics is a pharmacy benefits manager owned by Blue Cross and Blue Shield.

December 5, 2018

Development New York Northeast Office

SL Green to Redevelop One Madison Avenue Office Tower in Manhattan

by David Cohen December 5, 2018

NEW YORK CITY — SL Green Realty Corp. has announced plans to redevelop One Madison Avenue, a Class A office tower in the Midtown South neighborhood of Manhattan. The adaptive-reuse project will involve reducing the existing building to its ninth floor and building 18 additional stories above. When completed, the building will span nearly 1.5 million square feet. The addition will feature modern office space and tenant specialty floors as well as more than an acre of outdoor terraces. Demolition and construction are expected to start in 2020 following the expiration of existing tenant leases. A design and development team of Kohn Pedersen Fox, Hines and Gensler has been selected for the project.

December 5, 2018

Acquisitions Connecticut Northeast Office

GHP Realty Negotiates $4.5M Sale of Office Building in Norwalk, Connecticut

by David Cohen December 5, 2018

NORWALK, CONN. — GHP Office Realty has negotiated the $4.5 million sale of a 38,985-square-foot office building in Norwalk. Located at 83 East Ave., the property is currently 92 percent occupied by 26 tenants. Andrew Greenspan and Brendan Hickey of GHP represented the undisclosed seller in the transaction. The buyer was a Long Island City-based real estate holding company.

December 5, 2018

California Loans Office Retail Western

NKF Arranges $125M to Refinance High-Profile Retail Properties in San Francisco

by Amy Works December 5, 2018

SAN FRANCISCO — Newmark Knight Frank (NKF) has arranged a $125 million, fixed-rate loan to refinance 111 Maiden Lane and 201 Post Street in San Francisco. Ramsey Daya and Jonathan Soffer of NKF, along with Chris Moritz and Travis Bailey of NKF, secured the loan for a high-net-worth family through PGIM Real Estate Finance. Situated at the intersection of Post and Grant streets, the beaux-arts buildings were built in 1908 and 1909. The properties are home to the West Coast flagships of several iconic luxury brands, including Hermès, Yves Saint Laurent, Cartier and Fendi. Additionally, the assets feature 100,000 square feet of creative office space and serve as the headquarters of Venables Bell and Orlando Diaz-Azcuy.

December 5, 2018

Healthcare Loans Massachusetts Northeast Office

Money360 Provides $4.2M Bridge Loan for Medical Office Building in Massachusetts

by David Cohen December 5, 2018

EAST LONGMEADOW, MASS. — Money360 has provided a $4.2 million bridge loan for Longmeadow Medical Center, a 22,000-square-foot medical office building. The property is located at 294 North Main St. in East Longmeadow, approximately five miles southeast of Springfield. Terms of the recourse loan include a 24-month term and an 8 percent interest rate. The borrower was undisclosed.

December 5, 2018

Acquisitions District of Columbia Office Southeast

Meridian Group, WeWork Acquire Office Building in D.C. for $136.5M

by Alex Tostado December 4, 2018

WASHINGTON, D.C. — Meridian Group and affiliates of WeWork Property Advisors, an investment fund established by coworking firm WeWork, have created a joint venture to buy 1333 New Hampshire Ave. N.W., a 350,000-square-foot office building in Washington, D.C. Washington Business Journal reported the sales price was $136.5 million. Affiliates of WeWork Property Advisors are contributing 50 percent of the equity, and WeWork Cos. Inc. will lease more than 100,000 square feet of the building. Meridian plans to renovate the building, which is 84 percent leased to Akin Gump Strauss Hauer & Field, a law firm that has been in the space for 25 years. The firm is set to leave by August. Renovations are slated to begin next year and be completed in summer 2020. Collins Ege at Eastdil Secured represented the seller, Boston Properties, in this transaction, and Nicholas Seidenberg at Eastdil Secured represented the Meridian Group in its acquisition financing.

December 4, 2018

Loans Michigan Midwest Office

Bernard Financial Arranges $28.5M CMBS Loan for Refinancing of Michigan Office Property

by Kristin Harlow December 4, 2018

TROY, MICH. — Bernard Financial Group has arranged a $28.5 million CMBS loan for the refinancing of Sheffield Office Park in Troy. The office property spans three buildings and 504,075 square feet. Office suites range in size from 773 to 32,000 square feet. Dennis Bernard arranged the loan on behalf of the borrower, Sheffield Owner LLC.

December 4, 2018

Acquisitions Illinois Midwest Office

Avison Young Brokers Sale of 123,944 SF Office Building in Arlington Heights, Illinois

by Kristin Harlow December 4, 2018

ARLINGTON HEIGHTS, ILL. — Avison Young has brokered the sale of a 123,944-square-foot office building in Arlington Heights for an undisclosed price. Northwest Community Healthcare (NCH) purchased the building, which is located at 3040 Salt Creek Lane. The company will relocate its non-clinical business operations and support services staff from a neighboring 50,000-square-foot property to fully occupy the new building. Mark Johnson of Avison Young represented NCH in the sale. The seller was not disclosed.

December 4, 2018

Acquisitions California Office Top Stories Western

TMG Partners, KKR Acquire Office Building in Downtown Oakland for $255M

by John Nelson December 4, 2018

OAKLAND, CALIF. — TMG Partners and KKR have purchased 1221 City Center, an office tower in downtown Oakland that houses the global headquarters of Clorox. The sales price was not disclosed, but the San Francisco Business Times reports the Swiss financial giant UBS AG (NYSE: UBS) sold the office tower for $255 million. The business publication also reports that this is the third time that the 24-story building has traded in the past six years. In 2012, Clorox Co. sold the asset for $110 million. Located at the intersection of Broadway and 12th Street, the 522,000-square-foot office building was 99 percent leased at the time of sale to various tenants, including Union Bank, Stanford Health Care, Wells Fargo Bank and Parsons Brinkeroff. The LEED-Platinum certified building offers direct access to Bay Area Rapid Transit (BART) in its lobby, one of only three Oakland office buildings with that amenity. The property also features panoramic views of the Oakland skyline and the Bay, as well as onsite retail amenities, bike lockers, showers and parking. This acquisition is the second transaction by TMG and KKR in Oakland this year, following the purchase of 1330 Broadway in July. KKR is making the investment through …

December 4, 2018

Newer Posts

Older Posts