Office

City Office REIT Sells Office Campus in Boise for $86.5M

by John Nelson March 9, 2018

BOISE, IDAHO — City Office REIT Inc. (NYSE: CIO) has sold Washington Group Plaza, a four-building office campus situated on 24 acres in Boise. The Vancouver-based REIT sold the property to St. Luke’s, Idaho’s only nonprofit healthcare system, for $86.5 million. City Office REIT recently executed a 148,000-square-foot lease at the complex with St. Luke’s. The company operates 14 hospitals and medical centers in Idaho, four of which are in Boise. Located at 400 Broadway Ave., 701 Morrison Drive and 720 and 800 Park Blvd., Washington Group Plaza is situated within walking distance to Boise State University, Boise River the Ada County Courthouse and Idaho’s only Whole Foods Market. The recently renovated campus spans 557,510 square feet and features 1,050 structured parking spaces and 896 surface spaces. Amenities include an on-site cafeteria, fitness center and a 250-seat auditorium. “The four office buildings that comprise Washington Group Plaza were contributed to City Office as part of the initial public offering in April 2014,” says Greg Tylee, chief operating officer and president of City Office REIT. “Since that time, we have implemented substantial operational improvements and cost savings.” City Office REIT will use proceeds from the sale to repay approximately $32.1 million …

March 9, 2018

Market Reports Office Texas Texas Market Reports

New Breed of Millennials, Adaptive Reuse Drive San Antonio’s Office Market

by Taylor Williams March 9, 2018

Would you believe that San Antonio is the second most sought-after city for millennials? According to local media pundits and reports from Forbes, San Antonio is attracting the greatest number of millennials of any city in Texas, even beating out Austin, the original yuppie capital of the state. San Antonio, which had taken a back seat to Austin in terms of creating tech jobs and drawing millennial workers, has surged ahead in recent years. The metro has begun to appeal to a different breed of people born between 1980 and 1999. We refer to members of this group as the “logical millennials.” While entrepreneurial in spirit, the San Antonio millennial differs from the standard millennial through his or her understanding of the need for affordable housing and a lower cost of living. The influx of this sub-type of millennials has created growth in urban areas, most notably the Pearl District, which is situated adjacent to the downtown area. The popularity of this mixed-use shopping and community destination has spurred the development of a number of new urban lifestyle projects. Frost Tower, Rising Rents Another indicator of San Antonio’s success at attracting a younger demographic is embodied in the most significant …

March 9, 2018

Industrial Massachusetts Mixed-Use Northeast Office Retail

NKF, Cushman & Wakefield Arrange Sale of 107-Acre Development Site Near Boston

by Amy Works March 8, 2018

WOBURN, MASS. – NKF and Cushman & Wakefield have arranged the sale of Montvale Hill, a development parcel in Woburn, a suburb of Boston. Leggat McCall Properties acquired the development opportunity from Kraft Heinz for an undisclosed price. The development site can accommodate users from 300,000 square feet to 700,000 square feet. Torin Taylor, Justin Smith and Robert Griffin of NKF, along with Christopher Porter of Cushman & Wakefield, represented the seller in the deal.

March 8, 2018

California Office Western

Chesnut Properties to Develop 1.4 MSF Millenia Office Campus in Chula Vista

by Nellie Day March 8, 2018

CHULA VISTA, CALIF. — Chesnut Properties plans to build Millenia Office, a 1.4-million-square-foot, three-property office campus in the San Diego submarket of Chula Vista. The three campuses include Think Campus, which includes two buildings encompassing 324,000 square feet; Discover Campus, which includes one building encompassing 400,000 square feet; and Invent campus, a four-building, 700,000-square foot project. Each property will be expandable to accommodate a Google-style, mega-scale campus. Millenia Office has the potential to grow up to 3 million square feet to accommodate one or several large-scale office, tech, medical and/or educational tenants. The Think Campus will feature large 37,000-square-foot floorplates, prominent Highway 125 access, an above-standard parking ratio of 4.3/1,000, outdoor connectivity from every floor and tenant space, an amenity patio space connecting the two buildings, a 6,000-square-foot amenity building with a restaurant and fitness center and a large outdoor lawn area for employees. Millenia Office will be the only available mega-scale campus in San Diego, residing just 20 minutes south of the city’s downtown region. The campus is situated within the Millenia Master Plan in Eastern Chula Vista, which has major construction in multiple districts underway. The Millenia Master Plan includes up to 3,000 multifamily residences; 1.5 million square …

March 8, 2018

North Carolina Office Southeast

FNB Corp. to Anchor 31-Story Office Tower in Charlotte

by Camren Skelton March 8, 2018

CHARLOTTE, N.C. — FNB Corp., the parent company of First National Bank, has signed on as the anchor tenant for a planned 31-story office tower in Charlotte. Dominion Realty Partners (DRP) will develop FNB Tower–Charlotte, which will be located at 401 S. Graham St. Greg Broujos of Colliers International and David Thor of JLL represented FNB in the lease negotiations, and DRP was represented internally. The new building will serve as the headquarters for FNB’s Charlotte region. Upon opening, FNB will occupy more than 30,000 square feet of office space with additional options to to accommodate further growth. The new tower will create a central hub expand housing leadership, as well as the bank’s small business administration lending, commercial banking, mortgage banking and builder finance departments. The announcement comes on the heels of FNB’s previously announced plans to occupy a new regional headquarters building, FNB Tower-Raleigh, in Raleigh. DRP will manage FNB Tower-Charlotte upon completion in late 2020.

March 8, 2018

Office Texas

Harvey Builders Completes 860,000 SF Office Building in Houston

by Taylor Williams March 8, 2018

HOUSTON — Houston-based general contractor Harvey Builders has completed Amegy Bank Tower, an 860,000-square-foot office building located within the Post Oak office development in Houston. Hines developed the 23-story, Class A building, which consists of 15 floors of office space situated atop an eight-story parking garage. Pickard Chilton and Kendall/Heaton Associates both provided architectural services for the project. The building will serve as the new headquarters of Houston-based Amegy Bank.

March 8, 2018

Illinois Market Reports Midwest Midwest Market Reports Office

For Some Office Tenants in Chicago, Being Out of the Loop Is In

by Kristin Harlow March 8, 2018

Office developers in Chicago are thinking outside the box — and outside the central business district — in order to cater to tenants in search of creative office space. While there will always be companies that want the cachet that a business address in the Loop offers, others realize the strategic advantages of urban, non-CBD locations as a recruiting tool. Live/work/play neighborhoods like River North and the West Loop are growing because high-profile employers want to attract a younger workforce that is drawn to the loft-style offices these neighborhoods can provide. This can be achieved either through ground-up development projects like McDonald’s soon-to-open headquarters at 1035 W. Randolph St., or adaptive reuse projects such as 1K Fulton, a former cold-storage facility that now counts Google among its tenants. Yet as rents in these submarkets continue to climb, office users are starting to ask whether they can get the same space for less money in equally desirable locations. For many, the answer is a resounding “yes.” New opportunities While neighborhoods near the CBD such as River West and Pilsen have benefitted from this office “ripple effect,” Chicago’s recently rezoned North Branch Industrial Corridor is perhaps the most alluring and uncharted territory …

March 8, 2018

North Carolina Office Southeast

90 North Sells Office Portfolio in Research Triangle Park to Sentinel for $135.3M

by Camren Skelton March 7, 2018

MORRISVILLE, N.C. — London-based 90 North Real Estate Partners has sold Lenovo Enterprise Campus, a three-building office campus in Morrisville, for $135.3 million. Seth Wiener of Capital One originated a three-year, $81.2 million acquisition loan on behalf of the buyer, a joint venture between New York-based Sentinel Real Estate and Bahrain Mumtalakat Holding Co. Capital One will hold $44.3 million of the loan and has syndicated the remainder to Regions Bank. The campus is located within Research Triangle Park and is fully leased by Lenovo, a computer manufacturing and technology company with headquarters in Beijing and North Carolina. The properties include 7001 Development Drive, a four-story, 193,353-square-foot building completed in 1995; 8001 Development Drive, a four-story, 252,232-square-foot building completed in 1998; and 7501 Development Drive, a two-story, 39,952-square-foot building completed in 2017. The site can accommodate an additional 100,000-square-foot building that could be used for further expansion by Lenovo or to accommodate a complementary user. The Lenovo Enterprise Campus features a cafeteria and food service operations, fitness center, outdoor patios, new conference facility and employee break rooms. A pedestrian bridge links the three buildings. Outdoor amenities include a sand volleyball court, basketball court, five-acre lake and a 16-acre nature preserve. The …

March 7, 2018

North Carolina Office Southeast

HFF Brokers $62.5M Sale of Office Portfolio in Metro Charlotte

by Camren Skelton March 7, 2018

HUNTERSVILLE, N.C. — HFF has brokered the $62.5 million sale of The Park-Huntersville, a five-building office portfolio totaling 395,586 square feet in Huntersville, roughly 15 miles north of Charlotte. The buildings are part of a master-planned mixed-use community with more than 3 million square feet of office, industrial, flex, retail, medical and hospitality space. Ryan Clutter, Scot Humphrey and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, U.S. Trust – Bank of America N.A., and procured the buyer, Atlanta-based OA Development. Patterson Real Estate Advisory Group arranged acquisition financing through Principal Real Estate Investors on behalf of OA. The portfolio includes The Alexander Building at 13620 Reese Blvd. E.; The Kemp Building at 13801 Reese Blvd. W.; The Latta Building at 9930 Kincey Ave.; The Reed Building at 9920 Kincey Ave.; and The Storrs Building at 10115 Kincey Ave. At the time of sale, the portfolio was 91 percent leased to tenants such as Stanley Black & Decker, Amerock, Apex Tool, Ensemble Health Partners and Kellogg’s. The Spectrum Cos. was retained to lease and manage the properties.

March 7, 2018

Office Texas

Hines Completes 48-Story Office Tower in Houston’s CBD

by Taylor Williams March 7, 2018

HOUSTON — Hines has completed 609 Main at Texas, a 48-story office tower in Houston’s CBD. The Class A property totals 1.85 million square feet and features 28,000-square-foot flexible floor plates, under-floor HVAC systems and floor-to-ceiling glass. In addition, the podium of the building allows for concealed parking for 1,500 vehicles. Amenities include a café, fine dining restaurant, a shared conference facility and a fitness center. Pickard Chilton and Kendall/Heaton Associates both provided architectural services for the project and Harvey Builders served as general contractor. The property will serve as the regional headquarters for United Airlines, which will bring approximately 1,400 employees from other offices into the building.

March 7, 2018

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