Office

NKF Orchestrates $53.1M Sale of Office Building in Metro Boston

by Amy Works March 6, 2018

WESTWOOD, MASS. — NKF Capital Markets has arranged the sale of an office asset located at 101 Station Drive in Westwood. National Development and Charles River Realty Investors sold the property to AEW Capital Management, on behalf of one of its institutional separate account clients, for $53.1 million. At the time of sale, the 208,134-square-foot property was fully occupied by eight tenants, including General Dynamics, Mott MacDonald, The Predictive Index, Boston Children’s Hospital and Honeywell. On-site amenities at the office property include a café, a fitness center, an outdoor fireplace/lounge, a bicycle rental station and a shuttle service to nearby shops, restaurants and an MBTA/Amtrak train station. Robert Griffin, Edward Maher, Matthew Pulled, James Tribble, Samantha Hallowell, Michael Frisoli and Peter Whoriskey of NKF represented the seller in the transaction.

March 6, 2018

North Carolina Office Southeast

HFF Brokers $18.4M Sale of Office Building in Metro Raleigh

by Camren Skelton March 6, 2018

CARY, N.C. — HFF has brokered the $18.4 million sale of 6501 Weston Parkway, a 93,130-square-foot office building in Cary, roughly 12 miles west of Raleigh. Scot Humphrey, Ryan Clutter and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, a joint venture between Childress Klein Properties and WHI Real Estate Partners, and procured the buyer, Albany Road Real Estate Partners. Originally constructed in 1996, 6501 Weston Parkway was fully renovated in 2016 and was 90.1 percent leased at the time of sale to tenants such as Charter Communications, Zift Solutions and Aerotek.

March 6, 2018

California Office Retail Top Stories Western

Hudson Pacific, Macerich to Redevelop Westside Pavilion Mall in Los Angeles to Office Space for $450M

by Jeff Shaw March 6, 2018

LOS ANGELES — Hudson Pacific Properties (NYSE: HPP) and Macerich (NYSE: MAC) have formed a joint venture to redevelop Westside Pavilion, a 600,000-square-foot shopping mall located in west Los Angeles, into creative office space. The project is expected to cost between $425 and $475 million. At completion, the development will be home to 500,000 square feet of state-of-the-art creative office space, while retaining 100,000 square feet of existing entertainment retail space. The 12-screen Landmark Theatres, Westside Tavern restaurant and other shops primarily located on the ground floor will remain in the reconfigured space, according to reports by the Los Angeles Times. Anchor Macy’s is set to close at the end of this month, and Nordstrom left the property last year to open at Westfield Century City. Project completion is scheduled for summer 2021. Hudson Pacific will hold a 75 percent stake in the property, and will act as managing member, day-to-day operator and developer. Macerich will hold the remaining 25 percent. “Westside Pavilion is a perfect opportunity for us to reposition a marquee asset in a premier location,” says Victor Coleman, chairman and CEO of Hudson Pacific. “The project is poised to capture the strong demand from tenants for creative office …

March 6, 2018

Connecticut Northeast Office

FactSet Leases 173,000 SF of Office Space in Norwalk, Connecticut

by Amy Works March 5, 2018

NORWALK, CONN. — FactSet, a global provider of integrated financial information, analytical applications and services, has signed a lease for office space at 45 Glover Avenue, a 264,500-square-foot Class A office building located in Norwalk. The company will relocate its global headquarters from Merritt 7 Office Complex in Norwalk to 173,000 square feet at the building. Building and Land Technology (BLT) owns the property, which is now fully leased. FactSet is slated to move into the new space in the last quarter of 2019. Tim Rorick and Torey Walsh of Newmark Knight Frank represented BLT, while Joseph Cabrera and Michael Gordon of Colliers International represented the tenant in the deal.

March 5, 2018

Office Southeast Virginia

Apex Clean Energy Unveils Plans for New Headquarters at 130,000 SF Office Project in Charlottesville

by Camren Skelton March 5, 2018

CHARLOTTESVILLE, VA. — Apex Clean Energy has unveiled plans for its new corporate headquarters at a planned 130,000–square-foot office building in downtown Charlottesville. The move allows the company to consolidate more than 170 employees currently spread across multiple office buildings in the area. Apex Clean Energy, which develops, constructs and operates wind and solar power facilities across North America, will occupy 60,000 square feet of office space and lease the remaining space to other tenants. In addition, the seven-story building — to be located on Garrett Street — will include 10,000 square feet of ground-floor retail. John Pritzlaff of Cushman & Wakefield | Thalhimer arranged the lease on behalf of Apex Clean Energy. Riverbend Development, the project developer, plans to deliver the building 24 months after construction kicks off this summer. Architecture firm William McDonough + Partners is designing the project.

March 5, 2018

Florida Loans Office Southeast

CBRE Brokers $23.6M Sale, $18.3M Acquisition Financing for Office Portfolio Near Orlando

by Camren Skelton March 5, 2018

ORLANDO, FLA. — CBRE has arranged the $23.6 million sale of and $18.3 million acquisition financing for a 283,292-square-foot office portfolio in the metro Orlando area. Ron Rogg and Chip Wooten of CBRE brokered the sale. In addition, CBRE’s Zac Brumbaugh arranged a five-year loan with 18 months of interest-only payments through a bank on behalf of the borrower, Realty Capital Commercial Real Estate Advisors. The name of the seller was not disclosed. The portfolio includes Interlachen Corporate Center in Casselberry, roughly 13 miles north of Orlando, and 2400 Maitland and 500 Winderley in Maitland, roughly eight miles north of Orlando. The portfolio was 75 percent leased at the time of sale to tenants such as RP Funding’s headquarters, Fidelity National Title Co. and Avant Healthcare.

March 5, 2018

New York Northeast Office

JPMorgan Chase to Occupy 436,905 SF in Madison Avenue Office Tower

by Amy Works March 2, 2018

NEW YORK CITY — JPMorgan Chase has signed a 10-year lease to occupy 436,905 square feet of space at 390 Madison Ave., a 32-story office building slated to open this summer. L&L Holding Co. is undertaking the redevelopment of the 850,000-square-foot property in conjunction with New York-based Clarion Partners, acting on behalf of the New York State Common Retirement Fund. The lease includes 16 full office floors and two street-level retail spaces. JP Morgan’s office space will include a conference center, multiple outdoor terraces and several double-height amenity areas. The firm will also open a Chase bank branch on the ground floor. David Levinson, David Berkey, Andrew Wiener and Jim Traynor of L&L Holding represented the landlord and tenant in the deal.

March 2, 2018

Loans New York Northeast Office

Rockwood Capital Receives $260M in Financing for Office Building in Manhattan

by Amy Works March 2, 2018

NEW YORK CITY — Rockwood Capital has received a total of $260 million in financing for 2 Grand Central Tower, the company’s office building located at 140 E. 45th St. in Manhattan’s Midtown East section. Approximately $60 million is new capital and $200 million will be used to refinance existing debt at the property. Built in 1981, the 44-story property features 650,000 square feet of office space. Rockwood Capital, BBR Partners, Cortec Group, Banorte Securities and the General Services Administration are tenants at the building. Diana Brummer and Elizabeth Akerman of Stroock represented Rockwood in the financing.

March 2, 2018

Loans Office Texas

TRC Negotiates $14M Acquisition Loan for Office Property in Downtown Austin

by Taylor Williams March 2, 2018

AUSTIN, TEXAS — Texas Realty Capital (TRC) has arranged a $14 million loan for the acquisition of Park Plaza, an office property with condominium and retail components in downtown Austin. Sun Life Assurance Co. of Canada provided the loan, which features a 10-year term and a fixed interest rate. The borrower was not disclosed.

March 2, 2018

Michigan Midwest Office

Broder & Sachse to Move Office to Downtown Detroit

by Kristin Harlow March 2, 2018

DETROIT — Broder & Sachse Real Estate has unveiled plans to relocate its office from Birmingham, Mich., to downtown Detroit. The 6,000-square-foot space is located on the third floor of the Arts League Building at 1528 Woodward Ave. The office will be home to the real estate development company’s acquisition, development and property management teams beginning on Monday, March 5. Broder & Sachse has recently developed mixed-use properties in downtown Detroit, including The Scott at Brush Park, The Albert-Capitol Park, The Hamilton Midtown Detroit and Orchestra Place.

March 2, 2018

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