Office

Orion Investment Real Estate Brokers $14.4M Sale of Medical Office Facility in Phoenix

by Amy Works September 10, 2018

PHOENIX — Orion Investment Real Estate has arranged the sale of a medical office and surgery center facility, located at 15401 N. 29th Ave. in Phoenix. Nashville, Tenn.-based Montecito Medical Real Estate acquired the property for $14.4 million, or $392 per square foot. Built in 1988 and renovated in 2017, the 36,796-square-foot property is occupied by Retinal Consultants of Arizona, occupying 72 percent, and Spectra Eye Institute, occupying the remaining 28 percent. Braxton Glass and J.T. Taylor of Orion represented the undisclosed seller and buyer in the deal.

September 10, 2018

Leasing Activity New York Northeast Office

Knotel Signs 19,563 SF Lease in Hudson Square

by David Cohen September 7, 2018

NEW YORK CITY — Workspace provider Knotel has signed a 19,563-square-foot lease in the Hudson Square neighborhood of Manhattan. The lease will encompass a large portion of the 3rd floor of the property, which is located at 250 Hudson St. The 15-story, 400,000-square-foot building is owned by Jack Resnick & Sons. Tenants at the building include Daniel J. Edelman, Bed Bath & Beyond, Gluckman Tang Architects, Sopexa, Lieff Cabraser Heinmann & Bernstein and Writers Guild of America East. Knotel, which was founded in 2016, designs, builds and operates custom spaces for companies of 50 employees or more. The company currently has more than 70 locations worldwide. Michael Morris and Greg DiGioia of Newmark Knight Frank represented Knotel in the leasing transaction.

September 7, 2018

Loans Midwest Nebraska Office

NKF Arranges $30M Refinancing for Gavilon Headquarters in Omaha

by Kristin Harlow September 7, 2018

OMAHA, NEB. — NKF Capital Markets has arranged a $30 million loan for the refinancing of the Gavilon headquarters in Omaha. The five-story office building spans 130,448 square feet. Amenities include a fitness center, café and rooftop patio. Gavilon is a global grain trader. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of NKF arranged the loan on behalf of the borrower, Kawa Capital Management. Citibank provided the loan. Terms of the loan were not disclosed. The Opus Group completed development of the property in December 2013.

September 7, 2018

Loans Michigan Midwest Office

Bernard Financial Secures $15M Loan for Refinancing of Office Building in Royal Oak, Michigan

by Kristin Harlow September 7, 2018

ROYAL OAK, MICH. — Bernard Financial Group has secured a $15 million loan for the refinancing of a 73,000-square-foot office building in Royal Oak. The multi-tenant building was completed this summer. The loan, provided by RGA Recap, will be used to refinance a construction loan. Dennis Bernard arranged the loan on behalf of the borrower, Innovo Royal Oak LLC.

September 7, 2018

Development Office Texas

Brandywine Realty Trust to Develop 200,000 SF Office Tower in Downtown Austin

by Taylor Williams September 7, 2018

AUSTIN, TEXAS — Philadelphia-based Brandywine Realty Trust (NYSE: BDN) will develop 405 Colorado, a 200,000-square-foot office tower in downtown Austin. The 25-story, Class A building will include 3,665 square feet of ground-floor retail space and a 12,500-square-foot sky lounge on the 14th floor. The sky lounge will offer a café, conference areas and a fitness center. Construction is scheduled to begin in January 2019 and wrap up in December 2020. CBRE will handle leasing and marketing of the property.

September 7, 2018

California Development Mixed-Use Multifamily Office Retail Western

San Francisco Giants Selects Partner for 28-Acre Waterfront Mixed-Use Development

by Amy Works September 7, 2018

SAN FRANCISCO — The San Francisco Giants has selected Tishman Speyer as its joint venture partner to develop Mission Rock, a waterfront mixed-use neighborhood near AT&T Park in San Francisco. The development is a public-private partnership with the Port of San Francisco and the City and County of San Francisco. Serving as the centerpiece of the emerging Central Waterfront neighborhood, Mission Rock will span 28 acres and feature approximately 1,400 residential rental units, with 40 percent affordable to low- and moderate-income families; eight acres of parks and open space, including a waterfront park; up to 1.4 million square feet of office space; 250,000 square feet of retail and local manufacturing space; a parking structure to serve ballpark and neighborhood needs; rehabilitation of the historic Pier 48; and public waterfront access and improvements, including a segment of the Blue Greenway trail connection from Embarcadero to Hunters Point.

September 7, 2018

California Development Office Western

Amazon Opens 85,000 SF Office Expansion in San Diego

by Amy Works September 7, 2018

SAN DIEGO — Amazon has opened an 85,000-square-foot office within Alexandria Real Estate Equities’ Campus Pointe, located in the University Town Center neighborhood of San Diego. The new space will house the company’s expanded San Diego Tech Hub, which will include 300 new high-tech jobs in fields in the software development, machine learning, cloud computing and digital entertainment. Amazon’s San Diego Tech Hub is one of 17 Tech Hubs outside of Seattle that employ more than 17,500 people across North America who invent and build new products and services for Amazon customers. Employees at the San Diego Tech Hub develop software systems for AmazonFresh, Prime Now, Amazon Web Services, supply chain tech, and preventing fraud and abuse on Amazon. Additionally, San Diego-based engineers and scientists recently played a key role in the launch of Whole Foods Market pickup and delivery via Prime Now, Alexa features for grocery shopping, and data-drive and machine-learning innovations. This expansion more than doubles Amazon’s tech workforce in the San Diego area.

September 7, 2018

Colorado Loans Office Western

iBorrow Provides $6.4M Loan for Co-Working Office Conversion in Denver

by Amy Works September 7, 2018

DENVER — iBorrow, a nationwide private direct lender for commercial real estate, has funded a $6.4 million for an industrial property slated for conversion into a co-working office building. Located at 3950 Wynkoop St. in Denver, the asset includes a 16,646-square-foot warehouse and a parking lot. The undisclosed borrower plans to construct a two-story structure above the current parking lot and a second story above the current warehouse.

September 7, 2018

Market Reports Office Texas Texas Market Reports

Class A Office Buildings in North Texas Evolve With New Tech

by Taylor Williams September 7, 2018

Over the last decade, Dallas-Fort Worth (DFW) has been consistently recognized as one of the fastest-growing metropolitan areas in the nation, and there are no immediate signs that the growth is stagnating. Particularly in the last several years, DFW has experienced a wave of corporate relocations and expansions from a wide variety of industries. This activity has brought an assortment of valuable economic opportunities to the metroplex, resulting in a robust construction pipeline. This new product is focused on meeting the strong demand for highly amenitized, future-proofed Class A office space and embracing the high-tech connectivity that helps guard against obsolescence. Fortune 500 and other prominent companies continue to eye DFW as a top location. These users expect buildings to include not only standard amenities like fitness centers and conference rooms, but also access to the latest technology and seamless connectivity. How We Got Here In the 1980s, a major commercial construction boom in North Texas set the benchmark for Class A office buildings, which were traditionally developed without modern technology in mind. Buildings such as The Crescent, Bank of America Plaza and Fountain Place were the gold standard for office properties and served as benchmarks for quality for much …

September 7, 2018

Development Florida Office Southeast Top Stories

Strategic Property Partners Unveils Plans for Two Office Towers Within $3B Water Street Tampa Project

by Kristin Harlow September 7, 2018

TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans for a pair of office towers within the $3 billion Water Street Tampa project. The multi-phased development will comprise more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space upon completion scheduled for 2027. The office towers will total approximately 1 million square feet and will be the first ground-up office buildings to be constructed in downtown Tampa in nearly 25 years. “With Tampa’s population growing daily and sustained job creation happening within the community, we saw a tremendous opportunity to build new and efficient office space within the initial phase of the Water Street Tampa neighborhood,” says David Bevirt, executive vice president of corporate leasing and strategy for SPP. One of the buildings, 1001 Water St., will rise 20 stories and span 380,000 square feet. COOKFOX Architects designed the speculative property. Construction is expected to begin in the spring, with completion slated for the second quarter of 2021, according to the Tampa Bay Times. Building features will include a rooftop terrace, conference space, flex rooms and a wellness community center. A Nelson Byrd Woltz Landscape Architects-designed plaza area will link the building …

September 7, 2018

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