Office

Square Mile Provides $121.2M Refinancing for Office Asset in Atlanta’s Cumberland/Galleria Submarket

by Camren Skelton March 2, 2018

ATLANTA — Square Mile Capital Management LLC has provided a $121.2 million loan for the refinancing of Towers at Wildwood Plaza, a two-building, 719,000-square-foot office property located at 3200 Windy Hill Road S.E. in Atlanta’s Cumberland/Galleria submarket. Michael Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged the loan on behalf of the borrower, an entity controlled by America’s Capital Partners, which acquired the property in 2014. Built in 1991, the property comprises two interconnected, 15-story towers that were designed by I.M. Pei. Towers at Wildwood Plaza features a 75-seat conference facility, 4,000-square-foot athletic club, bike storage room, Wi-Fi lounge and 2,200 parking spaces. The property was more than 89 percent leased at the time of sale.

March 2, 2018

Office Southeast Virginia

Boston Properties Inks 850,000 SF Lease with Fannie Mae at Reston Gateway Project

by Camren Skelton March 2, 2018

RESTON, VA. — Boston Properties Inc. has signed Fannie Mae to an 850,000-square-foot lease at its Reston Gateway project in Reston. The government-sponsored enterprise will lease the space for its new Northern Virginia hub starting in 2022. The first phase of Reston Gateway will span 1 million square feet, but the project could eventually be expanded to include up to 3.5 million square feet of mixed-use, transit-oriented development. The Washington Business Journal reports Reston Gateway could include up to 1,700 residential units, 570 hotel rooms, 200,000 square feet of retail and 1.8 million square feet of office space. The development is located adjacent to the Silver Line’s planned Reston Town Center Metro Station, which is currently under construction and slated to open in early 2020. Fannie Mae’s new national headquarters at Midtown Center in Washington, D.C. is nearing completion and is expected to open later this year.

March 2, 2018

Georgia Office Southeast

Allen Morris Buys Land in West Midtown Atlanta for $8.5M, Plans 14-Story Office Development

by Camren Skelton March 2, 2018

ATLANTA — The Allen Morris Co. has acquired a 1.7-acre parcel of land in Atlanta’s West Midtown district for $8.5 million, with plans to develop a new 220,000-square-foot office tower. The 14-story building located at 1041 Howell Mill Road will be known as Star Metals Offices. The building will offer 185,000 square feet of office space, 30,000 square feet of ground-floor retail and a 7,000-square-foot rooftop restaurant and bar. Amenities will include landscaped outdoor terraces, tenant collaboration areas, bike racks and shower facilities. Star Metals Offices is part of the 4.75-acre Star Metals Atlanta development, which includes 409 multifamily units located across Howell Mill Road from the site of the future office building. Jeff Bellamy of JLL is handling the office building’s leasing assignment. Allen Morris expects to begin demolition on the site later this year, with an anticipated completion in spring 2020.

March 2, 2018

California Office Top Stories Western

NKF Arranges $196M Sale of Trophy Office Building in Downtown Los Angeles

by Kristin Harlow March 2, 2018

LOS ANGELES — NKF Capital Markets has arranged the sale of Wedbush Center at 1000 Wilshire Blvd. in downtown Los Angeles for $196 million. Lincoln Property Co. sold the building to Cerberus Capital Management LP. The 476,491-square-foot office building is 86 percent leased. Financial services firm Wedbush Securities anchors the property. Located along Wilshire Boulevard, the Class A office tower is near entertainment destinations such as Staples Center and LA Live. The 21-story building recently underwent a $4 million renovation focused on repositioning the building’s ground-floor lobby, including the addition of a full-service bar and café. Designed by Kohn Pederson Fox Associates, 1000 Wilshire opened in 1987, according to The Skyscraper Center. Kevin Shannon, Rob Hannan, Laura Stumm, Michael Moll and Ken White of NKF represented the seller, while David Milestone and Brett Green of NKF procured financing on behalf of the buyer. Dallas-based Lincoln is a commercial real estate developer and property manager. Cerberus, headquartered in New York City, is a private investment firm. — Kristin Hiller

March 2, 2018

New Jersey Northeast Office

Joint Venture Acquires 340,000 SF Office Property in Parsippany, New Jersey

by Amy Works March 1, 2018

PARSIPPANY, N.J. — A joint venture between Vision Real Estate Partners and Rubenstein Partners has purchased Morris Corporate Center IV, Phase I, from a partnership of Northwestern Mutual and SJP Properties for an undisclosed price. Situated on 14 acres at 389 and 399 Interpace Parkway in Parsippany, the property consists of two interconnected four-story buildings totaling 340,000 square feet of Class A office space. At the time of sale, the property was 71 percent occupied by four tenants, including Reckitt Benckiser and Skanska USA Building Inc. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew MacDonald and Bill Brown of Cushman & Wakefield represented the seller in the deal.

March 1, 2018

Office Texas

HFF Arranges Sale of 168,293 SF Office Property in Southwest Austin

by Taylor Williams March 1, 2018

AUSTIN, TEXAS — HFF has arranged the sale of Lantana Ridge, a 168,293-square-foot office property in southwest Austin that houses the current headquarters of YETI, a designer and distribution of outdoor and recreational products. Amenities at the two-building property include an outdoor kitchen, rooftop terrace, fitness center, jogging trails and an outdoor games center. Dallas-based Ramrock Real Estate LLC purchased Lantana Ridge from Lincoln Property Co. for an undisclosed price.

March 1, 2018

New Jersey Northeast Office

Delaney Real Estate Sells 20,000 SF Office Building in Mountainside, New Jersey

by Amy Works March 1, 2018

MOUNTAINSIDE, N.J. — Delaney Real Estate Holdings has completed the disposition of an office building located at 1139 Spruce Drive in Mountainside. Jiljo Real Estate Holdings acquired the 20,000-square-foot two-story property for an undisclosed price. Eric Demmers and Russ Verducci of NAI James E. Hanson represented the seller in the deal.

March 1, 2018

Office South Carolina Southeast

Cushman & Wakefield Brokers $40M Sale of Office Building in Metro Charlotte

by Camren Skelton March 1, 2018

FORT MILL, S.C. — Cushman & Wakefield has brokered the $40 million sale of the Daimler Building, a 150,164-square-foot office building in Fort Mill, roughly 20 miles south of Charlotte in South Carolina. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield, along with Campbell Walker and Ridr Knowlton of Lincoln Harris, arranged the transaction on behalf of the undisclosed seller. Cantor Fitzgerald Investors LLC acquired the three-story building, which is fully leased to Daimler Trucks North America, a wholly owned subsidiary of Daimler AG. The building serves as the East Coast operations hub for Daimler Trucks North America, which has occupied the building since it was constructed in 2008.

March 1, 2018

Office Southeast Top Stories Virginia

Harbor Group Buys Amazon-Anchored Office Tower in Northern Virginia from FCP for $226M

by John Nelson March 1, 2018

HERNDON, VA. — Harbor Group International LLC (HGI) has purchased One Dulles Tower, a 13-story office building located in Herndon, a northern Virginia suburb roughly 24 miles west of Washington, D.C. Federal Capital Partners (FCP) sold the 403,622-square-foot asset to HGI for $226 million. Following the departure of its anchor tenant, FCP landed another company in early 2017, Amazon Web Services (AWS). The cloud-computing services provider is the sole occupant of One Dulles Tower, according to FCP. “This is a Class A property with a top-tier tenant in an irreplaceable location in the Dulles Technology Corridor,” says Richard Litton Jr., president of HGI. Last summer, former Virginia Gov. Terry McAuliffe announced that the Amazon.com (NASDAQ: AMZN) subsidiary chose the office tower for its East Coast corporate hub, a move that could ultimately bring up to 1,500 jobs to the Fairfax County area. One Dulles Tower is located within the Woodland Park master-planned development, giving AWS staffers convenient access to more than 140,000 square feet of retail and restaurants. Other walkable attractions include a hotel and five-acre park. The property is also situated within a half-mile of both the future Herndon and Innovation Center Silver Line Metro stations, as well as …

March 1, 2018

Arizona Office Western

PayPal Office in Scottsdale Sells for $30.5M

by Nellie Day February 28, 2018

SCOTTSDALE, ARIZ. — A Colorado-based, family-owned real estate company has acquired a 92,562-square-foot office building in Scottsdale that is net leased to PayPal. The sale price was $30.5 million. The single-tenant building is located at 9999 N. 90th St. The Class A building serves as one of PayPal’s four global, mission-critical network operations centers. The other three network operations centers are located in Silicon Valley, India and Malaysia. The corporately guaranteed lease has about 10 years remaining and features annual rent escalations. Rob Edwards and Tom Ethington of Pinnacle Real Estate Advisors represented the buyer. The seller was a Los Angeles-based private real estate company.

February 28, 2018

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