Office

NKF Capital Market Arranges $125M Refinancing of Office Tower in Manhattan

by David Cohen September 6, 2018

NEW YORK CITY — NKF Capital Markets has arranged the $125 million refinancing of Tower 56, a 33-story office tower in Midtown, Manhattan. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of NKF represented the borrower, Pearlmark, in securing the financing through Blackstone. The financing will be used to retire existing debt and will include a funding component to support future leasing costs during the loan term. The 186,811-square-foot building was designed by Fox & Fowle Architects and is located on 56th Street between Park and Lexington avenues. Currently, the property is 92 percent leased by tenants in the finance, legal, technology and entertainment sectors.

September 6, 2018

Acquisitions Florida Office Southeast

Cushman & Wakefield Brokers Sale of 414,472 SF Office Park in Orlando

by Camren Skelton September 6, 2018

ORLANDO, FLA. — Cushman & Wakefield has brokered the sale of Millenia Lakes I, II and III, a 414,472-square-foot office park in Orlando. The portfolio is part of a 450-acre master-planned development that includes office, apartments, a hotel and retail space. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield arranged the transaction on behalf of the seller, Barings Real Estate, an affiliate of Barings LLC. An affiliate of Starwood Capital Group acquired the assets for an undisclosed price. The three buildings in the park were built in phases between 2001 and 2007. On-site amenities include a fitness center, café and a walking/jogging path surrounding a lake. The buildings are located adjacent to the Mall at Millenia, a regional shopping mall. The Millenia Lakes portfolio was 91.2 percent leased at the time of sale to tenants such as Prudential and AXA Equitable Life Insurance.

September 6, 2018

Acquisitions California Office Western

StarPoint Properties Buys 12-Story Beverly Hills Office Building for $193M, Plans Renovations

by Amy Works September 6, 2018

BEVERLY HILLS, CALIF. — StarPoint Properties has purchased an office building, located at 433 N. Camden Drive in Beverly Hills. The original owner sold the 12-story asset for $193 million. StarPoint plans to renovate the property, which was built in 1972 and is known as Wells Fargo Building due to the banking tenant’s rooftop signage. The 207,432-square-foot building has not been renovated in 15 years and falls 25 percent below the market’s average rent of $48.24 per square foot — creating an opportunity for StarPoint, which specializes in acquiring and repositioning undervalued properties. Renovation plans, although not finalized, include transforming a 6,500-square-foot deck on the fourth floor into an open-air lobby that emphasizes natural light and features sculpture gardens and an improved façade.

September 6, 2018

Colorado Development Mixed-Use Office Restaurant Retail Western

Unico Properties Delivers 96,000 SF Mixed-Use Building in Denver

by Amy Works September 6, 2018

DENVER — Unico Properties, with Confluent Development as construction manager, has delivered The Circa Building, a 96,000-square-foot mixed-use building located at 1615 Platte St. in Denver. The four-story building features 80,000 square feet of office space on the top three levels, 10,000 square feet of Class A retail and restaurant space on the ground level, and three levels of underground parking. Xero, an online accounting software provider, has leased 30,000 square feet of space at the property and will occupy the entire top floor of the building. Unico Properties is the owner and developer of the project, with Confluent Development managing the project’s entitlement and construction. Swinerton Builders served as general contractor and Open Studio Architecture served as architect. JLL is the broker for the office space, and Cushman & Wakefield serves as the retail lease broker.

September 6, 2018

Acquisitions Office Texas

KBS Sells 388,024 SF Office Complex in Austin

by Taylor Williams September 6, 2018

AUSTIN, TEXAS — California-based private equity firm KBS Realty Advisors has sold Stonebridge Plaza I and II, a 388,024-square-foot office complex located at 9600 and 9606 N. MoPac Expressway in Austin. The Class A property, which was fully leased at the time of sale, consists of two nine-story office towers adjoined by a seven-story parking garage. Michael McDonald and Evan August of Eastdil Secured represented KBS in the transaction. The buyer was Intercontinental Real Estate Corp., which acquired the property for an undisclosed price on behalf of one of its managed funds.

September 6, 2018

Acquisitions Office Texas

CBRE Negotiates Sale of 213,585 SF Office Building in Metro Dallas

by Taylor Williams September 6, 2018

ADDISON, TEXAS — CBRE has negotiated the sale of The Addison, a 213,585-square-foot office building in Addison, a northern suburb of Dallas. The 11-story, Class A property was built in 1981, renovated in 2016 and was 83 percent leased at the time of sale. The Addison is located off the Dallas North Tollway north of LBJ Freeway and includes structured parking, a fitness center, conference center and a tenant lounge. Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua of CBRE represented the seller, a joint venture between Frontier Equity and Artemis Real Estate Partners, in the transaction. CBRE also arranged acquisition financing through Chicago-based NXT Capital. The buyer was Florida-based TerraCap Management LLC.

September 6, 2018

Acquisitions Office Texas

HHC Acquires Two Office Buildings, Land in Metro Houston for $53M

by Taylor Williams September 6, 2018

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has acquired two office buildings totaling 257,025 square feet in The Woodlands, located about 30 miles north of Houston, for $53 million. The sale includes a parcel of land for additional office development. The existing office buildings, which were completed in 2002 and 2012, are currently vacant. HHC intends to re-tenant the properties as soon as possible. The seller was not disclosed.

September 6, 2018

Acquisitions Midwest Office Wisconsin

MBH Brokers Sale of Historic Sentinel Building in Downtown Milwaukee

by Kristin Harlow September 6, 2018

MILWAUKEE — MBH Investment Real Estate LLC has brokered the sale of the historic Sentinel Building in downtown Milwaukee. Sentinel Suites LLC purchased the 31,848-square-foot office property, located at 225 E. Mason St., for an undisclosed price. The 10-story building was 51 percent occupied at the time of sale. The Milwaukee Journal Sentinel originally occupied a three-story building on the site beginning in 1864. As the newspaper grew in circulation, the current 10-story building was constructed in 1893 to replace the smaller building. The newspaper continued to operate at the site until 1930. The new owner plans to rebrand the office building as Sentinel Suites. Matson Holbrook of MBH marketed the property on behalf of the seller, 225 East Mason Property LLC.

September 6, 2018

Acquisitions Connecticut Northeast Office

Vidal/Wettenstein Brokers Sale of 4,000 SF Office Building in Westport

by David Cohen September 5, 2018

WESTPORT, CONN. — Vidal/Wettenstein Commercial Real Estate has brokered the $1.1 million sale of a 4,000-square-foot office building in Westport. The buyer, a local developer, plans to renovate the building to establish its own office and lease out the remaining space for professional use. The seller was undisclosed. David Fugitt, SIOR, a partner with Vidal/Wettenstein Commercial Real Estate was the sole broker involved in the transaction

September 5, 2018

Acquisitions North Carolina Office Southeast

CBRE | Raleigh Brokers $56.3M Sale of Office Park in Triangle

by Camren Skelton September 5, 2018

RALEIGH, N.C. — CBRE | Raleigh has brokered the sale of WestChase Office Park, a three-building, 312,544-square-foot office park in the Triangle’s West Raleigh submarket. The sales price was not disclosed, but the Triangle Business Journal reports the property sold for $56.3 million. Ben Kilgore, Brad Corsmeier, John Brewer, Chandler Hawkins and Leslie Holmes of CBRE | Raleigh arranged the transaction on behalf of the seller, Real Estate Alternatives Portfolio 4 MR LLC. The Brookdale Group acquired the buildings. The assets are located at 4000, 4011 and 4020 WestChase Blvd. The office park is home to tenants such as Hazen & Sawyer, Howard Green & Moye, Northwestern Mutual, Quanta Technology LLC and Qualys.

September 5, 2018

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