Office

Madison Marquette Relocates 26,000 SF Headquarters to The Wharf Mixed-Use Project in D.C.

by Camren Skelton July 30, 2018

WASHINGTON, D.C. — The recently merged operation of Madison Marquette and PMRG has moved its headquarters to 1000 Maine, the trophy office building of The Wharf. Madison Marquette, which is co-developing the 2.2 million-square-foot, waterfront mixed-use project, merged operations with PMRG in June. The combined company will occupy 26,000 square feet at 1000 Maine, which features a soaring lobby and waterside atrium, fitness facility overlooking the water and a 10,000-square-foot rooftop conference center and patio space with views of the Potomac River. Capital Guidance, parent company of Madison Marquette and PMRG, will share the new space for its global headquarters. Additional tenants at 1000 Maine include the D.C. office of Fish & Richardson, Washington Gas and its parent energy company WGL, Socially Determined and the law offices of Michael Best & Friedrich LLP. The office building is part of The Wharf’s first phase of development, which includes a concert hall, three hotels, two multifamily and condominium buildings and 210,000 square feet of restaurants, retail and entertainment space. Phase I of The Wharf opened last October, and Phase II of the project is scheduled to open in 2022.

July 30, 2018

Acquisitions Arizona Office Western

NKF Arranges $33.1M Sale of 177,312 SF Office Property in Phoenix

by Amy Works July 30, 2018

PHOENIX — NKF Capital Markets has brokered the sale of The Madison, an office property located at 5343 and 5353 S. 16th St. in Phoenix’s Camelback Corridor. A joint venture between EverWest Real Estate Investors and CenterSquare Investment Management sold the asset to Admiral Capital Group for $33.1 million. Paul Jones, Kevin Shannon, Rick Stumm, Ken White, Brunson Howard and CJ Osbrink of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Situated on 2.8 acres and renovated in 2017, The Madison includes two four-story office buildings, totaling 177,312 square feet, and subterranean parking. At the time of sale, the property was 93 percent occupied by a diverse mix of tenants.

July 30, 2018

Loans Northeast Office Pennsylvania

HFF Arranges $90M Refinancing of Office Campus Near Pittsburgh

by David Cohen July 27, 2018

CANONSBURG, PA. — HFF has arranged the $90 million refinancing of Zenith Ridge Corporate Campus, a 486,000-square-foot, three-building office park in Canonsburg. HFF represented the borrower, Quattro LP, in securing a 10-year, fixed-rate loan through Starwood Mortgage Capital. Burns Scalo Real Estate currently manages the property. Amenities at the office campus include walking trails, outdoor exercise stations, ping pong tables, communal fire pits, outdoor patios and outdoor meeting areas. Zenith Ridge Corporate Campus is fully leased.

July 27, 2018

Leasing Activity Office Texas

Tech Firm Expands Office Footprint in Austin to 84,000 SF

by Taylor Williams July 27, 2018

AUSTIN, TEXAS — Tech firm GLG, which provides platforms that bring subject matter experts together, has expanded its office lease in Austin. The company will now occupy 84,000 square feet at 301 Congress Avenue, with space for up to 730 employees. The new space includes an additional coffee bar, an outdoor covered terrace and a training and presentation room.

July 27, 2018

Leasing Activity New York Northeast Office

Fisher Brothers Signs Deluxe Financial Services to 21,000 SF Lease in Manhattan

by David Cohen July 27, 2018

NEW YORK CITY — Fisher Brothers has signed Deluxe Financial Services to a 21,229-square-foot lease at 605 Third Ave., a 1.1 million square-foot office tower in Manhattan. The financial services provider will occupy the entire 37th floor of the building. Ryan Tibbits and Harry Krausman of Cushman & Wakefield represented Deluxe Financial Services in the transaction. Since completing a $25 million capital improvement program at 605 Third Ave., Fisher Brothers has executed 280,000 square feet of leases at the tower. Originally built by Fisher Brothers in 1963, the 44-story building is certified LEED Gold by the U.S. Green Building Council with a tenant roster that includes Univision, AECOM, David Hutcher & Citron LLP and the United Nations Population Fund.

July 27, 2018

Acquisitions Office Washington Western

Unico Properties Purchases Two Office Buildings in Seattle’s CBD for $359M

by Amy Works July 27, 2018

SEATTLE — Unico Properties has purchased two office properties located in Seattle’s southern central business district (CBD). According to Puget Sound Business Journal, the acquisition price was $359 million. Comprising the entire 1100 block of Second Avenue and totaling 705,868 square feet, the asset consists of adjoining buildings: 1111 Third and 2nd & Spring. At the time of sale, the buildings were collectively 95 percent leased following a $65 million renovation completed in 2017. Built in 1980 by Wright Runstad, the 33-story, 705,868-square-foot 111 Third includes a 358-stall, six-level, subterranean parking garage, a fitness center, bike storage, showers, locker rooms, an expanded modern lobby, an outdoor plaza, and updated exterior façades and store fronts. The name of the seller was not released.

July 27, 2018

Acquisitions Florida Office Southeast

Transwestern Arranges $24.5M Sale of Office Tower in Downtown Jacksonville

by Camren Skelton July 27, 2018

JACKSONVILLE, FLA. — Transwestern has arranged the $24.5 million sale of BB&T Tower, a 285,497-square-foot office building located at 200 W. Forsyth St. in downtown Jacksonville. John Bell of Transwestern arranged the transaction on behalf of the seller, special servicer LNR Partners. Talara Investment Group LLC acquired the 18-story tower through the Ten-X auction platform. The prior owners invested $3.9 million in property upgrades, including an elevator modernization program. BB&T Tower was 63 percent leased at the time of sale.

July 27, 2018

Acquisitions California Office Western

TMG Partners Sells 320,000 SF Office Building in Downtown Oakland to KKR

by Amy Works July 27, 2018

OAKLAND, CALIF. — TMG Partners has completed the sale of 1330 Broadway, an office building located in downtown Oakland. KKR, a global investment firm, acquired the property for an undisclosed price. In addition to the sale, TMG is partnering with KKR and will continue with on-site property management and asset management. TMG originally purchased the 18-story, 320,000-square-foot building in November 2015. Tenants at the property include Oracle, Arup, Clovis Oncology, UCSF, Verizon, Chase Bank and Citizens Engagement Lab.

July 27, 2018

Development Georgia Office Southeast Top Stories

German Elevator Maker to Build 420-Foot-Tall Headquarters Near Massive Shopping, Sports Complex in Atlanta

by Kristin Harlow July 27, 2018

ATLANTA — Thyssenkrupp Elevator, one of the world’s largest elevator companies, has unveiled plans to build a new headquarters complex near The Battery Atlanta in Cobb County. The German company will develop the facility in collaboration with the Braves Development Co. (BDC). BDC is the owner and operator of The Battery, the 1.5 million-square-foot mixed-use development surrounding SunTrust Park, home ballpark of the Atlanta Braves. The Thyssenkrupp headquarters, dubbed The Innovation Complex, will feature three buildings anchored by a 420-foot tall elevator qualification and test tower — the tallest of its kind in the country and one of the tallest in the world, according to Thyssenkrupp. According to the Atlanta Business Chronicle, the Development Authority of Cobb County agreed to issue up to $264 million in bonds for the new building last month. With 18 shafts, the Innovation Complex test tower will be used to evaluate new concepts and product pilots, including high-speed elevators; TWIN, a two-cabins-per-shaft elevator system; and MULTI, the world’s first rope-less and sideways-moving elevator system. In addition, the test tower will conduct tests to ensure compliance with safety requirements on standard elevators. Atlanta is already home to the first TWIN elevator system in North America. The technology is …

July 27, 2018

Development Michigan Midwest Office

Chemical Bank to Relocate Headquarters to Downtown Detroit

by Kristin Harlow July 26, 2018

DETROIT — Chemical Bank, which has been headquartered in Midland, Michigan, since its founding in 1917, is relocating to downtown Detroit effective immediately. The headquarters will temporarily operate out of the bank’s Detroit office, located at 333 Fort St., while awaiting a new 20-story building to be built at the corner of Woodward Avenue and Elizabeth Street. The move coincides with the city of Detroit’s announcement to name Chemical Bank as the primary banking partner for managing the city’s operating deposit accounts. Chemical Bank plans to add approximately 500 employees to its new Detroit office upon completion of construction. The 240,000-square-foot tower is expected to include street-level retail space, car parking, office floors and condominiums, according to the Detroit Free Press. A timeline for completion was not disclosed. Midland will continue to be home of the company’s corporate operations center. Chemical Financial Corp. is the holding company for Chemical Bank.

July 26, 2018

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