Office

Boston Properties, CPPIB Acquire 47-Acre Business Park in Santa Monica for $627.5M

by Taylor Williams July 23, 2018

SANTA MONICA, CALIF. — A joint venture between Boston Properties Inc. (NYSE: BXP) and Canada Pension Plan Investment Board (CPPIB) has acquired the 47-acre Santa Monica Business Park for approximately $627.5 million. The seller was not disclosed. Santa Monica Business Park consists of 21 buildings totaling roughly 1.2 million square feet of office and retail space in Santa Monica, a coastal city just west of downtown Los Angeles. The property is located near Interstates 10 and 405 and features a variety of on-site services, including a health club, restaurants, banks, a car wash and a dog park. The property lies within the Ocean Park neighborhood and was 94 percent leased at the time of sale. Boston Properties will invest $147.4 million in the acquisition, yielding a 45 percent ownership stake, while CPPIB will invest $180.1 million. An undisclosed lender provided a $300 million acquisition loan to fund the remainder of the acquisition. The loan features a 4.06 percent interest rate and matures in July 2025. Approximately 70 percent of the rentable square footage is subject to a ground lease with 80 years remaining, including renewal periods. The ground lease provides the joint venture with the right to purchase the land …

July 23, 2018

Leasing Activity Office Texas

Accounting Firm Signs 45,872 SF Office Lease in Fort Worth

by Taylor Williams July 20, 2018

FORT WORTH, TEXAS — Accounting firm Whitley Penn has signed a 45,872-square-foot office lease at the 25-story Frost Tower in downtown Fort Worth. The property features high-speed elevators, floor-to-ceiling windows and a fitness center. Cannon Camp and Todd Burnette of JLL represented Whitley Penn in the lease negotiations. Seth Koschak and Tyler Maner of Stream Realty Partners represented the landlord, Anthracite Realty.

July 20, 2018

Loans Office Southeast Tennessee

Cushman & Wakefield Arranges $48.8M Acquisition Loan for Two Office Buildings in Nashville’s Cool Springs District

by Camren Skelton July 20, 2018

FRANKLIN, TENN. — Cushman & Wakefield has arranged a $48.8 million acquisition loan for Corporate Centre 8 and 9, two office buildings located at 6640 and 6550 Carothers Parkway in Franklin, roughly 14 miles from downtown Nashville. Michael Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged the three-year, floating-rate loan with two one-year extension options on behalf of the borrower, KBS Capital Advisors. JPMorgan Chase Bank Strategic Property Fund sold the assets, according to local media reports. The five story buildings, which total 311,864 square feet, are located within the 1 million-square-foot Corporate Centre office park. The property features walking paths, underground utilities, fiber-optic technology and broadband service.

July 20, 2018

Loans Office South Carolina Southeast

HFF Secures $18.2M Loan for Refinancing of Office Portfolio in Columbia

by Camren Skelton July 20, 2018

COLUMBIA, S.C. — HFF has secured an $18.2 million loan for the refinancing of Fontaine Business Park, a four-building office portfolio totaling 253,038 square feet in Columbia. Jamie Leachman, Cory Fowler and Drake Greer of HFF arranged the five-year, floating-rate loan through Bridge Investment Group on behalf of the borrower, Diversified Real Estate Ventures. Fontaine Business Park has historically been around 90 percent leased due to demand from state and local government tenants.

July 20, 2018

Acquisitions Office Oregon Western

Compass Commercial Arranges Sale of Office Building in Bend, Oregon

by Amy Works July 20, 2018

BEND, ORE. — Compass Commercial has brokered the sale of an office building located on 0.4 acres at 40 NW Greenwood Ave. in Bend. Howard Friedman, Jay Lyons and Grant Schultz of Compass Commercial Real Estate Services represented the undisclosed buyer and undisclosed seller in deal. The transaction was valued at $1.6 million.

July 20, 2018

Development Office Texas

Hines, Ivanhoe Cambridge to Develop 47-Story Office Tower in Downtown Houston

by Taylor Williams July 19, 2018

HOUSTON — A partnership between Houston-based Hines and Canadian development/investment firm Ivanhoe Cambridge will develop a 47-story office tower in downtown Houston. Designed by Pelli Clarke Pelli, the 1 million-square-foot property will be located on the 800 block of Texas Avenue. The building will feature multiple food and beverage offerings, a full-service conference facility, public gardens and a fitness center. JLL arranged construction financing for the project, which will also include an 11-story parking garage, through New York Life Real Estate Investors. Law firm Vinson & Elkins has signed a 16-year, 212,000-square-foot lease to become the property’s anchor tenant along with Hines, which will relocate its global headquarters to the new building and occupy 155,000 square feet.

July 19, 2018

Healthcare Loans New Jersey Northeast Office

Progress Capital Secures $6.8M Acquisition Financing for Medical Office in New Jersey

by David Cohen July 19, 2018

MILLBURN, N.J. — Progress Capital has secured $6.8 million in acquisition financing for PRLog, a 21,834-square-foot medical office building in Millburn. Brad Domenico of Progress Capital arranged a 15-year loan with a 30-year amortization for the undisclosed borrower that includes a seven-year fixed rate of 4.75 percent. The lender was not disclosed. The two-story building is currently divided into 11 individual units and was fully occupied at the time of sale by nine medical tenants.

July 19, 2018

Leasing Activity New York Northeast Office

LinkedIn Expands Lease at Empire State Building to 312,947 SF

by David Cohen July 19, 2018

NEW YORK CITY — LinkedIn has signed a lease for an additional 30,165 square feet at the Empire State building in Manhattan, bringing the company’s total footprint at the building to 312,947 square feet. The social media and networking website now occupies space on floors 3, 22, 23, 24, 25, 26, 27 and 28. Sacha Zarba and Lauren Crowley of CBRE represented LinkedIn in the lease negotiations with the landlord, Empire State Realty Trust Inc. (NYSE: ESRT). Amenities at the Empire State Building include a 15,000-square-foot fitness center, a tenant-only conference center and nine in-building dining options as well as two Starbucks locations. More than 1,000 LinkedIn employees work in the Empire State Building location.

July 19, 2018

Acquisitions Loans Office Washington Western

Brickman, GreenOak Purchase Historic Office Building in Seattle’s CBD for $67.5M

by Amy Works July 19, 2018

SEATTLE — A joint venture between Brickman and GreenOak has acquired Central Building, an eight-story historic office property located at 810 Third Ave. in Seattle’s central business district. KBS Strategic Opportunity REIT sold the property for $67.5 million. Originally built in 1907, the 192,176-square-foot building was 81 percent leased at the time of sale. Dave Otis, Michael Leggett, Logan Greer and Kevin Freels of HFF represented the seller and procured the buyer in the deal. Additionally, Casey Davidson and Peter Smyslowski of HFF arranged $55.4 million in acquisition financing through Invesco Real Estate for the buyer.

July 19, 2018

Acquisitions New York Northeast Office

Marcus & Millichap Negotiates $45M Sale of Office Portfolio in Rochester

by David Cohen July 18, 2018

ROCHESTER, N.Y. — Marcus & Millichap has brokered the $45 million sale of a two-property office portfolio in Rochester. The office properties are Corporate Crossing, a five-building, 212,839-square-foot office complex completed in 2002; and Canal View, a three-building, 118,375-square-foot office complex completed in 2003. The two properties are less than eight miles apart. Marcus & Millichap represented the seller, a private Rochester partnership, in the transaction. The buyer was a New York family office. Tenants at the office parks include the University of Rochester, The Bonadio Group, KeyBank, Oracle Corp., Gatehouse Media Inc., Level 3 Communications, and NetApp Inc.

July 18, 2018

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