Office

Avison Young Brokers $18.5M Sale of Office Building in Broward County

by Camren Skelton July 18, 2018

PLANTATION, FLA. — Avison Young has arranged the $18.5 million sale of Southpointe, a 79,719-square-foot office building located at 7901 S.W. 6th Court in Plantation. The sales price equates to $232 per square foot. TA Realty sold the asset, according to local media reports. David Duckworth, John Crotty, Michael Fay, Greg Martin and Brian de la Fé of Avison Young arranged the transaction on behalf of the seller. The Green Cos. acquired the asset, which was 98 percent leased at the time of sale. Balfour Beatty Construction is the lead tenant at the building.

July 18, 2018

Acquisitions California Office Western

Colliers Brokers $4.1M Sale of Office Property in Hollywood

by Amy Works July 18, 2018

LOS ANGELES — Colliers International has negotiated the sale of a creative office property located at 6507-6509 De Longpre Ave. in Hollywood. Weinandroses LLC sold the property for $4.1 million, or $949 per square foot. The 4,320-square-foot asset includes an office building and a private writer’s bungalow. Formerly occupied by Go Film, a commercial and television production company, the property features private gated parking and a fully wired security/sound system. Nathan Pellow and Patrick Moody of Colliers’ Los Angeles office represented the seller. The name of the buyer was not released.

July 18, 2018

Acquisitions Illinois Midwest Office

Millennium Brokers $2.6M Sale of Coworking Space in Chicago

by Kristin Harlow July 18, 2018

CHICAGO — Millennium Properties R/E has brokered the sale of a 14,383-square-foot office condo in Chicago’s Central Loop for $2.6 million. The buyer was Rent24, an international co-working company. This location will serve as the company’s third location since it entered the Chicago market in May. The coworking space features a mix of desk stations, private suites and three conference rooms. Recently updated, the unit has a dedicated office entrance, allowing secure access for tenants. Greg Block brokered the sale. The seller was not disclosed.

July 18, 2018

Leasing Activity Office Texas

T-Mobile Signs 29,142 SF Office Lease in Houston, To Become Namesake Tenant

by Taylor Williams July 17, 2018

HOUSTON — T-Mobile has signed a 29,142-square-foot office lease at the 17-story River Oaks Tower in the Greenway area of Houston. As the anchor tenant, the telecommunications giant will occupy three and a half floors and install signage atop the building. The owner of the property, Medistar Corp., will rename it “T-Mobile Tower” and will welcome the company into its new space in early 2019. Tami Pearson of Waterman Steele represented T-Mobile in the lease negotiations. Doug Pack and Sam Hansen of Avison Young represented Medistar.

July 17, 2018

Loans Midwest Nebraska Office

NorthMarq Arranges $14M Acquisition Loan for Office Property in Omaha

by Kristin Harlow July 17, 2018

OMAHA, NEB. — NorthMarq Capital has arranged a $14 million loan for the acquisition of North Park Office in northwest Omaha. The office property spans 177,323 square feet. Steve Ruff of NorthMarq arranged the 25-year loan, which is fully amortized. A life insurance company provided the loan. The borrower was not disclosed.

July 17, 2018

Features Office

Tech, Finance Firms Dominate U.S. Office Leasing, Says Cushman & Wakefield

by John Nelson July 17, 2018

CHICAGO — Tech and financial services firms are the most aggressively expanding office users through the first half of the year, according to a report from Cushman & Wakefield. Of the 144.6 million square feet of absorption closed in the first six months of 2018, the tech industry was responsible for approximately 23 percent. Tech and software firms are investing heavily in their own operations, including expanding in markets they deem necessary to house their staffers. Back in May, Facebook signed a full-building office lease for a 43-story tower under construction in San Francisco. The 764,700-square-foot space will be a much more convenient location for the company’s San Francisco-based employees, who now are shuttling to Facebook headquarters in Menlo Park. Like the Facebook lease, a good portion of the office transactions closed in the first half of the year by tech firms have been larger in scope. Amazon leased 430,000 square feet of office space within W.S. Development’s Seaport project in Boston, and Nokia signed a 350,000-square-foot lease in Dallas within Billingsley Co.’s Cypress Waters mixed-use project. The No. 2 most active office-using industry was the financial services sector, which accounted for roughly 17 percent of all office leasing in …

July 17, 2018

Colorado Market Reports Office Western Western Market Reports

Denver’s Dynamic Office Market Changes Face of Downtown

by Taylor Williams July 17, 2018

Denver’s office market has been riding a wave of expansion, entering its ninth straight year of growth, with net absorption totaling 186,826 square feet in the first quarter of 2018. While vacancy ticked up — ending at 15.9 percent, up from 15.1 percent in the prior quarter and from 14.6 percent one year ago — it is expected to fall over the next several quarters as tenants continue to absorb space in both new and existing buildings. The Denver office market’s impressive expansion has lasted 33 consecutive quarters, resulting in a total of 9.7 million square feet of absorption, 7.4 million square feet of new deliveries and a 409-basis-point plunge in vacancy. The majority of the 9.7 million square feet absorbed between the first quarter of 2010 and the first quarter of 2018 occurred in three key submarkets. This included the Southeast Suburban (SES), Downtown and Northwest (NW) markets, which recorded 3.3 million, 2.9 million and 1.3 million square feet of absorption, respectively. The Downtown market ended the quarter with absorption of 214,317 square feet, and Class A median asking rates were up 39.5 percent from year-end 2009 to $39.76 per square foot. Asking rates in some of the newest …

July 17, 2018

Acquisitions Northeast Office Pennsylvania

Hinerfeld Negotiates $6.4M Sale of Office Building in Scranton

by David Cohen July 16, 2018

SCRANTON, PA. — Hinerfeld Commercial Real Estate has negotiated the sale of the Mount Pleasant Medical and Professional Center in Scranton for $6.4 million. The two-story, 30,750-square-foot office building sits on a three-acre parcel and is located at 521 Mt. Pleasant Drive. Geisinger-Community Medical Center purchased the property. The seller was undisclosed. The building was fully occupied at the time of sale to a tenant roster that includes Valley Oral & Maxillofacial Surgery, Physicians Health Alliance and LabCorp.

July 16, 2018

Illinois Leasing Activity Midwest Office

Snap36 Expands, Relocates Headquarters in Chicago’s Fulton Market

by Kristin Harlow July 16, 2018

CHICAGO — Snap36 has expanded and relocated its headquarters to more than 42,000 square feet at 219 N. Paulina St. in Chicago’s Fulton Market district. Snap36 specializes in product photography. The company’s new space is six times the size of its previous office in a different corner of Fulton Market. Adam McCostlin and Jordan Decker of Cushman & Wakefield represented Snap36 in the lease transaction. Mitch Adams of CBRE represented the undisclosed landlord.

July 16, 2018

Acquisitions California Mixed-Use Office Retail Western

LPC West Buys 57,253 SF Mixed-Use Property Near San Diego for $27.5M

by Amy Works July 16, 2018

DEL MAR, CALIF. — LPC West has acquired Polo Plaza, a mixed-use property located at 3702 and 3790 Via De La Valle in Del Mar, approximately 20 miles north of San Diego. An undisclosed local seller sold the property for $27.5 million. At the time of sale, the two-building 57,253-square-foot property was 92 percent occupied. Ben Tashakorian and Bradley Peters of Marcus & Millichap represented the seller, while LPC West represented itself in the transaction. LPC West plans to renovate the Mediterranean-style office and retail property to include a new paint scheme, monument sign, exterior lighting, furniture and landscaping, as well as complete parking lot upgrades. The renovated property will feature small ExecuOffices and on-site amenities, including a café offering coffee, breakfast and lunch.

July 16, 2018

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