Office

Miami-Dade County’s Office Market Fueled by Solid Local Economic Fundamentals

by John Nelson June 11, 2018

Driven by population and job growth, Miami-Dade County is one of the strongest and most sought-after commercial real estate markets in the Southeast. As of February 2018, the county’s unemployment rate stood at 4.7 percent, which, while only a 10-basis point decline from the rate in February 2017, represents continued positive movement. The metro’s economic stability and growing employment base are significant factors when analyzing the tightening office market. Miami-Dade County ended the first quarter with an overall office vacancy rate of 9.67 percent, a 106-basis point decline from the previous year. Also, net absorption was positive with suburban areas such as Airport/Doral, Coral Gables and South Gables/South Miami remaining primary contributors to the county’s growing office sector. The trend continued from 2017, as the year ended strong with nearly 1.5 million square feet of total net absorption countywide. As overall vacancy declines and rental rates rise, development in Miami-Dade remains active with 717,000 square feet under construction, 657,000 square feet of which is being developed within the top five most in-demand submarkets for corporate growth. Projects such as Two MiamiCentral, Giralda Place and Mary Street are redefining South Florida’s office landscape as mixed-use environments become more ubiquitous. Record-Low Vacancy …

June 11, 2018

Leasing Activity Northeast Office Pennsylvania

AmerisourceBergen Signs 400,000 SF Office Lease for New Corporate Headquarters in Conshohocken, Pennsylvania

by David Cohen June 8, 2018

CONSHOHOCKEN, PA.— AmerisourceBergen has signed a 400,000-square-foot office lease at Keystone Property Group’s SORA West site in Conshohocken for its new global headquarters. The site includes a 400,000-square-foot office building, 125-room hotel, 1,500-space parking garage, public spaces and restaurants. Binswanger represented AmerisourceBergen in the lease transaction. Currently headquartered in Chesterbrook, Pa., the company is ranked No. 12 on the Fortune 500 and serves as a partner in the pharmaceutical supply chain for thousands of healthcare providers, veterinary practices, livestock producers and global manufacturers. The new headquarters is expected to house around 1,500 employees.

June 8, 2018

Acquisitions Illinois Midwest Office

Investcorp Sells Ownership Stake in Suburban Chicago Office Tower

by Kristin Harlow June 8, 2018

EVANSTON, ILL. — Investcorp has sold its ownership stake in Orrington Plaza, a 20-story office tower in downtown Evanston. The sales price was not disclosed. Golub & Co., which purchased the asset with Investcorp in 2013, will maintain an ownership stake in the building by co-investing with a new institutional capital partner and will continue to operate, manage and lease the property. Located at 1603 Orrington Ave., the property features 309,000 square feet of office space and 30,000 square feet of retail space. Next of Kinship restaurant and café as well as a full-service JP Morgan Chase branch occupy the retail portion. Paul Lundstedt and Dan Deuter of CBRE represented the sellers. The new capital partner is GEM Realty, according to local media reports.

June 8, 2018

Acquisitions California Office Western

NKF Capital Markets Negotiates $124M Sale of Five-Building Office/R&D Campus in Torrance

by Amy Works June 8, 2018

TORRANCE, CALIF. — NKF Capital Markets has arranged the sale of L3 Technologies Torrance Tech Campus, an office/R&D campus located at 3100 Lomita Blvd. in Torrance. A partnership between Platform Ventures and PMRG sold the property to FRM Associates for $124 million. Situated on 26.7 acres, the five-building campus features 574,010 square feet of space. The campus is 91 percent occupied by L3 Technologies and Torrance Memorial Medical Center. L3 Technologies, which leases 80 percent of the property, recently executed a 15-year lease extension and expanded operations at the facility. Kevin Shannon, Ken White, Scott Schumacher, Eric Lastition and Geoff Ludwig of NKF Capital Markets represented the seller in the deal. NKF Capital Markets’ David Milestone and Brett Green arranged financing for the buyer.

June 8, 2018

Acquisitions Office Washington Western

LaSalle Buys 131,000 SF Office Building in Seattle

by Amy Works June 8, 2018

SEATTLE — LaSalle Investment Management has purchased 202 Westlake, an office building located in Seattle’s South Lake Union neighborhood, for an undisclosed price. Developed in 2013, the six-story, 131,000-square-foot property is a multi-tenant building that caters to technology and life science users. Amazon occupies the building’s entire office component. The balance of the property is leased to four ground-floor retail tenants, including Chipotle Mexican Grill, Umpqua Bank, Kigo Kitchen and Homegrown. On-site amenities include subterranean parking, bike storage, showers, lockers and quick-service food retailers.

June 8, 2018

Acquisitions California Office Western

Genton Cockrum Partners Completes $31M Sale of Creative Office Building in South Pasadena, California

by Amy Works June 8, 2018

SOUTH PASADENA, CALIF. — Genton Cockrum Partners has completed the disposition of Six25 Fair Oaks, a creative office building located at 625 Fair Oaks Ave. in South Pasadena. Greenbridge Investment Partners acquired the property for $31 million. Genton Cockrum Partners originally acquired the property in 2014 for $20 million and repositioned the three-story, 92,547-square-foot property into a creative office space. Chalvis Evans of CBRE handled the transaction.

June 8, 2018

Loans New Jersey Northeast Office

JLL Arranges $32.5M Refinancing for Office Building in Bridgewater, New Jersey

by David Cohen June 7, 2018

BRIDGEWATER, N.J. — JLL Capital Markets has arranged the $32.5 million refinancing for Somerset Corporate Center IV, a 310,000-square-foot office building in Bridgewater. JLL secured the financing through Sterling National Bank on behalf of the owners, SJP Properties and PGIM Real Estate. Located at 400 Somerset Corporate Blvd., Somerset Corporate Center IV is part of the master-planned Somerset Corporate Center. The complex was constructed in 2001 and is made up of five office buildings totaling approximately 1.3 million square feet.

June 7, 2018

Development Office Texas

Paycom Software to Relocate Texas Operations Center to Grapevine

by Taylor Williams June 7, 2018

GRAPEVINE, TEXAS — Paycom Software Inc., an Oklahoma City-based provider of payroll and human resources software, will relocate its Texas operations center to Grapevine, a northern suburb of the Dallas-Fort Worth (DFW) metroplex. The company will occupy a 14-acre site on which a new office building is being developed, with plans to expand in the coming years. Paycom ultimately expects its physical footprint to be able to accommodate as many as 1,000 employees. Construction of the new center will begin in 2019. Paycom plans to move into the new facility in 2020.

June 7, 2018

California Industrial Loans Office Western

iBorrow Provides $17M Loan for Flex R&D and Office Assets in Gardena, California

by Amy Works June 7, 2018

GARDENA, CALIF. — iBorrow has provided a $17 million loan for two properties in Gardena. The name of the borrower was not released. The assets are a two-story, 125,849-square-foot flex/R&D building and an adjacent two-story, 20,916-square-foot office building. Will McCabe of iBorrow originated the loan.

June 7, 2018

Acquisitions California Office Western

Madison Partners Facilitates $14M Sale of 53,410 SF Office Building in Los Angeles

by Amy Works June 7, 2018

LOS ANGELES — Madison Partners has arranged the sale of an office building located at 5955 De Soto Ave. in the Warner Center submarket of Los Angeles. Majestic Asset Management sold the property to a private trust for $14 million, or $262 per square foot. Situated at the corner of De Soto Avenue and Oxnard Street, the two-story building features 53,410 square feet of Class B office space. At the time of sale, the property was 97 percent leased. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, while Chuck Wilson and Brian Chastain of Colliers International, along with Brian Forster of Pacific Partners Commercial, represented the buyer in the transaction.

June 7, 2018

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