Office

HFF Arranges $59.6M Refinancing for Office Complex in Skokie, Illinois

by Kristin Harlow June 13, 2018

SKOKIE, ILL. — HFF has arranged a $59.6 million refinancing for Old Orchard Towers in Skokie in suburban Chicago. The 349,814-square-foot Class A office complex consists of two seven-story towers. Located at 5202 and 5250 Old Orchard Road, the property is approximately 13 miles from Chicago O’Hare International Airport. The towers are 91 percent leased to 16 tenants, including National Louis University, healthcare consultant Sg2 and management consulting firm Kaufman, Hall & Associates. The property also includes a vacant 2.5-acre parcel for future development. Christopher Carroll of HFF represented the borrower, Zeller Realty Group. Ares Commercial Real Estate Corp. provided the three-year loan.

June 13, 2018

California Loans Office Top Stories Western

Broadreach Secures $150M Financing for Google Build-to-Suit Office Building in Mountain View, California

by David Cohen June 13, 2018

MOUNTAIN VIEW, CALIF. — Broadreach Capital Partners has secured $150 million in financing for 1625 Plymouth, a 245,738-square-foot, build-to-suit office development in the North Bayshore submarket of Mountain View. The property is 100 percent pre-leased to Google Inc. The closing of the loan coincided with the completion of construction of the shell of the building and delivery to Google for a tenant improvement build-out. The highly amenitized, LEED Platinum certified building will feature multiple outdoor deck spaces for functions and activities. HFF arranged the fixed-rate, permanent loan through the New York State Teachers Retirement System (NYSTRS). “Working with the team at Broadreach Capital Partners and assisting them in securing a new relationship with NYSTRS was a tremendous opportunity and we are excited to watch the continued progress on site as the tenant completes its work and occupies this best-in-class office building,” said Bruce Ganong, senior managing director at HFF. Architecture firm WRNS Studio designed the building. Broadreach Capital Partners is a Palo Alto-based real estate investment firm focused on development, acquisitions and asset management of commercial real estate in the Western states. — David Cohen

June 13, 2018

Development Illinois Midwest Office

Construction Begins at Innovation and Research Park at Rosalind Franklin University in North Chicago

by Kristin Harlow June 12, 2018

NORTH CHICAGO, ILL. — Construction is underway at the new Innovation and Research Park at Rosalind Franklin University of Medicine and Science in North Chicago. Academic and industry scientists and entrepreneurs will use the property to translate the university’s biomedical research into new treatments for disease. The university hired Cushman & Wakefield to attract international and national bioscience companies to the new science park. The four-story, 100,000-square-foot addition to the campus will feature laboratories as well as conferencing and office space for faculty, commercial startups, and healthcare and life science companies. The University Finance Foundation and Gateway Development completed the $53 million financing for the expansion late last year. Completion is expected by summer 2019.

June 12, 2018

Acquisitions Office Southeast Tennessee

CBRE Brokers $43.3M Sale of 20-Story Office Tower in Nashville’s CBD

by Camren Skelton June 12, 2018

NASHVILLE, TENN. — CBRE has arranged the sale of 4th & Church, a 20-story office tower located at 201 4th Ave. N. in Nashville’s central business district. Stolz Real Estate Partners acquired the property from Albany Road Real Estate Partners. The sales price was not disclosed, but the Nashville Business Journal reports the building sold for $43.3 million. CBRE’s Jay O’Meara, Douglass Johnson, Justin Parsonnet and Morgan Hillenmeyer arranged the transaction on behalf of Albany. ServiceSource, a cloud-based software firm, anchors the building, which was 92 percent leased at the time of sale. Additional tenants include IQTalent Partners, Nashville City Club, Leitner Williams Dooley Napolitan and Parker Lawrence Cantrell & Smith. The building was fully renovated in 2008, and lobby renovations were completed in 2016.

June 12, 2018

Acquisitions Office Southeast Virginia

Velocis, Altus Realty Acquire 505,085 SF Office Complex in Metro D.C.

by Camren Skelton June 12, 2018

TYSONS, VA. — Velocis, in partnership with Altus Realty, has acquired Greensboro Park, a two-building, 505,085-square-foot office complex located at 8180 and 8200 Greensboro Drive in Tysons, roughly 16 miles west of Washington, D.C. CBRE arranged the transaction on behalf of the seller, an affiliate of Beacon Capital Partners LLC. The sales price was not disclosed. Greensboro Park includes one 11-story and one 14-story building, which were collectively 83 percent leased at the time of sale. Amenities include a fitness center, conference center, tenant lounge and an on-site café. Located within walking distance to the Greensboro Metro Station and Tysons Galleria, the property is situated adjacent to The Boro, a mixed-use development. The previous ownership renovated Greensboro Park in 2015, and Velocis and Altus plan to further renovate the building’s lobbies, common areas, restrooms and green space. JLL will manage the property.

June 12, 2018

Acquisitions Florida Office Southeast

HFF Arranges $23.7M Sale of Five-Story Office Building in South Florida

by Camren Skelton June 12, 2018

BOCA RATON, FLA. — HFF has arranged the $23.7 million sale of 900 Broken Sound Parkway, a 115,986-square-foot office building in Boca Raton. The property is located within The Park at Broken Sound, a 700-acre mixed-use community. Hermen Rodriguez, Ike Ojala and Tracey Goo of HFF arranged the transaction on behalf of the seller, a partnership between Mainstreet Capital Partners and an investment fund managed by The Davis Cos. HFF also procured the buyer, a partnership between local investors and a national investment fund. Originally constructed in 1989, the five-story building was renovated in 2015 and was 79.4 percent leased at the time of sale to tenants including CSL Plasma and Geosyntec. NAI Merin Hunter Codman will manage the property and handle the building’s leasing assignment.

June 12, 2018

Development New York Northeast Office

Silverstein Properties Celebrates Opening of 3 World Trade Center

by David Cohen June 12, 2018

NEW YORK CITY — Real estate development firm Silverstein Properties has officially opened 3 World Trade Center, New York City’s fifth-tallest tower, with a ribbon-cutting ceremony June 11. The 80-story, 2.5 million-square-foot office building is the second-to-last tower to open on the 16-acre site. The building will welcome more than 6,000 new employees to Lower Manhattan this year. Located at 175 Greenwich St., 3 World Trade Center was designed by architecture firm Rogers Stirk Harbour + Partners and features a reinforced concrete core encased by a steel structure.Advertising media company GroupM will anchor the building. Other tenants who have signed leases include stock exchange company IEX and management consulting firm McKinsey & Co. The building will also feature 216,000 square feet of retail space, spanning five floors.

June 12, 2018

Company News Office Texas

Friedman Expands Into Texas, Opens Houston Office

by Taylor Williams June 11, 2018

HOUSTON — Friedman Real Estate, a full-service real estate firm that manages more than 140 commercial properties across the country, has opened a new office at 333 Cypress Run in Houston. The location will be the company’s seventh regional office and first in Texas. Mark Zeidman, vice president of brokerage services, will oversee the new office.

June 11, 2018

Acquisitions Office Texas

NewQuest Brokers Sale of 4,100 SF Office Building in Houston

by Taylor Williams June 11, 2018

HOUSTON — NewQuest Properties has brokered the sale of a 4,100-square-foot office building located in the River Oaks/Montrose area of Houston. The property will serve as the new headquarters for oil and gas firm Pioneer Exploration LLC. Austen Baldridge and Brad Elmore of NewQuest represented the buyer of record, State Venture LLC, in the transaction. Mark Nicholas and Cliff West of JLL represented the seller, Canret LLC.

June 11, 2018

Acquisitions New Jersey Northeast Office

PCCP, Vision Real Estate Acquire 66-Acre Office Campus in Morris Plains, New Jersey

by Jeff Shaw June 11, 2018

MORRIS PLAINS, N.J. — PCCP and Vision Real Estate Partners have acquired 185 and 201 Tabor Road in Morris Plains, about 20 miles west of Newark. The purchase price was not disclosed. The 66-acre office campus is comprised of two properties. Built in 2006, 185 Tabor Road is a 240,000-square-foot Class A office building. Constructed in phases from the 1950s to the 1990s, 201 Tabor Road is a series of Class B and C buildings totaling 644,000 square feet. The buyers plan to demolish the existing structure and redevelop the site at 201 Tabor Road. The previous occupant, Johnson & Johnson, was the seller. John Alascio, Sridhar Vankayala and Noble Carpenter III of Cushman & Wakefield acted as exclusive advisor to Vision Real Estate Partners in arranging joint venture equity for the acquisition.

June 11, 2018

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