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AcquisitionsMassachusettsOfficeTop Stories

TA Realty Arranges $418M Sale of Office Tower in Boston’s Financial District

by Camren Skelton

BOSTON — TA Realty LLC has arranged the $418 million sale of 28 State Street, a 40-story office tower located at the intersection of Congress and State streets in Boston’s Financial District. A joint venture between Rockefeller Group U.S. Premier Office Fund LP and Mitsubishi Estate New York sold the asset to a domestic institutional investor. The building includes 572,000 square feet of office space, and was 95 percent leased at the time of sale to financial services and law firms. In addition, 28 State Street includes 7,000 square feet of retail space. TA Realty managed the building and provided advisory services on behalf of the joint venture, helping the ownership group enhance the property’s value through operational and capital improvements. “The asset quality and ideal location together with strong market fundamentals made 28 State Street a highly compelling acquisition opportunity,” says Jim Raisides, partner at TA Realty. “We believe the purchase price reflects the value we helped create over the ownership period.” Designed by Emery Roth & Sons and originally constructed in 1968, 28 State Street was completely renovated in the late 1990s. Enhancements were made to the building’s infrastructure and systems, lobby and outdoor spaces. The tower is one …

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Leasing ActivityNew JerseyNortheastOffice

Mack-Cali Realty Signs Plymouth Rock to 12-Year, 130,000 SF Lease in Woodbridge, New Jersey

by David Cohen

WOODBRIDGE, N.J. — Mack-Cali Realty Corp. has signed Plymouth Rock Insurance to a 12-year, 130,000-square-foot lease at Mack-Cali’s office complex in Woodbridge, located at 581 Main St. After the transaction, the eight-story, 200,000-square-foot property is now fully leased. Mack-Cali recently completed a capital improvements program at the property, which included upgrades to the entryway, lobby, fitness center, café, conference room and exterior landscaping. As an additional amenity, Mack-Cali recently partnered with Uber and will pay $10 towards rides for tenants to and from the complex during commuting hours. Toni Casiano of Mack-Cali represented the company in lease negotiations while Sam Horowitz of Colliers International represented Plymouth Rock. Cushman & Wakefield served as the exclusive leasing agent for the property.    

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AcquisitionsCaliforniaDevelopmentIndustrialOfficeWestern

Kilroy Realty Purchases 2.5 MSF Life Science Development Site in South San Francisco for $308M

by Amy Works

SOUTH SAN FRANCISCO, CALIF. — Kilroy Realty Corp. has completed the acquisition of a development site, located at the intersection of Oyster Point and Marina boulevards in South San Francisco, for $308 million. The site is fully entitled for 2.5 million square feet. Kilroy Realty plans to develop Kilroy Oyster Point, a multi-phased life science development, on the site. Upon build out, the laboratory and office campus will encompass 11 buildings across the nearly 40-acre waterfront site.

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AcquisitionsMichiganMidwestOffice

Lutz, Northern Equities Acquire Historic Albert Kahn Building in Detroit, Plan Redevelopment

by Kristin Harlow

DETROIT — Lutz Real Estate Investments and Northern Equities Group have acquired the historic Albert Kahn Building in Detroit’s New Center, a commercial and residential historic district. The price was undisclosed. The 320,000-square-foot office building, once home to Saks Fifth Avenue, will be converted into 200 apartment units and 60,000 square feet of retail and office space. Kraemer Design Group is the design firm and Cunningham Limp is the general contractor. Brian Raznick of Jaffe Raitt Heuer & Weiss represented the partnership in the transaction. Q10 | Lutz Financial Services secured the acquisition and renovation financing from a West Coast-based lender that had been actively looking for Detroit financing opportunities. A.J. Weiner and Anne Knopke of JLL brokered the sale. The Platform acquired the 10-story Albert Kahn Building in 2015 in a package deal with the landmark Fisher Building.

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AcquisitionsMidwestMinnesotaOffice

LaSalle Acquires 222,000 SF Office Property in Downtown Minneapolis

by Kristin Harlow

MINNEAPOLIS — LaSalle Investment Management has acquired T3, a 222,000-square-foot office property in downtown Minneapolis. Neither the purchase price nor the seller was disclosed. Built in 2016, T3 is located within the North Loop submarket. Amazon occupies approximately half of the property under a long-term lease.

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AcquisitionsIllinoisMidwestOffice

NAI Hiffman Arranges Sale of 165,000 SF Office Complex in Chicago

by Kristin Harlow

CHICAGO — NAI Hiffman has arranged the sale of InterPark Corporate Center in Chicago for an undisclosed price. The 12-building, 165,000-square-foot office complex is situated on seven acres. Jonathan Berger of Berger Asset Management LLC purchased the property from AREI (InterPark) LLC with plans to revitalize and reposition the asset. Plans call for a new fitness center, conference and lounge space and bike share program. The property will be renamed Concourse Chicago and is expected to reopen this fall. John Cash, Art Burrows, David Haigh and Steve Chrastka of NAI Hiffman brokered the transaction.

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AcquisitionsIllinoisMidwestOffice

Retail Properties of America Sells Office Complex in Schaumburg, Illinois for $86.6M

by Kristin Harlow

SCHAUMBURG, ILL. — Retail Properties of America Inc. (NYSE: RPAI) has sold Schaumburg Towers in suburban Chicago for $86.6 million. The former Zurich headquarters was the company’s one remaining office complex. American Landmark Properties purchased the 882,071-square-foot asset, which spans two buildings. The property is currently 48 percent leased. Dan Rosenberg and Matt Terpstra of Cohen Financial, a division of SunTrust Bank, secured a $110 million acquisition loan from a dual partnership of lenders, including Prime Finance Partners and Pearlmark Real Estate Partners. Cohen Financial partnered with Steve Roth of CBRE to secure the financing, which closed on June 1. American Landmark will utilize the financing to acquire the asset as well as complete capital improvements and expand tenancy.

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AcquisitionsOfficeUtahWestern

Muller Co., Cerberus Capital Acquire 924,634 SF Office Campus in Utah

by Amy Works

OREM, UTAH — The Muller Co. and an affiliate of Cerberus Capital Management have acquired Canyon Park Technology Center, an office campus in Orem, for an undisclosed price. Built between 1988 and 1992, the 924,634-square-foot campus consists of 14 one-, two- and three-story buildings situated on 85 acres. The property features spaces ranging from 100 square feet to 60,000 square feet, and it was 54 percent leased at the time of sale. WordPerfect Corp. leases a portion of the campus for its headquarters. The buyers plan to upgrade the common areas and grounds with new lobbies, restrooms and tenant amenities, including a dedicated amenity center featuring a lounge and game room, café and gym facilities.

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DevelopmentIllinoisMidwestOffice

McDonald’s Opens New Global Headquarters in Chicago’s West Loop

by Kristin Harlow

CHICAGO — McDonald’s Corp. has opened its new corporate headquarters in Chicago’s West Loop neighborhood. The move marks a return to Chicago where the company was headquartered from 1955 to 1971. McDonald’s was most recently headquartered in Oak Brook, Ill. In addition to the approximately 2,000 employees based there, the property will house the flagship Hamburger University location, providing state-of-the-art learning for the company’s employees and future leaders. The new headquarters features open floor plans, a 700-person conference center, work cafe, fitness center and outdoor terraces. The ground floor is home to a one-of-a-kind McDonald’s restaurant that features a rotating menu of favorites from around the globe. Sterling Bay developed the building, while Gensler served as architect of record. IA Interior Architects and Studio O+A designed the interiors. McHugh & ECI Executive Construction Inc. were the general contractors.

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McKenzie-Building-Reno
Market ReportsNevadaOfficeWesternWestern Market Reports

Reno’s Office Market Successfully Rebounds From The Great Recession

by Taylor Williams

I have had the pleasure of selling commercial office space in Northern Nevada for nearly 15 years. During this time, I saw the peak of the market from 2003 to 2008 wherein construction was at an all-time high, lease rates were reaching unseen heights and absorption was setting records. Then we all got to experience the Great Recession from 2008 through 2012. This saw nearly half of the buildings that were constructed during the previous peak become empty. Vacancy rates hit 20 percent, lease rates dropped to levels well below where they were in 2003, and construction came to a screeching halt. Then, magically, at the beginning of 2013 the economy took a turn and the Northern Nevada office market began its recovery. This was expedited in 2014 with Tesla making its announcement of the Gigafactory in the Tahoe Reno Industrial Center and the Tesla Effect created a national buzz that hasn’t slowed. Unfortunately, this has created a new problem. The Reno office market sits at 10.1 percent vacancy, down from 20.7 percent during the recession, as net absorption has been positive year over year since 2012. The absorption has been primarily in second-generation space as there has been relatively …

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