Office

Baker Nears Completion of 62,000 SF Office Redevelopment in Chicago

by Kristin Harlow June 1, 2018

CHICAGO — Baker Development Corp. has completed the exterior construction of 2017 N. Mendell, a 62,000-square-foot office redevelopment in Chicago. The property was formerly an industrial building and will be the first Class A office project completed in the North Branch Industrial Corridor since the adoption of zoning changes last year. Customizable spaces at 2017 N. Mendell, a speculative office development, range from 3,800 to 17,000 square feet. The property will feature a 3,000-square-foot rooftop deck and a dedicated food truck court. Windows will automatically adjust to sunlight to reduce glare and improve temperature control. Baker expects to deliver the first spaces during this quarter. A streamlined interior build-out process, featuring pre-selected options for paint, lighting, flooring and wall partitions, will enable businesses to quickly occupy their space.

June 1, 2018

Leasing Activity New York Northeast Office

CallisonRTKL Signs 10-Year Lease at Woolworth Building in Manhattan

by David Cohen May 31, 2018

NEW YORK CITY — Global design firm CallisonRTKL has signed a 10-year lease at the Woolworth Building at 233 Broadway in Manhattan. Mitchell Konsker and David Dusek of JLL represented CallisonRTKL in the transaction. The Lawrence Group represented the building’s owner, The Witkoff Group. CallisonRTKL signed a 28,096-square-foot lease for the entire 16th floor of the building. Architect Cass Gilbert designed The Woolworth Building, which opened in 1912. From 1912 until 1930, it was the world’s tallest building. The Witkoff Group acquired the property in 1998 and restored the historic building.

May 31, 2018

California Healthcare Loans Office Western

CIT Funds $15.3M Acquisition Loan for Medical Office Building in San Diego

by Amy Works May 31, 2018

SAN DIEGO — CIT Group’s Healthcare Finance business, part of the Commercial Finance division, has funded a $15.3 million loan to finance the purchase of Coast Medical Center, a medical office building in San Diego. The borrower is a joint venture between Kayne Anderson and MB Real Estate. Situated 10 miles from downtown San Diego, the four-story building is occupied by a variety of healthcare tenants offering a range of medical services, including surgery, urology, orthopedics and dentistry.

May 31, 2018

Acquisitions Healthcare Office Washington Western

Colliers Brokers $3M Sale of Medical Office Property in Metro Seattle

by Amy Works May 31, 2018

BOTHELL, WASH. — Colliers International has brokered the sale of The Romero Professional Building, a medical office property located at 19110 Bothell Way NE in Bothell, a northeastern suburb of Seattle. LAIT Bothell LLC sold the property to Bothell RE Venture LLC for $3 million, or $307.88 per square foot. Built in 1987, the property features 9,744 square feet. Current tenants are Bothell Endodontics, Bothell Physical Therapy, Eastwind Acupuncture Clinic and Formo Enterprises. Pat Mutzel and Jeff Jeremiah of Colliers represented the seller, while Derek Heed and Gregg Riva, also of Colliers, represented the buyer in the off-market transaction.

May 31, 2018

Florida Loans Office Southeast

Aztec Group Arranges $5.9M Acquisition Loan for Office Building in Tampa

by Camren Skelton May 31, 2018

TAMPA, FLA. — Aztec Group Inc. has arranged a $5.9 million loan for the acquisition of Westshore Center, a 77,000-square-foot office building located at 405 N. Reo St. in Tampa’s Westshore submarket. Jason Shapiro and Sean Harrington of Aztec Group arranged the seven-year, fixed-rate loan on behalf of the borrower, Reo Center Tampa LLC. The company, which acquired the property for $9.5 million, is led by Allen de Olazarra, who is also chairman and CEO of Commercial Florida Properties and Equitable Real Estate Partners. The three-story building features 25,000-square-foot floor plates, a two-story parking deck and an on-site café. The new ownership plans to renovate and reposition the property.

May 31, 2018

Acquisitions Office Southeast Tennessee

Marcus & Millichap Brokers $4M Sale of Office Building Near Knoxville

by Camren Skelton May 31, 2018

OAK RIDGE, TENN. — Marcus & Millichap has brokered the $4 million sale of Victory Centre, a 38,000-square-foot office property located at 575 Oak Ridge Turnpike in Oak Ridge, roughly 25 miles west of Knoxville. Justin Fenn and Dan Yozwiak of Marcus & Millichap arranged the transaction on behalf of the seller, a partnership, and procured the buyer, a limited liability company. The two-story building was constructed in 2003. At the time of sale, the property was 95 percent leased to eight medical office, legal and consulting firm tenants.

May 31, 2018

Acquisitions New Jersey Northeast Office

NAI Hanson Negotiates Sale of 3,112 SF Office Condo in Northern New Jersey

by David Cohen May 30, 2018

RIVER EDGE, N.J. — NAI James E. Hanson has negotiated the sale of a 3,112-square-foot office condo in River Edge. The condo is located at 63 Grand Ave., a three-story, 10,000-square-foot office building. Darren Lizzack, Randy Horning, and Michael Guerra of NAI Hanson represented the buyer, Dr. Dan S. Landmann, in the transaction. Joe Tormen of Lee & Associates represented the seller, 63 Grand Ave LLC. The buyer was searching for an opportunity to purchase space as a long-term home for his surgery practice currently based in Maywood.

May 30, 2018

Acquisitions Healthcare New York Northeast Office Top Stories

Columbia Property Trust Sells 25-Story Manhattan Office Tower for $332.5M

by David Cohen May 30, 2018

NEW YORK CITY — Columbia Property Trust has sold 222 E. 41st St., a 390,000-square-foot office tower in Midtown Manhattan, for $332.5 million. Commerz Real, the real estate investment management arm of German Commerzbank, purchased the property. CBRE’s capital markets team represented Columbia in the transaction. The building was originally constructed in 2001. Law firm Jones Day occupied the 25-story building from 2007 until 2016. When the Jones Day lease expired, Columbia signed NYU Langone Medical Center to a full-building, 30-year lease. The building has since been converted into a multi-specialty ambulatory care facility that began accepting patients last month. “We were very pleased to secure an esteemed tenant on a long-term lease, which significantly increased the value of the property,” says Nelson Mills, president and chief executive officer of Columbia. “Proceeds will further strengthen our balance sheet in the near term and will eventually be recycled into higher growth investment opportunities.” Following this disposition, Columbia’s portfolio now includes seven New York City properties after the recent purchase of 149 Madison Ave. in November and the acquisition of 245-249 W. 17th St. and 218 W. 18th St. in October. — David Cohen

May 30, 2018

Acquisitions Nevada Office Western

NKF Facilitates $39.7M Sale of 161,924 SF Office Tower in Downtown Las Vegas

by Amy Works May 30, 2018

LAS VEGAS — NKF Capital Markets has brokered the sale of a Class A office tower and adjacent parking structure, located at 302 and 304 E. Carson Ave. in Las Vegas. Highbrook Investors sold the property to an undisclosed buyer for $39.7 million. Kevin Shannon, Brunson Howard, Ken White, David Scherer, Bryan Loewen and Rick Stumm of NKF Capital Markets represented the seller. Constructed in 1965, the 161,924-square-foot property was renovated from 2010 to 2015. Current tenants include Take Two Interactive Software, GSA (Housing and Urban Development), Zappos, an Amazon subsidiary and Flexential (formerly ViaWest). The sale also included the adjacent five-level parking structure.

May 30, 2018

Acquisitions California Industrial Mixed-Use Office Western

Irvine Co. Acquires 127,000 SF Mixed-Use Building in Irvine, California

by Amy Works May 30, 2018

IRVINE, CALIF. — Newport Beach, Calif.-based Irvine Co. has purchased 58 Discovery, a mixed-use building located within Irvine Spectrum in Irvine, for an undisclosed price. Built in 2000, the property features 60 percent office space and 40 percent R&D/warehouse space. Thales Avionics, a long-term Irvine Co. customer, occupies the 127,000-square-foot building. Jeff Cole, Ed Hernandez and Nico Napolitano of Cushman & Wakefield represented the undisclosed seller.

May 30, 2018

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