Office

Fate of NAFTA, Foreign Trade to Shape Rio Grande Valley Office Market in 2018

by Taylor Williams May 25, 2018

The economy of the Rio Grande Valley (RGV) has always been closely linked to foreign trade. The region’s numerous port markets and its proximity to Mexico — in particular, the robust industrial market of the Mexican border city of Reynosa — have always ensured that international commerce plays a key role in the economic success of the RGV. Manufacturing and distribution have always been major drivers of growth in the RGV. We often analyze the performances of these sectors when gauging the health of the region’s office market, as the performance of the office market tends to trail the performance of the industrial sector, usually by a period of 12 to 18 months. The office market of the RGV consists mostly of small, Class B properties developed in the 1980s and 1990s. There are no true skyscrapers or trophy assets in this region, as office users in the RGV simply don’t demand the level of amenities and quality of space as their counterparts in major markets. Small and steady as the office market may be, it is not immune to the influence of larger political movements. Everyone with a vested interest in RGV commercial real estate is keeping a close …

May 25, 2018

Acquisitions New York Northeast Office

Caspi Development, Mactaggart Family Acquire Office Building in Williamsburg for $18.8M

by David Cohen May 24, 2018

NEW YORK CITY — Caspi Development and Mactaggart Family & Partners LP have acquired 134-136 Broadway, a 23,064-square-foot, six-story office building in the Williamsburg neighborhood of Brooklyn. The sales price was $18.8 million. Michael Sherman of The Manhattes Group represented the buyers in the transaction. The seller was 134-136 Broadway LLC. Caspi and Mactaggart intend to turn the property into a boutique office building for high-tech and creative office tenants.

May 24, 2018

Leasing Activity Midwest Office Wisconsin

Spaces Signs 43,000 SF Office Lease in Downtown Milwaukee

by Kristin Harlow May 24, 2018

MILWAUKEE — Spaces has signed a 43,000-square-foot office lease at 1433 N. Water St. in downtown Milwaukee. This will be the first Milwaukee location for the co-working company. The fourth- and fifth-floor space will feature a business club, private offices and desks. Members will also have access to a rooftop patio, meeting rooms and other amenities. A project of Wangard Partners, the 115,600-square-foot property is a redevelopment of the former Laacke & Joys building. John Mazza and Alyssa Geisler of CBRE represented Wangard Partners in the lease transaction. Michael Streit and Patrick Savoie of JLL represented Spaces.

May 24, 2018

Development Office South Carolina Southeast

Mortgage Company to Relocate Headquarters to New $34M Office Building Near Charlotte

by Camren Skelton May 24, 2018

FORT MILL, S.C. — RoundPoint Mortgage Servicing Corp. will expand and relocate its headquarters from Charlotte, N.C., to a new $34 million office building in Fort Mill, a South Carolina suburb of Charlotte. The new facility will bring 1,100 new jobs to the area upon completion in the third quarter of 2019. Dan Woodley of Savills Studley arranged the 150,000-square-foot, build-to-suit deal on behalf of RoundPoint. The new building will be located within Southbridge Business Park, a 350-acre property owned by Lincoln Harris and Cato. The RoundPoint building is the first planned new construction of the Southbridge development since the joint venture acquired the property in 2014. The South Carolina Coordinating Council for Economic Development approved job development credits, as well as a $500,000 Set Aside grant to York County to assist with the costs of site preparation and building construction. Founded in 2007, RoundPoint is a fully licensed agency and non-agency subservicer for commercial banks, credit unions, mortgage companies and hedge funds.

May 24, 2018

Acquisitions Nevada Office Western

Commercial Executives Real Estate Arranges $1.8M Sale of Office Space in Las Vegas

by Amy Works May 24, 2018

LAS VEGAS — Commercial Executives Real Estate Services has brokered the sale of a professional office space located at 1120 Shadow Lane in Las Vegas. Shadow Lane Property sold the building to Moorea Holdings LLC for $1.8 million. The property features 9,800 square feet of office space. Soozi Jones Walker and Bobbi Miracle of Commercial Executives Real Estate Services represented the seller in the deal.

May 24, 2018

Industrial Loans Midwest Office Ohio

KeyBank Originates $125M CMBS Loan for Refinancing of 2.7 MSF Industrial, Office Portfolio

by Kristin Harlow May 23, 2018

CLEVELAND — KeyBank Real Estate Capital has originated a $125 million CMBS loan for the refinancing of Griffin Capital Essential Asset REIT II, a four-property commercial real estate portfolio. The properties total 2.7 million square feet and include two industrial buildings and two office buildings. The properties are located in Columbus, Ohio; Chicago; Las Vegas; and Birmingham, Ala. Randy Martin of Cleveland-based KeyBank originated the 10-year loan. In addition to KeyBank’s loan, Bank of America NA provided $125 million in CMBS financing.

May 23, 2018

Acquisitions California Office Western

Coretrust Capital Acquires 640,000 SF Office Campus in Pasadena, California

by Amy Works May 23, 2018

PASADENA, CALIF. — Coretrust Capital Partners, through its investment fund Coretrust Value Fund I, has purchased Corporate Center Pasadena, a four-building office campus located at 201, 225, 251 and 283 S. Lake Ave. in Pasadena. The acquisition price was not disclosed. The 640,000-square-foot property features 40,000 square feet of retail space, a 60,000-square-foot plaza and more than 2,000 parking stalls. Coretrust acquired the campus from an ownership group that controlled the property for more than 30 years. The buyer plans to invest more than $90 million in renovations to the property. Renovations include upgrading the buildings with state-of-the-art technologies; creating inviting public spaces, including plazas, gardens and terraces; updating all lobbies; modernizing elevators; and adding on-site tenant serving businesses.

May 23, 2018

Arizona Development Office Western

Lincoln Property Co., Harvard Investments Selected to Build 1.35 MSF Office Project in Mesa, Arizona

by Amy Works May 23, 2018

MESA, ARIZ. — The Mesa City Council has selected Lincoln Property Cos. and Harvard Investments to develop 28.2 acres of city-owned land in the Riverview mixed-use district of Mesa. Upon completion, the “Union” project will bring 1.35 million square feet of Class A office space to the district. Union will include four buildings ranging from four to eight stories and fro 225,000 square feet to 450,000 square feet. Each building will feature large and open floorplates and high ceilings. Constructed in phases, the first building will be the four-story, 225,000-square-foot Building A located at the northwest corner of the property, followed by Buildings B and C, totaling up to six stories and 337,500 square feet. The final building, Building D, will feature eight stories and 450,000 square feet. Construction on Building A is slated to begin in 2019. DAVIS is the project architect, and Layton Construction Co. is serving as the general contractor. Dave Carder and Scott Boardman of Cushman & Wakefield are exclusive leasing brokers for the project.

May 23, 2018

Development Georgia Office Southeast

Zeller Realty Group Unveils Renovation Plans for 620,000 SF Office Tower in Downtown Atlanta

by Camren Skelton May 23, 2018

ATLANTA — Zeller Realty Group (ZRG) has unveiled its renovation plans for 100 Peachtree, a 620,000-square-foot, Class A office tower in downtown Atlanta. ZRG — which is a tenant at the building — has partnered with architecture firm Gensler to redesign the property’s amenity spaces. Renovations call for a modernized lobby, new outdoor gathering spaces, soft seating, an interactive screen, public art installations, interactive conference center, tenant lounge and an upgraded fitness center. In addition, ZRG will work with Georgia’s Own Credit Union — also a 100 Peachtree tenant — and Skanska USA to bring the first digital building-top signage to Atlanta. The 174-foot long digital sign will display Georgia’s Own Credit Union’s logo on an energy-efficient, LED sign, as well as community-oriented messages promoting local and charitable events. Amenity upgrades at 100 Peachtree are expected to be completed in early 2019, and the new digital building-top signage is set to be unveiled in time to welcome fans to Atlanta for Super Bowl LIII. In addition to ZRG and Georgia’s Own Credit Union, 100 Peachtree is home to The Boston Consulting Group, which occupies 60,000 square feet.

May 23, 2018

Leasing Activity New York Northeast Office

Spaces to Open Third New York City Co-Working Location at 230 Park Avenue

by David Cohen May 22, 2018

NEW YORK CITY — Creative working environment Spaces will open its third location in New York City on May 29 at 230 Park Ave. Spaces 230 Park Avenue will provide a 54,000 square-foot creative co-working environment for businesses and will feature a 4,000-square-foot business club as well as private rooms and dedicated desk space. The location joins Spaces 1740 Broadway and Spaces Long Island City as the third Spaces location in New York City. Additional Spaces locations are planned for Hudson Yards, Brooklyn and Staten Island. The Spaces workspace model lets startups, small business owners and more established entities focus on growing their companies without the distraction of office logistics.

May 22, 2018

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