Office

HFF Arranges $109.8M Sale of, $103.6M Financing for Office Building in San Francisco

by Amy Works May 22, 2018

SAN FRANCISCO — HFF has arranged the sale of a subdivided office condominium interest in 1390 Market St., a transit-oriented office building in San Francisco. Broadreach Capital Partners sold the property to Swift Real Estate Partners for $109.8 million. Michael Leggett, Gerry Rohm, David Dokko, Ben Bullock, Thomas Foley and Austin White of HFF represented the seller and procured the buyer in the deal. Additionally, Jordan Angel and Bercut Smith, also of HFF, arranged a $103.6 million floating-rate loan through Brookfield for the buyer. Located in San Francisco’s Mid-Market, the property features 218,791 square feet of office space and 920 square feet of ground-floor retail space. Originally built in 1967, the property was renovated in 2007. Current tenants include Twitter, Jones Clifford and several branches of the City of San Francisco. The property also includes apartments on the top floors, which were not included in the sale or financing.

May 22, 2018

Acquisitions California Office Western

Voit Real Estate Negotiates $1.5M Sale of Office Building in Chula Vista, California

by Amy Works May 22, 2018

CHULA VISTA, CALIF. — Voit Real Estate Services has arranged the sale of an office building located at 2090 Otay Lakes Road in Chula Vista. Stars Intervention Inc. purchased the building from Pathfinder Otay Holdings, an affiliate of Pathfinder Partners, for $1.5 million. Located within Eastlake Medical and Professional Center, the property features 6,638 square feet of office space. Tracy Clark and Kimberly Clark of Voit Real Estate Services’ San Diego office represented the seller, while Denisse Sanchez of Remax Clarity represented the buyer in the transaction.

May 22, 2018

California Leasing Activity Office Property Type Top Stories Western

Facebook Signs Full-Building Lease for 43-Story Office Tower in San Francisco

by John Nelson May 22, 2018

SAN FRANCISCO — Social media giant Facebook Inc. (NASDAQ: FB) has signed a long-term lease to fully occupy Park Tower at Transbay, a 43-story office tower under construction in San Francisco’s Financial District. According to the San Francisco Business Times, the transaction is the largest office lease in the history of the city and will make Facebook the market’s third-largest tech tenant by square footage. Park Tower is co-owned by MetLife Investment Management, the asset management arm of MetLife Inc. (NYSE: MET), as well as Chicago-based owners and developers The John Buck Co. and Golub & Co. The ownership group plans to deliver the 764,700-square-foot office tower in the fourth quarter of this year. “We’re pleased to welcome Facebook to Park Tower,” says Joel Redmon, San Francisco-based managing director for MetLife Investment Management’s real estate business. “We’ve worked hard to design an office of the future that will facilitate technological innovation and provide a great foundation for Facebook’s future success.” Designed by Goettsch Partners and Solomon Cordwell Buenz, Park Tower at Transbay will feature approximately 26,000 square feet of outdoor and open space that includes 14 sky decks. The project will also feature a three-story, open-air lobby, and about 70 …

May 22, 2018

Acquisitions North Carolina Office Southeast

CBRE Brokers $133.5M Sale of Office Tower in Charlotte’s CBD

by Camren Skelton May 21, 2018

CHARLOTTE, N.C. — CBRE has arranged the sale of 400 South Tryon, a 33-story office tower in Charlotte’s central business district. Funds managed by Oaktree Capital Management LP acquired the property from DRA Advisors and Trinity Capital Advisors. The sales price was not disclosed, but the Charlotte Business Journal reports the building sold for $133.5 million — more than double the price the joint venture paid in 2014. Patrick Gildea, Matt Smith, Will Yowell, Justin Parsonnet and Jay O’Meara of CBRE arranged the transaction on behalf of DRA and Trinity Capital. CBRE’s Harris Ralston, Jeff Ackerman and Jonathan Rice arranged a floating-rate loan on behalf of Oaktree. 400 South Tryon underwent significant renovations during its prior ownership, including a modernized lobby, new restrooms, new fitness center and new street-level retail space. The building was 94.6 percent leased at the time of sale. Companies recently joining the tenant roster include Skillstorm, Document Technologies and Driven Brands.

May 21, 2018

Acquisitions Florida Office Southeast

TerraCap Sells Office Building in Tampa for $21.8M

by Camren Skelton May 21, 2018

TAMPA, FLA. — TerraCap Management LLC has sold Lakeview Center, a 186,300-square-foot office property located at 6700 Lakeview Center Drive in Tampa, for $21.8 million. Joe Rossi, Thevenin Campton and Claire Calzon of Colliers International arranged the transaction on behalf of TerraCap. Miami-based TriOut Advisory Group LLC acquired the asset. Lakeview Center serves as the headquarters for HealthPlan Services Inc., a medical insurance provider. Existing entitlements give TriOut the ability to expand by more than 190,000 square feet, which would allow the company to build other office buildings and parking structures. Originally constructed in 1984, Lakeview Center has undergone more than $3 million in renovations over the past five years, including a new roof, elevator refurbishments, an upgraded HVAC system and a new energy management system.

May 21, 2018

Acquisitions Arizona Office Western

NAI Horizon Brokers $3.2M Sale of Office Building in Surprise, Arizona

by Amy Works May 21, 2018

SURPRISE, ARIZ. — NAI Horizon has arranged the sale of an office building located at 14780 W. Mountain View Blvd. in Surprise. Bellevue, Wash.-based Surprise Mountain LLC sold the property to Scottsdale, Ariz.-based Development Services of America for $3.2 million. Constructed in 1998, the 32,505-square-foot property features 212 parking spaces. At the time of acquisition, the property was 82 percent occupied. Tyler Smith of NAI Horizon, along with Marcus Muirhead of Lee & Associates, represented the seller, while John Cerchiai of Lee & Associates represented the buyer in the deal.

May 21, 2018

Development Office Texas

Trammell Crow to Develop Austin’s Tallest Office Tower

by Taylor Williams May 18, 2018

AUSTIN, TEXAS — Trammell Crow Co. (TCC) will develop a 709,000-square-foot office tower at 200 W. Sixth St. in Austin. The 36-story, Class A building will be the tallest office tower in Austin and include 10,600 square feet of retail and restaurant space. TCC is also redeveloping a nearby building that was built in 1914 into a 25,000-square-foot shopping and dining destination with a 20,000-square-foot urban green space. Construction is expected to begin within the next few weeks with a target completion date of 2021. Online job aggregator Indeed has signed a long-term lease to occupy the top 10 floors, which total approximately 307,000 square feet, at the new building. Page Southerland Page is serving as project architect and DPR is serving as general contractor. CBRE will handle marketing and leasing of the asset.

May 18, 2018

Leasing Activity Office Texas

Fitness Firm to Establish Regional Campus in Plano, Hire 400 Employees

by Taylor Williams May 18, 2018

PLANO, TEXAS — Peloton, a fitness company known for its indoor cycling programs and equipment, will establish a regional campus at Legacy Central, an 84-acre office development in Plano. The company has leased 27,518 square feet at the property, which offers amenities such as a 25,000-square-foot wellness center with a pool, basketball court, climbing wall, 15,000-square-foot conference center and food hall. The company plans to move into its new space during the third quarter and hire as many as 400 new employees over the next few years. Noreen Mehdi Weathers and Baron Aldrine of CBRE represented Peloton in the lease negotiations. Nathan Durham of Transwestern represented the landlord, Regent Properties.

May 18, 2018

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $2M Sale of Office Building in New Jersey

by David Cohen May 18, 2018

RIDGEWOOD, N.J. — Marcus & Millichap has brokered the $2 million sale of a 6,000-square-foot office building in Ridgewood, about 20 miles outside of Manhattan. The property is located at 166 Franklin Ave. near the downtown area.David Thurston of Marcus & Millichap represented the seller and procured the buyer in the transaction, both of which were limited liability companies. Other terms of sale were not disclosed.

May 18, 2018

Leasing Activity Midwest Missouri Office

Multiply, Orion Genomics Sign Office Leases at City Foundry Development in St. Louis

by Kristin Harlow May 18, 2018

ST. LOUIS — Digital publishing and technology firm Multiply and DNA technology company Orion Genomics have signed office leases at City Foundry in St. Louis. Together, the two companies will occupy 30,000 square feet and add almost 100 employees to the development. Previously announced leases at City Foundry include Alamo Drafthouse Theaters, Punch Bowl Social and Fassler Hall. Construction is expected to begin this summer with completion slated for the second half of 2019. Steve Smith is the developer of the $187 million mixed-use project, which involves the adaptive reuse of the former Century Electric Foundry complex. S.M. Wilson is the construction manager and Lawrence Group is the architect.

May 18, 2018

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