Office

CIM Group Acquires Two-Building Office Campus in Downtown Denver for $189M

by Amy Works May 18, 2018

DENVER — Los Angeles-based CIM Group has purchased LoDo Towers, an office campus located in Lower Downtown (LoDo) Denver. According to the Denver Business Journal, Chicago-based Zeller Realty Group sold the property at 1331 17th St. for $103 million and the building at 1401 17th St. for $86 million, or a combined $189 million. The campus includes a 13-story, 220,000-square-foot building with 17,000-square-foot floorplates, and a 16-story, 190,000-square-foot property with 13,000-square-foot floorplates. This is CIM Group’s first acquisition in Denver.

May 18, 2018

Acquisitions California Healthcare Mixed-Use Office Restaurant Retail Western

NKF Capital Markets Brokers $97.1M Sale of Mixed-Use Property in La Jolla

by Amy Works May 18, 2018

LA JOLLA, CALIF. — NKF Capital Markets has brokered the sale of The Campus on Villa La Jolla, a five-building mixed-use campus located at 8910 and 8980 Villa La Jolla Drive in La Jolla. GPI Cos. acquired the campus from La Jolla Village Professional Center Associates for $97.1 million. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of NKF Capital Markets represented the seller in the deal. The buyer was self-represented. Situated on 6.8 acres, the 198,453-square-foot campus features a three-building professional center with office and medical tenants; a stand-alone medical office building; and a restaurant building fully occupied by Rock Bottom Brewery & Restaurant. At the time of sale, the property was 83 percent occupied. More than half of the campus is leased to the Regents of the University of California. The University of California, San Diego’s main campus is physically connected to the property via a walking bridge that passes over La Jolla Village Drive.

May 18, 2018

California Loans Office Western

CBRE Secures $71.5M in Financing for Office Campus in San Jose

by Amy Works May 18, 2018

SAN JOSE, CALIF. — CBRE Capital Markets’ Debt & Structured Finance has secured $71.5 million in refinancing for The Junction at Montague, a four-building office and R&D campus in North San Jose. The borrower is a joint venture between Rockwood Capital and Four Corners Properties. Brad Zampa, Mike Water and Megan Woodring of CBRE’s San Francisco office arranged the five-year, floating-rate bridge financing at a spread over the 30-day LIBOR on behalf of the borrower. A national mortgage REIT focused on investing in larger, West Coast value-add debt opportunities provided the capital. Located at 2520, 2560 and 2580 Junction Ave. and 541 E. Trimble Road, the 16-acre campus features a total of 262,110 square feet of space. Current tenants include Infineon Technologies AG, a semiconductor design/manufacturing firm, and Avnet, a distributor of electronic components and subsystems.

May 18, 2018

Loans New York Northeast Office

Houlihan-Parnes Secures $30M Refinancing for Office Building in Tarrytown

by David Cohen May 17, 2018

TARRYTOWN, N.Y. — Houlihan-Parnes Realtors and GHP Office Realty have secured $30 million in refinancing for a Class A office building located at 660 White Plains Road in Tarrytown. GHP Office Realty, Houlihan-Parnes Realtors and RD Management purchased the building in 2017. The loan was structured into two facilities to preserve an existing below-market rate and provide for additional funds to complete all renovations and tenant build-outs. The loan is for a term of 12 years with the initial rate fixed for seven years. The 296,780-square-foot office building is currently 98 percent occupied with a tenant roster that includes Prestige Brands, ENT and Allergy Associates, and KeyBank National Association.

May 17, 2018

Leasing Activity New York Northeast Office

Law Firm Blank Rome Signs 138,000 SF Lease in Midtown Manhattan

by David Cohen May 17, 2018

NEW YORK CITY — Rockefeller Group has signed Blank Rome to a 138,000-square-foot office lease at 1271 Avenue of the Americas. Blank Rome will occupy floors 15 through 17, as well as part of the 14th floor. The law firm plans to relocate from the Chrysler Building in 2019. Ken Rapp, David Kleinhandler, Tim Dempsey and Zachary Weil of CBRE represented Blank Rome in the transaction. Built in 1959, the 48-story skyscraper was originally designed by Harrison & Abramovitz & Harris, the architects for all of Rockefeller Center. 1271 Avenue of the Americas is currently undergoing extensive renovations designed by the architectural firm Pei Cobb Freed & Partners. The project began in 2016 and is slated to be complete by the end of 2019. Major League Baseball and Mizuho Americas have also recently signed leases at the building.

May 17, 2018

Office Texas

Amazon Passes on Globe Life Park in Arlington as Site for $5B HQ2

by Taylor Williams May 17, 2018

ARLINGTON, TEXAS — The City of Arlington has announced that is it “no longer moving forward” with its bid to land Amazon’s new headquarters, a project that is expected to generate $5 billion in local investment and create 50,000 high-paying jobs. The city, which was one of several municipalities in the DFW metro to submit proposals, had offered the Seattle-based e-commerce giant roughly $921 million in incentives, including a 100 percent real and business personal property tax abatement for 10 years. City officials pitched Globe Life Park, the current home of the Texas Rangers, as the site for HQ2, highlighting the property’s size of 200-plus acres, infrastructure that was already in place and proximity to a major international airport. A new ballpark, Globe Life Field, is being developed for the Rangers in Arlington and is scheduled to open for the 2020 season. Arlington Mayor Jeff Williams told CNN that Amazon was “looking for a more advanced urban setting,” which contributed to its decision to pass. Other sites within the metroplex are still in the running for HQ2.

May 17, 2018

Leasing Activity Midwest Office Wisconsin

ISG to Move into WaterMark Building in Downtown Green Bay, Wisconsin

by Kristin Harlow May 17, 2018

GREEN BAY, WIS. — Architecture, engineering, environmental and planning firm ISG is moving into the WaterMark building in downtown Green Bay. The firm will occupy 14,000 square feet. ISG is currently designing its new space on the third floor and anticipates a September 2018 move-in. After acquiring Raasch Associates in September 2016, ISG has grown its Green Bay presence by more than 40 percent. Three Sixty Real Estate Solutions LLC developed the six-story WaterMark building, which anchors the CityDeck, a community venue for dining and outdoor concerts.

May 17, 2018

Leasing Activity New York Northeast Office

Cushman & Wakefield Arranges 90,000 SF of Leases at Office Tower in White Plains

by David Cohen May 16, 2018

WHITE PLAINS, N.Y. — Cushman & Wakefield has arranged two new leases and six lease renewals totaling 90,000 square feet at the Westchester One, a 21-story, 907,000-square-foot office tower in White Plains. The property is located at 44 S. Broadway in the central business district of White Plains. Cushman & Wakefield served as the exclusive leasing agent for building owner Argent Ventures. The two new leases included a 9,982-square-foot lease for nursing agency Senior Home Care and a 3,286-square-foot lease for Cognetic Capital Advisors. The renewals included a 46,682-square-foot lease by insurance broker Willis Towers Watson; a 17,728-square-foot lease by French banker Societe Generale; and an 8,974-square-foot lease by Trans-Continental Credit and Collection. Additionally, software company Nexant will relocate from the fourth floor to 5,951 square feet on the fifth floor. Argent Ventures is in the process of a multi-million-dollar capital improvement plan that will include an expanded and updated cafeteria, enhanced lobby finishes, parking garage renovations and elevator upgrades.

May 16, 2018

Development Office Texas

Worth Breaks Ground on 76,000 SF Office Building in San Antonio

by Taylor Williams May 16, 2018

SAN ANTONIO — Worth & Associates has broken ground on Inwood Village I, a two-story office building in San Antonio that will total approximately 76,000 square feet. The Class A property will consist of 23 suites ranging in size from 1,500 to 3,000 square feet. Amenities will include a common break room and conference room for all tenants, as well as an outdoor patio and deck. Occupancy is slated for December. The property will be part of the Inwood Village development, which at full build-out will total roughly 148,000 square feet of office space across two buildings.

May 16, 2018

Acquisitions Office Texas

CBRE Arranges Sale of 29,150 SF Office Asset in Uptown Dallas

by Taylor Williams May 16, 2018

DALLAS — CBRE has arranged the sale of 4525 Lemmon Avenue, a 29,150-square-foot office asset located in the Uptown/Turtle Creek area of Dallas. The property was 90 percent leased at the time of sale to tenants such as Dallas Yoga Center and Guaranteed Fitness. David Glasscock of CBRE represented the seller, Pastoral Counseling Center, which will lease back 10,456 square feet at the property. Randy Horowitz of SHOP Cos. and Harrison Horowitz of Oxford Capital Partners represented the buyer, Windward Partners VII.

May 16, 2018

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