Office

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

Acquisitions Colorado Office Western

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

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