HOUSTON — Private direct lender iBorrow has provided a $6 million loan for a two-story, 41,989-square-foot coworking office building located at 1512 Center St. N. in Houston. The loan will be used to renovate the property. Upon completion, the building will offer 50 open coworking spaces, 20 dedicated desks, 134 private offices and 40 parking spaces. The borrower was not disclosed.
MADISON, WIS. — Spaces, a coworking company, has leased 34,000 square feet at the Gebhardt Building at 811 E. Washington Ave. in Madison. The newly constructed building is now fully leased. The eight-story property spans nearly 170,000 square feet. Scheduled to take occupancy in early 2019, Spaces will join Google as an anchor tenant at the property. Spaces will be located on the third through fifth floors. The property also features a 45,000-square-foot music venue and a 7,300-square-foot brewpub. JLL represented Spaces in the lease transaction. Key Commercial Real Estate represented the owner, Gebhardt Development.
NEW YORK CITY — New York Life Real Estate Investors has provided a $75 million mezzanine loan for Park Avenue Plaza, a 1.1 million-square-foot office tower in Manhattan’s Plaza District. A joint venture between Fisher Brothers and Sungate Park Avenue Trust owns the property. Mark Youngof New York Life Real Estate Investors’ New York Regional Officearranged the fixed-rate loan, which has a term of seven years.
MT. PLEASANT, S.C. — Holder Properties is underway on Portside, a 120,000-square-foot office building located within Ferry Wharf, a master-planned development in Mt. Pleasant that includes office, retail, hospitality and residential projects. The development is located at the foot of the Arthur Ravenel Jr. Bridge along the Charleston Harbor. Holder Properties broke ground on Portside in March. The five-story building is approximately 45 percent preleased, including a recently executed lease with Serendipity Labs Coworking. Portside will share a parking deck with a new hotel under construction at Ferry Wharf. The office building will be available for occupancy in spring 2019. McMilan Pazdan Smith Architecture is designing the building, and Freese Johnson is the general contractor.
AUSTIN, TEXAS — San Antonio-based grocer H-E-B will develop an 81,000-square-foot office and tech facility in Austin to support its on-demand delivery service platform. The company will convert a recently renovated industrial warehouse at 2416 E. Sixth St. into a creative and collaborative workspace. H-E-B expects the project to be complete by spring 2019.
PHOENIX — Orion Investment Real Estate has arranged the sale of a medical office and surgery center facility, located at 15401 N. 29th Ave. in Phoenix. Nashville, Tenn.-based Montecito Medical Real Estate acquired the property for $14.4 million, or $392 per square foot. Built in 1988 and renovated in 2017, the 36,796-square-foot property is occupied by Retinal Consultants of Arizona, occupying 72 percent, and Spectra Eye Institute, occupying the remaining 28 percent. Braxton Glass and J.T. Taylor of Orion represented the undisclosed seller and buyer in the deal.
NEW YORK CITY — Workspace provider Knotel has signed a 19,563-square-foot lease in the Hudson Square neighborhood of Manhattan. The lease will encompass a large portion of the 3rd floor of the property, which is located at 250 Hudson St. The 15-story, 400,000-square-foot building is owned by Jack Resnick & Sons. Tenants at the building include Daniel J. Edelman, Bed Bath & Beyond, Gluckman Tang Architects, Sopexa, Lieff Cabraser Heinmann & Bernstein and Writers Guild of America East. Knotel, which was founded in 2016, designs, builds and operates custom spaces for companies of 50 employees or more. The company currently has more than 70 locations worldwide. Michael Morris and Greg DiGioia of Newmark Knight Frank represented Knotel in the leasing transaction.
OMAHA, NEB. — NKF Capital Markets has arranged a $30 million loan for the refinancing of the Gavilon headquarters in Omaha. The five-story office building spans 130,448 square feet. Amenities include a fitness center, café and rooftop patio. Gavilon is a global grain trader. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of NKF arranged the loan on behalf of the borrower, Kawa Capital Management. Citibank provided the loan. Terms of the loan were not disclosed. The Opus Group completed development of the property in December 2013.
ROYAL OAK, MICH. — Bernard Financial Group has secured a $15 million loan for the refinancing of a 73,000-square-foot office building in Royal Oak. The multi-tenant building was completed this summer. The loan, provided by RGA Recap, will be used to refinance a construction loan. Dennis Bernard arranged the loan on behalf of the borrower, Innovo Royal Oak LLC.
AUSTIN, TEXAS — Philadelphia-based Brandywine Realty Trust (NYSE: BDN) will develop 405 Colorado, a 200,000-square-foot office tower in downtown Austin. The 25-story, Class A building will include 3,665 square feet of ground-floor retail space and a 12,500-square-foot sky lounge on the 14th floor. The sky lounge will offer a café, conference areas and a fitness center. Construction is scheduled to begin in January 2019 and wrap up in December 2020. CBRE will handle leasing and marketing of the property.