Office

Downtown Renaissance Drives El Paso Office Market, Multifamily Growth

by Taylor Williams May 4, 2018

For decades, El Paso was a big, sleepy town nestled on the banks of the Rio Grande that relied on a slow-paced, but consistent economy. In those days, housing was always affordable. Pricing levels for single- and multifamily properties were below national averages, but so too were wages. The city’s office market, which has traditionally served as a leading indicator for multifamily growth, hummed along without ever experiencing strong asset appreciation or interest from outside investors. Taken at face value, this activity would suggest that there was a firm ceiling for new development and rent growth for both of these markets. In recent years, however, El Paso natives have seen their city experience enormous growth fueled by exceptionally low crime rates and expanding population at Fort Bliss Army base. Development of both single- and multifamily product really took off between 2011 and 2014, causing rent growth to subside and vacancies to rise from 5 percent a few years ago to roughly 9 percent today. The market returned to a more sustainable pace of new development in subsequent years. Looking ahead, the metro’s job growth should remain a factor of its population of military personnel and federal employees. As El Paso …

May 4, 2018

Development Massachusetts Northeast Office

Davis Marcus Partners Developing 220,000 SF Lab and Office Space in Suburban Boston

by David Cohen May 3, 2018

WALTHAM, MASS. — Davis Marcus Partners, a joint venture between Marcus Partners and The Davis Companies, is developing a new 220,000-square-foot lab and office facility in Waltham for Alkermes, a global biopharmaceutical company. The new building, which is located at 900 Winter St., represents an expansion of Alkermes’ current facility at 852 Winter St. The new facility was designed by Elkus Manfredi Architects and will seek LEED certification. Amenities will include an eatery, coffee bar, fitness center, outdoor amphitheater and a rooftop terrace. As part of the build-to-suit arrangement, Alkermes will sign a 15-year lease at the property. Construction on the new facility began April 30.

May 3, 2018

Acquisitions Office Texas

Gault Co., RTG Capital Buy 170,000 SF Office Building in North Dallas

by Taylor Williams May 3, 2018

DALLAS — A partnership between two Dallas-based development firms, Gault Co. and RTG Capital LLC, has purchased a 170,000-square-foot office building in North Dallas. Situated on four acres at 5757 Alpha Road across from the Valley View Mall, which is being redeveloped into a mixed-use destination, the office property was formerly known as Alpha Tower. Following a renovation project for its landscaping, lobby and common areas that is scheduled to be complete by year’s end, the building will be rebranded Northwood Tower. The property was built in 1983 and was 32 percent leased at the time of sale. The seller and sales price were not disclosed.

May 3, 2018

Leasing Activity Michigan Midwest Office

Site Design Firm PEA Opens New Office in Downtown Detroit

by Kristin Harlow May 3, 2018

DETROIT — PEA Inc. has opened a new 2,400-square-foot office in downtown Detroit. The site development design firm will occupy the space at the 45 West Grand River building, which is owned by Bedrock. Renovations were recently made to the office, which is now open. PEA, which specializes in civil engineering, land surveying and landscape architecture, operates four offices in southeast Michigan.

May 3, 2018

Leasing Activity Massachusetts Northeast Office

Amazon to Expand Boston Tech Hub With 430,000 SF at Seaport Project

by David Cohen May 2, 2018

BOSTON — Amazon has announced plans to expand its Boston Tech Hub with a 430,000-square-foot office lease at WS Development’s Seaport project. Amazon plans to open a new office inside the 7.6 million-square-foot Seaport development in 2021. Boston’s Seaport district has been transformed in recent decades into a technology center. Amazon’s teams based in the Boston metropolitan area primarily focus on Alexa, Amazon Web Services, and Audible. The expansion is expected to create an additional 2,000 technology jobs in fields including machine learning, speech science, cloud computing and robotics engineering. To date, the company has created around 3,500 jobs in Massachusetts.

May 2, 2018

Acquisitions New Jersey Northeast Office

HFF Arranges Sale of Seven Building Office Complex in Parsippany

by David Cohen May 2, 2018

PARSIPPANY, N.J. — HFF has arranged the sale of 100-700 Lanidex Plaza, a seven-building office complex totaling 335,060 square feet in Parsippany. The sales price was not disclosed. Lanidex Plaza is made up of seven office buildings that share amenities, including a full-service cafeteria and conference center. The two- and three-story properties are located on a 34-acre site. HFF represented the seller, an affiliate of Hartford Investment Management Co. in the transaction. The buyer was 1H7H Lanidex LLC, an affiliate of Milelli Real Estate Partners. After the 2015 purchase of 800-900 Lanidex Plaza by 8H9H Lanidex LLC, also an affiliate of Milelli, the entirety of the office complex is now owned by Milelli.

May 2, 2018

Development Maryland Office Southeast

Howard Hughes Breaks Ground on 350,000 SF Office Building in Columbia, Maryland

by Camren Skelton May 2, 2018

COLUMBIA, MD. — The Howard Hughes Corp. has broken ground on a 350,000-square-foot office building within Merriweather District, a new mixed-use neighborhood in downtown Columbia. Tenable Inc. will anchor the new building, occupying approximately 150,000 square feet on floors seven through 12. The cyber security company will make the move from its current Columbia Gateway location to the new building at 6100 Merriweather Drive in late 2019. The new building will join One and Two Merriweather, two existing mixed-use office buildings within the development. At full build-out, Merriweather District will include 2,300 residences, a 250-room hotel, more than 1.5 million square feet of office space, 314,000 square feet of street-level retail and a central park. The Merriweather District will be powered by STEER technology, the first fully autonomous parking solution that transforms everyday cars into driverless vehicles that park themselves. The technology will make the district the first city in the country to be built for automated self-parking cars, according to the Howard Hughes Corp. In addition, Merriweather District will be LEED v4-certified — the highest level of LEED certification— making it the first development in Maryland to achieve this designation, and the fifth in the United States. Merriweather District …

May 2, 2018

Acquisitions Florida Office Southeast

NKF Capital Markets Negotiates $10.8M Sale of Office Building in South Florida

by Camren Skelton May 1, 2018

PORT ST. LUCIE, FLA. — NKF Capital Markets has arranged the $10.8 million sale of an office building located at 300 N.W. Peacock Blvd. in Port St. Lucie, a city in South Florida’s St. Lucie County. The two-story, 51,527-square-foot building is fully leased to healthcare company McKesson, also known as Change Healthcare. Michael Lohmann, Michael Lapointe, Adam Greenberg and Scott Gordon of NKF Capital Markets arranged the transaction on behalf of the seller, PSL Advanced LLC. An undisclosed buyer acquired the asset through a 1031 exchange

May 1, 2018

Leasing Activity Midwest Minnesota Office

Three Tenants Sign Leases Totaling 120,000 SF at Office Park Near Minneapolis

by Kristin Harlow May 1, 2018

ST. LOUIS PARK, MINN. — Three tenants have signed office leases totaling 120,000 square feet at West End Center, a 200,000-square-foot building within West End Office Park in St. Louis Park, about five miles west of Minneapolis. nVent, a company related to Pentair’s electrical business, will occupy the sixth and seventh floors totaling approximately 60,000 square feet. CoBank, a national cooperative bank, will relocate its Minneapolis office from Metropoint and occupy the fourth floor for a total of 30,000 square feet. Magnet 360, an engagement strategy and Salesforce expertise company, will occupy the fifth floor with a 30,000-square-foot lease. West End Office Park, now 90 percent leased, spans six buildings and 560,000 square feet. The property recently underwent a renovation. Peter Fitzgerald, Bill Rothstein and Tom Sampair of Cushman & Wakefield represented an investor group in the lease transactions with nVent, CoBank and Mindtree Limited, parent company of Magnet 360. The investment group includes The Excelsior Group, its affiliate investment fund Opportunity Partners Fund IV and Goldman Sachs Asset Management Private Real Estate.

May 1, 2018

Acquisitions Illinois Midwest Office Property Type Top Stories

Brookfield Purchases 22-Story Office Tower in Downtown Chicago for $305M

by John Nelson May 1, 2018

CHICAGO — A private fund sponsored by Brookfield Asset Management (NYSE: BAM) has purchased 175 West Jackson, a 22-story office tower in downtown Chicago’s Central Loop district, for $305 million. JLL Capital Markets represented the seller, a high-net-worth European family advised by Extell Development. Built in 1912 and designed by Chicago-based architect Daniel H. Burnham, the Class A office tower spans 1.4 million square feet, encompassing a full city block. The property features rooftop decks, conference facilities and a recently renovated, 7,500-square-foot athletic club. The building also features retail and dining space, including Starbucks Coffee, Fifth Third Bank and CVS on the street level. The office tower provides tenants access to public transit and is one block from the Brown, Red, Blue, Pink and Purple El lines. The building is also within walking distance to Chicago Union Station and Ogilvie Transportation Center. Extell Development invested heavily in the redevelopment of 175 West Jackson after purchasing the neo-classical building in the late 1990s, according to Crain’s Chicago. The redevelopment included the addition of a two-story atrium lobby, exterior restoration and common area upgrades, according to Extell’s website. Lucien Lagrange Architects Studio designed the upgrades to include wood, granite, marble and metal …

May 1, 2018

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