Office

Angelo, Gordon & Co. Acquires Pair of Office Buildings in Chicago for $147M

by Kristin Harlow April 13, 2018

CHICAGO — Angelo, Gordon & Co. has acquired Presidents Plaza in Chicago for $147 million. The pair of Class A office buildings, totaling 834,893 square feet, are located at 8600 and 8700 W. Bryn Mawr Ave. in the O’Hare submarket. Developed in 1980, the buildings are 92.4 percent leased to various tenants. The property, which is LEED Silver and EnergyStar certified, has undergone more than $15 million in capital renovations since 2016. The seller had made improvements to building systems, lobbies, entrances, canopies and landscaping. Property amenities include a 17,900-square-foot fitness center, conference center, café, hair salon/barber, convenience store, tenant lounge and full-service car wash. James Postweiler and Peter Harwood of JLL brokered the transaction. The seller, a partnership between Chicago-based GlenStar Properties LLC and a global real estate investment manager, has owned the property since 2006. GlenStar, the current leasing manager and operator of the property, will partner with the new owner to provide services and building upgrades. Angelo, Gordon & Co. is a $28 billion alternative investment firm focused on real estate and credit investing. — Kristin Hiller

April 13, 2018

Features Heartland Feature Archive Illinois Midwest Office

Six Critical Things to Get Right in an Office Renovation

by Kristin Harlow April 13, 2018

PLAINFIELD, ILL. — Buoyed by a strengthening economy, more companies have the resources to invest in office redesigns. That is good news — a well-designed office renovation can transform an existing workspace into a dynamic, energy-efficient nerve center for staff. If properly carried out by a skilled contractor, an office renovation can optimize employee productivity and craft an effective work environment. Here are six ideas that reflect today’s most influential office design trends, according to Plainfield, Ill.-based Cicero Development Corp., a general contractor specializing in commercial renovations. 1. Make a color splash The typical aesthetic of office design is being replaced by workplaces that integrate bold pops of color. This is not just to elevate the visuals, but also to code different sections, whether they are departments or desks. As a contrast to many offices’ neutral decors, jewel tones (resembling the colors of gemstones) and energetic patterns are becoming more popular in making a strong statement. Vibrant colors do more than show people that your business is creative and dynamic. Colors can have psychological effects on employees, as some tend to inspire creativity and productivity. 2. Improve the floor plan Open, fluid floor plans improve efficiency and mobility for your …

April 13, 2018

Development Office Texas

Cawley Partners to Develop 200,000 SF Office Building in Plano

by Taylor Williams April 12, 2018

PLANO, TEXAS — Cawley Partners, a Dallas-based office development and management firm, will develop HQ53, a 200,000-square-foot office building located at the corner of Headquarters Drive and Dominion Parkway in Plano. The five-story building will feature a fitness center, café, conference center and ground-floor patio lounge. Preleasing is currently underway for HQ53, which has a target delivery date of first-quarter 2020.

April 12, 2018

Loans Massachusetts Northeast Office

Cornerstone Realty Arranges $8.5M Loan for Office Building in Boston

by David Cohen April 12, 2018

BOSTON — Cornerstone Realty Capital has arranged an $8.5 million loan for the refinancing of a mid-rise office building in Boston near transit hub South Station. The borrower, a long-time owner of the property was not disclosed. The lender was a local savings bank. Cornerstone delivered a non-recourse, fixed-rate loan with a two-year interest-only period followed by a 30-year amortization. The brick building was built in 1899 and fully renovated in 2013. It contains approximately 36,500 of rentable square feet with offices ranging in size from 1,000 square feet to 4,700 square feet. Tenants include a number of technology companies and an art design firm.

April 12, 2018

Acquisitions New York Northeast Office Top Stories

SL Green, Ivanhoe Agree to Sell Office Condo Portion of Tower in Manhattan for $633M

by Camren Skelton April 12, 2018

NEW YORK CITY— SL Green Realty Corp. (NYSE:SLG) and joint venture partner Ivanhoé Cambridge have agreed to sell their office condominium space at 1745 Broadway in Manhattan for $633 million. The 930,000-square-foot tower includes retail spaces, offices and residential condominiums. SL Green and Ivanhoé will sell their portion of the property, totaling 674,000 square feet and spanning floors two through 26, to an institutional client of Invesco Real Estate. In deals separate from Ivanhoé Cambridge, SL Green also agreed to sell two suburban office properties in New York —115-117 Stevens Ave. in Valhalla and Reckson Executive Park in Rye Brook — to two different buyers for a combined price of $67 million. The transactions are expected to generate combined net proceeds to SL Green of approximately $190 million, which will be used toward the company’s $1.5 billion stock repurchase program. To date, SL Green has repurchased a total of 12.3 million shares. “We continue to make strategic divestments of non-core assets to both support the stock repurchase program and strengthen our portfolio,” says Isaac Zion, co-chief investment officer of SL Green. 1745 Broadway occupies the entire block front between 55th and 56th streets and is located three blocks from Central Park and …

April 12, 2018

California Office Western

Un[CO]mmon Launches Coworking Location in Oakland

by Nellie Day April 11, 2018

OAKLAND, CALIF. — Un[CO]mmon, a coworking space company, has launched a new location in Oakland. The flexible office solution for high-growth companies is located at 1750 Broadway. Un[CO]mmon was created by Rubicon in 2017. It is aimed at teams and companies wanting the flexibility of a coworking experience with the branding, privacy and scalability of a more traditional office environment. The 10,000-square-foot, flexible, full-floor space has direct access to the 19th Street BART station. The office features three conference rooms, two phone booths, an open kitchen stocked with food and coffee, common lounge areas, and social meeting spaces. The first Un[CO]mmon space launched in San Francisco and reached capacity soon after its grand opening was announced. The company’s third location will open in the mid-market neighborhood of San Francisco later this year.

April 11, 2018

Acquisitions Industrial New Jersey Northeast Office

Cushman & Wakefield Arranges Sale of Monmouth Shores Corporate Park in New Jersey

by David Cohen April 11, 2018

WALL TOWNSHIP, N.J. — Cushman & Wakefield has arranged the sale of Monmouth Shores Corporate Park, an eight-building office/flex complex totaling 400,000 square feet in Wall Township. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp. The buyer was Monmouth 2 LLC, an affiliate of BHN Associates. Monmouth Shores Corporate Park is one of the largest business parks in the region, according to Cushman & Wakefield, and it was 88 percent leased to 24 tenants at the time of sale. The park is comprised of five single-story flex buildings and three office buildings.

April 11, 2018

Acquisitions Kansas Midwest Office

Disaster-Restoration Firm Purchases Headquarters Building in Shawnee, Kansas for $3.2M

by Kristin Harlow April 11, 2018

SHAWNEE, KAN. — Fire and water damage restoration company ServiceMaster DSI is relocating the headquarters for its national large loss division, ServiceMaster Recovery Management, to Shawnee this month. The 47,000-square-foot office building will also serve as the fire and water damage restoration company’s regional headquarters for Missouri and Kansas. The property is situated on four acres at 8450 Cole Parkway. Bill Maas of Block & Co. Inc. Realtors negotiated the $3.2 million sale on behalf of ServiceMaster DSI. The seller was not disclosed.

April 11, 2018

Development Florida Office Southeast

Hispanic Media Giant Telemundo Opens $250M Global Headquarters in Miami

by Camren Skelton April 11, 2018

MIAMI — Telemundo has opened its $250 million global headquarters in Miami’s Beacon Lakes Industrial Park. The Spanish-language media company is a subsidiary of NBCUniversal and Comcast Corp. Telemundo Center is situated on 21 acres and spans nearly 500,00 square feet, with the capacity to house 1,500 employees. The new facility brings all of the division’s offices, broadcast and production operations under one roof, including Telemundo Network, Telemundo Global Studios, Universo channel, Telemundo’s digital media operations and NBCUniversal International Group’s Latin American offices. The building features 15 studios, including two digital studios, virtual and augmented reality sets and a news operation. In addition, the facility houses the recently launched Telemundo Academy, a multimedia educational institution that partners with high schools and universities to train future media leaders. The LEED-certified building is constructed to sustain a Category 5 hurricane and remain in operation during weather and other environmental emergencies. Telemundo Center is estimated to contribute approximately $360 million in state taxes over the next 20 years.

April 11, 2018

Acquisitions Georgia Office Southeast

New York Life, Dilweg Sell Three Office Buildings Totaling 634,487 SF in Metro Atlanta to Bridge

by Camren Skelton April 11, 2018

ALPHARETTA, GA. — A joint venture between New York Life Real Estate Investors and The Dilweg Cos. has sold Royal Centre II, III and IV in Alpharetta. Bridge Office Fund Manager LLC, an affiliate of Bridge Investment Group LLC, acquired the assets, which total 634,487 square feet. The sales price was not disclosed, but the Atlanta Business Chronicle reports New York Life and Dilweg originally acquired the Royal Centre buildings in 2015 for $85.3 million. The buildings are located in the Royal 400 office park, roughly 26 miles north of Atlanta and less than two miles from Avalon, an 86-acre mixed-use development. Bridge plans to invest $12 million to further modernize the properties with the addition of collaborative work spaces, tenant amenity centers, upgrades to the fitness center, café and conference facilities, upgraded landscaping and new exterior common spaces. The properties, constructed between 1998 and 2000, were 85 percent leased at the time of sale.

April 11, 2018

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