Office

Pembroke Acquires 14-Story Office Building in Seattle for $338.4M

by David Cohen July 11, 2018

SEATTLE — Pembroke Real Estate has acquired the 400 Fairview Building in the South Lake Union neighborhood of Seattle for $338.4 million. The 14-story, Class A office building was constructed in 2015 and is currently 98 percent leased. Pembroke purchased the property from a joint partnership between TH Real Estate and Swedish development and construction company Skanska, as well as Skanska’s financial partner, TIAA. TH Real Estate acquired a 90 percent stake in the property for $235 million in 2015 from Skanska, which retained a 10 percent ownership. “400 Fairview is a significant investment for Pembroke,” says Cory Saunders, the company’s vice president. “Not only are we expanding into a new market, but this first acquisition in Seattle demonstrates our continued commitment to our U.S. markets, and the growth of our global portfolio.” “Seattle has been a target market for us due to its long-term growth potential and operational synergies with San Francisco, where we currently manage two assets,” continues Saunders. “400 Fairview’s flexible and efficient work spaces coupled with its dynamic retail mix and curated amenities perfectly complements our global portfolio.” Current tenants at the LEED Gold-certified building include, Delta Dental; technology manufacturer Impinj; lifestyle company Tommy Bahama; …

July 11, 2018

Leasing Activity New York Northeast Office

Fisher Brothers Signs Evercore to 350,000 SF Lease Renewal and Expansion in Manhattan

by David Cohen July 10, 2018

NEW YORK CITY — Fisher Brothers has signed Evercore to a lease expansion at Park Avenue Plaza in Manhattan. Evercore, a global independent investment banking advisory firm, will expand its lease from 150,000 square feet to 350,000 square feet at the 45-story, 1.2 million-square-foot tower. The lease runs through 2034. Alan J. Desino of Colliers International represented Evercore in the transaction. Designed by Skidmore, Owings & Merrill and completed in 1981, Park Avenue Plaza recently underwent a $40 million renovation and redesign.

July 10, 2018

Acquisitions Colorado Office Western

Newmark Knight Frank Arranges $17.1M Sale of Office Building in Metro Denver

by Amy Works July 10, 2018

WESTMINSTER, COLO. — Newmark Knight Frank has brokered the sale of an office building located at 1765 W. 121st Ave. in Westminster, a northwest suburb of Denver. Northridge Property Owner LLC/Westminster 121 LLC acquired the property from Denver Northridge Equities for $17.1 million. The building features 124,945 square feet of office space. Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the seller in the transaction.

July 10, 2018

Bridgeside-Professional-Building-Parker-CO

Acquisitions Colorado Office Western

Trevey Negotiates $2.1M Sale Office Property in Parker, Colorado

by Amy Works July 10, 2018

PARKER, COLO. — Trevey Land and Commercial has arranged the sale of Bridgeside Professional Building, located at 11031 Pikes Peak Drive in Parker. Pikes Peak Properties sold the building to an undisclosed buyer for $2.1 million. With more than 10,500 square feet of leasable space, the two-story property features a brick façade and a basement. At the time of sale, several tenants, including a dental office, occupied the property. Nick Nickerson and Mitch Trevey of Trevey Land and Commercial represented the seller, while Tom Ethington of Pinnacle Real Estate Advisors represented the buyer in the deal.

July 10, 2018

Acquisitions Development Mixed-Use New York Northeast Office Top Stories

Walt Disney Co. Strikes $650M Deal to Develop New Downtown Manhattan Headquarters

by John Nelson July 10, 2018

NEW YORK — The Walt Disney Co. (NYSE: DIS) has acquired development rights in downtown Manhattan’s Hudson Square neighborhood for $650 million. The 4 Hudson Square site covers a full city block bordered by Hudson, Varick, Vandam and Spring streets. The global media firm plans to move its New York operations to the new site, including 1.2 million square feet of office and production space for WABC-TV, ABC News, Live with Kelly and Ryan and The View. According to ABC-7, Good Morning America will continue to broadcast from Times Square and Disney Streaming Services will relocate from Chelsea Market to the Hudson Square site. “We’re announcing plans to build an incredible new state-of-the-art facility at 4 Hudson Square in downtown Manhattan that will ensure our employees have everything they need to do their best work and lead the way forward,” said Robert Iger, chairman and CEO of Disney. “This move represents a historic step forward toward our long-term vision for our New York operations. The Hudson Square district is rapidly becoming a dynamic, innovative hub for media, technology and other creative businesses. We are pleased and proud to be joining this exciting community.” According to Iger, the new facility will …

July 10, 2018

Acquisitions New Jersey Northeast Office

Paramount Assets Acquires Four-Story Office Building, Theater in Newark

by David Cohen July 9, 2018

NEWARK, N.J. — Paramount Assets has acquired 560 Broad Street in Newark. The property includes a 33,000-square-foot, four-story office building and an 18,000-square-foot café and theater. The seller and sales price were not disclosed. Located in the University Heights neighborhood of Newark, the property is nearby the Newark Museum, Newark Public Library, Prudential Center and the New Jersey Performing Arts Center as well as the Newark campuses of Seton Hall and Rutgers universities.

July 9, 2018

Leasing Activity New York Northeast Office

Concordia Care Inc. Signs 12,000 SF Lease at Office Park in New Jersey

by David Cohen July 9, 2018

FLORHAM PARK, N.J. — Concordia Care Inc. has signed a 12,494-square-foot lease at 25 Hanover Road Corporate Center in Florham Park. Peter Shikar of CBRE arranged the transaction on behalf of property owner, The Silverman Group. At 134,458 square feet, 25 Hanover Road Corporate Center is located approximately 16 miles west of Newark. The Silverman Group recently completed capital improvements that included a new fitness center, conference center, a new café and renovated common areas.

July 9, 2018

Arkansas Development Office Southeast

CBRE Arranges Sale of 17-Acre Parcel Near Bentonville, Buyer to Develop Office/Flex Space

by Camren Skelton July 9, 2018

ROGERS, ARK. — CBRE has arranged the sale of a 17-acre parcel of land located at 5911 W. Myers Ranch Blvd. in Rogers, roughly eight miles southeast of Bentonville. David Erstine of CBRE arranged the transaction on behalf of the buyer, Venture Park LLC, which acquired five of the six available lots for the development of Class B office/flex space. A separate party acquired the sixth lot for the development of a restaurant. The land, formerly known as Myers Ranch, will be rebranded as Venture Park. The office/flex space will range from 20,000 to 60,000 square feet and will offer open, collaborative workspaces. A construction timeline for the project was not disclosed.

July 9, 2018

Acquisitions Arizona Healthcare Office Western

YAM Properties Sells Medical Office Campus for $16.5M in Glendale, Arizona

by Amy Works July 9, 2018

GLENDALE, ARIZ. — Scottsdale-based YAM Properties has completed the disposition of Arrowhead Professional Center, located at 18301 N. 79th Ave. in Glendale. Cleveland, Ohio-based Woodside Health acquired the property for $16.5 million. Steve Lindley, Bob Buckley and Tracy Cartledge of Cushman & Wakefield Phoenix’s capital markets group, along with the healthcare team of Sheila Bale, Tom Weinhold and Ryan O’Connor, represented the seller in the deal. The eight-building medical and professional office campus features 70,652 square feet of space. At the time of sale, the property was fully occupied and anchored by a surgery center jointly owned by Banner Health and the CORE Institute.

July 9, 2018

Market Reports Northeast Northeast Market Reports Office Rhode Island

Rhode Island’s Office Sector No Longer Tenant’s Market

by David Cohen July 9, 2018

The office sector in Rhode Island’s commercial real estate market has seen a strong carryover and positive momentum from 2017, into 2018, which we continue to enjoy today. The market has seen positive absorption in most areas and with little speculative development on the horizon, lease rates are being affected accordingly. It’s safe to say, it is no longer a Tenant’s market. In Providence, vacancy rates are hovering in the 12 percent range, down from 16.5 percent just a few years ago. Recent projects include the redevelopment of South Street Landing, a $230 million dollar renovation of the former Narragansett Electric power station which is now home to the URI/CCRI Nursing School as well as some of the administrative offices of Brown University. Just a block away, construction is underway for the 191,000-square-foot Providence Innovation Center. This will be occupied by the Brown University School of Professional Studies, Johnson & Johnson and the Cambridge Innovation Center. The redevelopment of 75 Fountain Street, a 160,000-square-foot building, once fully occupied by the Providence Journal, has also enjoyed positive absorption. The redevelopment by Nordblom Company and Cornish Associates has attracted companies such as Tufts Healthcare, GE Digital and Virgin Pulse to join the Providence …

July 9, 2018

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