Office

SUNY New Paltz Breaks Ground on $14M Engineering Innovation Hub

by Amy Works November 15, 2017

NEW PALTZ, N.Y. — The State University of New York (SUNY) at New Paltz, along with PC Construction, has broken ground on a $14 million Engineering Innovation Hub, located on the university’s campus in New Paltz. The two-story structure will add to the school’s growing mechanical engineering program, house the headquarters and laboratories of the university’s Hudson Valley Advanced Manufacturing Center, provide space for potential business partners under the state’s START-UP NY program, and serve as a business incubator for technology and engineering startups in the mid-Hudson Valley. Urbahn Architects designed the 19,500-square-foot facility, which allows for potential expansion. The project team includes Vanderweil Engineers, CSA Group, Leslie E. Robertson Associates, YR&G, BET Engineering Consultants, Edgewater Design, Lumen Architecture and Ellana Inc.

November 15, 2017

Office Texas

PAC Affiliate Purchases 258,000 SF Office Property in San Antonio

by Taylor Williams November 15, 2017

SAN ANTONIO — Preferred Office Properties LLC, an affiliate of publicly traded investment firm Preferred Apartment Communities LLC (PAC), has purchased Westridge at La Cantera, a 258,000-square-foot office development in San Antonio. The Class A property, which is located on the city’s northwest side directly across from the Shops at La Cantera retail center, was 100 percent leased at the time of sale. Allianz Real Estate of America LLC provided a $54.4 million first mortgage loan, which carries a fixed 4.1 percent interest rate, an 11-year term and a 25-year amortization schedule, for the transaction.

November 15, 2017

Office Texas

Colliers Brokers Sale of 161,000 SF Office Complex in Dallas

by Taylor Williams November 15, 2017

DALLAS — Colliers International has brokered the sale of Empire Central, a two-building, 161,000-square-foot office complex located at 1430 and 1440 Empire Central Drive in Dallas. John Bowles, Bruce Butler and Susan Gwin Burks of Colliers represented the undisclosed seller in the transaction. Peewit Partners LP purchased the asset for an undisclosed price. The Class B property was built in 1981.

November 15, 2017

Illinois Midwest Office

Missner Group Completes Renovation of Former Porsche Office Building in Lisle, Illinois

by Kristin Harlow November 15, 2017

LISLE, ILL. — The Missner Group has completed the renovation of the Olympian Office Center in Lisle. The 168,000-square-foot office building was formerly the headquarters of Porsche Cars North America. The Missner Group acquired the seven-story building, located at 4343 Commerce Court, in 2016. New features include a Wi-Fi lounge, new lighting, finishes and lobby improvements. The renovation also included painting of the property’s exterior. Olympian Office Center was constructed in 1987 and sits on 7.4 acres. The property is currently 30 percent occupied by tenants such as FBI and Hinshaw & Culbertson. Kent Nepras and Scott Nomellini of The Missner Group oversaw the construction team. Interior Design Group Ltd. provided architectural services. Francis Prock and David Florent of Colliers International will market the renovated property for lease.

November 15, 2017

Florida Office Southeast

Highline, Sefira Acquire Two-Building Office Portfolio in Broward County for $13M

by Camren Skelton November 15, 2017

WESTON, FLA. — Highline Real Estate Capital, in a joint venture with Sefira Capital, has acquired a two-building, 63,000-square-foot office portfolio in Weston, for $13 million. Situated in South Florida’s Broward County, the portfolio includes the 28,000-square-foot Chase Building located at 1040 Weston Road and the 35,000-square-foot Weston Commerce Center at 1625 N. Commerce Parkway. David Duckworth, John Crotty and Michael Fay of Avison Young arranged the transaction on behalf of the seller, Realty Associates Fund X LP, an affiliate of Boston-based TA Realty. Christian Lee and Amy Julian of CBRE arranged acquisition financing on behalf of Highline and Sefira through BankUnited. Alfie Hamilton and Caitlin Inklebarger of Colliers International will handle the portfolio’s leasing assignment. At the time of sale, the buildings were 90 percent leased.

November 15, 2017

Midwest Missouri Office

NGZ Brokers Sale of Historic 32,624 SF Office Building in Kansas City, Missouri

by Kristin Harlow November 15, 2017

KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has brokered the sale of a historic, 32,624-square-foot office building in downtown Kansas City. The sales price was not disclosed. Originally constructed in 1903, the property is located at 908 Broadway Blvd. Google Fiber is the anchor tenant and occupies more than 23,000 square feet. Kansas City-based ER Marketing also occupies a full floor. After a full-floor lease to Coury Hospitality, the property is now fully leased. Michael VanBuskirk and Chris Robertson of NGZ brokered the sale on behalf of the seller, a California-based private investor group. A Colorado-based private investor purchased the property.

November 15, 2017

Office Oregon Top Stories Western

Starwood Capital Group Buys Wells Fargo Center in Portland

by Nellie Day November 15, 2017

PORTLAND, ORE. — Starwood Capital Group has purchased the 40-story Wells Fargo Center in downtown Portland. The transaction includes an adjacent five-story former data processing building. The price was not disclosed, though county tax records put the value of the tower at $163 million and the adjacent property at $33 million, according to The Oregonian. In June, Wells Fargo announced plans to sell the buildings and relocate some of the 900 employees working there to other local offices, added The Oregonian. The two structures total 725,000 square feet. The asset is located at 1300 SW 5th Ave. The Class A creative office space is the tallest building in Oregon. It offers views of Mt. Hood, the Willamette River, Mount St. Helens, downtown Portland and the West Hills. Starwood plans to reposition the property into a premier Class A asset. The lobbies and entries will undergo major renovations. The investment firm will also add new tenant amenities, including conference facilities, a tenant lounge, reimagined retail areas, fitness center and bike hub. “We are confident that our ambitious renovation plans will restore this building to its former status as one of the most iconic Class A office towers not just in Portland, …

November 15, 2017

Massachusetts Northeast Office

Newmark Knight Frank Negotiates $23.5M Sale of Office Building in Boston’s Seaport District

by Amy Works November 14, 2017

BOSTON — Newmark Knight Frank has arranged the sale of an office building located at 55 Seaport Blvd. in Boston’s Seaport District. Boston Global Investors sold the property to a member company of Zurich North America for $23.5 million. Constructed in 2016, the 13,500-square-foot office and retail building is fully leased to Boston Global Investors. Robert Griffin, Edward Maher, Matthew Pullen, Justin Smith, James Tribble, Samantha Hallowell, David Martel and Jonathan Martin of Newmark Knight Frank represented the seller, while Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management advised the buyer in the transaction.

November 14, 2017

Illinois Midwest Office

M & J Wilkow Sells 174,098 SF Office Complex in Lombard, Illinois

by Kristin Harlow November 14, 2017

LOMBARD, ILL. — M & J Wilkow has sold a 174,098-square-foot office complex in Lombard, 20 miles west of Chicago, for an undisclosed price. A joint venture between Red Rock and Lincoln Property Co. purchased the property, which is located at 701 E. 22nd St. M & J Wilkow acquired the office complex in September 2014 with a fund managed by DRA Advisors. The property was 81 percent leased at the time. The company renovated the lobby atrium, corridors and fitness center. The property was 97 percent leased at the time of sale.

November 14, 2017

Office Texas

Hartman Secures Three Office Leases Totaling 31,679 SF in Houston

by Taylor Williams November 14, 2017

HOUSTON — Hartman Income REIT has secured three office leases totaling 31,679 square feet at properties it owns in Houston. Property management firm Chaparral Management Co. Inc. signed a 12-month, 7,948 square feet at 14550 Torrey Chase Blvd.; Amegy Bank of Texas renewed a 13,912-square-foot lease at 400 N. Sam Houston Parkway E. for five years; and Greensheet Media leased 9,819 square feet at 2020 N. Loop West for five years. Hartman was represented internally by Rod Hale, Richard Maloof and Kacie Skeen, respectively, in each transaction.

November 14, 2017

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