Office

Cove Property Group Obtains $479M in Construction Financing for 25-Story Office Tower in Manhattan

by Nellie Day November 8, 2017

NEW YORK CITY — Cove Property Group and an institutional partner have received $479 million in construction financing for Hudson Commons, a 701,364-square-foot trophy office building in the Hudson Yards/Penn Plaza submarket of Manhattan. The 25-story building is located at 441 Ninth Ave. between 34th and 35th streets. Hudson Commons will comprise a 17-story structure atop an existing eight-story building. The development will feature 14 private terraces and balconies and onsite basement parking for up to 140 vehicles. The design will incorporate varied floor plans with high ceilings, as well as sustainable elements, such as terraces and green roofs. Kohn Pedersen Fox is designing Hudson Commons. The new building will be equidistant between Penn Station and the new 7 Train extension that services Hudson Yards. It will also feature access to the Port Authority and Lincoln Tunnel. Cove Property Group purchased the asset in December 2016 for $330 million. EmblemHealth had owned the existing 423,000-square-foot building since 1994. The structure was originally built as a warehouse in 1962 before it was converted to office space in 1983. Loan proceeds will reposition and redevelop the asset into a Class A office tower with full-block frontage along Ninth Avenue. The project is …

November 8, 2017

Market Reports Massachusetts Northeast Northeast Market Reports Office

The Boston Office Market is Still Extremely Active

by Taylor Williams November 8, 2017

The Financial District, Back Bay, and Seaport continue to experience strong tenant demand with a vacancy of 10.3 percent and continued rent appreciation. The Seaport, which has experienced tremendous growth for the last four years, received national attention with GE committing to move its corporate headquarters to the market and continues to make headlines with Amazon committing to 150,000 square feet. In addition, 121 Seaport Boulevard just leased to PTC (250,000 square feet) and Alexion (150,000 square feet). One of the biggest trends throughout Boston continues to be the popularity of the Class B buildings. Most people think of Cambridge as one of the premier lab markets in the world. Cambridge has the lowest office vacancy of all the submarkets in Greater Boston at 4.2 percent, making it one of the strongest office markets in the country. Even pre-leasing is strong, with Alexandria Real Estate receiving commitments for all 431,000 square feet at 100 Binney Street, signing Facebook and Bristol-Meyers Squibb as the lead tenants. Space is so tight that, even when you include sublet space, a tenant looking for more than 50,000 square feet only has four options in the submarket. Top Class A product is now achieving rents …

November 8, 2017

California Office Western

Pinnacle RED Group Submits Plans for Mixed-Use High Rise in Oakland

by Nellie Day November 7, 2017

OAKLAND, CALIF. — Pinnacle RED Group has announced plans to build a mixed-use, two-tower high rise in Oakland. The 36-story property would be built at 1261 Harrison and, if completed, will be the tallest building in Oakland, according to the developers. The project will feature 185 units of market-rate and affordable housing, 120,000 square feet of Class A office space and 12,000 square feet of commercial/retail space. Lowney Architecture will design the project.

November 7, 2017

California Office Western

Incipio Group Leases Office Space in Irvine

by Nellie Day November 7, 2017

IRVINE, CALIF. — Incipio Group has leased 70,000 square feet of office space at the Park Place mixed-use property in Irvine. The 105-acre campus is located at 3347 Michelson Drive. The mobile device accessories designer and manufacturer will utilize the space for its global corporate headquarters. JLL’s Byron Foss, Wade Tift and Nick Carey represented Incipio Group in the lease, while Bob Thagard of Cushman & Wakefield represented the landlord, LBA Realty, in this transaction.

November 7, 2017

Office Texas

JLL Negotiates Six Office Leases Totaling 26,000 SF in Houston

by Taylor Williams November 7, 2017

HOUSTON — JLL has negotiated six office leases totaling approximately 26,000 square feet at 1885 Saint James Place in Houston. Notable leases include Houston-based commodities brokerage firm Sage Refined Products Ltd. leasing of 7,391 square feet; Alabama-based law firm Lightfoot, Franklin & White LLC easing of 5,700 square feet and boutique advisory firm Detring Energy Advisors leasing of 4,234 square feet. Chrissy Wilson and Russell Hodges of JLL represented the landlord, 1885 St. James Place Partners LP, in each lease negotiation. The property is now more than 50 percent leased.

November 7, 2017

Midwest Nebraska Office

Prime Time Healthcare Signs 27,810 SF Office Lease in Omaha, Nebraska

by Kristin Harlow November 7, 2017

OMAHA, NEB. — Prime Time Healthcare LLC has signed a 27,810-square-foot office lease in Omaha. The property is located at 15380 Weir St. Luke Wertz of Cresa Omaha represented the staffing agency for the healthcare industry in the lease transaction. Walnut Grove Plaza LLC is the property landlord.

November 7, 2017

Office Texas

Peloton Secures Two Office Leases Totaling 18,370 SF in Austin

by Taylor Williams November 7, 2017

AUSTIN, TEXAS — Peloton Commercial Real Estate has secured a pair of office leases totaling 18,370 square feet within Ladera Bend, a 158,407-square-foot office development located at 7300 Ranch Road 2222 in Austin. North Carolina-based staffing firm Orion ICS LLC leased 11,193 square feet and San Antonio-based software firm Triple Aim Ventures LLC leased 7,177 square feet. Matt Frizzell and Brian Liverman of Peloton represented the landlord in both lease negotiations. Doug Brock of Newmark Knight Frank and Zach Ellis of Colliers International represented Orion ICS and Triple Aim Ventures, respectively.

November 7, 2017

Georgia Mixed-Use Office Southeast

CREW Atlanta: The Key to Connectivity Lies in Transit-Oriented Development

by Camren Skelton November 7, 2017

ATLANTA — When it comes to creating a “connected Atlanta,” experts say the foundation is in building a connected community. At a Nov. 2 luncheon hosted by the Atlanta chapter of Commercial Real Estate Women (CREW Atlanta), representatives from Atlanta’s local transit authority, MARTA, and Dallas-based development firm KDC highlighted projects around the city all centered around a common theme: mass transit. “MARTA has five transit-oriented development (TOD) projects in various stages of development along the north and east rail lines,” said Debbie Frank, senior development project manager in MARTA’s office of TOD and Real Estate. “These developments are vibrant, pedestrian-friendly and generally integrated within our spaces.” The projects are part of MARTA’s larger goal to increase ridership, generate revenue and support both local community development and regional economic development. Each project will utilize underused parking lots for new commercial and residential development, which will include apartments, office space and retail. “We want to take a different approach to parking by reducing the number of parking spaces provided in our TOD projects,” said Frank. “A foundational principle of TOD is one that reflects the replacement of some car trips. Not all, but some, by taking the train, walking or biking.” …

November 7, 2017

California Loans Office Western

City Office REIT Receives $47M Loan to Acquire 290,000 SF Office Portfolio in San Diego

by Nellie Day November 6, 2017

SAN DIEGO — City Office REIT has received a $47 million loan to acquire Mission City Corporate Center, a 290,000-square-foot office portfolio in the San Diego submarket of Mission Valley. The four-building portfolio is located at 2355, 2365, 2375 and 2385 Northside Drive. The portfolio is 87 percent leased to tenants like Eplica Corporate Solutions, Mission Home Health, Midland Credit Management, State of California Water Resources and Innova Systems International. HFF’s Zack Holderman and Tim Wright arranged the 10-year, fixed-rate acquisition loan through one of the firm’s life insurance company lenders.

November 6, 2017

Office Oregon Western

First Tenants Sign at $100M Field Office Project in Portland

by Nellie Day November 6, 2017

PORTLAND, ORE. — The first two tenants have been announced at Field Office, a $100 million office project being developed in Portland’s Frontside district. The two-building office and retail space will house Adpearance and The Children’s Garden when it opens in early 2018. Both tenants are local companies. The full-service digital marketing agency will occupy 30,000 square feet in Field Office’s West building. The early childhood learning center will be situated on the ground floor of the same building. National Real Estate Advisors is developing Field Office.

November 6, 2017

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