DALLAS — JLL has negotiated a 6,760-square-foot office lease at 1800 Landmark Blvd. in Dallas on behalf of DerbySoft Inc., a provider of software for the hospitality industry. Steve Thelen of JLL represented the tenant in the lease negotiations. Tabitha Layne of Sunwest Real Estate Group represented the landlord, 14800 Landmark LLC. The space will serve as the company’s new North American office, which was previously located in Frisco.
CARY, N.C. — MetLife Inc. has broken ground on the third office building at its Global Technology Campus in Cary, roughly 12 miles west of Raleigh. Raleigh-based Highwoods Properties developed all three assets, the first two of which was delivered in 2015. Upon completion, the new building will bring more than 500 jobs to the Cary area. The Global Technology Campus sits on 26.5 acres and, at full build-out, will include three, 213,500-square-foot office buildings. The existing buildings are LEED-certified, and the new building is being designed to achieve the certification as well. The campus features a terrace overlooking Lake Crabtree, an outdoor amphitheater, basketball court, walking trails, campus-wide Wi-Fi, sit-stand desks, wellness rooms, collaborative meeting rooms, coffee bars and structured parking. The new building is slated for completion in the first quarter of 2019.
SCOTTSDALE, ARIZ. — ChargePoint has leased 10,000 square feet of office space at Riverwalk at Talking Stick in Scottsdale. The lease includes plans for the world’s largest electric vehicle (EV) charging network to install vehicle charging stations at the 176-acre, 1.5 million-square-foot, Class A office campus situated off Loop 101. Eric Walker of Cresa represented ChargePoint. Kurt Rosene of NOVO Development represented the landlord, Alter, in this transaction.
SUGAR LAND, TEXAS — Poynter Commercial Properties Corp. has negotiated 30,266 square feet of office leases at Commerce Green Office Park in Sugar Land. Notable individual leases include Comcast of Houston LLC’s 6,936-square-foot space and Community Impact Newspaper’s 6,397-square-foot space. Developed in 1998, the Class A, 1.2 million-square-foot property is now 100 percent leased. Kevin Poynter and Peyton Poynter of Poynter Commercial represented the landlord, Commerce Green Associates LP. in the lease negotiations.
PALISADES PARK, N.J. — Marcus & Millichap has negotiated the sale of an office building located at 111 Grand Ave. in Palisades Park. An undisclosed seller sold the building for $3 million. The 20,000-square-foot building features 14 separate suites, ranging in size from 186 square feet to 6,000 square feet. At the time of sale, the property was 33 percent occupied. Fahri Ozturk and Tyler Van Wagoner of Marcus & Millichap represented the seller. The name of the buyer was not released.
CHARLOTTE, N.C. — Insite Properties has arranged the $17.4 million sale of an office building located at 8711 University East Drive in Charlotte on behalf of the buyer, Longvalley 1 LLC. Constructed in 1999, the 118,000-square-foot building features a parking ratio of 8.5 spaces per 1,000 square feet. Insite Properties will manage the property and handle leasing activity on behalf of the new ownership. At the time of sale, the building was fully leased.
DOWNERS GROVE, ILL. — NEC Display Solutions of America has signed a 47,714-square-foot office lease in Downers Grove, a western suburb of Chicago. The property is located at 3250 Lacey Road. Included in the new headquarters will be a 6,000-square-foot technology showcase and demo facility for client engagement, as well as a 5,000-square-foot research and development lab. The designer and provider of LCD displays is moving from a 40,000-square-foot office in Itasca, Ill. Chad Freese, Paul Diederich, Matthew Frazee and Jon Springer of CBRE represented NEC in the lease transaction. Phil Sheridan of CBRE represented the owner, Hamilton Partners.
DALLAS — CBRE has arranged the sale of Trinity Towers, a Class A, 634,381-square-foot office tower located in the Medical and Love Field District of Dallas. The 20-story building was recently renovated and features structured parking, a full-service deli, conference center and fitness center with locker rooms. The tower is 97 percent leased to tenants including Aetna, Children’s Medical Center and Southwest Airlines. Gary Carr, Eric Mackey, Evan Stone, John Alvarado, Jared Chua and Robert Hill of CBRE worked on behalf of the seller, JP Realty Partners. Stanton Road Capital acquired the property. The price was not disclosed, but a website affiliated with The Dallas Morning News, dallasnews.com, reports that the asset was sold for $50 million. “As one of the market’s most recognizable buildings, Trinity Towers presented investors with an exceptional asset located within Dallas’s premier emerging marketplace,” says Carr. “The building’s outstanding tenants and low-risk upside potential attracted a wide range of investor interest.” The property is positioned along Stemmons Freeway, and is located near both Dallas Love Field Airport and DFW International Airport. Stanton Road Capital is a Los Angeles-based investment management firm focused on commercial real estate and private equity strategies. — Katie Sloan
The recent announcement that XTO Energy Inc., a division of energy giant ExxonMobil, will be moving 1,600 jobs to Houston was not the best news for Fort Worth. The move, which will occur in waves between 2018 and 2020, will reduce downtown’s private workforce by 3 percent over the next few years and lead to several of the company’s CBD properties hitting the market for sale. Broader economic implications notwithstanding, many tenants, landlords and city officials are wondering what impact XTO’s move will have, not only on the office market, but also on the downtown area’s commercial real estate market. However, any worries that the move would drastically upset the downtown market’s equilibrium appear to be misplaced. Most office sectors, especially the CBD’s Class A market and the suburban market that includes the West 7th and West/Southwest Fort Worth areas — should see minimal impact. It is even possible that most of the Class B market in the CBD will remain unaffected, as demand for re-development or from existing office users may consume much of XTO’s spaces. To understand how this move could affect downtown Fort Worth, it helps to look at the bigger picture. The current CBD office inventory …
PORTLAND, ORE. — Cushman & Wakefield has completed the remodeling of its long-time office in downtown Portland. The office is located at 200 S.W. Market St. Cushman & Wakefield has resided in the building since 1989. The remodel includes new design enhancements and amenities making for a more collaborative, technologically advanced, functionally efficient and enjoyable workplace. The office features numerous common areas and meeting rooms, two phone booths for private calls, a private wellness room, Skype for Business technology, on-site showers and smart lighting based on occupancy, among other features. The building was initially constructed in 1973. Russell Development completed a $25 million reconstruction of the building in 1990. The firm also installed new on-site amenities earlier this year, including bocce ball courts, and completed an upgrade to the outdoor terrace area. The building is co-managed by Russell Development Co. and Cushman & Wakefield, both of which have offices on the site.
