Office

JPMorgan Chase to Build 2.5 MSF Skyscraper in Midtown Manhattan for New Headquarters

by John Nelson February 22, 2018

NEW YORK CITY — JPMorgan Chase (NYSE: JPM) plans to build a new 2.5 million-square-foot skyscraper that will replace its existing 50-story office building at 270 Park Ave. in Midtown Manhattan. The company plans to consolidate its global headquarters from various locations at the new tower, which some media outlets are reporting would rise 70 stories. “We are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment for the 21st century,” says Jaime Dimon, chairman and CEO of JPMorgan Chase. The new headquarters building would house about 15,000 employees, replacing the existing facility that was designed in the late 1950s for about 3,500 employees. JPMorgan Chase plans to pursue LEED certification for the new facility, which would come on line in 2024 at the earliest. Most employees currently located at 270 Park Ave. would be relocated nearby during the development period. Dimon and New York City Mayor Bill de Blasio jointly announced JPMorgan Chase’s new headquarters, which would be the first major project under New York City’s Midtown East Rezoning plan that was passed last year by the New York City Council. “This is our plan for East Midtown in …

February 22, 2018

Nevada Office Western

Cypress West Partners Buys Medical Office Building in Henderson, Nevada

by Nellie Day February 21, 2018

HENDERSON, NEV. — Cypress West Partners has acquired Parkway Medical Plaza, an 88,958-square-foot medical office building in the Las Vegas submarket of Henderson for an undisclosed sum. The building is located at 100 N. Green Valley Parkway. Parkway Medical Plaza is 95 percent occupied with tenants including Healthcare Partners, Parkway Surgery Center and CareMore. It was built in 1997. The firm acquired the asset with Virtus Real Estate Capital. This marks the first joint venture for the two firms.

February 21, 2018

Office Texas

HFF Negotiates Sale of 806,541 SF Office Portfolio in Houston

by Taylor Williams February 21, 2018

HOUSTON — HFF has negotiated the sale of Brookhollow Central I, II and III, a three-building portfolio of office properties totaling 806,541 square feet in Houston’s North Loop submarket. Dan Miller and Marty Hogan of HFF represented the seller, Miami-based office investment firm Parmenter, in the transaction. California-based Hertz Investment Group purchased the properties for an undisclosed price.

February 21, 2018

Office Texas

Fults Breaks Ground on 32,867 SF Office Building in Metro Dallas

by Taylor Williams February 21, 2018

GRAPEVINE, TEXAS — Fults Commercial Real Estate has broken ground on Kriya Plaza, a 32,867-square-foot office building in the northwestern Dallas metro of Grapevine. The property overlooks Lake Grapevine and is situated across the street from Grapevine Mills Mall. A timeline for completion was not disclosed, but tenant improvements will be available beginning in June.

February 21, 2018

Northeast Office Pennsylvania

Thor Equities Acquires 214,000 SF Office Space in Philadelphia for $41.8M

by Amy Works February 21, 2018

PHILADELPHIA — Thor Equities has entered the Philadelphia market with the acquisition of a three-story office condominium, located at 907 Market St. in Philadelphia, for $41.8 million. Health Partners Plans, a not-for-profit health maintenance organization, occupies the 214,000-square-foot property. The newly purchased property is located above Fashion District Philadelphia, a retail, residential and office development slated to open in fourth quarter 2018. The name of the seller was not released.

February 21, 2018

New York Northeast Office

Savanna Breaks Ground for 90,000 SF Office Property in Manhattan

by Amy Works February 21, 2018

NEW YORK CITY — Savanna, along with joint venture partner Atom Assets, has broken ground on the construction of a 25-story office property located at 106 W. 56th St. in Manhattan. Designed by Perkins Eastman and Gensler, the 90,000-square-foot property will feature a modern design, boutique floor plans and upscale amenities. Construction is slated for completion in fourth quarter 2019, with LEED certification targeted upon completion. United Overseas Bank and Canyon Partners Real Estate provided approximately $100 million to finance the development of the project.

February 21, 2018

Midwest Office Wisconsin

Zenith Tech Signs 5,000 SF Office Lease in Milwaukee

by Kristin Harlow February 21, 2018

MILWAUKEE — Zenith Tech Inc. has signed a 5,000-square-foot office lease in Milwaukee. The Wisconsin-based concrete contractor will occupy the space at 2202 W. Clybourn St. Sal Strehlow of Colliers International brokered the lease transaction. The landlord was not disclosed.

February 21, 2018

Georgia Mixed-Use Office Southeast

KDC, Partners to Develop Eight Acres of Office Space at $400M Mixed-Use Project in Metro Atlanta

by Camren Skelton February 21, 2018

ALPHARETTA, GA. — KDC, in conjunction with Worthington Hyde Partners and Transwestern, has unveiled plans to develop eight acres of build-to-suit office space at Windward Park, a $400 million mixed-use development in the north Atlanta metro of Alpharetta. The site is zoned for two 250,000-square-foot, Class A office buildings. The 48-acre Windward Park development is located at the corner of Windward Parkway and GA 400 in Atlanta’s North Fulton submarket. Worthington Hyde acquired the site from Prudential Financial Inc. (now PGIM Real Estate) in 2007, and began developing the project in 2015. At completion, Windward Park will feature Class A office space with structured parking; a 249-room Hilton-branded hotel; Caravelle at Windward Park, which will include 200 condominiums and 190 townhomes marketed and developed by Lennar Corp.; a 31,000-square-foot retail village; and a two-acre park. In addition, Windward Park will provide direct access to MARTA’s Windward Park and Ride, which provides a bus service to and from the North Springs MARTA station. The Hilton hotel is scheduled to break ground this summer, and the residential units are currently under construction. A construction timeline was not released for the office portion.

February 21, 2018

Georgia Office Southeast

CBRE to Launch $6M Renovation of Three Office Buildings in Atlanta’s Central Perimeter

by Camren Skelton February 21, 2018

ATLANTA — CBRE Global Investors has unveiled plans for its $6 million renovation of three office buildings at Concourse Corporate Center in Atlanta’s Central Perimeter office submarket. CBRE Global Investors, the investment management arm of CBRE Inc., acquired Concourse Buildings I, II and IV from BLT in December for $145 million, according to the Atlanta Business Chronicle. The three buildings under CBRE’s ownership total 751,093 square feet. As part of the renovation, CBRE will rename the center “The Collective at Concourse,” and will add the buildings to its’ “5-Star Worldwide” program. Full lobby renovations are planned for Buildings II and IV, along with 5-star conference centers, a new speculative suite program and front-of-house enhancements. The renovated, atrium-style lobbies will feature biophilic design elements including natural light, indoor water features and plant life. In addition, a new outdoor greenspace will be added for community events. Available floor plates range from 37,000 to 41,000 square feet and will include loft suites with open floor plans. The buildings are 87 percent leased to tenants such as SecureWorks, T-Mobile, Elavon and Amtrak. In addition to Concourse Buildings I, II and IV, the center is home to Atlanta’s iconic “King and Queen” towers that are separately …

February 21, 2018

Delaware Market Reports Northeast Northeast Market Reports Office

Increase in Tech Employment Drives Growth in Wilmington, Del. Office Market

by Taylor Williams February 21, 2018

In Delaware’s largest city, Wilmington, it is a tenant’s market when it comes to office leasing. There is much activity and redevelopment to attract new tenants downtown. Rental rates hover around $18 to $21 per square foot for Class B office space and $23-plus for Class A office space. Vacancy for Wilmington and its suburbs combined has decreased to around 13 percent. In the past year, nearly vacant office buildings have garnered activity from new investors looking to purchase at lower price points, freeing up excess capital for renovations or redevelopment. Some office buildings are being redeveloped into residential apartments due to the demand of millennials and professionals who desire a “live-work-play” lifestyle in downtown Wilmington, and who wish to reside near the city’s Amtrak station to take advantage of the easy access to larger cities like Philadelphia, New York, and Baltimore. The Buccini/Pollin Group has been putting hundreds of millions into the construction or redevelopment of residential, office, and hotel, as well as sports and entertainment properties on Market Street and in the Riverfront area. The company recently acquired a 13-story building comprising the former DuPont headquarters and the Hotel DuPont, which will be converted into a mixed-use complex …

February 21, 2018

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