Office

Skender Completes 176,000 SF Headquarters Relocation Project for GGP in Chicago

by Kristin Harlow February 2, 2018

CHICAGO — Skender Construction has completed interior construction of the 176,000-square-foot headquarters for retail real estate company GGP at River North Point in Chicago. GGP has relocated 700 employees to the new headquarters. The three-level space features an abundance of natural light and an open office format with exposed ceilings. The focal point of the space is the café, which opens to a 10,500-square-foot private deck overlooking the Chicago River. Skender worked with Archideas Inc., Environmental Systems Design and JLL to complete the project.

February 2, 2018

Arizona Office Western

McCarthy Cook, Morgan Stanley Sell 485,687 SF Office Tower in Phoenix for $80.7M

by Nellie Day February 1, 2018

PHOENIX — A joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing has sold BMO Tower at Central Arts Plaza, a 485,687-square-foot office tower in Phoenix, for $80.7 million. The Class A building is located at 1850 and 1884 N. Central Ave. in the Central Arts District. The transaction included an adjacent 1.9-acre parcel. BMO Tower was built in 1991 and designed for the Dial Corp. international headquarters. The building is currently 77 percent leased. Notable tenants include Dickinson Wright, The Cavanaugh Law Firm, PwC, Viad Corp. and BMO Harris Bank. Amenities include a fitness center, conference center, café with indoor/outdoor dining areas, a 200-seat theater, sundry shop and 24/7 security. The property also offers 360-degree views of Phoenix’s skyline and Camelback Mountain, a main lobby with 20-foot high ceilings, and a rotating art gallery. CBRE will serve as property manager, while JLL will lease the asset. CBRE also secured the financing and represented both parties in this transaction.

February 1, 2018

California Loans Office Western

NorthMarq Secures $57.1M in Construction Financing for 158,000 SF Office Building in San Diego

by Nellie Day February 1, 2018

SAN DIEGO — NorthMarq Capital has secured $57.1 million in construction financing for Watermark II, a 158,000-square-foot office building in San Diego. The loan was structured with a five-year term, the first three of which feature interest-only payments followed by a 25-year amortization schedule. NorthMarq arranged the financing through a regional bank. The borrower is an owner-user who previously developed a neighboring Class A office building that it currently occupies.

February 1, 2018

Delaware Northeast Office

Patterson-Woods Commercial Facilitates $1.9M Sale of Office Building in Wilmington, Delaware

by Amy Works February 1, 2018

WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has arranged the sale of an office building located at 913 Delaware Ave. in Wilmington. Washington Street Realty Co. sold the property to 913 Delaware Avenue, a Series of KD Financial LLC for $1.9 million. The single-story property features 8,100 square feet of office space. Bart Mackey of Patterson-Woods Commercial represented the seller in the deal.

February 1, 2018

Office Texas

CBRE Negotiates Sale of 232,108 SF Office Property in West Houston

by Taylor Williams February 1, 2018

HOUSTON — CBRE has negotiated the sale of Westchase Park Plaza, a 232,108-square-foot, Class A office property located in west Houston. The 10-story tower, which recently underwent a $6 million capital improvements project, was 61 percent leased at the time of sale. Jared Chua, John Alvarado, Evan Stone, Gary Carr, Eric Mackey and Robert Hill of CBRE represented the seller in the transaction.

February 1, 2018

Office Texas

Endeavor Sells 214,300 SF Office Campus in Southwest Austin

by Taylor Williams February 1, 2018

AUSTIN, TEXAS — Endeavor Real Estate Group has sold Rollingwood Center I and II, a two-building office asset totaling 214,300 square feet in southwest Austin. The Class A complex was built in 2015 and was 100 percent leased at the time of sale to tenants such as Kinnser Software Inc., Marsh & McLennan Agency LLC and Heritage Title Co. of Austin. HFF represented Endeavor, which developed the property, in the sale and arranged a fixed-rate acquisition loan through Lincoln Financial Group. Lionstone Investments purchased the property.

February 1, 2018

Office Texas

Colliers Brokers Sale of 161,170 SF Office Building in Northwest Dallas

by Taylor Williams February 1, 2018

DALLAS — Colliers International has brokered the sale of Northpointe Centre, a 161,170-square-foot office building located at 12005 Ford Road in northwest Dallas. John Bowles, Bruce Butler and Susan Gwin Burks of Colliers represented the seller, Northpointe LP, in the transaction. A partnership between CIG Legacy LLC and Symphony Northpointe LLC purchased the building for an undisclosed price.

February 1, 2018

Office Texas

RED Development Tops Out 22-Story Office Tower in Dallas

by Taylor Williams January 31, 2018

DALLAS — RED Development has topped out the 22-story office tower located within The Union Dallas, an 800,000-square-foot mixed-use development near downtown Dallas. Committed tenants at the tower include international law firm Akin Gump, accounting firm Weaver and multifamily development firm Streetlights Residential and have already signed leases at the property. The Union Dallas, which will also include a 31-story apartment tower and a 60,000-square-foot Tom Thumb grocery store, is now more than 50 percent preleased.

January 31, 2018

Florida Loans Office Southeast

NorthMarq Arranges $25M Sale of, Acquisition Financing for Office Building in Melbourne, Florida

by Camren Skelton January 31, 2018

MELBOURNE, FLA. — NorthMarq Capital has arranged the $25 million sale of a 191,500-square-foot office building located at 1990 NASA Blvd. in Melbourne. The building is home to General Electric Co. Dallas-based Reserve Cap Partners acquired the asset from an undisclosed seller, and Will James of NorthMarq brokered the sale. In addition, NorthMarq arranged a 10-year, CMBS acquisition loan on behalf of Reserve Cap Partners.

January 31, 2018

Georgia Office Southeast Top Stories

Portman Holdings Secures $150M Construction Financing for Office Tower in Midtown Atlanta

by Nellie Day January 31, 2018

ATLANTA — Portman Holdings has secured $150 million in financing to build a 21-story office building in Atlanta’s Technology Square. The 352,000-square-foot, build-to-suit Anthem Technology Center will be situated near Georgia Tech in Midtown. This area is known as an innovation hotbed with research facilities, incubators, technology start-ups and the Georgia Institute of Technology campus. Healthcare insurance giant Anthem (NYSE: ANTM) will occupy the space. The offices will serve as a hub for approximately 3,000 IT professionals seeking to enhance consumer healthcare experiences, improve the quality of care and lower healthcare costs. The building will feature a 14,000-square-foot terrace area with green space. Anthem placed an emphasis on energy and water efficiency, indoor environmental quality and active design standards. The building will also include 7,000 square feet of retail space and alternating two-story spaces connected by a staircase to promote collaboration. The project’s groundbreaking is scheduled for Feb. 21. Construction is expected to take two years. John Portman & Associates designed the building for Anthem. PCCP contributed equity financing, while SunTrust acted as the lead lender. Regions also served as a lender for the project. SunTrust will open a full-service branch inside Anthem Technology Center. Atlanta-based Portman Holdings is a …

January 31, 2018

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