Office

Insite Properties, Eastern Federal Buy Two Office Properties in Charleston for $21.5M

by Camren Skelton August 24, 2017

CHARLESTON, S.C. — Charlotte, N.C.-based firms Insite Properties and Eastern Federal Corp. have acquired two office buildings in Charleston: the 74,000-square-foot Albemarle Point Center, located at 176 Croghan Spur Road, and an adjacent 11,000-square-foot flex-space property located at 238 Albemarle Road. The sales price was not disclosed, but The Post and Courier reports the buildings sold for $19.5 million and $2 million, respectively. The companies will implement renovations to the buildings, including updating the building exterior and internal common areas.

August 24, 2017

Market Reports Midwest Midwest Market Reports Missouri Office

Dramatic Rise in Tech Jobs Propels Growth in St. Louis Office Market

by Kristin Harlow August 24, 2017

Rapid growth in the tech sector is dramatically impacting the St. Louis office market. The city boasted an increase of 6,220 high-tech jobs during the last four years, over 2,000 of which were generated in the past year alone. Given the total number of tech jobs in St. Louis is 57,300, this amounts to a healthy growth rate of 10.9 percent. From well-known companies like Square Inc., Yurbuds and Answers.com to newer ones such as LockerDome, Aisle411 Inc. and MediBeacon Inc., the St. Louis region is a growing hot spot for innovative, new and expanding companies. These companies include leaders in the areas of plant and life sciences as well as financial services, information technology, advanced manufacturing and even rapidly growing pet care industries. Significant healthcare and biotechnology institutions in the region include Pfizer, Donald Danforth Plant Science Center, Solae Co. and Sigma-Aldrich. As capital injections slow in the coastal markets, St. Louis’ startup scene is thriving, attracting talent, new companies and investors from across the globe. According to Forbes, the city was named the fastest-growing metropolis for startups in 2016. Analytical website fivethirtyeight.com reaffirmed St. Louis’ increased appetite for startups, attributing the uptick in part to a combination of …

August 24, 2017

Arizona Office Western

JV Acquires Foothills Corporate Centre II in Phoenix for $18.4M

by Nellie Day August 23, 2017

PHOENIX — A joint venture between an institutional investor and Everest Holdings has purchased Foothills Corporate Centre II, a 145,000-square-foot office building in Phoenix, for $18.4 million. The center is located at 14601-14605 S. 50th St. The property is 72 percent leased to three tenants: Level 3, DirecTV and ExhibitOne. It is situated just north of the future South Mountain Freeway, which is a 22-mile extension of the Loop 202 Freeway. JLL’s Brian Ackerman and Dan Postal represented the seller, Fort Properties Management, in this transaction. The firm’s Dave Seeger, Mark Gustin and Karsten Peterson will head up the project’s leasing efforts.

August 23, 2017

Arizona Office Western

Crescendo Development Buys Foothills Health Center in Phoenix for $12.1M

by Nellie Day August 23, 2017

PHOENIX — Crescendo Development has purchased Foothills Health Center, a 53,310-square-foot medical office property in the Phoenix submarket of Ahwatukee, for $12.1 million. The property is located at 4510 and 4530 E. Ray Road. The center is 93 percent occupied. The larger building was developed in 1994 and refurbished in 2000, while the smaller building was developed in 2002. NKF represented Crescendo Development. Nicholas Pelusio and Kevin Helland of Avison Young represented the seller, United Insurance Company of America, in this transaction.

August 23, 2017

Office Texas

Lincoln Property Co. Purchases 2.1 MSF Office Campus in Houston

by Taylor Williams August 23, 2017

HOUSTON — Lincoln Property Co. has purchased Greenspoint Place, a 36-acre, 2.1 million-square-foot office campus located at 16945 Northchase Drive in Houston. Developed by Hines, the property consists of six office buildings with three connecting retail centers. Warren Hitchcock and Bill Haley of NorthMarq Capital’s Houston office arranged an undisclosed amount of acquisition financing for the buyer.

August 23, 2017

Office Texas

Trade Group to Relocate Headquarters to 200,000 SF Office Space in Grapevine

by Taylor Williams August 23, 2017

GRAPEVINE, TEXAS — The Trade Group, a Carrollton, Texas-based provider of products and services for trade shows, will relocate its global headquarters to a 200,000-square-foot space in the Dallas-Fort Worth metro of Grapevine. The company expects to move into its new office space in late 2018 or early 2019. A groundbreaking ceremony will be held on Friday, June 8 at the new location, 2060 Enchanted Way.

August 23, 2017

Massachusetts Northeast Office Top Stories

Ashkenazy Acquisition Acquires South Station Transit Hub in Boston

by Nellie Day August 23, 2017

BOSTON — Ashkenazy Acquisition Corp. (AAC) has purchased South Station, a Boston transportation hub known as “the gateway to New England,” for an undisclosed sum. AAC will assume the 98-year leasehold for the transit station’s concourse and upstairs office space. The South Station Train Terminal is part of the Michael S. Dukakis South Station Transportation Center, Boston’s busiest transit hub. Opened in 1898, the historic train terminal now serves thousands of commuters, travelers, shoppers and diners daily. Amtrak, MBTA (Massachusetts Bay Transportation Authority) rapid transit and MBTA commuter rail all serve the station. Regional coach services are available in the adjacent South Station Bus Terminal Building. The building is recognizable due to its exterior clock and neo-classical revival architecture. South Station also contains more than 59,000 square feet of retail space, including quick-service food options like McDonald’s, Auntie Anne’s, Au Bon Pain, Dunkin’ Donuts, Starbucks and Pret, among others. These options join other retailers at South Station, including CVS/pharmacy, Barbara’s Bookstores, Bank of America and Citizens Bank. AAC has also operated Boston’s famed Faneuil Hall Marketplace for the past six years. That property is currently undergoing a renovation that will upgrade its design and appearance. “It is fitting that AAC …

August 23, 2017

California Office Western

JV Purchases Koll Center Newport Office Building in Newport Beach for $59.8M

by Nellie Day August 22, 2017

NEWPORT BEACH, CALIF. — A joint venture between Greenlaw Partners and Hilrod has acquired a 156,310-square-foot office building within the master-planned Koll Center Newport in Newport Beach for $59.8 million. The Class A building is located at 4400 MacArthur Blvd. The property is 92 percent leased to tenants like Bank of the West and Fidelity National Title Co. It was built in 1979 and renovated between 2014 and 2016. The JV represented itself in this transaction. NKF’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, an East Coast-based pension fund advisor.

August 22, 2017

hudson-research-center-taconic-silverstein

New York Northeast Office

Taconic and Silverstein to Develop Life Science Research Hub in Manhattan

by Jaime Lackey August 22, 2017

NEW YORK CITY — Taconic Investment Partners and Silverstein Properties plan to develop the Hudson Research Center at 619 West 54th Street. Development plans include the creation of more than 150,000 square feet of life science wet lab research space. The 330,000-square-foot property at 619 West 54th Street is the home of the New York Stem Cell Foundation’s recently developed 40,000-square-foot research institute and headquarters. The 10-story building features the infrastructure necessary to support life science and medical tenants including 33,000-square-foot floorplates, robust electrical capacity, emergency generators, high floor loads, and high ceilings. Taconic and Silverstein plan to invest up to $20 million to further enhance base building infrastructure in order to deliver lab-ready space to research tenants. Transwestern Consulting Group (TCG) serves as the leasing agent for the building.

August 22, 2017

Office Texas

CBRE Negotiates 105,026 SF Office Lease Renewal in Downtown Houston

by Taylor Williams August 22, 2017

HOUSTON — CBRE has negotiated a 105,026-square-foot office lease renewal on behalf of law firm Porter Hodges LLP at 1000 Main St. in downtown Houston. Charles Gordon, Brandon Clarke, Paul Penland and Ryan Roth of CBRE represented Porter Hodges in the lease negotiations. Wade Bowlin of PM Realty Group represented the landlord, 1000 Main LLC. Other tenants housed in the 837,161-square-foot building include Shell, UBS and Sanchez Energy.

August 22, 2017

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