Office

Intercontinental Real Estate Purchases Office Tower in Austin’s CBD for $119M

by John Nelson September 7, 2017

AUSTIN, TEXAS — Intercontinental Real Estate Corp., a Boston-based real estate investment and development firm, has purchased 5th + Colorado, a newly built, 18-story office tower in Austin’s central business district. The company acquired the property from the developer, a joint venture between Lincoln Property Co. and Goldman Sachs, for $119 million, according to the Austin Business Journal. Located at the corner of 5th and Colorado streets within Austin’s Warehouse District, the 179,000-square-foot office tower comprises eight levels of structured parking, nine floors of Class A office space and a lobby level with 5,822 square feet of retail space. Built in 2016, 5th + Colorado is home to companies including Indeed.com, an online job search forum; Industrious, a co-working office concept; SoftServe Inc., a Ukranian software firm; Plains Capital Bank; and Sherri Hill, an Austin-based fashion brand relocating from 9011 Tuscany Way, according to the Journal. Amenities at the office tower include on-site management and security and a fitness center with showers and locker rooms. Located at 201 W. 5th St., the office building is within walking distance of Lady Bird Lake Hike and Bike Trail, the State Capitol, Austin City Hall, the Austin Convention Center and Republic Square Park. …

September 7, 2017

Massachusetts Northeast Office

NKF Facilitates $30.1M Sale of 46,350 SF Office Building in Cambridge, Massachusetts

by Amy Works September 6, 2017

CAMBRIDGE, MASS. — NKF has arranged the sale of an office and retail building located at 515 Massachusetts Ave. in Cambridge. S-BNK Cambridge LLC sold the asset to an undisclosed buyer for $30.1 million, or $649 per square foot. Santander Bank currently fully leases the 46,350-square-foot property. Geoffrey Millerd, Justin Smith, Paul Penman and Christian Brannelly of NKF represented the seller in the deal.

September 6, 2017

Industrial Loans Massachusetts Northeast Office

Valencia Realty Capital Secures $6.5M in Refinancing for Mixed-Use Building in Boston

by Amy Works September 6, 2017

BOSTON — Valencia Realty Capital has arranged $6.5 million in refinancing for a two-story, mixed-use building located at 580 Chelsea St. in Boston’s East Boston neighborhood. The 90,000-square-foot property features clear heights as high as 30 feet and is the closest warehouse and office facility to Boston Logan International Airport’s tarmac. Boston-based Valencia Realty secured the financing, which features a 30-year amortization schedule, for the undisclosed borrower.

September 6, 2017

Midwest Nebraska Office

NICDC, Tetrad Break Ground on 80,000 SF Office Building in Lincoln, Nebraska

by Kristin Harlow September 6, 2017

LINCOLN, NEB. — Nebraska Innovation Campus Development Corp. (NICDC) and Tetrad Property Group have broken ground on an 80,000-square-foot office building at Nebraska Innovation Campus in Lincoln. The three-story building will feature a business incubator and common spaces designed for collaboration. Completion is slated for the third quarter of 2018. Richard Meginnis and Sally DeLair of NAI FMA Realty are marketing the building for lease. Nebraska Innovation Campus is a research campus designed to facilitate partnerships between the University of Nebraska and private sector businesses.

September 6, 2017

Massachusetts Northeast Office

Alexandria Real Estate Developing 431,000 SF Office/Laboratory Space in Cambridge, Massachusetts

by Amy Works September 5, 2017

CAMBRIDGE, MASS. — Alexandria Real Estate Equities is developing an office and laboratory project at 100 Binney St. in Cambridge. Slated for delivery in the fourth quarter, the property will feature 431,000 rentable square feet of office and laboratory space. The project is 100 percent pre-leased. The tenant roster includes Facebook, Bristol-Myers Squibb Co., Foghorn Therapeutics, Sigilon Therapeutics, Tango Therapeutics and TCR2 Therapeutics. Additionally, the company is pre-leasing for 399 Binney Street, a 164,000-square-foot ground-up development at Alexandria Center at One Kendall Square. Alexandria Real Estate acquired One Kendall Square, a 645,000-square-foot, nine-building life science and technology campus in Cambridge, in 2016.

September 5, 2017

New York Northeast Office Retail

Cushman & Wakefield Arranges $5.2M Sale of Mixed-Use Building in Manhattan

by Amy Works September 5, 2017

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use building located at 219 E. 60th St. in Manhattan’s Midtown East section for $5.2 million. Vacant at the time of sale, the five-story building features retail space on the ground and second floors and open-floorplan offices on the remaining floors, which leaves options available for a residential conversion. Clint Olsen, Alex Woodlief and Will Conrad of Cushman & Wakefield represented the undisclosed seller, while Leslie Wang of Essential New York Real Estate represented the buyer, Ling Jiou Mountain Buddhist Society, in the deal.

September 5, 2017

Georgia Office Southeast

Sealy Acquires 277,201 SF Office Portfolio in Metro Atlanta

by Camren Skelton September 5, 2017

JOHNS CREEK, GA. — Sealy & Co. has acquired the Johns Creek Value & Income Portfolio, a 277,201-square-foot, single-story office portfolio in Johns Creek, roughly 30 miles north of Atlanta. The acquisition was made on behalf of Sealy Strategic Equity Partners. The sales price was not disclosed. At the time of sale, the portfolio was 89 percent leased and home to three company headquarters: ARRIS International, Femasys and Alpha Advanced Materials.

September 5, 2017

Indiana Midwest Office

Engineering Facility Solutions Completes HVAC Project for Office Property in Noblesville, Indiana

by Kristin Harlow September 5, 2017

NOBLESVILLE, IND. — Engineering Facility Solutions (EFS) has completed installation of a design/build HVAC project at the new headquarters of BlueSky Technology Partners in Noblesville, about 20 miles north of Indianapolis. BlueSky, an e-commerce consultancy, and BlueSky Digital, a digital marketing agency, will occupy the top two floors of the four-story, 42,000-square-foot building. The first level is set for use as a tenant restaurant space with outdoor seating. The second level is an open office space available for lease. EFS completed the project within a four-month design phase and a five-month installation. American Structurepoint + Interiors Group was the architect and Meyer Najem was the general contractor.

September 5, 2017

New York Northeast Office Top Stories

Joint Venture Receives $1.5B Construction Financing for 50 Hudson Yards Office Tower in Manhattan

by Katie Sloan September 5, 2017

NEW YORK CITY — A joint venture between Related Cos., Oxford Properties Group and Mitsui Fudosan America Inc. has received $1.5 billion in construction financing for 50 Hudson Yards, a 58-story office tower located within the Hudson Yards development on Manhattan’s West Side. The joint venture has also committed $2.3 billion, bringing the total planned construction costs to $3.8 billion. Wells Fargo, Deutsche Bank, HSBC, Bank of China and Sumitomo Mitsui Banking Corp. served as co-lead arrangers for the $1.5 billion senior construction loan. Located at the northwest corner of 33rd Street and 10th Avenue, the 2.9 million-square-foot building will be New York City’s fourth largest commercial office tower, according to the joint venture. BlackRock, an investment management firm, will locate its corporate headquarters at the property, occupying 850,000 square feet across 15 floors. The building — designed by architecture firm Foster + Partners — will feature access points on all four sides and a subway concourse below; private sky lobbies; outdoor terraces; executive valet parking; on-site bike storage; connection to shops and restaurants at Hudson Yards; and an outdoor observation deck. Site work has commenced with vertical construction scheduled to begin this fall. The building is slated for completion in 2022. Related Cos. and Oxford Properties …

September 5, 2017

Market Reports North Carolina Office Southeast Southeast Market Reports

Charlotte’s Ballantyne Office Submarket Shows No Signs of Slowing Down

by John Nelson September 4, 2017

The housing market remains hot in Charlotte with sustained growth in both sales activity and sales price. Affordable prices, a strong market and robust salaries are driving first-time buyers to take the plunge and purchase their first home and there’s no better place to live in Charlotte than in the 28277 zip code, otherwise known as Ballantyne. The Ballantyne area is nationally known for not only a place to work with more than 5 million square feet of Class A office space, but also a desirable place to live with housing opportunities ranging from $145,000 to over $4 million. The 28277 zip code has top-rated schools, an abundance of restaurant and shopping options, private and public golf courses, and the area’s only Four-Star recognized hotel, spa and restaurant. The office sector remains hot with continued employment growth attributing to falling vacancy rates, new construction and rising rents. Charlotte has an overall vacancy rate of 10.4 percent and the overall weighted average asking rent for Class A space in Charlotte is $25.98 per square foot. There is currently over 2.3 million square feet of office product under construction in Charlotte and close to 7 million square feet planned or proposed. The …

September 4, 2017

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