Office

1401 New York Avenue NW in Washington, D.C.

AXA, Stewart Investment Acquire 210,000 SF Office Tower in D.C. for $165M

by Katie Sloan January 16, 2018

WASHINGTON, D.C. — A joint venture between Paris-based AXA Investment Managers – Real Assets and Stewart Investment Partners has acquired 1401 New York Avenue NW, a 210,000-square-foot office property located in Washington, D.C.’s East End, for $165 million. AXA holds the majority interest in the partnership. The sellers, Heitman and Minshall Stewart Properties, originally acquired the property in December 2013 from Lone Star Funds for $95 million. Stewart Investment Partners is a successor firm spun out from Minshall Stewart Properties. The 12-story building is LEED Gold certified and features ground-level retail and a below-grade parking garage. The property was originally built in 1983, and recently underwent renovations that included a redesigned lobby, retail frontage, the addition of new tenant amenities and the replacement of the building’s original masonry façade with a glass curtain wall system. This property is AXA’s second investment in the Washington, D.C., metro over the past few months. The company acquired Montgomery Tower, a 366,800-square-foot office tower located in Bethesda, Md., in October of last year for $132.8 million. Paris, France-based AXA Investment Managers – Real Assets operates offices in 20 countries throughout Europe, Asia-Pacific and North America. The company has 74 billion euros in assets under …

January 16, 2018

Office Texas

Law Firm Signs 77,015 SF Office Lease Renewal, Expansion in Downtown Houston

by Taylor Williams January 15, 2018

HOUSTON — Law firm Jackson Walker has signed a 77,015-square-foot office lease renewal and expansion at 5 Houston Center, a 580,000-square-foot, Class A office property in downtown Houston. The lease includes a renewal of the existing 74,094 square feet occupied by the firm and an expansion of 2,921 square feet. Eric Anderson and Tyler Garrett of Transwestern represented the landlord, Spear Street Capital, in the lease negotiations. Tim Relyea of Cushman & Wakefield represented Jackson Walker.

January 15, 2018

Colorado Office Western

Invesco Advisers Purchases 186,231 SF Office Building in Colorado for $47.1M

by Nellie Day January 15, 2018

BROOMFIELD, COLO. — Invesco Advisers has purchased a 186,231-square-foot office building in Broomfield for $47.1 million. The building is located at 105 Edgeview Drive. The asset is fully leased, with the anchor tenant being Gogo, an in-flight internet and entertainment provider. The newly built property, known as Gogo Building at Interlocken, was developed by Hines and designed by Forum Architects. It is the first phase of Hines’ EOS at Interlocken office campus development. NKF represented Hines in this transaction.

January 15, 2018

Office Oregon Western

Goldman Sachs, HP Investors Acquire Office Portfolio in Portland

by Nellie Day January 15, 2018

PORTLAND, ORE. — A joint venture between Goldman Sachs Asset Management Private Real Estate and HP Investors has acquired a two-property office portfolio in Portland for an undisclosed sum. The properties included in the transaction are Block 90 and 300 Building. The portfolio contains a total of 85,753 square feet. The assets are situated adjacent to one another. They comprise an entire block in the Pearl District and are listed on the National Historic Register. The JV plans to maintain the boutique creative office space that caters to demand from a wide range of tenants in the marketplace looking for authentic, repurposed office space.

January 15, 2018

Georgia Office Southeast

CBRE Closes Sale of 1.2 MSF Office Park in Atlanta

by Camren Skelton January 15, 2018

ATLANTA — CBRE has arranged the sale of University Office Park, a 1.2 million-square-foot office park situated on 78 acres in Atlanta’s Northeast office submarket. Jason Parsonnet, Will Yowell, Jay O’Meara and Ryan Reethof of CBRE arranged the transaction on behalf of the seller, DRA Advisors. An Atlanta-based investment group acquired the 21-building campus for an undisclosed price. The Centers for Disease Control, FEMA and the IRS anchor University Office Park. In addition, the park is home to information technology services firm WiPro Limited’s operations hub and training center. CBRE has been retained by the new ownership to lease and manage the office park.

January 15, 2018

Georgia Office Southeast

Mobile Industry Organization Opens 15,000 SF Regional Office in Atlanta’s Armour Yards

by Camren Skelton January 15, 2018

ATLANTA — London-based GSMA, a trade organization that represents the interests of more than 800 mobile operators worldwide, has opened its new North American regional office at 165 Ottley Drive in Atlanta’s Armour Yards development. GSMA operator members in the North American region include companies such as AT&T, Bell Mobility, Digicel, Rogers Communications, Sprint, T-Mobile, Telus and Verizon. GSMA held a ribbon cutting ceremony for the grand opening on Friday, Jan. 11. The new office space features flexible work areas, open collaboration and meeting facilities and access to amenities within the Armour Yards campus. The building will house roughly 90 GSMA employees. Situated near the BeltLine, Armour Yards comprises 28 buildings and is home to companies including Sweetwater Brewing Co., American Sprit Works, Fox Bros. Bar-B-Q and East Pole Coffee Co. The loft-office portion is housed within four former industrial buildings and features creative office space.

January 15, 2018

Loans New York Northeast Office

ATCO Properties Receives $72.7M in Refinance Proceeds for Office Building in Manhattan

by Amy Works January 15, 2018

NEW YORK CITY — ATCO Properties & Management has closed a $72.7 million refinancing for an office building located at 240-246 W. 35th St. in Manhattan’s Garment District. MetLife Investment Management provided the five-year, fixed-rate loan. Jordan Roeschlaub and Dustin Stolly of Newmark Knight Frank arranged the financing. ATCO acquired the 165,000-square-foot building in 2016 and has executed new leases and implemented capital improvement projects at the 18-story property. The company executed 47,000 square feet of new leases and renewals during 2017 and completed several improvement projects, including a new lobby renovation, common corridor upgrades and sidewalk improvements. Newsday, Fidelus Technologies, Jason Wu, Carrier Enterprises Northeast, Nexguard Labs and Café Metro are tenants at the building.

January 15, 2018

Northeast Office Pennsylvania

HFF Brokers $6.6M Sale of Office Building in Metro Philadelphia

by Amy Works January 15, 2018

PHOENIXVILLE, PA. — HFF has arranged the sale of a single-tenant office building located at 1140 Valley Forge Road in Phoenixville, a suburb of Philadelphia. A Philadelphia-based family office sold the building for $6.6 million. Constructed as a build-to-suit in 1994 for Environmental Standards Inc., the property features 30,588 square feet of office space, including a 10,000-square-foot expansion that was added in 2013. Brett Segal and Doug Rodio of HFF represented the seller in the deal.

January 15, 2018

Illinois Midwest Office

Tri-Venture Acquires 693,546 SF Office Property in Lisle, Illinois

by Kristin Harlow January 15, 2018

LISLE, ILL. — A venture between GFH Financial Group BSC, Lincoln Property Co. and Crestlight Capital has acquired Central Park of Lisle I and II in Lisle. The sales price was $129 million, according to Crain’s Chicago Business. The two-building office property totals 693,546 square feet. Completed in 1991, Central Park of Lisle I is a seven-story building featuring 381,634 square feet. Central Park of Lisle II, built in 2001, features eight stories of office space totaling 311,912 square feet. Combined, the properties are 86 percent leased to tenants such as Armour-Eckrich Meats LLC, CA Technologies, Millward Brown (Kantar), EMC Corp. and Kone. Amenities include an on-site athletic club, childcare, cafeteria, conference facility and executive parking. The transaction included the 7.5-acre development parcel to the east of the site fronting I-88. Bryan Rosenberg, Patrick Shields, Jaime Fink, Jeff Bramson and Mark Katz of HFF marketed the property on behalf of the undisclosed seller and procured the buyer. Eric Tupler and Trent Niederberger of HFF arranged financing for the borrower through Citigroup.

January 15, 2018

Illinois Midwest Office

Crate & Barrel Inks 117,000 SF Office Lease at The Fields in Chicago

by Kristin Harlow January 15, 2018

CHICAGO — Crate & Barrel has signed a 117,000-square-foot lease for office and production space at The Fields in Chicago. Crate & Barrel plans to use the space for photo and video production. The Fields is a 22-acre, 1.5 million-square-foot redevelopment of the former Marshall Field’s campus located at 4000 West Diversey St., and is part of the Logan Square neighborhood. In 1965, Marshall Field and Co. acquired the six-story loft building, which was constructed in 1928. After going vacant in 2008, 4K Diversey Partners LLC, a partnership of Louis Silver, Aaron Paris and Paul Fishbein, acquired the complex. Developer Merit Partners began a mixed-use redevelopment at the site in January 2014. The project now comprises 300,000 square feet of office space; 123 residential rental lofts; 100,000 square feet of retail space, including the flagship Cermak Fresh Market; a 125,000-square-foot Cubesmart Self Storage business; and a 400,000-square-foot warehouse anchored by Studio 41. Cushman & Wakefield’s Barbara Schenberg and Teddy Walsh represented ownership in the lease transaction, while Steve Schneider and Andy Heymann, also of Cushman & Wakefield, represented Crate & Barrel.

January 15, 2018

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