Office

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

Loans New York Northeast Office

Cushman & Wakefield Arranges $400 Million Financing for 1.1 MSF Office Building In NYC

by Jaime Lackey August 21, 2017

NEW YORK CITY — Cushman & Wakefield served as the exclusive advisor to Trinity Wall Street in arranging $400 million of acquisition financing secured by 375 Hudson Street in Manhattan. The senior mortgage financing was provided by affiliates of Goldman Sachs Mortgage Company. The 19-story Class A office and retail property was constructed in 1987; it contains nearly 1.1 million square feet of rentable area including 17 floors of office space, prime ground-floor retail space, a gym and rooftop outdoor running track, 46,000 square feet of storage space as well as a two-level, 100-space parking garage. The property’s office space is fully leased, anchored by Saatchi & Saatchi, which occupies more than 62 percent of the space. Steve Kohn, John Alascio, Alex Hernandez, Chris Moyer and Alex Lapidus of Cushman & Wakefield’s Equity, Debt and Structured Finance team represented Trinity Wall Street.

August 21, 2017

Loans Northeast Office Pennsylvania

KeyBank Provides $49.3M Acquisition Loan for Pennsylvania Office Complex

by Jaime Lackey August 21, 2017

MALVERN, PA. — KeyBank has provided a $49.3 million CMBS first-mortgage loan for the acquisition of Great Valley Commerce Center, a Class A office property in Malvern. The two-building property totals 356,223 square feet. The buildings were constructed in 1968 and 1975 and were renovated in 2010 and 2011. Current tenants include DaVita, Unisys Corp. and HERE Holding. John Christen of KeyBank arranged the 10-year loan, which has an amortization schedule of 30 years. KeyBank will also originate a $5 million mezzanine loan with a 10-year interest-only period.

August 21, 2017

Georgia Office Southeast

OliverMcMillan to Develop 330,000 SF Office Tower in Atlanta’s Buckhead District

by Camren Skelton August 17, 2017

ATLANTA — San Diego-based OliverMcMillan has unveiled plans to build The Office Buckhead Atlanta, a 17-story, 330,000-square-foot office tower located at 300 E. Paces Ferry Road in Atlanta’s Buckhead district. Designed by San Francisco-based architect Gensler, the Class A building will feature 30,000 square feet of ground-level retail and restaurants. The office tower will be situated adjacent to The Shops Buckhead Atlanta, which OliverMcMillan developed in 2014. Construction will begin with the demolition of the former HiFi Buys building at Peachtree Street and Boiling Way, with completion slated for early 2020. Deming Fish and Scott O’Halloran of Colliers International will handle the building’s leasing assignment.

August 17, 2017

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