Office

Merritt Properties Acquires 121,414 SF Office Building in Metro Baltimore for $24.6M

by Camren Skelton August 14, 2017

TOWSON, MD. — Merritt Properties has purchased 100 West Road, a 121,414-square-foot office building located at West Road and the Baltimore Beltway in Towson, roughly 15 miles north of Baltimore, for $24.6 million. The five-story, Class A building is LEED-EB Gold-certified and features open-air balconies, free surface parking, a conference center, onsite café and a fitness center. At the time of sale, the building was fully leased to tenants including Comcast, Robert W. Baird & Co., Regus and Liberty Mutual.

August 14, 2017

Georgia Loans Office Southeast

Walker & Dunlop Arranges $59M in Financing for Office Property in Metro Atlanta

by Camren Skelton August 14, 2017

MARIETTA, GA. — Walker & Dunlop has arranged $59 million in bridge and equity financing for Newmarket Business Park, a 471,486-square-foot office park in Marietta, roughly 20 miles north of Atlanta. Mark Strauss and Rob Quarton of Walker & Dunlop arranged the floating-rate bridge loan with full-term, interest-only payments through a debt fund on behalf of the borrowers, Praelium Commercial Real Estate and South Street Partners. A hedge fund invested the equity portion. Newmarket Business Park includes four single-story and two two-story office buildings constructed between 1983 and 1985. The asset was 85 percent leased at the time of closing to tenants including The Home Depot.

August 14, 2017

Healthcare Loans New York Northeast Office

Case Real Estate Capital Funds $16M Loan for Commercial Redevelopment Site in Queens

by Amy Works August 11, 2017

NEW YORK CITY — Case Real Estate Capital has funded a $16 million first mortgage loan secured by a commercial redevelopment site in the Flushing neighborhood of Queens. The borrower is Regent Medical Properties. The loan proceeds will be utilized to facilitate the acquisition of land and initiate pre-development work on the 20,803-square-foot site. The land parcel is slated for a 12-story medical office building with an ambulatory surgery center and street-level commercial space.

August 11, 2017

Georgia Office Southeast

Wealth Management Firm to Relocate Headquarters to Three Alliance Center in Buckhead

by Camren Skelton August 11, 2017

ATLANTA — Homrich Berg, an Atlanta-based wealth management firm, will relocate its headquarters to Three Alliance Center in Atlanta’s Buckhead district. Andy Ghertner and Carla Williams of Cushman & Wakefield represented the tenant, and Chris Ahrenkiel represented the landlord, Tishman Speyer, internally in the lease transaction. Homrich Berg will lease 26,126 square feet in the 30-story tower. Constructed in 2016, Three Alliance Center is the final phase of the Alliance Center office complex and features an on-site fitness center, conference center, 24-hour security, covered parking, a glass curtain wall system and 360-degree, floor-to-ceiling windows.

August 11, 2017

Office Texas

Adolfson & Peterson Breaks Ground on New Office Project for Apache in Midland

by Taylor Williams August 11, 2017

MIDLAND, TEXAS — Adolfson & Peterson Construction has broken ground on a new office development in Midland for Houston-based oil and gas exploration firm Apache Corp. The project will deliver a three-story building adjacent to Apache’s existing offices on Veterans Airpark Lane. Designed by Kirksey Architecture, the new building will feature 70,750 square feet of office space and amenities such as a daycare, fitness center and a physician’s clinic. Substantial completion of the property is scheduled for the first quarter of 2018.

August 11, 2017

Office Texas

CBRE Arranges Sale of Preston Plaza in North Dallas

by Taylor Williams August 11, 2017

DALLAS — CBRE has arranged the sale of Preston Plaza, a 250,009-square-foot office property located at the intersection of Preston and Frankford roads in North Dallas. Built in 1986 and renovated in 2015, the property was 91 percent leased at the time of sale. Eric Mackey, Gary Carr, John Alvarado, Jared Chua and Robert Hill of CBRE represented the seller, Caddo Holdings, in the transaction. Houston-based Tanglewood Property Group purchased the asset for an undisclosed price.

August 11, 2017

Office Texas

HFF Negotiates Sale of 251,143 SF Office Building in Austin

by Taylor Williams August 11, 2017

AUSTIN, TEXAS — HFF has negotiated the sale of 3900 San Clemente, a 251,143-square-foot office property situated on 9.9 acres at 3900 N. Capital of Texas Highway in Austin. Completed in 2008, the property was 91 percent leased at the time of sale and anchored by Samsung, VMWare and Maxim Integrated. Amenities include a fitness center, curbside food truck service and a connected parking garage. HFF represented the seller, a partnership between a global real estate investment manager and Austin-based HPI Real Estate, and procured the buyer, California-based investment firm Menlo Equities. The company secured an undisclosed amount of acquisition financing for the buyer through a national bank.

August 11, 2017

California Office Retail Western

Avison Young Facilitates $3.7M Sale of Retail, Office Property in Hollywood

by Nellie Day August 11, 2017

HOLLYWOOD, CALIF. — Avison Young has brokered the sale of a retail and office property located at 6501 Hollywood Blvd. in Hollywood. A Los Angeles-based private investor sold the 7,000-square-foot property for $3.7 million. At the time of sale, the two-story property was fully leased. John Tronson and Steven Tronson of Avision Young represented the seller and buyer, a private investor from New York City, in the deal.

August 11, 2017

Illinois Midwest Office

Northern Trust Signs 462,000 SF Office Lease in Chicago

by Kristin Harlow August 11, 2017

CHICAGO — Northern Trust has signed a 462,000-square-foot office lease at 333 South Wabash in Chicago. The global financial services company will move some of its Chicago staff to the office property in 2020, upon completion of building renovations planned by ownership. Northern Trust will have the option to expand its footprint in the building up to 750,000 square feet at a future date. Northern Trust’s global headquarters will remain unchanged, located at 50 S. LaSalle St. Affiliates of The John Buck Co. and Morgan Stanley purchased 333 South Wabash from CNA Financial Corp. (CNA) last year, after CNA signed a lease to relocate its offices and left a 750,000-square-foot vacancy in the 1.2 million-square-foot office tower. The property was originally constructed in 1972 and is known for its red exterior. Renovations are planned for the property, including construction of a new building lobby, an upgraded fitness center, day care and tenant lounge. Completion of the renovations is slated for 2019. Bill Rolander and Jon Cordell of Newmark Knight Frank negotiated the lease transaction on behalf of The John Buck Co. and Morgan Stanley. Todd Lippman, Todd Doney, James Whalen, Maura Mahoney and Scott Brandwein of CBRE represented Northern Trust. Rolander and Cordell …

August 11, 2017

Market Reports Office Texas Texas Market Reports

Houston’s Office Market Rides Out Oil Downturn, Poised For Stability

by Taylor Williams August 11, 2017

Over the past few years, Houston’s diverse economy has proven resilient. This diversity helped the city weather a major drop in oil and gas prices that, during previous downturns, severely affected the office market. While Houston has taken its share of recent hits, it appears poised to move forward into a period of stability and steady growth. While most of Houston seems to be in recovery mode, the local office market historically trails the oil and gas industry and usually takes additional time to reflect the current economic recovery. Houston’s office market was hit hard by the downturn when oil prices plummeted at the end of 2014. Submarkets like the Central Business District and the Energy Corridor — where roughly half of the workforce belongs to the energy sector — were hardest hit. Firms in these submarkets suffered big layoffs and created large swaths of available sublease and direct office space. However, according to CoStar, tenants still spent more than $7 billion (larger than the GDP of 55 sovereign nations) on office space during the past year. What does this all mean for the office market? At the end of the first quarter of 2017, Houston’s direct vacancy rate was …

August 11, 2017

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