CHANDLER, ARIZ. — GrubHub has leased a 29,526- square-foot spec suite at the San Tan Tech Center in Chandler. The center is located at 145 S. 79th St. The asset will be 93 percent leased once the mobile food ordering company moves in later this month. ViaWest Group acquired the 129,187-square-foot property in 2013. Other notable tenants include Arvato Digital Services, HealthTell and Amkor. JLL’s Mark Gustin, Dave Seeger and Karsten Peterson represented the landlord in this transaction.
DALLAS — Trammell Crow Co. and joint venture partner MetLife have signed international law firm Winston & Strawn LLP to a 56,000-square-foot lease at Park District in Uptown Dallas. Situated adjacent to Klyde Warren Park, Park District is a 916,000-square-foot mixed-use project that features a 20-story office tower and 34-story residential tower, both of which include ground-floor retail space. PwC is the anchor tenant of the office tower, dubbed PwC Tower at Park District. Upon completion the building will feature four levels of below-grade parking, an executive lounge, fitness facility, collaborative workspaces, on-site restaurants, outdoor amenity spaces and on-site banking and valet. HKS is the project architect and the development team is seeking LEED Gold-certification for the office tower. Dennis Barnes, Clay Gilbert and Shannon Brown with CBRE’s Dallas office represented Trammell Crow and MetLife in the lease transaction. Phil Puckett, Harlan Davis and Neal Puckett, also with CBRE’s Dallas office, and Nancy Pacher of CBRE’s Chicago office, represented Winston & Strawn, which will occupy floors eight and nine of the 500,000-square-foot tower in the second quarter.
ATLANTA — Trammell Crow Co. (TCC) and a joint venture partner advised by CBRE Global Investors have unveiled plans for Twelve24, a 16-story, transit-oriented office tower in Atlanta’s Central Perimeter submarket. The building will be directly connected to the Dunwoody MARTA station, and will include 334,000 square feet of office space and 11,000 square feet of ground-floor retail and restaurant space. Insight Global, an Atlanta-based national staffing services firm, has preleased 175,000 square feet at the building, which is expected to break ground in the summer and open in early 2020. Jodi Selvey and Emily Richardson of Colliers International arranged the lease transaction on behalf of Insight Global, and Eric Ross of CBRE represented the joint venture. Twelve24 will feature large, open floor plates with floor-to-ceiling glass, outdoor terraces, a lounge, conference center, fitness center and on-site restaurants. The development team, which includes design architect Duda Paine Architects and architect of record Wakefield Beasley & Associates, is seeking LEED Gold-certification. In addition, TCC is working with Concord Hospitality Enterprises to develop a 10-story, 180-room hotel directly connected to the new office tower.
KANSAS CITY, MO. — CBRE has brokered the sale of 2323 Grand in Kansas City’s Crown Center for an undisclosed price. The 11-story office property features 320,976 square feet and an underground parking garage. The transaction also included a surface parking lot for a combined total of 2.3 acres. The building is 83 percent leased by tenants including Sun Life Financial Services Co. Inc., Seigfried Bingham PC and Thornton Tomasetti Inc. On-site amenities include a cafeteria with a dining room and outdoor patio, fitness center and conference rooms. The property recently underwent a $6.5 million renovation. Gina Anderson, Gary Carr and Robert Hill of CBRE arranged the sale on behalf of the seller, Assurant. Stanton Road Capital purchased the asset.
NORTHBROOK, ILL. — Cohen Financial, a division of SunTrust Bank, has arranged a $19 million bridge loan for the acquisition of 400 Skokie in Northbrook, a northern suburb of Illinois. The 195,000-square-foot office building is currently 75 percent leased by tenants in various industries, including industrial manufacturing, financial services and healthcare. Michael Hart of Cohen Financial arranged the loan on behalf of the borrower, Ameritus. A Chicago-based bank provided the loan.
CHICAGO — BP Products North America has renewed its 240,000-square-foot office lease at CME Center-10 & 30 South Wacker in Chicago’s West Loop. BP has leased space at the property since 2010 when it relocated from the western suburbs. CME Center is 90 percent leased. The 2.3 million-square-foot property consists of two 40-story towers connected by a 10-story center structure and a 500-car parking garage. Amenities include a car wash, valet parking, tenant lounge and fitness facility. Matt Carolan, Steve Steinmeyer and Bruce Renwick of JLL represented BP in the lease transaction. Joe Gordon and Justin Lewis of Tishman Speyer represented ownership, Tishman Speyer.
LOS ANGELES — Gaw Capital Partners has purchased the 107,875-square-foot studio campus in the Los Angeles submarket of Atwater Village formerly occupied by Playboy. The space is located at 3030 Studios. The price was not disclosed. The studio features studio, production and creative office space located on nearly four acres of land. The private studio campus offers a full-service production and broadcast facility with three soundstages. JLL’s Nicole Mihalka, Carl Muhlstein and Hayley Blockley represented the seller, World Class Capital Group, in this transaction.
IRVINE, CALIF. — Taco Bell Corp. has expanded its executive team and leadership capabilities with three new positions as the brand inches toward its goal of being a $15 billion company with 9,000 restaurants globally by 2022. Taco Bell is bringing on Julie Felss Masino as brand president, where she will be responsible for ensuring the brand continues to deliver same-store sales growth by driving innovation, new store development and customer experience. She will also continue the brand’s partnership with its franchisees. This addition will allow CEO Brian Niccol the opportunity to focus on the company’s growth as a global brand while continuing to oversee the U.S. business. Masino comes to Taco Bell from Mattel Inc., where she led the Fisher Price division. Prior to that, she had extensive experience in the restaurant industry. Masino spent 12 years at Starbucks in leadership positions across numerous functions including in marketing, operations and strategic growth — both domestically and globally. She also has experience building newer brands, having served as CEO of Sprinkles Cupcakes Inc., where she grew store count and diversified retail product offerings, successfully launching its newest concept of cupcakes and ice cream. As part of the company’s structuring for …
ATLANTA — NCR Corp. (NYSE: NCR), an ATM maker and financial tech firm, and Cousins Properties have opened NCR’s two-tower global office campus in Midtown Atlanta. Development costs comprising both private and public investment are estimated at $450 million. The 750,000-square-foot development is situated at the corner of 8th and Spring streets and is expected to house roughly 5,000 employees, who will begin moving into the first tower today, with the second tower opening later this year. “This campus symbolizes the power of reinvention, says Bill Nuti, chairman and CEO of NCR, which moved its headquarters from nearby Duluth in Gwinnett County. “Our move to Midtown is part of our vision for transforming Atlanta into the Silicon Valley of the East.” NCR and Cousins Properties (NYSE: CUZ) entered a long-term, build-to-suit lease for the campus, which will be owned by Cousins. Construction of the first 20-story tower began in November 2015, and in September 2016 NCR announced it would expand the campus and build a second 14-story tower. “We are proud to have helped NCR achieve its vision for a new cutting-edge corporate headquarters in Midtown,” says Larry Gellerstedt, chairman of the board and CEO of Atlanta-based Cousins Properties. “This …
On the surface, the Washington, D.C., metropolitan office market has shown little change over the past five years. But dig a little deeper, and some interesting trends emerge. Metro D.C.’s office market totaled 377 million square feet as of the third quarter of 2017 and recorded a vacancy rate of just under 15 percent — inclusive of sublease space — and cumulative net absorption of 600,000 square feet year-to-date. The market has demonstrated little change in major market indicators over the last five years. Notably, three of the last five years (2012 to 2016) recorded negative absorption on a regionwide basis — averaging 82,000 square feet annually. Overall vacancy levels have thus far been held in check in part due to vacant buildings being removed from inventory for renovation and retrofitting or for conversion from office to other uses such as schools and residential. Nevertheless, core submarkets and micro-markets are benefitting from occupancy growth and rental rate increases, with tenants demonstrating a decided preference for amenity-rich areas. Tenant Preferences Regionally, the office segment is characterized by flight to quality and tenant-leaning leasing conditions. Tenants continue to favor efficient space design. They’re relying more heavily on building amenities such as conference …