Office

Takenaka Corp. Buys 290,573 SF Office Building in Seattle for $268.5M

by Nellie Day December 20, 2017

SEATTLE — Takenaka Corp. has purchased Tilt49, a 290,573-square-foot office building in Seattle, for $268.5 million. The Class A building is located at 1812 Boren Ave. in the Denny Triangle area of the city. Tilt49 is triple-net leased to Amazon through 2033. The newly constructed project includes 1,646 square feet of retail leased to Mighty-O Donuts. NKF represented the seller, a joint venture between Principal Real Estate Investors and Touchstone. The firm’s Kevin Shannon, Ken White, Rob Hannan, Tim O’Keefe and Michael Moll executed the transaction. The 11-story creative office property is nearby more than 100 restaurants, 3,000 hotel rooms, 28,000 urban residential units and public transit. The Denny Triangle submarket has experienced a 51 percent increase in average asking lease rates over the past three years, according to NKF. Tilt49 sold for $924 per square foot. This is approximately about $40 per square foot more than the recently sold Midtown 21 office property, which is situated adjacent to Tilt49 and also leased to Amazon. “The buyer [was sourced] via an ad hoc Asia/Pacific roadshow to four countries,” Shannon says. “As a result, we identified a strong buyer and achieved record-setting pricing for a Seattle office property. Takenaka is a …

December 20, 2017

Office Texas

HFF Negotiates Sale of 40,798 SF Office Building in Northwest Austin

by Taylor Williams December 19, 2017

AUSTIN, TEXAS — HFF has negotiated the sale of 5508 Parkcrest, a 40,798-square-foot office building located in northwest Austin. The Class B property was 92 percent occupied at the time of sale. HFF represented the seller, a family trust, in the transaction. An affiliate of Austin-based F&B Capital purchased the asset for an undisclosed price.

December 19, 2017

Office Texas

Coldwell Banker Arranges Sale of 36,879 SF Office Asset in Wichita Falls, Texas

by Taylor Williams December 19, 2017

WICHITA FALLS, TEXAS — Coldwell Banker Commercial Advisors (CBCA) has arranged the sale of a 36,879-square-foot office property located at 2236 Airport Drive in Wichita Falls, about 100 miles northwest of Fort Worth. The property, which was built in 1992 and is currently leased to USA 800, a Missouri-based call center provider. Gary Walker of CBCA represented the buyer, SkyWalker Property Partners, in the transaction. Sandalwood Pacific LP of Hawaii sold the net-leased asset for an undisclosed price.

December 19, 2017

Multifamily Office Texas

WorkFlourish Opens 10,000 SF Workspace Within Houston Apartment Community

by Taylor Williams December 19, 2017

HOUSTON — WorkFlourish, a Houston-based company that cultivates workspaces within hospitality or residential settings, has opened a 10,000-square-foot co-working space within Ascension on the Bayou, a 280-unit apartment community located in the Westchase area of Houston. The property now features a workspace in the main lounge, two conference rooms, a formal business center, several individual desks, eight private offices and a community kitchen. Co-working space at the property costs between $200 and $450 per month.

December 19, 2017

New Jersey Northeast Office

Weiss Realty Acquires 48,492 SF Office Building in Neptune, New Jersey, for $8.6M

by Amy Works December 18, 2017

NEPTUNE, N.J. — An affiliate of Weiss Realty has acquired an office building located at 1800-1836 W. Lake Ave. in Neptune for $8.6 million. James Gunning, Donna Falzarano and Kyle Saviano of CBRE Capital Markets Debt and Structured Finance arranged a $6 million permanent loan from Natixis of behalf of the buyers, West Lake Neptune LLC and West Lake Neptune 11 LLC, for the acquisition. Built in 2010, The three-story building offers 48,492 square feet of office space. Current tenants include Hackensack Meridian Health, the Department of Treasury for the State of New Jersey and West Lake Pharmacy. Fred Meyer of NAI Mertz and Jack Sudia of NAI Atlantic Coast Realty brokered the transaction. The Meyner and Landis Law Firm of Newark, N.J., represented the undisclosed seller, while Saverio Celeste of Fort Lee and William Schmidt of West Orange represented the buyer in the deal.

December 18, 2017

Office Texas

Stream Completes Renovation of 549,000 SF Office Building in Dallas

by Taylor Williams December 18, 2017

DALLAS — Stream Realty Partners has completed the renovation of Pinnacle Tower, a 24-story, 549,000-square-foot office building located along the LBJ Freeway in Dallas. The yearlong project delivered upgrades such as new exterior lighting to showcase the design and a remodeled lobby with a Starbucks Coffee, full-service restaurant and outdoor patio. Other additional features include a tenant lounge, fitness center, conference center and shuttle service to and from the Galleria mall and local restaurants.

December 18, 2017

Industrial Office Texas

NAI Robert Lynn Secures 36,450 SF Flex Lease in Arlington

by Taylor Williams December 18, 2017

ARLINGTON, TEXAS — NAI Robert Lynn has secured a 36,450-square-foot industrial/office lease at 640 107th St. in Arlington. Michael Stanzel of NAI Robert Lynn represented the landlord in the lease negotiations. George Curry and Blake Rogers of JLL represented the tenant, Incab America LLC, a Georgia-based manufacturer of fiber optic cable.

December 18, 2017

California Office Western

Mindspace to Open First U.S. Location of Co-Working Space in San Francisco

by Nellie Day December 15, 2017

SAN FRANCISCO — Mindspace has announced plans to open its first U.S.-based co-working outpost in San Francisco. The European co-working provider has leased 36,000 square feet at the Market Center Building at 575 Market St. The new office will open in the second quarter of 2018. It will be able to hold around 600 members. Market Center is owned by Equity Office. JLL advised Mindspace in this lease transaction.

December 15, 2017

Loans New Jersey Northeast Office

Cushman & Wakefield Secures $26.2M in Financing for Office Building in Woodcliff, New Jersey

by Amy Works December 15, 2017

WOODCLIFF, N.J. — Cushman & Wakefield has arranged $26.2 million in financing on behalf of Hudson Equities Management. The financing is secured by 300 Tice Boulevard, a 240,291-square-foot office property. Streamline Realty Funding provided the four-year, floating-rate financing. At the time of financing, the property was 78.5 percent occupied by a variety of tenants in the auto, pharmaceutical and financial services industries. John Alascio, Sridhar Vankayala and Andre Hass of Cushman & Wakefield represented the sponsor in the transaction.

December 15, 2017

Office Texas

Realty Capital Breaks Ground on 21,750 SF Office Building in Metro Dallas

by Taylor Williams December 15, 2017

FLOWER MOUND, TEXAS — Realty Capital Management has broken ground on Lakeside Professional Office, a 21,750-square-foot project in Flower Mound. The Class A property is being developed on a speculative basis. Bancorp South provided the construction loan for the project, which is expected to be complete by summer 2018.

December 15, 2017

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