Office

CBRE/NE Negotiates Sale of 470,258 SF Office Asset in Cambridge, Massachusetts

by Amy Works July 19, 2017

CAMBRIDGE, MASS. — CBRE/New England has brokered the sale of two office buildings located at 125 and 150 Cambridgepark Drive in Cambridge. CBRE Global Investors sold the asset to a joint venture between Longfellow Real Estate Partners and an undisclosed investor for an undisclosed price. The institutional-quality buildings total 470,258 square feet of multi-tenant office space and include a recently constructed 456-space parking garage. Dave Pergola, Brian Doherty, Chuck Kavoogian and Adam Brinch of CBRE represented the seller and procured the buyer in the transaction.

July 19, 2017

California Office Western

Equity Office Breaks Ground on Von Karman Creative Campus in Irvine

by Nellie Day July 19, 2017

IRVINE, CALIF. — Equity Office has broken ground on Von Karman Creative Campus (VKCC), a nine-building creative office campus in Irvine. The campus will be situated at the corner of Von Karman Avenue and Alton Parkway, on the site of the former Von Karman Corporate Center. VKCC will feature amenities like complimentary on-site concierge to assist with personal tasks, an indoor/outdoor fitness center, free group fitness classes, onsite cafe, dedicated dog parks, regular food trucks and farmer’s markets, iShuttle service to Metrolink and John Wayne Airport, exterior event spaces, bike lockers, entertainment opportunities, and other regularly scheduled community events. The campus is scheduled for completion in the first quarter of 2018.

July 19, 2017

California Loans Office Western

Concord Airport Plaza in Concord Receives $43.3M in Financing

by Nellie Day July 19, 2017

CONCORD, CALIF. — Concord Airport Plaza, a 350,256-square-foot office property in Concord, has received $43.3 million in financing. The two-building property is located at 1200 and 1220 Concord Ave. The five-year, floating-rate loan will be used to reposition the property. HFF’s Chris Gandy and Christie Donnelly placed the loan with ACORE Capital.

July 19, 2017

Office Oregon Western

LaSalle Investment Management Buys Pearl West Office Tower in Portland

by Nellie Day July 19, 2017

PORTLAND, ORE. — LaSalle Investment Management has purchased Pearl West, a 155,465-rentable-square-foot office tower in Portland, for an undisclosed sum. The Class A tower is situated in the Pearl District within a quarter mile of more than 2,200 apartment units, 1.5 million square feet of office space and 1 million square feet of retail space. The mid-rise creative office tower was built in 2016. It is currently 89 percent leased to tenants like Wacom, Zoom+, Regus and Howard S. Wright. HFF’s Nick Kucha, James Childress and Logan Greer represented the seller, BPM Real Estate Investments, in this transaction.

July 19, 2017

North Carolina Office Southeast

Oberlin Capital Sells Office Building in Raleigh for $9.9M

by Camren Skelton July 19, 2017

RALEIGH, N.C. — Oberlin Capital Acquisition has sold the Occidental Building, a 56,043-square-foot office building located at 1001 Wade Ave. in Raleigh, for $9.9 million. Marcus Jackson of TradeMark Properties represented Oberlin Capital in the sale to Empire Properties. Constructed in 1956, the building is registered and certified with the National Register of Historic Places. At the time of sale, the property was fully leased to tenants including Coldwell Banker Howard Perry and Walston, TradeMark Properties, Wall Templeton and Louis Berger.

July 19, 2017

California Loans Office Western

Easterly Government Properties Obtains $127.5M Loan to Acquire Medical Office Building in Yorba Linda

by Nellie Day July 18, 2017

YORBA LINDA, CALIF. — Easterly Government Properties has obtained $127.5 million in acquisition financing for a 327,641-square-foot medical office building in the Orange County submarket of Yorba Linda. The Class A building is located at 26001 Redlands Blvd. Construction was recently completed on the space. It is fully leased to the Department of Veterans Affairs (VA) for 20 years. Goldman Sachs provided the 10-year, fixed-rate, interest-only loan at a 60 percent loan-to-value ratio. CBRE’s Tom Traynor, James Millon, James Scott and Bernard Van der Lande secured the loan.

July 18, 2017

Healthcare New York Northeast Office

Marcus & Millichap Negotiates $8.7M Sale of Medical Office Building in Brockport, New York

by Amy Works July 18, 2017

BROCKPORT, N.Y. — Marcus & Millichap has arranged the sale of a medical office building located at 6668 Fourth Section Road in Brockport. A REIT acquired the asset from an undisclosed developer for $8.7 million. Unity Hospital of Rochester leases the entire 29,497-square-foot building on a long-term, triple-net basis. Ryan Moore and Christopher Mitchel of Marcus & Millichap represented the seller and secured the buyer in the deal. Additionally, John Krueger of Marcus & Millichap assisted in the closing.

July 18, 2017

North Carolina Office Southeast

Heritage Properties Begins Site Prep for $86M Office Building in Raleigh

by Camren Skelton July 18, 2017

RALEIGH, N.C. — Heritage Properties Inc. has commenced site preparation for One Glenwood, a 10-story, Class A office building in Raleigh. Located at Hillsborough Street and Glenwood Avenue, the $86 million project will total 227,500 square feet and include 15,000 square feet of street-level retail space. Amenities will include a rooftop terrace and lounge, fitness center, bike room and on-site parking with 730 spaces. Whiting-Turner, the project’s general contractor, has installed construction barriers and fencing and will soon begin demolition as part of a plan to shorten construction time. Heritage Properties has secured financing from Citizens Bank as the lead construction lender and M&T Bank as a participating lender. JDavis is the project architect, McAdams is the civil engineer and Trinity Partners will handle leasing of the property. Heritage and Trinity Partners also plan to construct a hotel at the project site.

July 18, 2017

Florida Office Southeast

TPA Group to Develop 330,000 SF Office Park in Broward County

by Camren Skelton July 18, 2017

PEMBROKE PINES, FLA. — Atlanta-based TPA Group has unveiled plans to develop The Edison Pembroke Pines, a 330,000-square-foot, Class A office park in Pembroke Pines. The project will include two, three-story buildings and a 5,000-square-foot central amenity building located along Interstate 75 at S.W. 145th Avenue. The buildings will feature high ceilings, surface parking, indoor and outdoor collaboration areas, a central clubhouse, gym, meeting space and a café. Greg Martin and Justin Cope of Avison Young will manage leasing and marketing of the property. The Edison Pembroke Pines will be constructed in two phases, and will mirror the aesthetic of TPA Group’s other projects under construction in Alpharetta, Ga., and Lake Mary, Fla.

July 18, 2017

Illinois Midwest Office

Ankura Consulting Signs 9,500 SF Office Lease in Chicago

by Kristin Harlow July 18, 2017

CHICAGO — Ankura Consulting has signed a 9,5000-square-foot office lease at 1 N. Wacker Drive in Chicago. The Washington, D.C.-based consulting firm provides advisory and expert services for corporate turnaround and restructurings, forensic investigations, compliance and regulatory government issues and cybersecurity. Ankura is building out its new office space on the 19th floor of the building while working out of temporary space on the 29th floor. The company is scheduled to occupy its new permanent space this fall. Kyle Kamin and Dan Persa of CBRE represented Ankura in the lease transaction, while Brad Despot of Avison Young represented the building owner, Irvine Cos.

July 18, 2017

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