Office

Connecticut’s Fairfield County Office Market Displays Healthy Indicators

by Taylor Williams December 6, 2017

Connecticut’s Fairfield County ranks among America’s 40 wealthiest counties with a median household income of $81,268 in 2010. And while some of its current office market data stand at low levels, many indicators point to a bright future. Year-to-date office leasing activity reached 1.7 million square feet as of the third quarter. This amounts to a 21 percent increase relative to the same period one year ago. While this figure stands 3.1 percent below the five-year historical average, overall leasing volume does not take into account a 500,000-square-foot, build-to-suit lease undertaken by Charter Communications at Gateway Harbor Point in Stamford. For the quarter, aggregate office leasing in the county totaled 555,629 square feet. Stamford and Greenwich accounted for more than 77 percent of the total. Major transactions included Bank of America’s 166,000-square-foot lease at 600 Washington Boulevard in Stamford and AQR Capital’s 90,000-square-foot expansion at One Greenwich Plaza. In August, Stamford scored its most impactful corporate attraction of the year when the German-based multinational Henkel moved its North American headquarters from Scottsdale, Arizona, to 155,000 square feet within the BLT Financial Centre at 200 Elm Street. The consumer products firm said its laundry, beauty and home-care divisions are employing approximately …

December 6, 2017

Office Texas

Seritage, KDC to Develop 1 MSF Office Property Within Dallas Midtown

by Taylor Williams December 5, 2017

DALLAS — Seritage Growth Properties and KDC will develop a 1 million-square-foot office property within Dallas Midtown, a 430-acre mixed-use project that is being constructed at the site of the former Valley View Mall in Dallas. The office development will feature two Class A towers with anchor retail and entertainment spaces. Seritage is also considering adding a hotel as part of its 23-acre project within the larger development. A timetable for completion has not yet been established.

December 5, 2017

District of Columbia Industrial Office Southeast

SIOR Names Jim Hirt CEO

by Camren Skelton December 5, 2017

WASHINGTON, D.C. — The Society of Industrial and Office Realtors (SIOR) has hired Jim Hirt as CEO. Hirt comes to SIOR as a Certified Association Executive (CAE) with 22 years of experience managing staff and volunteer leaders representing global organizations in multiple industries. “As the organization continues to grow as an international thought leader and industry expert, we look forward to leveraging Jim’s ability to foster creativity and build successful relationships to promote the success of SIOR and its members,” said Del Markward, SIOR global president, in an official release. Prior to joining SIOR, Hirt served as CEO of the American Society of Appraisers, and has held positions with the American Association of Poison Control Centers, Public Risk Management Association, National Association of Mortgage Brokers and AmeriCorps. In addition, Hirt serves on the California State University — Fuller DC Scholars Advisory Board and is a member of the American Society of Association Executives. “As we continue to look toward the future of this organization, my goal is to further solidify SIOR’s status not only as an industry leader, but also as an active global community by fostering engagement and innovation through every level of our organization,” said Hirt in a release. …

December 5, 2017

Office Southeast Virginia

Meridian Group Purchases 209,669 SF Office Building in Tysons Corner

by Camren Skelton December 5, 2017

TYSONS CORNER, VA. — The Meridian Group has acquired 8280 Greensboro Drive, a 209,669-square-foot office building in Tysons Corner. The sales price was not disclosed, but the Washington Business Journal reports the building is valued at approximately $41.5 million. Bill Collins, Drew Flood and Sean Collins of Cushman & Wakefield represented the undisclosed seller in the transaction, and Marshall Scallan of Cushman & Wakefield represented Meridian in securing its senior structured debt. The nine-story building is located within the Boro District, Meridian Group’s 4.2 million-square-foot mixed-use development. Upon completion, the project will feature 10 office buildings spanning 2 million square feet, apartments, condominiums, retail, restaurants and entertainment. The building on Greensboro Drive features a new conference center, new fitness center, on-site eatery, on-site structured parking, outdoor seating and green space. In addition, the property is LEED Gold-certified and located within a five-minute walk to the Greensboro Metro station. At the time of sale, the building was 83 percent leased.

December 5, 2017

North Carolina Office Southeast

HFF Brokers $22M Sale of Office Asset in Research Triangle Park

by Camren Skelton December 5, 2017

DURHAM, N.C. — HFF has arranged the $22 million sale of Nottingham Hall, a 105,601-square-foot office property in Durham. Ryan Clutter, Scot Humphrey and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, CapRidge Properties LLC, and procured the buyer, Senior Housing Properties Trust, a seniors housing and healthcare REIT that also invests in office buildings leased to medical tenants. Nottingham Hall is located at 4505 Emperor Blvd., within Imperial Center, a business park in Durham’s Research Triangle Park submarket. Constructed in 2001, the four-story building was fully leased at the time of sale to 13 tenants including its largest, Social and Scientific Systems, a company dedicated to improving public health worldwide. The RMR Group manages the property.

December 5, 2017

Healthcare New York Northeast Office

Bent Tree Realty Completes Sale of 23,383 SF Medical Office Building in Johnson City, New York

by Amy Works December 5, 2017

JOHNSON CITY, N.Y. — Bent Tree Realty has completed the disposition of Our Lady of Lourdes Memorial Hospital Orthopedics Building in Johnson City. A privately held healthcare REIT purchased the 23,383-square-foot facility for an undisclosed price. The building is 96 percent occupied by Our Lady of Lourdes Memorial Hospital, a member of Ascension Health. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Company represented the seller in the transaction.

December 5, 2017

Loans New Jersey Northeast Office

Cushman & Wakefield Brokers $66.6M in Financing for One Newark Center in New Jersey

by Amy Works December 4, 2017

NEWARK, N.J. — Cushman & Wakefield has arranged $66.6 million in acquisition financing secured by One Newark Center, located at 1085 Raymond Blvd. in Newark, for Beijing Ideal Group. Morgan Stanley Bank provided the 10-year, fixed-rate financing. The property in the transaction represented floors 6 through 22 of One Newark Center, a 22-story, 423,028-square-foot office building, along with the adjacent 10-story parking garage. John Alascio, Sridhar Vankayala and Noble Carpenter of Cushman & Wakefield represented the borrower in the transaction.

December 4, 2017

Kentucky Office Southeast

CBRE Arranges 105,138 SF Lease for Data Solutions Provider in Louisville

by Camren Skelton December 4, 2017

LOUISVILLE, KY. — CBRE has arranged a 105,138-square-foot lease for Appriss, a provider of data and analytics solutions, at 9901 Linn Station Road in Louisville. David Hardy of CBRE represented Appriss in the transaction, and Marc Barlow of CBRE represented the landlord, Gearing Capital Partners. Appriss is set to occupy the new space in July 2018, moving from its current headquarters at 10401 Linn Station Road, where it leases approximately 90,000 square feet. The firm will also be moving its data center and IT operations from the Eastpoint development to the new location. Appriss will occupy five floors at the new space. In addition, building ownership will invest in renovations to the property, including an updated lobby and entrance, renovated restrooms on each of the Appris floors and a new fitness center, conference center and outdoor lounge. Swope Design Group is handling the renovation design.

December 4, 2017

Illinois Midwest Office

GlenStar Acquires 103,471 SF Office Building in Chicago

by Kristin Harlow December 4, 2017

CHICAGO — GlenStar has acquired Bannockburn Lakes V in Chicago from Ameritus for an undisclosed price. The 103,471-square-foot office building is located at 2121 Waukegan Road. GlenStar now owns all the buildings in the Bannockburn Lakes office complex, acquiring the previous four in late 2015. GlenStar plans to update the common areas, restrooms, lobbies, exterior drive-up, landscaping and parking lots at the fifth building. In the past 24 months, GlenStar has invested more than $10 million in the complex, which was built in stages since the 1980s.

December 4, 2017

Office Texas

CBRE Brokers Sale of 237,894 SF Office Building Within Las Colinas in Irving

by Taylor Williams December 1, 2017

IRVING, TEXAS — CBRE has brokered the sale of Canal Centre, a 237,894-square-foot, Class A office building located at 400 E. Las Colinas Blvd. in Irving’s Las Colinas district. Eric Mackey, Gary Carr, John Alvarado, Evan Stone, Jared Chua and Robert Hill of CBRE represented the seller, a partnership between California-based Libitzky Property Cos. and Dallas-based Sunwest Real Estate Group. Canal Centre Investors LLC purchased the asset for an undisclosed price. The property, which offers amenities such as a fitness center, six-story parking garage and cafè, was 90 percent leased at the time of sale to tenants such as Power Line Services and Volkswagen.

December 1, 2017

Newer Posts

Older Posts