JERSEY CITY, N.J. — Rhodium Capital Advisors has purchased an office building located at 600 Pavonia Ave. in Jersey City. An undisclosed seller sold the 85,000-square-foot property for $20 million. The buyer plans to implement a $3 million new capital expenditure and tenant improvement program at the eight-story building. Rhodium Capital Advisors closed on the property via its newly launched investment platform.
HAMPTON, N.J. — Cushman & Wakefield has brokered the sale of Perryville III, an office building located at 53 Frontage Road in the Perryville Corporate Park in Hampton. Shelbourne Global Solutions acquired the property for $19.9 million in a private sale. The buyers are rebranding the property as Shelbourne at Hunterdon. Built in 1996, the 288,280-square-foot property features a two-story atrium lobby, a 12,000-square-foot cafeteria with outdoor seating and a game room, a conference center, two fitness rooms, outdoor tennis courts and basketball courts and a jogging trail. Andrew Merin, Gary Gabriel, Andrew Schwartz and Ryan Larkin of Cushman & Wakefield handled the transaction. The name of the seller was not released.
PHOENIX — Archon Acquisition LLC has purchased a 295,401-square-foot office property in Phoenix’s Camelback Corridor for $81.7 million. The two-building property is located at 3131 and 3133 Camelback Road. The asset is 93 percent occupied. It was built in 1998. Lincoln Property Co. serves as the property manager. JLL’s John Bonnell, Brett Abramson and Chris Latvaaho will lead the leasing efforts. The seller was TR Camelback Corp. JLL’s Dennis Desmond and Lynn LaChapelle executed the sale.
CHICAGO — Convene, an operator of full-service meeting and event venues, has signed a 55,000-square-foot office lease for the entire third floor of the 108-story Willis Tower in Chicago. This will be the largest location for the operator of full-service meeting and event venues. Convene provides companies with an outsourced real estate solution for housing large-scale conferences, town halls, corporate events, training sessions and board meetings. The company’s in-house architecture and design team will design the location in Willis Tower. Planned features include 11 flexible meeting and event spaces, as well as breakout space, reception space and two large private outdoor patios, all available for rent by building tenants and outside enterprise companies. The largest rooms will accommodate up to 600 participants. Todd Siegel, Phil Golding and Kim Wiskup of CBRE represented the landlord, Equity Office, in the lease transaction. Craig Coupe and Corey Siegrist of JLL represented Convene. The company plans to occupy the space by the third quarter of 2019.
NEW PROVIDENCE, N.J. — Mountain Development Corp. has acquired an office building located at 41 Spring St. in New Providence for an undisclosed price. The building features 170,000 square feet of Class A office space. Geoffrey Schubert and Nick Savage of CBRE represented the buyer and undisclosed seller in the transaction. Jordan Roeschlaub of Newmark Grubb Knight Frank assisted the buyer in securing financing for the acquisition.
DANA POINT, CALIF. — Faris Lee Investments has arranged the sale of La Plaza Pacifica, a retail and office property located at 34052 La Plaza Drive in Dana Point. Raintree Evergreen LLC acquired the property from Trowbridge Vaughen Vivos Trust for $6.6 million, or $463 per square foot. At the time of sale, the 14,900-square-foot property was 95 percent occupied. Jeff Conover of Faris Lee Investments represented the buyer and seller in the deal.
BOCA RATON, FLA. — C. Talanian Realty Co. has purchased Peninsula Executive Center, an office development in Boca Raton, for $59.8 million. The 187,784-square-foot, Class A office property, located at 2381 and 2385 Executive Center Drive, consists of two four-story office buildings and a 742-space parking structure. The property is currently 97 percent leased and is anchored by Newell Brands. HFF, led by Chris Drew, Herman Rodriguez, Ike Ojala, Brian Gaswirth and Matthew McCormack marketed the property on behalf of the undisclosed seller. HFF also secured $33.5 million in long-term, fixed-rate acquisition financing through Principal Real Estate Investors on behalf of C. Talanian Realty.
NORTH BETHESDA, MD. — Federal Realty Investment Trust has revealed plans for 909 Rose Ave., the second office building within the 24-acre Pike & Rose mixed-use project in North Bethesda. Designed by Hickok Cole, the 11-story, Class A, LEED Silver-certified office building will include panoramic views from the rooftop terrace, meeting rooms, collaborative spaces, bike storage and a gym facility with showers. Tenant build-out could begin as early as the fall of 2019, with move-in by the first quarter of 2020. Merrill Lynch, Bank of America, Regus and Hilti are among the tenants in Pike & Rose’s first office building. Other components of Pike & Rose include more than 20 restaurants and 25 retail shops.
ALLEN, TEXAS — Massachusetts-based tech firm NETSCOUT Systems Inc. will relocate its research and development office to One Bethany at Watters Creek in the Dallas metro of Allen. The company will lease a 145,000-square-foot building from Kaizen Development Partners that will house more than 500 employees. The Class A property will feature an outdoor courtyard, fitness center, cafeteria and parking garage exclusively for employees. The relocation is scheduled for summer of 2018.
Much like the overall U.S. economy, the Dallas-Fort Worth (DFW) office market is statistically trending upward and will experience continued growth in 2017 as indicated by first quarter numbers. Overall, the marketplace is experiencing sustained growth thanks to small- to medium-sized businesses expanding at a rapid rate, investors selectively chasing higher yields and market cores shifting to suburban areas. According to Stream’s first quarter 2017 data, the market experienced cautious growth in the latter half of 2016, with stagnations that are common during election years. Yet the report indicates 2017’s outlook is very promising. With 75 percent of the metro’s office markets posting a decrease in vacancy, we have much to look forward to over the remainder of the year. Only submarkets with heavy volumes of speculative office construction have not seen as much in the way of decreasing vacancies. Kicking off with a bang, the Dallas office market saw leasing activity ramp up dramatically to begin 2017. With quarter one in the books, we can project continued job growth, a robust local economy and heavy deal activity. Noteworthy Dallas Developments Similar to 2016, buildings that primarily focus on improving parking availability and walkable retail options will have the best …
