DOWNERS GROVE, ILL. — NEC Display Solutions of America has signed a 47,714-square-foot office lease in Downers Grove, a western suburb of Chicago. The property is located at 3250 Lacey Road. Included in the new headquarters will be a 6,000-square-foot technology showcase and demo facility for client engagement, as well as a 5,000-square-foot research and development lab. The designer and provider of LCD displays is moving from a 40,000-square-foot office in Itasca, Ill. Chad Freese, Paul Diederich, Matthew Frazee and Jon Springer of CBRE represented NEC in the lease transaction. Phil Sheridan of CBRE represented the owner, Hamilton Partners.
DALLAS — CBRE has arranged the sale of Trinity Towers, a Class A, 634,381-square-foot office tower located in the Medical and Love Field District of Dallas. The 20-story building was recently renovated and features structured parking, a full-service deli, conference center and fitness center with locker rooms. The tower is 97 percent leased to tenants including Aetna, Children’s Medical Center and Southwest Airlines. Gary Carr, Eric Mackey, Evan Stone, John Alvarado, Jared Chua and Robert Hill of CBRE worked on behalf of the seller, JP Realty Partners. Stanton Road Capital acquired the property. The price was not disclosed, but a website affiliated with The Dallas Morning News, dallasnews.com, reports that the asset was sold for $50 million. “As one of the market’s most recognizable buildings, Trinity Towers presented investors with an exceptional asset located within Dallas’s premier emerging marketplace,” says Carr. “The building’s outstanding tenants and low-risk upside potential attracted a wide range of investor interest.” The property is positioned along Stemmons Freeway, and is located near both Dallas Love Field Airport and DFW International Airport. Stanton Road Capital is a Los Angeles-based investment management firm focused on commercial real estate and private equity strategies. — Katie Sloan
The recent announcement that XTO Energy Inc., a division of energy giant ExxonMobil, will be moving 1,600 jobs to Houston was not the best news for Fort Worth. The move, which will occur in waves between 2018 and 2020, will reduce downtown’s private workforce by 3 percent over the next few years and lead to several of the company’s CBD properties hitting the market for sale. Broader economic implications notwithstanding, many tenants, landlords and city officials are wondering what impact XTO’s move will have, not only on the office market, but also on the downtown area’s commercial real estate market. However, any worries that the move would drastically upset the downtown market’s equilibrium appear to be misplaced. Most office sectors, especially the CBD’s Class A market and the suburban market that includes the West 7th and West/Southwest Fort Worth areas — should see minimal impact. It is even possible that most of the Class B market in the CBD will remain unaffected, as demand for re-development or from existing office users may consume much of XTO’s spaces. To understand how this move could affect downtown Fort Worth, it helps to look at the bigger picture. The current CBD office inventory …
PORTLAND, ORE. — Cushman & Wakefield has completed the remodeling of its long-time office in downtown Portland. The office is located at 200 S.W. Market St. Cushman & Wakefield has resided in the building since 1989. The remodel includes new design enhancements and amenities making for a more collaborative, technologically advanced, functionally efficient and enjoyable workplace. The office features numerous common areas and meeting rooms, two phone booths for private calls, a private wellness room, Skype for Business technology, on-site showers and smart lighting based on occupancy, among other features. The building was initially constructed in 1973. Russell Development completed a $25 million reconstruction of the building in 1990. The firm also installed new on-site amenities earlier this year, including bocce ball courts, and completed an upgrade to the outdoor terrace area. The building is co-managed by Russell Development Co. and Cushman & Wakefield, both of which have offices on the site.
SUGAR LAND, TEXAS — Dallas-based Velocis has acquired Two Sugar Creek Center, a 143,410-square-foot, Class A office building located at 77 Sugar Creek Blvd. in the Houston metro of Sugar Land. Built in 1999, the six-story property was 85 percent leased at the time of sale and features on-site conferencing facilities, a 240-space parking structure and an additional 1.5 acres of developable land. H. Dan Miller and Trent Agnew of HFF represented the seller, TA Realty, in the transaction.
PLANO, TEXAS — Stream Realty Partners has brokered the sale of Jupiter Service Center, an office/industrial asset totaling 126,485-square-foot in Plano. The four-building property is situated on nine acres at the corner of Jupiter Road and 10th Street, less than a mile from the President George Bush Turnpike. Jamie Jennings, James Mantzuranis, Matt Dornak and Ryan Wolcott of Stream Realty represented the seller, Situs, a Houston-based advisory and management firm. Kennington Property Co. purchased the asset for an undisclosed price.
MARLBOROUGH, MASS. — R.W. Holmes Realty has arranged the sale of Mount Royal Office Park, located at the interchange of Route 20 and Interstate 495 in Marlborough. Mount Royal Associates II, an entity of Haynes Management, sold the three-building property to CB Equities Mt Royal for $8.5 million. The buyer plans to rename the property to Knowledge Park @ Marlborough and renovate the 160,000-square-foot property with a new exterior front façade, new signage, an updated fitness center with showers and a common area with a club room. Additionally, the buyer will occupy a portion of the building and plans to lease out suites ranging from 1,600 square feet to 20,000 square feet. Craig Johnson, Garry Holmes and Jim Bartholomew of R.W. Holmes represented the seller and procured the buyer in the transaction.
DALLAS — Henry S. Miller Brokerage Co. (HSM) has closed the sale of Tollway Towers East, a 20,354-square-foot office property located at 15441 Knoll Trail Drive in Dallas. Dan Spika of HSM represented the buyer, TDI GP LLC in the transaction. Ron Hebert of Marcus & Millichap represented the seller, CIP 2014/CP Tollway Owner LLC.
CHICAGO — Peapod has unveiled plans to move its headquarters from suburban Skokie to 300 South Riverside Plaza in Chicago. Founded in 1989, Peapod is an online grocery delivery store that operates out of 23 markets. All 220 employees will move to the 53,000-square-foot office by April 2018. Currently occupying a 33,000-square-foot space, Peapod is moving to downtown in order to access a deeper talent pool of data analytics and tech employees. Owned by Third Millennium Group, 300 South Riverside Plaza is a 23-story Class A office tower in Chicago’s West Loop. Matt Pistorio and Joy Jordan of The Telos Group represented ownership in the lease transaction. David Burden and Tom Berarducci of Colliers International represented Peapod.
ENGLEWOOD, COLO. — Bentall Kennedy has received $52.4 million in financing to acquire a 223,177-square-foot trophy office asset in Englewood. The asset is located at 9151 E. Panorama Circle within the Panorama Corporate Center. The property was built in 2017. It is fully leased to Arrow Electronics. Amenities include an employee kitchen, cafeteria, 8,000 square feet of meeting space, and a fitness center with showers and a locker room. HFF’s Cary Abod and Eric Tupler secured the five-year, 3.41 percent fixed-rate, full-term, interest-only loan through a correspondent life insurance company lender.