No matter where you turn in the Indianapolis metro area, there is one common thread — change. From Mile Square to Downtown Fishers to Main Street in Speedway to Fletcher Place, all are nearly unrecognizable from a few years ago, and they are just a sampling of central Indiana commercial districts that are transforming at a rapid pace. Restaurants, retail and mixed-use developments are a big part of this rapid evolution, but the ripple effects on office real estate are taking hold. Tech jobs are catalyst Downtown Indy Inc. estimates the population in the central business district (CBD) will double from 2010 to 2020. According to the Indy Partnership, approximately 60 percent of the market’s 11,100 new jobs in 2016 came from the information technology and logistics fields. The downtown office market, where a majority of these jobs are landing, is evolving as a result of this technology job growth. In the past few years, large blocks of vacancy have plagued the Indianapolis CBD, specifically in high-rise office towers. In mid-2016, the largest of those availabilities became an asset. San Francisco-based Salesforce.com signed a new lease to consolidate operations into nearly 250,000 square feet on 11 floors in the tallest …
Office
SAN DIEGO — Help U Buy LLC has acquired the 8,656-square-foot Bayfront office building in San Diego for $5.2 million. The building is located at 2877 Historic Decatur Road within Liberty Station. Central SD Real Estate States anchors the space. The office features a conference room and board room with full audio/visual capabilities, plus a “bull pen” style layout surrounded by private offices with view of the bay. Kelly Nicholls of Lee & Associates – North San Diego County and Peter Quinn of McKinney Advisory Group, represented both the buyer and the seller, Sea Pro LLC, in this transaction.
LONG ISLAND CITY, N.Y. — A $15 million, 21,000-square-foot expansion of the LaGuardia Community College library is now complete. The college, part of the City University of New York (CUNY), has an enrollment of more than 50,000. The expansion converted a section of the second floor of the college’s E-Building into additional space for the library. The work makes the library 58 percent larger and doubles its capacity to 732 seats. The expansion also includes media rooms, 11 group study rooms, reading rooms, a media lab, faculty suites, archive space and 50 offices.
DALLAS — AECOM, a global engineering firm, will relocate its regional headquarters to One Galleria Tower, a 25-story office complex located at 13355 Noel Road in Dallas. More than 250 employees will inhabit the 30,050 square feet of office space, which features an open floor plan with updated furnishings as well as more collaborative space. The firm expects to complete the move by the end of the year.
SunTrust Provides $13.7M Loan to TPA Group for Crawford & Co.’s New Headquarters in Metro Atlanta
by John Nelson
PEACHTREE CORNERS, GA. — SunTrust Commercial Real Estate, a division of SunTrust Banks Inc., has provided a $13.7 million loan to TPA Group for Crawford & Co.’s new global headquarters. TPA Group will use the loan to refinance and proceed with the renovation of the existing building at 5335 Triangle Parkway in Peachtree Corners, a Gwinnett County suburb of Atlanta. Crawford & Co., an independent claims management firm, expects to move its 500 employees from its existing office in Atlanta’s Central Perimeter submarket in November. SunTrust Commercial Real Estate was the sole lender for the new facility.
WINDSOR, CONN. — CBRE has negotiated the $5.2 million sale of 100 Corporate Drive, a 100 percent leased, 69,000-square-foot office building in Windsor. An affiliate of Minneapolis-based Ryan Cos. US sold the property to Bradstreet & Chandler, a Boston-based real estate firm. CBRE’s John McCormick and Patrick Mulready represented the seller and procured the buyer in the transaction. CBRE will also handle leasing and property management of the building. 100 Corporate Drive is a two-story property located near I-91 in the Day Hill corporate area of Windsor. Constructed in 1984 and recently renovated, the property’s tenants include ADP, Sedgwick Claims Management, Health Management Services, Oxford Global and LGCY Power.
PLANO, TEXAS — Encore Commercial will develop a seven-story, 200,000-square-foot office tower at the Shops at Willow Bend as part of the shopping mall’s $125 million expansion. The Class A office property will be located adjacent to the food court and integrated into the Dillard’s parking deck. The building will accommodate up to 800 employees who will have access to the mall’s 60,000-square-foot restaurant district and 30,000-square-foot fitness club, which is currently under development.
IRVING, TEXAS — Sirius XM Connected Vehicle Services Inc. has signed two office leases, one of which is a renewal, at Freeport Corporate Center in Irving. The company now occupies 43,403 square feet of Class A space within the building, which is located at 8650 Freeport Parkway South near the Dallas-Fort Worth International Airport. Kevin Brookmole of Bradford Commercial represented the landlord, Slate Freeport Holdings LLC, in the lease negotiations. Kelly Winn of Savills Studley represented Sirius.
ST. LOUIS — Integrated Facility Services (IFS) has begun work on a $10 million HVAC, plumbing and fire protection renovation project at the Robert A. Young Federal Building, a 1 million-square-foot property in downtown St. Louis. The project is part of design-build contractor McCarthy Building Cos.’ $62 million seismic retrofit of the 20-story building’s mechanical systems. The building, which was built in 1933 and is currently owned and managed by the U.S. General Services Administration, houses nearly 3,000 employees across roughly 40 federal agencies.
CHICAGO — The Illinois Bone & Joint Institute (IBJI) has selected The Missner Group to undertake a renovation and expansion project for the company’s North Canal Street offices in Chicago. The 2,900-square-foot expansion will include interior improvements, a new physical therapy gym, reception area, paint and flooring. Heath Yarger is the project manager and Steve Bulger is the project superintendent for The Missner Group. Stephen Rankin Associates is providing the architectural services. The project is scheduled for completion in summer 2017.