Office

Benchmark Electronics Leases New Headquarters at Rio 2100 in Tempe

by Nellie Day October 13, 2017

TEMPE, ARIZ. — Benchmark Electronics has announced its plans to relocate its new headquarters to Rio 2100, a new 52-acre office park in Tempe. The Class A property is situated at the southwest intersection of the Loop 101 and 202 freeways. Rio 2100 will eventually feature office, retail, restaurant and multifamily space, as well as two hotels within the Rio Salado corridor. Groundbreaking for the new site is expected to begin before the end of the year for completion in early 2019. Benchmark’s current headquarters is at 4141 N. Scottsdale Road. The global design, engineering and manufacturing company was previously based in Angleton, Texas. JLL’s Andrew Medley represented Benchmark. CBRE’s Bryan Taute represented the landlord, Boyer, in this transaction.

October 13, 2017

New York Northeast Office Top Stories

Columbia Property Trust Buys Two Office Properties in Manhattan for $514M

by Nellie Day October 13, 2017

NEW YORK CITY — Columbia Property Trust Inc. (NYSE: CXP) has purchased two office properties in the Chelsea submarket of New York for $514 million. The acquisition includes two adjoining office buildings that total 281,294 square feet at 245-249 W. 17th St., as well as a 165,670-square-foot office building at 218 W. 18th St. The seller was not disclosed. Twitter’s New York headquarters occupies the majority of the boutique buildings on 17th Street. The adjoining buildings include a six-story western tower and a 12-story eastern tower that serves as a showroom for the high-end modern furniture chain Room & Board. The nearby 12-story building on 18th Street houses the New York City headquarters of beverage and lifestyle company Red Bull, along with several other office tenants. This acquisition has allowed Columbia to increase its New York presence to a total of 2.6 million square feet of Class A office space spread throughout seven assets. This represents 44 percent of the trust’s overall portfolio. “Our acquisition of these prime Midtown South buildings allows us to expand within New York, where we already held the largest concentration in our portfolio, and will further establish Columbia as a significant player in Manhattan’s most dynamic …

October 13, 2017

Market Reports Office Texas Texas Market Reports

El Paso Office Market Seeing Strong Absorption Through 2017

by Taylor Williams October 13, 2017

The border economy of the United States and Mexico is complex and deeply intertwined, to say the least. As such, the sister cities of El Paso and Juarez should be viewed as one economy. The region ended 2016 on a high note. According to the Federal Reserve Bank of Dallas, El Paso’s total nonfarm employment rose 1.7 percent during the year, besting the state average of 1.6 percent. The city added more than 5,000 jobs, with strong gains in service-providing sectors offsetting losses in the manufacturing sector. Leisure and hospitality led the way, according to the Fed, adding more than 1,700 jobs. At the same time, employment in Juarez’s manufacturing sector was up 5.4 percent from the previous year for a projected total of 263,000 new jobs. The downtown El Paso office market currently totals about 3.2 million square feet across 65 buildings. It breaks down into about 1.1 million square feet of Class A space, 1.2 million square feet of Class B space and 900,000 square feet of Class C space. For years, vacancy in the city’s Central Business District hovered around 20 percent, with virtually no new construction. But lately, conditions have dramatically improved. According to CoStar Group, …

October 13, 2017

District of Columbia Office Southeast

Allianz, Columbia Acquire Office Building in D.C. for $421M

by Camren Skelton October 12, 2017

WASHINGTON, D.C. — A joint venture between Allianz Real Estate of America Inc. and Columbia Property Trust has acquired 1800 M Street, a 580,930-square-foot office building in Washington, D.C. CoStar reports PGIM Real Estate, an affiliate of Prudential Financial, sold the asset. Andrew Weir, Jim Meisel, Stephen Conley and Matt Nicholson of HFF represented PGIM Real Estate in the transaction and procured the buyer. Columbia acquired a 55 percent interest, and will manage the property and handle leasing activities. Allianz acquired the remaining 45 percent interest. The 10-story building is located at the corner of 18th and M Streets in D.C.’s Golden Triangle area, and is within walking distance of three Metro stations. The property recently underwent renovations, including modernization of the façade, construction of a new dual-entry lobby, creation of a 9,000-square-foot fitness center and roof deck, as well as upgrades to the elevators, restrooms and multi-tenant corridors. At the time of sale, the building was 94 percent leased to 34 tenants including Berkeley Research Group and Zuckerman Spaeder. The acquisition marks the fourth asset owned by the joint venture of Columbia and Allianz, which was formed in July.

October 12, 2017

Arizona Office Western

Flagstaff Office Building Sells for $7.3M

by Nellie Day October 12, 2017

FLAGSTAFF, ARIZ. — The Shoppes at Osgood LLC has acquired a 27,711-square-foot office building in Flagstaff for $7.3 million. The two-story building is located at 399 S. Malpais Lane. The Class A asset was built in 2014 just west of Northern Arizona University. It is about 85 percent leased to tenants like CollegeAmerica, NextCare Urgent Care and Arizona Arthritis & Rheumatology Associates PC. Matt Olson of Property Resource Group represented the buyer. CBRE’s Andrew Fosberg, Dylan Brown and Jeffrey Pion represented the seller, Anthem Boise LLC, in this transaction.

October 12, 2017

District of Columbia Loans Office Southeast

KeyBank Secures $115M in Permanent Financing for Office Building in D.C.

by Camren Skelton October 11, 2017

WASHINGTON, D.C. — KeyBank Real Estate Capital has arranged $115 million in permanent financing for 1111 19th St. N.W., a recently renovated office building in Washington, D.C. Michael Keach and Hugh Hall of KeyBank arranged the seven-year loan through New York Life Real Estate Investors on behalf of the borrower, UNIZO Holdings. The Japanese investment firm originally acquired the asset from Clarion Partners in September for $203 million. The 12-story building features a renovated lobby with 20-foot ceilings, an extended building entrance, expanded retail storefronts and a renovated .

October 11, 2017

District of Columbia Office Southeast

DivcoWest Acquires Office Building in D.C. for $100.5M

by Camren Skelton October 11, 2017

WASHINGTON, D.C. — DivcoWest has acquired 1133 15th St. N.W., a 213,000-square-foot office building located on the border of the Central Business District and East End submarkets of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports DivcoWest acquired the asset from an affiliate of Clark Enterprises for $100.5 million. The 12-story building is across the street from Midtown Center, the future headquarters of Fannie Mae, and was 90 percent leased at the time of sale. The LEED Gold-certified building features underground parking, a conference facility, fitness center and an on-site deli. DivcoWest will implement a capital improvement program to further upgrade the building’s lobby and common areas.

October 11, 2017

Massachusetts Northeast Office

NKF Negotiates $28.3M Sale of 160,912 SF Office Building in Quincy, Massachusetts

by Amy Works October 11, 2017

QUINCY, MASS. — NKF has brokered the sale of Heritage Point, an office building in Quincy. Grander Capital Partners and North Colony Asset Management acquired the property from Campanelli for $28.3 million. At the time of sale, the 160,912-square-foot Class A office building was 85 percent occupied. On-site amenities include a fitness center, conference areas and a full-service café with an exterior deck featuring water views. The asset is one of three buildings within Heritage Landing, which was originally acquired by the joint venture of Campanelli and Dallas-based Trigate Capital in 2013 and 2014. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, Michael Frisoli and Tyler McGrail of NKF represented the seller in the deal.

October 11, 2017

Office Texas

CBRE Brokers Sale of 168,189 SF Office Property in North Dallas

by Taylor Williams October 11, 2017

DALLAS — CBRE has brokered the sale of Hillcrest Tower, a 168,189-square-foot office property located at the intersection of the LBJ Freeway and Hillcrest Road in North Dallas. The property, which was more than 90 percent leased at the time of sale, offers amenities such as a full-service deli, conference room and tenant suites with private balconies. Eric Mackey, Gary Carr, John Alvarado, Evan Stone, Jared Chua and Robert Hill of CBRE represented the undisclosed seller in the transaction. Boston-based Albany Road Real Estate Partners purchased the asset for an undisclosed price.

October 11, 2017

Office Texas

Accesso Partners Acquires 150,506 SF Office Building in Metro Dallas

by Taylor Williams October 11, 2017

ALLEN, TEXAS — Accesso Partners LLC, a South Florida-based real estate investment manager, has acquired One Allen Center, a 150,506-square-foot, Class A office building located in the Dallas metro of Allen. Situated on 7.2 acres at 700 Central Expressway S., adjacent to the 700,000-square-foot Watters Creek mixed-use development, the property was 90 percent leased at the time of sale. The new ownership will upgrade all common areas and create move-in-ready suites on a speculative basis. The seller and sales price were not disclosed.

October 11, 2017

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