Office

CBRE Arranges $18.6M Sale of Office Property in Minnetonka, Minnesota

by Kristin Harlow November 8, 2017

MINNETONKA, MINN. — CBRE has arranged the sale of Baker Technology Plaza in Minnetonka for $18.6 million. The five-building, 254,274-square-foot office property is located at 6121 Baker Road. The property was 74 percent leased at the time of sale to tenants including Advanced Imaging Solutions, Element Materials Technology and Anchor Wall Systems Inc. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, the Utah State Retirement Investment Fund. Tryperion Partners, a private real estate investment firm based in Los Angeles, purchased the property. The new owners plan to renovate and reposition the property, originally constructed in 1985, with a new name of Baker Tech. Proposed upgrades and amenities — including an on-site bike loan program, food trucks, brewery taproom and outdoor gathering areas — are slated for completion in spring 2018. Jason Simek, Joe Owen and Peter Mork of Colliers International are marketing the property for lease.

November 8, 2017

Midwest Minnesota Office

Herzing University Minneapolis Campus Relocates to St. Louis Park, Minnesota

by Kristin Harlow November 8, 2017

ST. LOUIS PARK, MINN. — Herzing University is relocating its Minneapolis campus from Crystal, Minn., to Metropoint Office Park in St. Louis Park. The 30,000-square-foot campus is slated to open in early 2018. Herzing, an accredited private nonprofit institution, will occupy the top floor of 435 Metropoint, a class A office tower visible from Highway 169 and I-394. The new campus will feature upgraded labs to support Herzing’s dental and nursing programs. Amenities will include an on-site coffee shop and cafeteria as well as covered parking. Dan Buettner and Brian Woolsey of Cushman & Wakefield represented Herzing in the new lease.

November 8, 2017

Florida Office Southeast

CRE Consultants Arranges $43.2M Sale of Office Portfolio in Southwest Florida

by Camren Skelton November 8, 2017

BONITA SPRINGS AND FORT MYERS, FLA. — CRE Consultants has arranged the $43.2 million sale of a 421,324-square-foot, three-campus office portfolio located in Bonita Springs and Fort Myers. Randal Mercer and Brandon Stoneburner of CRE Consultants represented the undisclosed seller in the transaction. Massachusetts-based Brookwood Financial acquired the assets, which include 15 individual buildings located throughout three office campuses: Riverview Corporate Center and Bonita Executive Center in Bonita Springs and Renaissance Center in Fort Myers. Brookwood Financial has retained Mercer and Stoneburner to handle leasing efforts for the portfolio.

November 8, 2017

Georgia Office Southeast

IT Consulting Firm Expands, Relocates to Bank of America Plaza in Midtown Atlanta

by Camren Skelton November 8, 2017

ATLANTA — IT management consulting firm CapTech has expanded its operations and relocated to the Bank of America Plaza, located at 600 Peachtree St. N.E. in Midtown Atlanta. The Richmond, Va.-based company announced its expansion into the Atlanta market in September 2016, creating 50 new technology and consulting jobs. As part of the expansion, CapTech plans to add 50 more jobs by next year. The company leased 6,000 square feet at the building, according to the Atlanta Business Chronicle. The Bank of America Plaza is located a half-mile from the Georgia Institute of Technology campus and Tech Square.

November 8, 2017

Office Texas

Crescent, Long Wharf Break Ground on 105,000 SF Office Project in Dallas

by Taylor Williams November 8, 2017

DALLAS — Dallas-based development firm Crescent Real Estate and Boston-based investment firm Long Wharf Capital have broken ground on The Luminary, a 105,000-square-foot office project located in the West End area of Dallas. Upon completion, the Class A property will offer 462 parking spaces and 52 bike racks, as well as a rooftop terrace. The opening is currently scheduled for early 2019, according to D Magazine. JLL will handle leasing of the property.

November 8, 2017

Loans New York Northeast Office Top Stories

Cove Property Group Obtains $479M in Construction Financing for 25-Story Office Tower in Manhattan

by Nellie Day November 8, 2017

NEW YORK CITY — Cove Property Group and an institutional partner have received $479 million in construction financing for Hudson Commons, a 701,364-square-foot trophy office building in the Hudson Yards/Penn Plaza submarket of Manhattan. The 25-story building is located at 441 Ninth Ave. between 34th and 35th streets. Hudson Commons will comprise a 17-story structure atop an existing eight-story building. The development will feature 14 private terraces and balconies and onsite basement parking for up to 140 vehicles. The design will incorporate varied floor plans with high ceilings, as well as sustainable elements, such as terraces and green roofs. Kohn Pedersen Fox is designing Hudson Commons. The new building will be equidistant between Penn Station and the new 7 Train extension that services Hudson Yards. It will also feature access to the Port Authority and Lincoln Tunnel. Cove Property Group purchased the asset in December 2016 for $330 million. EmblemHealth had owned the existing 423,000-square-foot building since 1994. The structure was originally built as a warehouse in 1962 before it was converted to office space in 1983. Loan proceeds will reposition and redevelop the asset into a Class A office tower with full-block frontage along Ninth Avenue. The project is …

November 8, 2017

Market Reports Massachusetts Northeast Northeast Market Reports Office

The Boston Office Market is Still Extremely Active

by Taylor Williams November 8, 2017

The Financial District, Back Bay, and Seaport continue to experience strong tenant demand with a vacancy of 10.3 percent and continued rent appreciation. The Seaport, which has experienced tremendous growth for the last four years, received national attention with GE committing to move its corporate headquarters to the market and continues to make headlines with Amazon committing to 150,000 square feet. In addition, 121 Seaport Boulevard just leased to PTC (250,000 square feet) and Alexion (150,000 square feet). One of the biggest trends throughout Boston continues to be the popularity of the Class B buildings. Most people think of Cambridge as one of the premier lab markets in the world. Cambridge has the lowest office vacancy of all the submarkets in Greater Boston at 4.2 percent, making it one of the strongest office markets in the country. Even pre-leasing is strong, with Alexandria Real Estate receiving commitments for all 431,000 square feet at 100 Binney Street, signing Facebook and Bristol-Meyers Squibb as the lead tenants. Space is so tight that, even when you include sublet space, a tenant looking for more than 50,000 square feet only has four options in the submarket. Top Class A product is now achieving rents …

November 8, 2017

California Office Western

Pinnacle RED Group Submits Plans for Mixed-Use High Rise in Oakland

by Nellie Day November 7, 2017

OAKLAND, CALIF. — Pinnacle RED Group has announced plans to build a mixed-use, two-tower high rise in Oakland. The 36-story property would be built at 1261 Harrison and, if completed, will be the tallest building in Oakland, according to the developers. The project will feature 185 units of market-rate and affordable housing, 120,000 square feet of Class A office space and 12,000 square feet of commercial/retail space. Lowney Architecture will design the project.

November 7, 2017

California Office Western

Incipio Group Leases Office Space in Irvine

by Nellie Day November 7, 2017

IRVINE, CALIF. — Incipio Group has leased 70,000 square feet of office space at the Park Place mixed-use property in Irvine. The 105-acre campus is located at 3347 Michelson Drive. The mobile device accessories designer and manufacturer will utilize the space for its global corporate headquarters. JLL’s Byron Foss, Wade Tift and Nick Carey represented Incipio Group in the lease, while Bob Thagard of Cushman & Wakefield represented the landlord, LBA Realty, in this transaction.

November 7, 2017

Office Texas

JLL Negotiates Six Office Leases Totaling 26,000 SF in Houston

by Taylor Williams November 7, 2017

HOUSTON — JLL has negotiated six office leases totaling approximately 26,000 square feet at 1885 Saint James Place in Houston. Notable leases include Houston-based commodities brokerage firm Sage Refined Products Ltd. leasing of 7,391 square feet; Alabama-based law firm Lightfoot, Franklin & White LLC easing of 5,700 square feet and boutique advisory firm Detring Energy Advisors leasing of 4,234 square feet. Chrissy Wilson and Russell Hodges of JLL represented the landlord, 1885 St. James Place Partners LP, in each lease negotiation. The property is now more than 50 percent leased.

November 7, 2017

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