Office

NBP Capital Acquires Two-Building Office Portfolio in Portland for $32.2M

by Nellie Day September 14, 2017

PORTLAND, ORE. — NBP Capital has acquired a two-building office portfolio in Portland for $32.2 million. The acquisition includes Blagen Block, a four-story creative office building, and New Market Theater, a six-story office building. Blagen Block was built in 1888. It is fully leased to Airbnb. New Market Theater was built in 1872 and 1875. It is home to Portland’s long-standing Saturday Market. Swift Real Estate Partners acquired both buildings from Beardsley Building Development in 2015. The company invested in modernizing and upgrading the buildings. CBRE’s Charles Safley and Trevor Kafoury represented both parties in the transaction. The firm’s Nick Santangelo, Mike Walker and Brad Zampa secured $26.7 million in acquisition financing for the buyer.

September 14, 2017

California Office Western

Irvine Co. Opens 400 Spectrum Center Office Building in Irvine

by Nellie Day September 14, 2017

IRVINE, CALIF. — Irvine Co. has opened 400 Spectrum Center, a 21-story office tower within the Irvine Spectrum. The tower’s sister property, 200 Spectrum Center Drive, debuted a year ago. The newest addition is 40 percent pre-leased. Notable tenants include communications platform company SendGrid, cybersecurity artificial intelligence company Cylance, Kieckhafer Schiffer & Co. and CrossCountry Mortgage.

September 14, 2017

Loans New York Northeast Office

Savanna Receives $100M in Construction Financing for Office Development in Manhattan

by Amy Works September 14, 2017

NEW YORK CITY — Savanna has received $100 million in construction financing for an office building development at 106 W. 56th St. in Manhattan. When completed, the 26-story property will feature 90,000 square feet of high-end office space. Designed by Perkins Eastman, the tower is slated for completion in the third quarter of 2018. Kellogg Gaines, Aaron Niedermayer and Douglas Baillie of JLL arranged the financing, which includes a senior construction loan from United Overseas Bank and mezzanine financing from Canyon Partners Real Estate.

September 14, 2017

Mixed-Use New York Northeast Office Retail

SL Green, RXR Realty to Acquire 48.7 Percent Interest in Worldwide Plaza in Manhattan

by Amy Works September 14, 2017

NEW YORK CITY — SL Green Realty Corp. has partnered with RXR Realty to acquire a 48.7 percent interest in Worldwide Plaza, a Class A mixed-use property in Midtown Manhattan. New York REIT is selling the interest and will continue to own the remaining equity with WWP Sponsor, its existing partner. Slated to close in the fourth quarter, the transaction values the asset at $1.7 billion. Developed in 1989, Worldwide Plaza consists of a 49-story, 1.8 million-square-foot office tower, a 252,000-square-foot retail building with parking garage and a large open-air plaza. Tenants at the office tower include Nomura Holdings, Cravath Swaine and Moore LLP, WebMD, WNet.org, Rubenstein and CBS Broadcasting. The retail building features a five-stage off-Broadway theater, a 475-space parking garage and TMPL, a state-of-the-art fitness gym. At the time of sale, the property was 100 percent leased.

September 14, 2017

New York Northeast Office

KABR Group Sells Office Building in White Plains, New York, for $13.7M

by Amy Works September 14, 2017

WHITE PLAINS, N.Y. — KABR Group has completed the sale of an office building located at 75 S. Broadway in downtown White Plains. Zef Perlleshi acquired the fully renovated building for $13.7 million. New York Department of Education, General Services Administration and New York Worker’s Compensation Board are tenants at the four-story building, which was 96 percent occupied at the time of sale. Multiple offers were made for the building on Ten-X Commercial’s Offer Select transaction platform. Dan Lessing of DSR Group brokered the transaction.

September 14, 2017

Office Texas

Tarrant County to Develop Office Space, Parking Garage in Fort Worth

by John Nelson September 14, 2017

FORT WORTH, TEXAS — Tarrant County has purchased a 40,075-square-foot tract of land located at 401 E. Weatherford St. in downtown Fort Worth, on which it will build a multi-level parking garage with ground-floor office space. The site encompasses nearly one acre and is situated adjacent to Sundance Square. Eddie Liebman and Matthew Rosenfeld of Weitzman represented the seller in the transaction. Todd Burnette of JLL represented the county.

September 14, 2017

Kansas Market Reports Midwest Midwest Market Reports Missouri Office

Myriad Factors Help Explain Why Kansas City Office Market Has Not Reached Full Altitude

by Kristin Harlow September 14, 2017

The Kansas City office market is poised for increasing rental rates and decreasing vacancy rates for the remainder of 2017 and into 2018. Kansas City has realized its 14th consecutive quarter of increased rental rates (through March 2017), while vacancy has decreased in the overall metro area due to lack of new office construction and a steady pace of absorption. Several factors contribute to the complexity of why the market is good but not great, steady but not dynamic, with no one factor driving the steady upward climb. It has been like a plane taking off but never reaching full altitude. A contradiction of sorts is contributing to the rental rate increases and vacancy decline, while there is still a lack of newly constructed space. Bread-and-butter leasing absorption and a lack of new speculative development have been the main ingredients in the overall solid market for office activity. The velocity in the market is doing its job of generating positive absorption each quarter while rates inch up. The lack of large blocks of space has created a few new construction projects, but not as many as experts had predicted and hoped for. Costs on the rise Higher construction costs and …

September 14, 2017

Arizona Office Western

Barker Pacific Group Acquires 311,132 SF Office Tower in Mesa

by Nellie Day September 13, 2017

MESA, ARIZ. — Barker Pacific Group (BPG) has acquired Mesa Financial Plaza, a 311,132-square-foot Class A office building in Mesa, for an undisclosed sum. The 16-story building is located at 1201 Alma Road. BPG plans to increase the building’s occupancy and upgrade common areas through renovations to the lobby and corridors. Updated monument signage and lighting will also be added to further enhance the building’s prominence on the skyline. BPG team secured debt financing from NXT Capital with the help of Palmer Capital. Matt Nebeker of Cushman & Wakefield will lead the building’s leasing efforts.

September 13, 2017

Office South Carolina Southeast

CBRE Arranges $28.1M Sale of Office Tower in Columbia, South Carolina

by Camren Skelton September 13, 2017

COLUMBIA, S.C. — CBRE has brokered the $28.1 million sale of Tower at 1301 Gervais, a 298,926-square-foot office building in Columbia. Greenville, S.C.-based RealOp Investments acquired the property from Florida-based Morning Calm Management. Patrick Gildea, Aaron Dupree, Martin Moore and Matt Smith of CBRE represented the seller in the transaction. The 20-story Tower at 1301 Gervais recently underwent a $2 million renovation, including upgrades to the fitness center, common areas, restrooms and tenant spaces offering open floor plans. At the time of sale, the building was 80 percent leased to tenants including the University of South Carolina, South Carolina Chamber of Commerce, Cumulus Media, TM Floyd & Co., IT-oLogy and Merrill Lynch.

September 13, 2017

Midwest Minnesota Office

Marcus & Millichap Brokers $3.7M Sale of Office Property in White Bear Lake, Minnesota

by Kristin Harlow September 13, 2017

WHITE BEAR LAKE, MINN. — Marcus & Millichap has brokered the sale of a 55,784-square-foot office and warehouse property in White Bear Lake, about 20 miles northeast of Minneapolis, for $3.7 million. The 55,784-square-foot building serves as the SmarteCarte headquarters and is located at 4455 White Bear Parkway. SmarteCarte provides luggage courts and electronic lockers. Michael Ahles of Marcus & Millichap represented the seller, a family partnership, and the buyer, a local investment firm.

September 13, 2017

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