CHICAGO — In its most recent study on the workplace, JLL has found that helping people feel good on the job is more than a ‘box-ticking” exercise in trying to achieve work-life balance. A place of work is far more than a property. It is a living environment that helps individuals and businesses craft and experience a better fusion of life and work. One of the key findings from the report, entitled “Workplace Powered by Human Experience,” is that workplaces must provide a broader range of innovative spaces to meet employee expectations and attract and retain talent. The design and configuration of workplaces will evolve to put human experience at the heart of modern workspaces, and understanding the ecosystem in which employees operate and thrive is critical to business success as aesthetic solutions alone are no longer enough. The report finds that an ideal work environment is a mixture of collaborative space and support services, including coffee and tea shops, lounges, terraces, war rooms, service desks, creative spaces and “incubators” that feature dedicated space for employees and external talent to develop personal projects. The space provided by a company can directly impact employee experience levels. New types of spaces can …
Office
SAN JOSE, CALIF. — A joint venture between TMG Partners and Valley Oak Partners has completed a preliminary review submittal application to the City of San Jose to develop close to 1 million square feet of commercial office space. The project would be situjated on 5.4 acres at 440 W. Julian St. within the Diridon Station Area Plan. The proposal includes three six-story office buildings and below-grade parking. The three buildings would contain 157,000 square feet, 345,000 square feet and 490,000 square feet, respectively, with views of downtown San Jose. Each building will feature floor plates ranging from 30,000 square feet to 90,000 square feet, as well as 15-foot floor-to-floor heights and large, private terraces on every floor. The site is situated near Google’s yet-to-be-constructed village development. Kohn Pedersen Fox Associates would act as the designer.
NEWPORT BEACH, CALIF. — Savills Studley has signed a long-term lease for 17,675 square feet of office space at 520 Newport Center Drive in Newport Beach. The relocation will combine Savills Studley’s two existing offices at 19100 Von Karman Ave. in Irvine and 610 Newport Center Drive in Newport Beach. The Newport Beach location was the former home of Cresa Orange County which Savills Studley acquired in February. The space will feature a modern aesthetic with an emphasis on simplicity and openness, including a series of strategically located collaborative hubs and flexible meeting areas for internal and external gatherings. Irvine Company Office Properties owns the property. Savills Studley will occupy the building’s eighth floor in September.
DULUTH, GA. — Terra Cap Management LLC has acquired 3100 Breckinridge, a seven-building, 253,000-square-foot office park located on Breckinridge Boulevard in Duluth, a suburb of Atlanta in Gwinnett County. Avison Young’s Matt Tritschler represented the undisclosed seller in the $19 million transaction, and C.J. Kelly of CBRE led the debt origination. Lincoln Property Co. Southeast will handle leasing and management assignments for the property.
AUSTIN, TEXAS — New York Life Real Estate Investors has originated a $123.2 million mortgage loan for Frost Bank Tower, a 535,964-square-foot, Class A office building located at 401 Congress Ave. in Austin. Completed in 2003, the 33-story property is among the tallest buildings in Austin. Colby Mueck and Doug Opalka of HFF arranged the loan, which has a fixed interest rate and a seven-year term, on behalf of the borrower, Lionstone Investments.
KATY, TEXAS — PCL Industrial Construction will relocate its headquarters to a 36,596-square-foot office space within the Grandway West development in Katy. The company will occupy the second floor of Building 4, a 72,045-square-foot, Class A property, which is located at 2322 W. Grand Parkway. Eugene Terry and David Bale of JLL represented PCL in the lease negotiations. Parker Burkett of Transwestern represented the landlord, Insite Realty.
WOODBRIDGE, ILL. — Newmark Knight Frank has brokered the sale of a 103,241-square-foot office and warehouse property in Woodridge, a suburb of Chicago. The sales price was not disclosed. The Class A property is located at 2501 W. Davey Road. Built in 2000, the building is 65 percent office, 20 percent laboratory and 15 percent warehouse space, with 18-foot clear heights and two dock loading doors. Elevance Renewable Sciences Inc. occupies 75,273 square feet of space at the property. Corey Chase, Jeff Miller, Sean Fulp and Mark Schuessler of NKF represented the private seller in the transaction. The buyer was not disclosed.
U of U Health Signs Lease for Office Space at Sugar House Development in Salt Lake City
by Nellie Day
SALT LAKE CITY — The University of Utah Health has signed a lease for one of the two office buildings at the new Sugar House development in Salt Lake City. The project is located at 2290 S. 1300 East. The university’s new Sugar House Clinic will focus on promoting community health, offering health services to patients, including primary and preventative care, oncology care and weight-loss services. Westport’s Sugar House development is set to include two office towers and a multifamily residential building. Demolition on the site is expected to begin in June, with the U of U Health building scheduled for completion in mid-2019.
L3 Capital, LaSalle Acquire 74,500 SF Commercial Building in Boston’s Downtown Crossing
by Amy Works
BOSTON — L3 Capital and LaSalle Investment Management have purchased a vacant commercial building located at 399 Washington St. in Boston’s Downtown Crossing for an $63.2 million. The buyers will renovate and rebrand the 74,500-square-foot building as DTX 399. The building will offer six levels of retail and creative office space. Evan Papanastasiou of Eastern Consolidated represented the seller, Robert Posner, while Adelaide Polsinelli, also of Eastern, procured the buyer in the deal. The owners have retained Colliers International to market the property for lease.
CAMBRIDGE, MASS. — Roseview-PMRG Fund I, a discretionary fund managed by Boston-based Roseview Investment Advisors and Houston-based PMRG, has completed the disposition of 100 CambridgePark Drive, an office building located in Cambridge. An undisclosed buyer in conjunction with operating partner Longfellow Real Estate Partners acquired the 135,615-square-foot property for an undisclosed price. At the time of sale, the property was 96 percent occupied. The fund originally acquired the asset in 2014 for $41.5 million and renovated the property in 2016. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark Knight Frank oversaw the transaction.