Office

Equus Acquires Office Building in Charlotte’s SouthPark Submarket for $60M

by John Nelson April 25, 2017

CHARLOTTE, N.C. — Equus Capital Partners Ltd. has purchased the Rotunda Building, a 230,790-square-foot office building located at 4201 Congress St. in Charlotte’s SouthPark submarket. Equus acquired the property from global asset management firm RREEF America for $60 million, according to the Charlotte Business Journal. Situated on 5.3 acres near SouthPark Mall, the office building features a two-story lobby, conference room, water fountain and Village Tavern, a full-service restaurant. HFF represented the seller in the transaction and arranged a $42.4 million acquisition loan through Bank of America Merrill Lynch on behalf of Equus. The property was 91 percent leased at the time of sale to tenants such as JLL, First Bank, Capital South, Development Management and Michelin. Ryan Clutter, Scot Humphrey and Chris Lingerfelt led the HFF investment sales team in the transaction. Brent Bowman and Travis Anderson led HFF’s debt placement team.

April 25, 2017

Maryland Office Southeast

Goodstone Buys Vacant Office Building in Bethesda at Auction for $9.5M

by John Nelson April 25, 2017

BETHESDA, MD. — Goodstone LLC, a Washington, D.C.-based real estate investment firm, has purchased a vacant 217,732-square-foot office building at 6116 Executive Blvd. in Bethesda for $9.5 million. Special servicer LNR sold the asset at auction via Ten X Commercial on behalf of WBCMT 2005-C21 Office 6116. Formerly the home of the National Institutes of Health’s National Cancer Institute, the building sold for $81.4 million in 2005. In the coming year the building will be renovated and updated to include a fitness center, conference facility, vending café and visitor lounge and upper floor tenant terrace with outdoor seating. Work is expected to conclude and occupancy to be available in April, 2018.

April 25, 2017

Georgia Office Southeast

Columbia Property Trust Signs 92,000 SF of Leases at Office Building in Atlanta’s Central Perimeter

by John Nelson April 25, 2017

ATLANTA — Columbia Property Trust has completed more than 92,000 square feet of leases since November 2016 at One Glenlake Parkway, a 351,000-square-foot office building in Atlanta’s Central Perimeter submarket. Five new tenants are moving in with leases ranging from 3,000 square feet to more than 66,000 square feet, bringing One Glenlake’s occupancy to 94 percent. The Atlanta-based REIT recently wrapped up a $3 million modernization of the office building, which is situated off Ga. 400 near the new Mercedes-Benz USA offices. Built in 2003, the 14-story property now features new communal spaces, outdoor seating, an updated lobby, fitness center, conference facility and Salt + Block, a new café managed by Sterling Spoon. The design team included architects Indigo Collective and Gensler.

April 25, 2017

Michigan Midwest Office

Marcus & Millichap Brokers Sale of 10,712 SF Office Property in Wyandotte, Michigan

by Kristin Harlow April 25, 2017

WYANDOTTE, MICH. — Marcus & Millichap has brokered the sale of a 10,712-square-foot office property in Wyandotte. The sales price was not disclosed. The Social Security Administration is the sole occupant of the building, which is located at 3450 Biddle Ave. Justin Fenn and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Michael Glass assisted in closing the transaction.

April 25, 2017

Market Reports Office Utah Western Western Market Reports

SLC Experiences Office Market ‘Imbalance’

by Camren Skelton April 25, 2017

Increased activity and record amounts of positive net absorption created a new commercial landscape across the Wasatch Front. The majority of 2016 leasing activity was a result of tenants occupying new space that was pre-leased during 2015. While sublease availability increased over each quarter, overall market indicators like local population growth and continued economic development will remain strong into 2017. The Salt Lake County office market grew by an additional 1.7 million square feet in 2016, primarily in the South submarket. More than 1.5 million square feet of space was under construction at the close of 2016. This product will be introduced to the market by mid-year 2017. Vacancy rates increased slightly from 8.6 percent in 2015 to 8.74 percent at the end of 2016. Notable Salt Lake office projects completed in 2016 include 111 South Main (440,000 square feet); Vista Stations 4 through 8 (655,000 square feet); The Pointe I (77,703 square feet); the Overstock Peace Coliseum (231,000 square feet); and Town Ridge Center I & II (250,000 square feet), to name a few. An additional 1.5 million square feet of space was under construction at the end of the year. Buildings like 53rd Center 1 (200,000 square feet); …

April 25, 2017

Office Texas

KDC, Balfour Beatty Top Off 1.1 MSF Liberty Mutual Campus in Plano

by Taylor Williams April 24, 2017

PLANO, TEXAS — Developer KDC and general contractor Balfour Beatty have topped off Liberty Mutual Insurance’s new, 1.1 million-square-foot office campus at the Legacy West development in Plano. The $325 million, 19-story property will feature amenities such as a medical center with physical therapy services, a full-service cafeteria, coffee bar, rooftop gardens and more than 4,000 covered parking spaces. The complex will house approximately 4,000 Liberty Mutual employees who will move in during December.

April 24, 2017

Office Texas

CBRE Arranges Sale of Two Office Buildings in Houston Totaling 152,304 SF

by Taylor Williams April 24, 2017

HOUSTON — CBRE has arranged the sale of Bellaire Atrium I and II, two six-story office buildings located at 5909 and 5959 W. Loop South near the Texas Medical Center in Bellaire, a neighborhood in west Houston. SLS Properties, a Houston-based development and management firm, purchased both buildings, which total 152,304 square feet and were 91 percent occupied at the time of sale. Todd Casper and Michael Hassler of CBRE represented the seller, 5909-5959 Realty Ltd., in the transaction.

April 24, 2017

Florida Office Southeast

JLL Arranges 22,000 SF in Leases at Office Building in Fort Lauderdale

by John Nelson April 24, 2017

FORT LAUDERDALE, FLA. — JLL has arranged two lease deals totaling 22,000 square feet at Cypress Financial Center, a 198,528-square-foot, Class A office building located at 5900 N. Andrews Ave. in Fort Lauderdale. Long-time tenant TD Bank renewed its 16,675-square-foot lease, and Allied Integrated Marketing signed a new lease for 5,325 square feet on the eighth floor. Sandra Anderson of JLL represented the landlord, Steelbridge Capital, in both lease deals. Mathew Saker, John Jaspert and Caroline Barone of CBRE represented TD Bank, and Bob Orban and Tyler Wyant of Savills Studley represented Allied Integrated Marketing.

April 24, 2017

Midwest Office Wisconsin

CBRE Negotiates 11,320 SF Office Lease for Law Firm in Milwaukee Suburb

by Kristin Harlow April 24, 2017

WAUKESHA, WIS. — CBRE has negotiated an 11,320-square-foot office lease for Von Briesen & Roper SC in Waukesha, a suburb of Milwaukee. The law firm will occupy space on the fourth floor of Crossroads Corporate Center VIIA, located at 20975 Swenson Drive. Matt Hunter of CBRE represented Von Briesen in the lease transaction. Alyssa Geisler and John Mazza of CBRE represented the landlord, Somerset Properties.

April 24, 2017

Arizona Office Western

Kramer-Wilson Buys Scottsdale Executive Office Center for $37.5M

by Nellie Day April 21, 2017

SCOTTSDALE, ARIZ. — Kramer-Wilson Co. has acquired Scottsdale Executive Office Center, a 181,238-square-foot office campus in Scottsdale, for $37.5 million. The Class A campus is located at 15880, 15990 and 16100 N. Greenway-Hayden Loop. It was built in 1997. Kramer-Wilson recently has purchased four office properties in the greater Phoenix market since November, totaling nearly a 500,000 square feet.

April 21, 2017

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