Office

Colliers Facilitates Sale of Two Office Buildings in Marlton, New Jersey, for $7.5M

by Amy Works June 15, 2017

MARLTON, N.J. — Colliers International has arranged the sale of two office properties located at 400 and 406 Lippincott Drive within the South Crossing Office Complex in Marlton. LSOP 3 NJ LLC, a related entity of Somerset Properties and Greenfield, sold the assets for $7.5 million. Citizens Bank, Advocare, South Jersey Fertility and the General Services Administration occupy the buildings, which total more than 80,000 rentable square feet. Evan Zweben and Ian Richman of Colliers represented the undisclosed buyer, while the seller had in-house representation.

June 15, 2017

Office Texas

Tech Firm Opens New Office in Southwest Austin

by Taylor Williams June 15, 2017

AUSTIN, TEXAS — SOCi, a California-based social media consulting firm, has opened a new office at 3755 S. Capital of Texas Highway, a 74,000-square-foot, Class A office property in southwestern Austin. The opening of the new office, which is the company’s second, comes two months after SOCi closed its $8.5 million Series A financing round.

June 15, 2017

Office Texas

Cresa DFW to Relocate Office to Pinnacle Tower in Midtown Dallas

by Taylor Williams June 15, 2017

DALLAS — Tenant representation firm Cresa DFW will relocate its Dallas office from its current location on Knoll Trail Drive to the Pinnacle Tower in Dallas’ Midtown neighborhood, effective August 1. The company has signed a three-year lease at the 24-story property, which is located at 5005 LBJ Freeway. The company’s new offices will provide enough space for 20 employees. Cresa DFW eventually plans to expand its office space to accommodate as many as 50 employees.

June 15, 2017

Midwest Office Ohio

Reichle Klein Negotiates 26,586 SF Office Lease in Maumee, Ohio

by Kristin Harlow June 15, 2017

MAUMEE, OHIO — Reichle Klein Group has negotiated a 26,586-square-foot office lease in Maumee, a southwest suburb of Toledo. Adecco USA Inc. will occupy Suite 200 within the Arrowhead Business Park, located at 1695 Indian Wood Circle. Mike Poulos, Harlan Reichle and Walter Plath of Reichle Klein represented the landlord, Arrowhead Toledo Realty LP. Jason Westendorf of Reichle Klein represented Adecco USA, which is a job staffing firm.

June 15, 2017

Illinois Market Reports Midwest Midwest Market Reports Office

Strong Tenant Demand Continues to Propel Chicago’s Office Market

by Kristin Harlow June 15, 2017

In spite of the ongoing fiscal woes of the State of Illinois and City of Chicago, the downtown office market in the Windy City continues to experience solid growth in demand for quality office space. The first quarter of 2017 saw net absorption of 374,000 square feet, a 54 percent increase from the 243,000 square feet of net absorption recorded during the first quarter of 2016. This comes on the heels of a spike in supply in the central business district (CBD) of Chicago, with the opening of two new Class A office towers during the past two quarters: 150 North Riverside Plaza and 444 West Lake Street, developed by Riverside Investment & Development Co. and Hines Interests, respectively. These trophy assets added 2.4 million square feet of office space to the CBD. With these additions, Chicago’s office inventory in the CBD expanded from 132.6 million square feet in the first quarter of 2016 to 135 million square feet in the first quarter of 2017. Two additional towers under construction now at 151 N. Franklin Street and 625 W. Adams Street will open in the next 12 months, adding an additional 1.3 million square feet to the supply and bringing …

June 15, 2017

Healthcare New Jersey Northeast Office

Larken Associates Continues Redevelopment of Raritan Valley Professional, Medical Center in New Jersey

by Amy Works June 14, 2017

RARITAN, N.J. — Larken Associates has broken ground on a 14,000-square-foot built-to-suit building at the former Henderson Building property in Raritan. Rebranded as Raritan Valley Professional Center, the redeveloped property will offer more than 70,000 square feet of professional and medical office space by September. The property currently features a fully leased 40,000-square-foot building and a 17,000-square-foot Carriage House, which is original to the site. The existing building underwent renovations and modernizations, and the new building is slated for completion in September. Larken Associates acquired the assets in 2015 for an undisclosed price.

June 14, 2017

Northeast Office Rhode Island

Sweeney Real Estate Arranges Sale of 10,306 SF Office Building in Providence, Rhode Island

by Amy Works June 14, 2017

PROVIDENCE, R.I. — Sweeney Real Estate & Appraisal has brokered the sale of an office property located at 1165 N. Main St. in Providence. Peach Tree Realty Inc. sold the 10,306-square-foot property to Jewish Family Services Inc. for $600,000. Kevin Casey of Sweeney Real Estate & Appraisal represented the seller, while Stephanie Markoff Cohen of William Raveis Providence represented the buyer in the deal.

June 14, 2017

Illinois Midwest Office

Reed Construction to Complete 32,000 SF Interior Renovation at Office Building in Chicago

by Kristin Harlow June 14, 2017

CHICAGO — Reed Construction has been selected to complete a 32,000-square-foot interior renovation of six new tenant suites at 123 North Wacker in Chicago. Built in 1986, 123 North Wacker is a 30-story Class A office tower located in the West Loop. LaSalle Investment Management’s Income and Growth Fund VII acquired the building for $147 million last year, according to Crain’s Chicago. JLL selected Reed Construction to complete the project, which will include the construction of six new suites. Interiors will include open offices, exposed ceilings, polished concrete and conference rooms. The project is slated for completion next month. Erik Gunderson of Reed Construction is leading the project team, along with Paul Jennrich and Mike Detlefsen. Earles Architect Associates is providing architectural services.

June 14, 2017

Massachusetts Northeast Office Top Stories

City Approves Next Step for $1B Union Square Redevelopment Near Boston

by Nellie Day June 14, 2017

SOMERVILLE, MASS. — The Somerville Board of Aldermen approved rezoning to allow the city to move forward on a proposed $1 billion, 2.3 million-square-foot Union Square redevelopment project. Somervile is situated just northeast of Boston, adjacent to Cambridge. The new mixed-use project would include 1.3 million square feet of new office and civic spaces, along with 2.5 acres of public and open spaces. City officials expect the project will create more than 5,000 new permanent jobs. The development will also provide housing, with 20 percent of the supply dedicated to low-income families. In conjunction with the redevelopment, Somerville is working on a $2.3 billion Green Line extension, which would connect Union Square with surrounding neighborhoods and Boston through the train system. The Union Square Station Associates (US2) is the City of Somerville’s master developer partner on the project. The association will make a $5.5 million public benefits contribution toward the Green Line project. “Union Square’s proximity to Kendall Square, MIT and Harvard — one the densest innovation centers in the world — makes it poised for the next wave of economic growth,” says Greg Karczewski, president of US2. “We’re bringing 2.3 million square feet of new mixed-use, transit-oriented development to …

June 14, 2017

California Loans Office Western

ZMI Real Estate Receives $16M Loan for Flex, Office Campus in Carlsbad

by Nellie Day June 13, 2017

CARLSBAD, CALIF. — ZMI Real Estate has received a $16 million loan to refinance the 145,759-square-foot Carlsbad Commerce Center. The center is located at 2185-2237 Faraday Ave. It contains a mixture of office, creative office and flex units. The campus was built between 1984 and 1986. It was renovated in 2004. The campus is currently 91.3 percent leased to tenants like Advanced Brain Monitoring, SabreSciences and GIMDx. CBRE’s Mark McGovern, Scott Peterson and Brian Cruz secured the five-year loan through Aetna Life Insurance Company. It will pay off the existing mortgage, which was coming due in September.

June 13, 2017

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