HONOLULU, HAWAII — Newmark has arranged $75 million in financing for the 23-story TOPA Financial Center office tower in downtown Honolulu. The 508,000-square-foot building occupies an entire city block. The 10-year loan was placed with one of Newmark’s correspondent life insurance company lenders. George Mitsanas and Jasmine Polson arranged the fixed-rate financing.
INDIANAPOLIS — Alidade Capital WCP VII LLC, a wholly owned subsidiary of Alidade Capital Fund IV LP, has acquired Woodland Corporate Park VII in Indianapolis for an undisclosed price. The 118,954-square-foot office building is visible from I-465. The acquisition represents Michigan-based Alidade Capital’s second transaction in Indianapolis and brings the real estate private equity fund manager’s total portfolio in the area to approximately 292,000 square feet. Following the sale, Alidade Capital awarded John Vandenbark and Nick Svarczkopf of CBRE with the listing assignment for the property. Dan Richardson of CBRE represented the seller, Duke Construction Limited Partnership, in the transaction.
STAMFORD, CONN. — CBRE has arranged the sale of Stamford Towers, a two-building office property located in Stamford’s central business district. SL Green and TH Real Estate sold the property to CBRE Global Investors for $97 million. Tenants at the Class A property include Citigroup, UBS Financial Services, H/2 Credit Manager, Titan Advisors, Gerald Metals, Bank of Ireland, Oaktree Capital, Oppenheimer, CoreCommodity and Newmark. Jeffery Dunne, David Gavin and Travis Langer of CBRE Institutional Properties represented the sellers in the transaction.
SECAUCUS, N.J. — Rialto Capital has completed the sale of 150 and 200 Meadowlands Parkway, two office buildings in Secaucus. Alma Realty acquired the buildings for $21 million. Totaling 212,666 square feet, the two buildings were 77 percent leased at the time of sale. Current tenants include Schiavone Construction, Ashley Stewart, Cory 1st Choice Home Delivery and Image Processing Systems, a data center for VXchange and Frontage Laboratories. Jeffrey Dunne, Jeremy Neuer and Geoffrey Schubert of CBRE represented the seller in the deal.
HOUSTON — Insite Commercial Real Estate has purchased Intellicenter, a 160,407-square-foot office property situated on 12.8 acres at 4650 Westway Park in Houston, for an undisclosed price. Completed in 2007, the three-story, Class A property is located within the 3 million-square-foot Westway Park office campus on the city’s northwestern side. Danny Miller and Trent Agnew of HFF represented the undisclosed seller in the transaction.
Orange County’s innovative office economy continues to be supported by healthy underlying demand drivers. Tech, financial and business services companies continue to provide a strong employment base that was not readily present during the last cycle. Major colleges and universities such as Chapman and UC Irvine provide a steady pool of job-seeking professionals. The climate, lifestyle and general quality of life also continues to attract top employment talent from across the country. Office vacancy is trending downward with rental rates increasing beyond pre-recession levels. As the health of the office market solidifies, notable developers like the Irvine Company, Trammell Crow Co. and Lincoln Property have recently commenced or completed construction on formidable office projects. These new office projects are noteworthy in that they were started on a speculative basis. This is a new trend in the market that would have been unheard of less than three years ago. This is a strong indication of the increased confidence by lenders, equity sources and developers in the Orange County office market’s recovery. Irvine Company has become the dominant source of speculative development due to considerable new development. This company was ahead of the spec curve when it built the first sizeable inventory …
CHESAPEAKE AND VIRGINIA BEACH, VA. — Divaris Real Estate Inc. (DRE) has arranged the $13.2 million sale of two office buildings in the Virginia Beach area: Southeastern Virginia Training Center, a 36,277-square-foot property located at 2100 Steppingstone Square in Chesapeake, and Probation and Parole Office Building, an 11,139-square-foot building located at 2520 Nimmo Parkway in Virginia Beach. Jason Oliver and Alex Divaris of Virginia Beach-based DRE represented the seller, Armada Hoffler Properties Inc. The Virginia Beach-based real estate company developed both properties as build-to-suits for the Commonwealth of Virginia.
ALLEN, TEXAS — Kaizen Development Partners has broken ground on a 145,000-square-foot office facility within the One Bethany at Watters Creek development in Allen for Massachusetts-based tech firm NETSCOUT Systems Inc. During the summer of 2018, NETSCOUT will relocate more than 500 employees to the Class A property, which will serve as its regional research and development office. Balfour Beatty is serving as general contractor on the project, which was designed by BOKA Powell.
Looking ahead to the rest of 2017, we can expect to see continued improvement of Miami’s office market based on strong market fundamentals and employment growth. Key trends to watch in 2017 that will help drive and shape the market, include: • Steady, modest growth in office rents • Declining available office supply • New transit-oriented mixed-use developments that include office space in both Miami’s downtown urban core and other connected walkable neighborhoods such as Coconut Grove, Coral Gables and Wynwood • Tenants adopting new office design standards • Increased moves between submarkets and new-to-market companies positively impacting net absorption Office demand will continue to be fueled by vibrant population growth of young professionals and Miami’s appeal as a growing, global and entrepreneurial city. Miami-Dade County’s population has grown 8 percent in the past five years, making it the seventh-largest county in the United States. In 2016, more than 20,000 jobs were added in the county, predominately in the construction, real estate, professional services and financial services industries. This economic growth has fueled expansion activity in the office market and should hold steady in 2017. Miami’s focus on cultivating innovation and entrepreneurship has also positively impacted the office market. In …
ADDISON, TEXAS — Citadel Partners LLC has secured an 8,603-square-foot office lease at 14901 Quorum Drive in Addison on behalf of Plano-based recruiting firm BG Staffing Inc. Mac Morse and Taylor Dickerson of Citadel Partners represented the tenant in the lease negotiations. Ryan Evanich and Chase Lopez of Stream Realty Partners represented the landlord.
