Office

Parmer Innovation Centers Purchases 1.8 MSF GSK Office Campus in Raleigh, Plans $80M Renovation

by John Nelson May 30, 2017

RALEIGH, N.C. — Los Angeles-based Parmer Innovation Centers has closed on its purchase of the 1.8 million-square-foot GSK campus within Raleigh’s Research Triangle Park. GSK, a research-based pharmaceutical and healthcare firm, sold the 20-building office and laboratory campus in a sale-leaseback transaction, whereby GSK will lease back 700,000 square feet of space on a long-term basis (up to 10 years plus renewal options). Much like Parmer’s successful Parmer Austin campus that houses Apple, Allergan, Blue Apron and GM, Parmer Innovation has rebranded the GSK campus as Parmer RTP and plans to implement an $80 million renovation focusing on amenities to attract millennial workers. Ben Kilgore, Lee Clyburn and Brian Carr of CBRE | Raleigh, along with Brian Scott of CBRE’s New York office, represented GSK in the transaction.

May 30, 2017

Georgia Office Southeast

Five Mile, Equitable Real Estate Sell Office Tower in Downtown Atlanta

by John Nelson May 30, 2017

ATLANTA — Five Mile Capital Partners and Equitable Real Estate Partners have sold 100 Peachtree, a 33-story, 622,084-square-foot office tower in downtown Atlanta. Zeller Realty Group purchased the asset, which was 82 percent leased at the time of sale to tenants such as CallRail, Accenture, Koch Industries, Georgia’s Own Credit Union, McGuireWoods law firm and the Atlanta BeltLine. The sales price was undisclosed, but the Atlanta Business Chronicle reports that Zeller likely paid between $135 to $145 per square foot, or $83 million to $90 million. The previous ownership’s renovations to 100 Peachtree over the last five years included complete window replacement with LEED compliance, a restored lobby, re-energized plaza area, tenant buildouts and major mechanical replacements. Will Yowell, Jay O’Meara and Justin Parsonnet of CBRE represented the sellers in the transaction. Bill Rogalla and Mark Vollbrecht represented Zeller internally.

May 30, 2017

New York Northeast Office Top Stories

Ivanhoé Cambridge, Callahan Capital Properties Acquire 85 Broad Street in Downtown Manhattan for $650M

by Katie Sloan May 30, 2017

NEW YORK CITY — A partnership between Ivanhoé Cambridge and Callahan Capital Properties has acquired 85 Broad Street, a 1.1 million-square-foot office tower located in Manhattan’s Financial District, for $650 million. The 30-story tower recently underwent a capital improvement program, which included the renovation of existing amenities and the addition of new building services. The property amenities include a 14,000-square-foot wellness center with a yoga room, Le Pain Quotidien restaurant, a 125-seat tenant cafeteria, conference center and bike room. “We are proud to acquire such a high-quality, marquee property,” says Arthur Lloyd, president of Ivanhoé Cambridge. “85 Broad Street features state-of-the-art building services and amenities and appeals to both traditional and TAMI users. This acquisition expands our footprint, and brings our New York office portfolio to more than 6.7 million square feet.” Office tenants at the tower include Oppenheimer & Co., WeWork, PureFunds, MSQ Ventures and Nielsen. Goldman Sachs originally built the tower to serve as its headquarters in the 1980s, according to reports by Bloomberg. The company moved to 200 West St. in 2010. Montreal-based Ivanhoé Cambridge invests in properties and real estate companies in select cities around the world. Through subsidiaries and partnerships, the company holds interests in …

May 30, 2017

Office Washington Western

Lake Washington Partners Acquires Commons 90 Office Park in Bellevue

by Nellie Day May 26, 2017

BELLEVUE, WASH. — Lake Washington Partners has purchased Commons 90 Office Park in Bellevue for an undisclosed sum. The two-building park is located at 15800 and 15900 S.E. Eastgate Way. Lake Washington Partners will manage Commons 90 through its property management division and a partnership with Urban Renaissance Group. CBRE’s Jeff Jochums will take over the leasing assignment. The seller was a joint venture between Clarion Partners and Tennessee Consolidation Retirement System.

May 26, 2017

Office Texas

Biel Partners Arranges Sale of 14,000 SF Office Property in Dallas

by Taylor Williams May 26, 2017

DALLAS — Biel Partners has arranged the sale of a 14,000-square-foot office property located at 13748 Neutron Road in Dallas’ Northwest Business District. NoPiers.com, a company that provides home foundation maintenance services, purchased the property and will establish its headquarters within a 5,000-square-foot space beginning this summer.

May 26, 2017

Georgia Office Southeast

Transwestern Corporate Properties to Acquire State Farm Office Tower in Atlanta in Sale-Leaseback Deal

by John Nelson May 26, 2017

DUNWOODY, GA. — Transwestern Corporate Properties I has reached an agreement to purchase Park Center I, a 13-story office tower in Atlanta’s Central Perimeter submarket. Situated on four acres adjacent to the Dunwoody MARTA station, the 602,000-square-foot asset is fully occupied by State Farm Auto Insurance. KDC developed Park Center I, the first office building delivered within State Farm’s three-building, 2.2 million-square-foot campus. Transwestern will purchase the asset for an undisclosed price in a sale-leaseback transaction with State Farm. Transwestern also recently acquired the 2.2 million-square-foot State Farm campus in Richardson, Texas, which was also developed recently by KDC.

May 26, 2017

Industrial Office Southeast Virginia

Avison Young Arranges $19.9M Sale of Two Flex Buildings in Metro D.C.

by John Nelson May 26, 2017

CHANTILLY, VA. — Avison Young has arranged the $19.9 million sale of two flex buildings in Washington, D.C.’s Dulles South industrial submarket totaling 245,888 square feet. Beckham Gumbin Ventures purchased the buildings from CIM Group. Built in 1986, the assets are located within Sullyfield Business Park at 14320 and 14340 Sullyfield Circle in Chantilly, about 30 miles west of Washington, D.C. John Kevill, Chip Ryan, Bert Harrell and Jesse Martin of Avison Young represented CIM Group in the sale. Sullyfield Commerce Center I was 95 percent leased at the time of sale to seven tenants including Northrop Grumman, and Sullyfield Commerce Center II was 63 percent leased.

May 26, 2017

New York Northeast Office

CBRE Arranges 101,000 SF Office Lease in White Plains, New York

by Haisten Willis May 26, 2017

WHITE PLAINS, NEW YORK — CBRE has arranged a 101,000-square-foot office lease for Sumitomo Mitsui Banking Corp. at 1 N. Lexington Ave. in White Plains. Sumitomo is a Japanese banking and financial services company headquartered in Tokyo. The company signed a 13-year lease at the office complex. CBRE’s William Cuddy Jr. and Jacqueline Novotny represented the landlord, Gateway One Group, in the transaction. Williams Peters, Derek Trulson, Robert Ageloff and Paul Tortora of Jones Lang LaSalle acted on behalf of Sumitomo.

May 26, 2017

New York Northeast Office

New Office Tenants Sign on at The Summit in Metro NYC

by Haisten Willis May 26, 2017

VALHALLA, N.Y. — Reckson, a division of SL Green Realty Corp., has landed a pair of new offices leases at The Summit in Valhalla, a suburb of New York City. The first is an 11-year, 65,000-square-foot lease with Ascensia Diabetes Care US, a diabetes health management company, and the second is a 16,442-square-foot lease with Exelon Generation Co. an energy company. The Summit is a three-building, 700,000-square-foot office complex, which is now 93 percent occupied. Ascensia will occupy space on the top two floors of 100 Summit when it moves into the building in the fourth quarter of 2017. Exelon is expected to move in this summer and has committed to space on the first floor of 500 Summit. Steve Rotter and Conor Gill of Jones Lang LaSalle acted on behalf of Ascensia. Exelon did not have tenant representation. Reckson was represented in-house on both transactions. CBRE’s Brian Carcaterra and Jacqueline Novotny represented SL Green.

May 26, 2017

Midwest Office Wisconsin

Capri Communities Signs 13,211 SF Office Lease in Brookfield, Wisconsin

by Kristin Harlow May 26, 2017

BROOKFIELD, WIS. — Capri Communities has signed a 13,211-square-foot office lease in Brookfield. The senior housing developer and operator will relocate from Waukesha to the new space at 20875 Crossroads Circle. Capri Communities will occupy the new office by June 1. Wayne Rappold of CBRE represented the tenant in the lease transaction, while Shaun Dempsey of Transwestern represented the landlord, KPK Eagle Investments LLC.

May 26, 2017

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