Office

Pearlmark, Lincoln Property to Develop Trophy Office Building in D.C.

by John Nelson April 10, 2017

WASHINGTON, D.C. — Chicago-based Pearlmark Real Estate and Lincoln Property Co. are teaming up to develop an 11-story trophy office building at 699 14th St. N.W. in Washington, D.C.’s East End, less than two blocks from the White House. Situated at the corner of 14th and G streets, the development will connect to the existing historic banking hall, which was last occupied by the National Bank of Washington. Designed by Shalom Baranes Associates, the 160,000-square-foot property will feature 135,000 square feet of office space and 25,000 square feet of ground-floor retail space. The office space will feature 9-foot ceilings, floor-to-ceiling glass, multiple common rooms and private outdoor terraces. As part of the joint venture agreement, Lincoln Property Co. will develop, lease and manage the office building. Matt Haley and Ryan Kruzel were the lead executives on the transaction for Pearlmark. Stephen Conley, Susan Carras and Andrew Weir of HFF arranged the joint venture between Pearlmark and Lincoln.

April 10, 2017

Michigan Midwest Office

NAI Wisinski Arranges $2M Sale of Office Building in Portage, Michigan

by Kristin Harlow April 10, 2017

PORTAGE, MICH. — NAI Wisinski of West Michigan has arranged the sale of a 19,188-square-foot office building in Portage, near Kalamazoo, for $2 million. The fully leased building is located at 5136 Lovers Lane. Bill Tyson of NAI arranged the sale on behalf of the buyer, Jay Kim Enterprises LLC. Marc Tourangeau and Kara Schroer of NAI leased up the property to full occupancy in 2016.

April 10, 2017

Market Reports Office Southeast Southeast Market Reports Tennessee

Nashville’s Tight CBD Benefits the Metro’s Satellite Office Submarkets

by John Nelson April 10, 2017

Robust population and job growth are fueling a resurgence across all sectors of Nashville’s commercial real estate market, pushing vacancies lower, boosting rental rates and attracting strong interest from investors. With increasing demand for office space in the central business district (CBD), a rush of both in- and out-of-state developers and equity have descended on Nashville to deliver Class A product. That delivery timeline has subsequently pushed the demand for existing space to the adjacent Midtown, Wedgewood-Houston and MetroCenter submarkets. These satellite areas are benefiting from the positive absorption with existing space back-filled in record time, and some deliveries of conversions of older warehouses to hip office and retail space. CBD Construction Perhaps predictably, after the city climbed higher among the nation’s top job markets, (ranking third on NerdWallet’s list based on top cities’ unemployment rates and increase in working-age population between 2010- 2015), Nashville ranked sixth among the nation’s top cities for real estate investing in 2017, one spot higher than last year, in the annual Emerging Trends in Real Estate report put together by PricewaterhouseCooper and the Urban Land Institute. These accolades are a testament to Nashville’s crane-filled skyline, confirming that new construction is the dominant force in …

April 10, 2017

Maryland Office Southeast

Kaiser Permanente Plans New 176,000 SF Office Building in Metro D.C.

by John Nelson April 7, 2017

NEW CARROLLTON, MD. — Kaiser Permanente of the Mid-Atlantic States plans to open a new 176,000-square-foot administrative and IT building in New Carrollton, roughly 12 miles east of Washington, D.C., in Prince George’s County. The facility will have room for approximately 850 employees. The office building will anchor a mixed-use development adjacent to the New Carrollton Transit Center, a transit station that services the Washington Metro, MARC and Amtrak lines. Other components of the transit-oriented development, which is being developed by Urban Atlantic and Forest City Realty Trust, will include retail, residential and a community park. Construction of the Kaiser Permanente building will be complete in November 2018.

April 7, 2017

Georgia Office Southeast

Lincoln Property Co. Southeast Brokers Sale of 106,561 SF Office Building in Alpharetta

by John Nelson April 7, 2017

ALPHARETTA, GA. — Lincoln Property Co. Southeast has arranged the sale of a four-story, 106,561-square-foot office building located within Brookside Office Park at 3925 Brookside Parkway in Alpharetta. The property is situated near Ga. 400 via Old Milton Parkway. Built in 1998, the asset is currently leased to NCR Corp., an Atlanta-based financial technology firm, through the end of the year. Cousins Properties is currently developing a new office campus in Midtown Atlanta for NCR. Hunter Henritze of Lincoln Property Co. Southeast represented the seller, Equity Office, in the transaction. Jay Dowlen and Charles Beard of CBRE represented the buyer, AmTrust Group, which has retained Lincoln Property Co. Southeast to manage the office building. The sales price was not disclosed.

April 7, 2017

Office Texas

Marcus & Millichap Arranges Sale of 28,363 SF Office Building in Plano

by Taylor Williams April 7, 2017

PLANO, TEXAS — Marcus & Millichap has arranged the sale of 18th Street Office, an office property situated on 2.5 acres at 651-671 E. 18th St. in Plano. Built in 1972, the property consists of three suites totaling 28,363 square feet. Ron Hebert and Joe Santelli of Marcus & Millichap represented the seller in the transaction. Both the buyer and the seller were private investors.

April 7, 2017

Office Texas

JLL Negotiates Sale of 50,502 SF Office Property in North Austin

by Taylor Williams April 7, 2017

AUSTIN, TEXAS — JLL has negotiated the sale of Oak Creek Plaza, a two-story, 50,502-square-foot office building located at 3107 Oak Creek Drive on Austin’s north side. The sale includes the 7.6 acres on which the property is situated. Jeff Coddington and Kevin Kimbrough of JLL represented the seller, Toronto-based Eastbourne Investments. TMF Health Quality, an Austin-based healthcare consulting firm, purchased the property.

April 7, 2017

New York Northeast Office

Tishman Speyer Plans “The Wheeler” Office Hub in Downtown Brooklyn

by Haisten Willis April 7, 2017

NEW YORK CITY — Tishman Speyer has unveiled plans for development of The Wheeler, a 10-story office hub to be located above the Macy’s department store in downtown Brooklyn. The Wheeler, named for 19th century Brooklyn developer Andrew Wheeler, will include 620,000 square feet of office space. Features will include 16-foot ceilings on each floor, an acre of outdoor space, a dedicated amenity floor and views of the New York skyline. The project is scheduled for completion in mid-2019. Construction financing, which was arranged by HFF, is being provided by Bank of the Ozarks.

April 7, 2017

New York Northeast Office

DLC Management Corp. to Relocate Headquarters in Metro NYC

by Haisten Willis April 7, 2017

ELMSFORD, N.Y. — DLC Management Corp., an owner and operator of open-air shopping centers, will relocate its headquarters to a 175,000-square-foot office building located at 565 Taxter Road in the New York City suburb of Elmsford. The move will be effective in August, with construction to begin on the 19,533-square-foot space in May. DLC has collaborated with the Westchester County Industrial Development Agency to facilitate the move. The new office will include open workspaces and collaborative areas for all teams, as well as various meeting and conference rooms able to house up to 90 employees. The property will also include an on-site gym, locker room and cafeteria.

April 7, 2017

Industrial Massachusetts Northeast Office

Avison Young Arranges $26.5M Office/Industrial Portfolio Acquisition in Massachusetts

by Haisten Willis April 7, 2017

BEDFORD, ANDOVER & BILLERICA, MASS. — Avison Young, as buyer representative for Atlantic Management, has arranged the purchase of three office/flex buildings in Massachusetts. Atlantic Management acquired the 211,377-square-foot portfolio from Wheelock-Novaya for $26.5 million. The assets are located at 15 Crosby Dr. in Bedford, 200 Bulfinch Dr. in Andover and 5 Federal St. in Billerica. Tenants at the properties include Ocular Therapeutix and Becton Dickinson. Scott Jamieson of Avison Young worked with Joe Zink and Steve Wyman of Atlantic Management on the buyer’s side, while Wheelock-Novaya was represented by Gary Kamin of Wheelock Street Capital and Scott Tully and Shawn Hawthorne of Novaya Real Estate Ventures.

April 7, 2017

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