Office

Specialty Practices Drive Growth in Kansas City Medical Office Market

by Kristin Harlow July 27, 2017

Kansas City is in the midst of an aggressive expansion of capital investment in medical office space that is consistent with national activity. A variety of factors drive these developments, including patients’ expectations for medical care, a change in how large-scale healthcare operators view their networks and the growth of specialty practitioners. The evolution of medical space created by these forces leads to an entirely new development approach. The most obvious evidence of this change in the Kansas City market is located along the Interstate 435 corridor between State Line Road and Metcalf Avenue. Every major healthcare operator in the metro area either has an established presence there, is in the midst of an expansion project, or both. Within that area, the new medical office building for St. Luke’s Health System at Mission Farms was completed in the second half of 2016. Further west, the 76,000-square-foot Quad Six medical office building, located at 6650 W. 110th St., delivered in June of this year. To the south, at 159th Street and Antioch Road, the first phase of the BluHawk project recently delivered for Shawnee Mission Health – Overland Park. The project includes a 75,000-square-foot medical office building, along with a separate …

July 27, 2017

Features Office Top Stories

M&M: Demographics Revive Interest in Suburban Office Spaces

by Taylor Williams July 27, 2017

A growing concentration of households in suburban areas throughout the country is sparking renewed interest in office properties located outside urban centers, according to a recent report from Marcus & Millichap. Millennials’ general preference to work in amenity-rich office buildings with walkable retail and dining options heightened demand for urban office space for much of the post-recession era, notes the report. Overall vacancy for urban office properties declined by 250 basis points during this period and clocked in around 14 percent as of the first quarter of 2017. This activity spurred a 7 percent increase in asking rents across America’s urban office markets, but demand for these properties is beginning to slow. The suburbs, where rents for stabilized properties land for new properties are cheaper, are currently poised to benefit from rising rents in urban sectors, according to the report. Compounding the opportunities for suburban office properties are the general demographics of those markets. According to the report, as of 2015, 64 percent of America’s households resided in the suburbs. That figure is projected to rise as high as 75 percent by 2025. Particularly in smaller areas with tighter labor markets, this proportion is an important consideration. In addition, the …

July 27, 2017

California Office Western

UCLA Extension Relocates Westwood Administrative Headquarters

by Nellie Day July 26, 2017

LOS ANGELES — UCLA Extension is relocating its administrative headquarters in Los Angeles. The school has leased a 51,452-square-foot space at 10960 Wilshire Blvd. The new facilities are just four blocks from its current location at 10955 Le Conte Ave. in Westwood Village. The extension signed a long-term lease for floors 16 and 17, which are joined by an interconnecting staircase. Craig Jablin of Savills Studley represented UCLA.

July 26, 2017

Northeast Office Pennsylvania

CBRE Arranges Sale of 1.8 MSF Office Complex in Philadelphia

by Amy Works July 26, 2017

PHILADELPHIA — CBRE Capital Markets has brokered the sale of Centre Square, a two-building, 1.8 million-square-foot office complex located at 1500 Market St. in Philadelphia. An affiliate of Nightingale Properties acquired the complex for an undisclosed price. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE represented the seller, Chicago-based Equity Commonwealth, in the transaction. Built in 1974, the complex consists of a 36-story East Tower, a 43-story West Tower, a 450-vehicle parking garage and 41,000 square feet of retail space. The University of Pennsylvania Health System, Towers Watson, PHMC, Saul Ewing, Dilworth Paxson and Radian are tenants at the complex.

July 26, 2017

Office Texas

Lee & Associates Negotiates 9,417 SF Office Lease Renewal in Houston

by Taylor Williams July 26, 2017

HOUSTON — Lee & Associates has negotiated a 9,417-square-foot office lease renewal at 3700 Buffalo Speedway in Houston on behalf of Chicago Title of Texas LLC. Chris Nash and Travis Taylor of Lee & Associates represented the tenant. The landlord, Moody National Buffalo Speedway MT LP, was represented internally.

July 26, 2017

Michigan Midwest Office

Flex-N-Gate Signs 24,165 SF Office Lease in Sterling Heights, Michigan

by Kristin Harlow July 26, 2017

STERLING HEIGHTS, MICH. — Flex-N-Gate Corp. has signed a 24,165-square-foot office lease in Sterling Heights. The building is located at 35819 Mound Road in Liberty Place, a five-building office campus. Illinois-based Flex-N-Gate manufactures products for the automotive industry. L. Mason Capitani CORFAC International arranged the five-year lease transaction.

July 26, 2017

Georgia Office Southeast

Simpson Organization, Harbert Management Sell Office Building in Midtown Atlanta for $35.3M

by Camren Skelton July 26, 2017

ATLANTA — A joint venture between The Simpson Organization and Harbert Management Corp. has sold 730 Midtown, an 11-story, Class A office building in Atlanta’s Midtown district, for $35.3 million. David Meline and Samir Idris of Cushman & Wakefield represented the seller, and Mike Ryan and Brian Linnihan of Cushman & Wakefield arranged acquisition financing on behalf of the buyer, Crestlight Capital. Located at 730 Peachtree Street N.E., the 217,090-square-foot office building features an outdoor courtyard, 55-seat conference center and on-site property management office. The property was 92 percent leased at the time of sale.

July 26, 2017

New Jersey Northeast Office

Markeim Chalmers Negotiates $2.4M Sale of Two Office Buildings in Cherry Hill, New Jersey

by Amy Works July 25, 2017

CHERRY HILL, N.J. — Markeim Chalmers Inc. has arranged the sale of two adjacent office buildings located at 401 and 403 Route 70 in Cherry Hill. Becca Inc. sold the buildings, which total 35,700 square feet, to a local investor for $2.4 million. Kevin Burns of Markeim Chalmers represented the seller and buyer in the deal.

July 25, 2017

California Office Western

Bridgeton Holdings Sells The Pioneer Office Building in San Francisco for $34M

by Nellie Day July 25, 2017

SAN FRANCISCO — Bridgeton Holdings has sold The Pioneer Building, a 37,104-square-foot office building in San Francisco’s Mission District, to American Realty Advisors for $34 million. The building is fully leased to Musk Industries, a venture backed by Elon Musk. The new lease with Musk Industries is for a 10-year term with space delivered in “as-is” condition. NKF’s Kyle Kovac, Michael Taquino and Daniel Cressman represented Bridgeton Holdings in this transaction.

July 25, 2017

California Healthcare Office Western

Anchor Health Properties Purchases Fletcher Parkway Medical Center Near San Diego

by Nellie Day July 25, 2017

LA MESA, CALIF. — Anchor Health Properties has purchased Fletcher Parkway Medical Center, an 82,024-square-foot medical office building in the San Diego suburb of La Mesa, for an undisclosed sum. The building is situated adjacent to Sharp Grossmont Hospital, just north of the Interstate 8/California 125 interchange. Sharp HealthCare anchors the center. The asset features services like Surgical Care Affiliates (SCA) surgery center, radiology, laboratory, diagnostics, cardiology, pediatrics, ophthalmology, rehabilitation and hospice. HFF’s Evan Kovac, Andrew Milne and Trent Jemmett represented the seller, The Abbey Company, in this transaction.

July 25, 2017

Newer Posts

Older Posts