Office

NGZ Brokers Sale of Historic 32,624 SF Office Building in Kansas City, Missouri

by Kristin Harlow November 15, 2017

KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has brokered the sale of a historic, 32,624-square-foot office building in downtown Kansas City. The sales price was not disclosed. Originally constructed in 1903, the property is located at 908 Broadway Blvd. Google Fiber is the anchor tenant and occupies more than 23,000 square feet. Kansas City-based ER Marketing also occupies a full floor. After a full-floor lease to Coury Hospitality, the property is now fully leased. Michael VanBuskirk and Chris Robertson of NGZ brokered the sale on behalf of the seller, a California-based private investor group. A Colorado-based private investor purchased the property.

November 15, 2017

Office Oregon Top Stories Western

Starwood Capital Group Buys Wells Fargo Center in Portland

by Nellie Day November 15, 2017

PORTLAND, ORE. — Starwood Capital Group has purchased the 40-story Wells Fargo Center in downtown Portland. The transaction includes an adjacent five-story former data processing building. The price was not disclosed, though county tax records put the value of the tower at $163 million and the adjacent property at $33 million, according to The Oregonian. In June, Wells Fargo announced plans to sell the buildings and relocate some of the 900 employees working there to other local offices, added The Oregonian. The two structures total 725,000 square feet. The asset is located at 1300 SW 5th Ave. The Class A creative office space is the tallest building in Oregon. It offers views of Mt. Hood, the Willamette River, Mount St. Helens, downtown Portland and the West Hills. Starwood plans to reposition the property into a premier Class A asset. The lobbies and entries will undergo major renovations. The investment firm will also add new tenant amenities, including conference facilities, a tenant lounge, reimagined retail areas, fitness center and bike hub. “We are confident that our ambitious renovation plans will restore this building to its former status as one of the most iconic Class A office towers not just in Portland, …

November 15, 2017

Massachusetts Northeast Office

Newmark Knight Frank Negotiates $23.5M Sale of Office Building in Boston’s Seaport District

by Amy Works November 14, 2017

BOSTON — Newmark Knight Frank has arranged the sale of an office building located at 55 Seaport Blvd. in Boston’s Seaport District. Boston Global Investors sold the property to a member company of Zurich North America for $23.5 million. Constructed in 2016, the 13,500-square-foot office and retail building is fully leased to Boston Global Investors. Robert Griffin, Edward Maher, Matthew Pullen, Justin Smith, James Tribble, Samantha Hallowell, David Martel and Jonathan Martin of Newmark Knight Frank represented the seller, while Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management advised the buyer in the transaction.

November 14, 2017

Illinois Midwest Office

M & J Wilkow Sells 174,098 SF Office Complex in Lombard, Illinois

by Kristin Harlow November 14, 2017

LOMBARD, ILL. — M & J Wilkow has sold a 174,098-square-foot office complex in Lombard, 20 miles west of Chicago, for an undisclosed price. A joint venture between Red Rock and Lincoln Property Co. purchased the property, which is located at 701 E. 22nd St. M & J Wilkow acquired the office complex in September 2014 with a fund managed by DRA Advisors. The property was 81 percent leased at the time. The company renovated the lobby atrium, corridors and fitness center. The property was 97 percent leased at the time of sale.

November 14, 2017

Office Texas

Hartman Secures Three Office Leases Totaling 31,679 SF in Houston

by Taylor Williams November 14, 2017

HOUSTON — Hartman Income REIT has secured three office leases totaling 31,679 square feet at properties it owns in Houston. Property management firm Chaparral Management Co. Inc. signed a 12-month, 7,948 square feet at 14550 Torrey Chase Blvd.; Amegy Bank of Texas renewed a 13,912-square-foot lease at 400 N. Sam Houston Parkway E. for five years; and Greensheet Media leased 9,819 square feet at 2020 N. Loop West for five years. Hartman was represented internally by Rod Hale, Richard Maloof and Kacie Skeen, respectively, in each transaction.

November 14, 2017

Office Texas

Newcor Negotiates 26,819 SF Office Sublease in Metro Houston

by Taylor Williams November 14, 2017

THE WOODLANDS, TEXAS — Newcor Commercial Real Estate has negotiated a 26,819-square-foot office sublease at 8401 New Trails Drive in The Woodlands on behalf of Louisiana-based oil and gas firm Hunt Guillot & Associates LLC. Rob Banzhaf and Ryan Dierket of Newcor represented the tenant in the lease negotiations. Scott Covington of S.E. Covington represented the subtenant, Axiom Medical Consulting LLC.

November 14, 2017

North Carolina Office Retail Southeast

Ziff Properties Acquires 85,041 SF Office, Retail Center in Asheville, North Carolina

by Camren Skelton November 14, 2017

ASHEVILLE, N.C. — Ziff Properties Inc. has acquired Biltmore Station, an 85,401-square-foot office and retail center in Asheville, roughly one mile from the Biltmore Estate. Alex Quarrier of Berkeley Capital Advisors represented the seller in the transaction. Other terms of the deal were not disclosed. At the time of sale, Biltmore Station was 78 percent leased to a variety of office and retail tenants, including The Biltmore Co., Coram Healthcare, Image Dental Arts, Jimmy Johns, Pour Taproom, PT Solutions, Edward Jones, Virgola Wine Bar, Ichiban Japanese Restaurant and Fhiit Life.

November 14, 2017

Hospitality Mixed-Use Multifamily New Jersey Northeast Office Retail Top Stories

North American Properties, PGIM to Break Ground on $2.5B Mixed-Use Development in New Jersey

by Katie Sloan November 14, 2017

SAYREVILLE, N.J. — A joint venture between North American Properties (NAP) and PGIM Real Estate is set to break ground on Riverton, a $2.5 billion, 418-acre, mixed-use development located roughly 33 miles south of Manhattan along the Raritan River in Sayreville. Upon completion, the project is set to include residential, retail, entertainment, office and hotel space alongside a marina. The development will also incorporate passive recreation and open space along the riverfront, programmed gathering spaces and street-level commercial space. Key approvals for the site were initially obtained in 2014. NAP has updated the redevelopment plan for the property, and is in the process of securing the necessary state and local approvals required to begin development. A critical component of the project’s financing will be support from the New Jersey Economic Development Authority through the Economic Redevelopment & Growth Program, which the EDA approved in 2014 and will be asked to reaffirm for the updated development plan. Pending approvals and financing, the project is scheduled for completion in 2021. NAP recently appointed David Weinert as partner and senior vice president of leasing. Weinert will lead the leasing efforts for Riverton, alongside the other properties in NAP’s development pipeline. North American Properties …

November 14, 2017

Lee-Farm-Corporate-Office-Park-Danbury-CT

Connecticut Northeast Office

JV Sells 215,649 SF Office Building in Danbury, Connecticut, for $31.7M

by Amy Works November 13, 2017

DANBURY, CONN. — A joint venture between Quincy, Mass.-based The Grossman Cos. and Southport, Conn.-based Summit Development has completed the disposition of Lee Farm Corporate Office Park in Danbury. CT Property Realty LLC acquired the property for $31.7 million. The five-story building features 215,649 square feet of Class A office space. The joint venture originally purchased the property in 2013.

November 13, 2017

Hospitality Massachusetts Mixed-Use Multifamily Northeast Office Restaurant Retail

Related Beal Tops Off Redevelopment of 40 Water Street in Boston

by Amy Works November 13, 2017

BOSTON — Related Beal has placed the final beam in the redevelopment of 40 Water Street, which formerly served as the Fidelity Investment headquarters. The redeveloped property, called Congress Square, will create a 24-hour mixed-use environment connecting Government Center, Faneuil Hall, Post Office Square and Downtown Crossing. The building features a glass curtainwall addition on top of the more than 320,000-square-foot office building. The redevelopment also includes preserving the landmarked property’s efficient and versatile floor plates, active rooftops and retail and restaurant space on the lower and ground floor. The redevelopment plan for the building includes office, residential, hospitality and more than 43,000 square feet of retail space, as well as the transformation of Quaker Lane into a pedestrian-oriented food and beverage destination with boutiques and cafés. Related Beal Construction and Consigli Construction Co. are general contractors for the project and Arrowstreet is serving as architect. Congress Square is slated to open in 2018.

November 13, 2017

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