Office

Government Properties Income Trust to Acquire First Potomac Realty Trust for $1.4B

by Nellie Day June 28, 2017

BETHESDA, MD. — Government Properties Income Trust (NASDAQ: GOV) has agreed to purchase all of the outstanding shares of First Potomac Realty Trust (NYSE: FPO) in a deal that is valued at $1.4 billion. The all-cash transaction, which includes the assumption of debt, is expected to close before the end of 2017. First Potomac shareholders will receive $11.15 in cash per share, or about $683 million in aggregate, at the close of the transaction. This represents a premium of about 9.3 percent to First Potomac’s 30-trading day volume weighted average price, based on a period ending April 24, 2017. The remaining transaction value includes the expected repayment of about $418 million of FPO debt and an assumption of about $232 million of FPO mortgage debt, as well as the payment of transaction fees and expenses. FPO has agreed it will not pay any distributions to its shareholders before the transaction closes. GOV’s distributions to its shareholders will not be impacted by the transaction. First Potomac maintains an office and industrial portfolio of properties that are located primarily in the metropolitan Washington, D.C., area. FPO’s portfolio includes 39 properties (74 buildings) with about 6.5 million square feet that was 92.2 percent …

June 28, 2017

Industrial Office Texas

Trybus Opens New 145,106 SF Flex Headquarters in DeSoto, Texas

by Taylor Williams June 27, 2017

DESOTO, TEXAS — Tailored clothing manufacturer Trybus Group has opened its new 145,106-square-foot headquarters in the Dallas metro of DeSoto. The property features 7,783 square feet of office space and about 137,000 square feet of warehouse space. The warehouse includes 32-foot clear heights, 22 truck bays and more than eight miles of custom-designed railways. Bob Moore Construction served as general contractor on the project.

June 27, 2017

Office Texas

ECR Negotiates 23,000 SF Office Lease in Austin

by Taylor Williams June 27, 2017

AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 23,000-square-foot lease at the Offices at Wells Branch, a 41,000-square-foot flex property located at 13801 Burnet Road in Austin. Tom Pagel and Patrick Ley of ECR represented the landlord in the transaction. Brian Haas of KW North Austin Commercial represented the tenant, Responsive Education Solutions Inc., a charter school based in the Dallas area.

June 27, 2017

Connecticut Industrial Northeast Office

O,R&L Commercial Arranges 18,000 SF Warehouse Lease in Berlin, Connecticut

by Amy Works June 27, 2017

BERLIN, CONN. — O,R&L Commercial has facilitated the lease of 18,000 square feet of warehouse distribution and office space at 24 New Park Drive in Berlin. FSB leased the space from The Cariati Family LP. The tenant plans to use the space for its U.S. headquarters. Frank Hird of O,R&L represented the tenant, while James Neckerman of Commercial Real Estate Group represented the landlord in the lease transaction.

June 27, 2017

Illinois Midwest Office

ESD Signs 46,884 SF Office Lease at Willis Tower in Chicago

by Kristin Harlow June 27, 2017

CHICAGO — ESD, a global engineering firm, has signed a 46,884-square-foot office lease at Willis Tower in Chicago. The firm plans to move its Chicago operations from 175 W. Jackson Blvd. to the tower in June 2018. ESD will occupy the entire 53rd floor and half of the 54th floor. Blackstone acquired Willis Tower in 2015, and unveiled plans for a $500 million renovation to the building earlier this year in conjunction with Equity Office, the U.S. office portfolio company wholly owned by Blackstone’s real estate funds. Jamey Dix, Maggie Brophy and Joy Jordan of the Telos Group represented Equity Office in the lease transaction. Gregg Witt of CBRE and Steve Stratton and Jeff Liljeberg of JLL represented ESD.

June 27, 2017

Office Texas Top Stories

TIER REIT Acquires Office Tower in Metro Dallas for $123.3M, Exits Louisville Market with $71.5M Portfolio Sale

by Jeff Shaw June 27, 2017

PLANO, TEXAS — TIER REIT Inc. (NYSE: TIER) has acquired 5851 Legacy Circle, a 12-story office tower in the Legacy Town Center area of Plano, for $123.3 million. The sale includes the assumption of a $66 million mortgage loan. The seller was not disclosed. The property, also known as Tower One, is master leased to Encana Corp., which has subleased 88 percent of the property to tenants such as LegacyTexas Bank, U.S. Renal Care and Aimbridge Hospitality. The Class A, 319,000-square-foot property was built in 2012. Tower One is contiguous to two other land parcels totaling four acres that TIER bought in 2015. The company is building office towers on each of those properties, which will add an additional 570,000 square feet. TIER will rebrand the entire combined development as Legacy District. “This acquisition complements our existing development parcels and enhances our vision for Legacy District, given its strategic location in the heart of the vibrant live-work-play Legacy submarket,” says Scott Fordham, president and CEO of TIER REIT. “Further, it plants our flag prominently near the exciting new corporate campuses of Toyota, JP Morgan, Liberty Mutual and FedEx Office, which combined should bring over 15,000 new office workers to the …

June 27, 2017

Features Office Top Stories

Rethinking Physical Workspace Helps Improve the ‘Human Experience’ for Employees, Says JLL

by John Nelson June 27, 2017

CHICAGO — In its most recent study on the workplace, JLL has found that helping people feel good on the job is more than a ‘box-ticking” exercise in trying to achieve work-life balance. A place of work is far more than a property. It is a living environment that helps individuals and businesses craft and experience a better fusion of life and work. One of the key findings from the report, entitled “Workplace Powered by Human Experience,” is that workplaces must provide a broader range of innovative spaces to meet employee expectations and attract and retain talent. The design and configuration of workplaces will evolve to put human experience at the heart of modern workspaces, and understanding the ecosystem in which employees operate and thrive is critical to business success as aesthetic solutions alone are no longer enough. The report finds that an ideal work environment is a mixture of collaborative space and support services, including coffee and tea shops, lounges, terraces, war rooms, service desks, creative spaces and “incubators” that feature dedicated space for employees and external talent to develop personal projects. The space provided by a company can directly impact employee experience levels. New types of spaces can …

June 27, 2017

California Office Western

TMG, Valley Oak Partners Submit Plans for 1 MSF Office Project in San Jose

by Nellie Day June 26, 2017

SAN JOSE, CALIF. — A joint venture between TMG Partners and Valley Oak Partners has completed a preliminary review submittal application to the City of San Jose to develop close to 1 million square feet of commercial office space. The project would be situjated on 5.4 acres at 440 W. Julian St. within the Diridon Station Area Plan. The proposal includes three six-story office buildings and below-grade parking. The three buildings would contain 157,000 square feet, 345,000 square feet and 490,000 square feet, respectively, with views of downtown San Jose. Each building will feature floor plates ranging from 30,000 square feet to 90,000 square feet, as well as 15-foot floor-to-floor heights and large, private terraces on every floor. The site is situated near Google’s yet-to-be-constructed village development. Kohn Pedersen Fox Associates would act as the designer.

June 26, 2017

California Office Western

Savills Studley Leases Office Space in Newport Beach

by Nellie Day June 26, 2017

NEWPORT BEACH, CALIF. — Savills Studley has signed a long-term lease for 17,675 square feet of office space at 520 Newport Center Drive in Newport Beach. The relocation will combine Savills Studley’s two existing offices at 19100 Von Karman Ave. in Irvine and 610 Newport Center Drive in Newport Beach. The Newport Beach location was the former home of Cresa Orange County which Savills Studley acquired in February. The space will feature a modern aesthetic with an emphasis on simplicity and openness, including a series of strategically located collaborative hubs and flexible meeting areas for internal and external gatherings. Irvine Company Office Properties owns the property. Savills Studley will occupy the building’s eighth floor in September.

June 26, 2017

Georgia Office Southeast

Terra Cap Management Purchases Metro Atlanta Office Center for $19M

by Camren Skelton June 26, 2017

DULUTH, GA. — Terra Cap Management LLC has acquired 3100 Breckinridge, a seven-building, 253,000-square-foot office park located on Breckinridge Boulevard in Duluth, a suburb of Atlanta in Gwinnett County. Avison Young’s Matt Tritschler represented the undisclosed seller in the $19 million transaction, and C.J. Kelly of CBRE led the debt origination. Lincoln Property Co. Southeast will handle leasing and management assignments for the property.

June 26, 2017

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