Office

CBRE Unveils Renovation Plans for 18-Story Office Building in Atlanta’s Central Perimeter

by Camren Skelton June 22, 2017

ATLANTA — CBRE has unveiled plans to transform 7000 Central Park, an 18-story office tower located within Atlanta’s Central Perimeter submarket. Improvements to the 423,775-square-foot tower include modernization of the front lobby, a fitness center, collaborative working space and conference center, expanded café area, meeting space and a new outdoor living area that will provide gathering space for lunches and special events. 7000 Central Park will join CBRE’s 5-Star Worldwide Program, a national network of office buildings that attracts talent through a range of professional services, hospitality and events. CBRE’s 5-star shuttle service will provide tenants access to MARTA stations, as well as several mixed-use communities in the area. Renovations are expected to be completed by November of this year.

June 22, 2017

Florida Loans Office Southeast

Walker & Dunlop Arranges $16.5M in Refinancing for Office Building in Fort Lauderdale

by Camren Skelton June 22, 2017

FORT LAUDERDALE, FLA. — Walker & Dunlop has structured a $16.5 million loan for the refinancing of Radice Corporate Center III, a Class A, 133,475-square-foot office building located within the Radice Corporate Center in Fort Lauderdale. Walker & Dunlop’s Al Rex and Niki Perez secured the long-term, fixed-rate loan through Ghitis Property Co. Built in 1978, the seven-story building is home to tenants including Aerotex, Marsh & McClennan Agency and Massachusetts Mutual Life Insurance.

June 22, 2017

Connecticut Northeast Office

CBRE Brokers $22.6M Sale of Office Building in Stamford, Connecticut

by Amy Works June 21, 2017

STAMFORD, CONN. — CBRE has arranged the sale of an office building located at 225 High Ridge Road in Stamford. TNREF III High Ridge LLC, a joint venture between Baywater Properties and True North Management Group, acquired the property from RA 225 High Ridge LLC, an entity controlled by RNY Property Trust, for $22.6 million. At the time of acquisition, the 244,104-square-foot property was 81 percent leased to a variety of tenants, including Synapse, Bank of America and Mass Mutual. Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE represented the seller in the deal.

June 21, 2017

Loans Office Southeast Virginia

Phillips Realty Capital Secures $36.5M in Financing for Office Building in Richmond

by John Nelson June 21, 2017

RICHMOND, VA. — Phillips Realty Capital has secured $36.5 million in permanent financing for the Altria Building at Reynolds Crossing located at 6603 W. Broad St. in Richmond. Phillps Realty Capital’s Charles DuBose arranged the financing on behalf of the borrower, Reynolds Development. The 222,057-square-foot, Class B office building was built in 1968 and renovated in 2007. The Altria Building is fully leased to a single credit tenant, Philip Morris USA, which is headquartered at the property.

June 21, 2017

Loans Office Texas

JLL Arranges $163.5M in Refinancing for 696,000 SF Office Tower in Downtown Houston

by Taylor Williams June 21, 2017

HOUSTON — JLL has arranged a $163.5 million loan for the refinancing of 717 Texas Avenue, a 696,000-square-foot, 33-story office tower in downtown Houston. Developed in 2003, the property was fully leased until recently, when a major tenant vacated, bringing the occupancy rate down to 50 percent. Tom Melody and John Ream of JLL arranged the financing through Goldman Sachs on behalf of a partnership between Hines and California-based Prime Asset Management.

June 21, 2017

Georgia Office Southeast

Carter Validus Acquires 995,728 SF American Cancer Society Building in Atlanta for $166M

by John Nelson June 20, 2017

ATLANTA — Carter Validus has acquired the 995,728-square-foot American Cancer Society Building in downtown Atlanta for $166 million. Cushman & Wakefield’s Stewart Calhoun, David Meline, Samir Idris and Andy Johns represented the seller, Atlanta-based Cousins Properties, in the transaction. Mike Ryan and Brian Linnihan of Cushman & Wakefield arranged acquisition financing. The American Cancer Society Inc., Digital Realty, InComm and the Georgia Lottery Corp. are among the tenants at the property, located at 250 Williams St. Amenities include a 450-seat business theater, an executive boardroom and Wi-Fi in common areas. Cushman & Wakefield’s Aileen Almassy, John Zintak and Porter Henritze will handle leasing of the office space on behalf of Carter Validus.

June 20, 2017

Florida Office Southeast

Keystone Property Group Acquires Office Portfolio in Metro Miami for $36M

by John Nelson June 20, 2017

KENDALL, FLA. — Keystone Property Group has purchased Dadeland Towers South, a portfolio comprising two office buildings totaling 228,136 square feet and an on-site, 246,319-square-foot parking garage located at 9400-9500 S. Dadeland Blvd. in the Kendall submarket of Miami. Avison Young’s John Crotty and Michael Fay represented Keystone in the $36 million acquisition. Keystone simultaneously completed a 102,000-square-foot lease with the seller, AvMed Inc., a Florida-based health insurance company, which will remain at the property long-term. For more than 10 years, Keystone has owned Dadeland Towers North, the three-building and parking garage portfolio that makes up the northern section of the office campus. With this acquisition, Keystone now owns the entire property, which was 89 percent leased at the time of sale.

June 20, 2017

Northeast Office Pennsylvania

Brookwood Sells Three Office Properties in Pennsylvania Totaling $22.7M

by Amy Works June 20, 2017

ALLENTOWN, BENSALEM AND HORSHAM, PA. — Brookwood Financial Partners has completed the disposition of three office properties totaling $22.7 million. In the first transaction, Infinera Corp., the sole tenant, acquired a 59,910-square-foot office building at 7360 Windsor Drive in Allentown for $12.4 million, or $207 per square foot. In the second deal, Police and Fire Federal Credit Union purchased One Greenwood Square, a 60,700-square-foot office property located in Bensalem, for $6.8 million, or $112 per square foot. In the third transaction, Pliner Properties acquired a 28,894-square-foot property located at 630 Dresher Road in Horsham for $3.5 million, or $122 per square foot. The buildings are part of a 29-building portfolio that Brookwood acquired in 2015 through its affiliates, Brookwood Philadelphia I and Brookwood Philadelphia II.

June 20, 2017

California Office Western

Harbor Associates Buys Century City Office Property for $14.7M

by Nellie Day June 20, 2017

LOS ANGELES — Harbor Associates has purchased a 30,000-square-foot office property in the Los Angeles submarket of Century City for $14.7 million. The four-story building is located at 10281 West Pico Blvd. It was built in 1981. NKF’s Kevin Shannon, Ken White, Rob Hannan and Brad Feld represented the seller, Spanish Broadcasting System (SBS), in this transaction. SBS owned and occupied the building since 1994.

June 20, 2017

Office Texas

Pioneer Natural Resources to Relocate Headquarters to $1.5B Development in Irving

by Taylor Williams June 20, 2017

IRVING, TEXAS — Publicly traded oil and gas firm Pioneer Natural Resources will relocate its headquarters to the 51-acre, $1.5 billion Hidden Ridge development in Irving. KDC developed the 10-story office property at 777 Hidden Ridge that will serve as Pioneer’s new office space. Chicago-based Mesirow Financial purchased the property from Verizon in August 2016 in a sale-leaseback deal for approximately $344 million.

June 20, 2017

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