Office

Lerner Enterprises Secures $200M Financing for 17-Story Office Tower in Virginia

by Katie Sloan June 20, 2017

TYSONS, VA. — Lerner Enterprises has received $200 million in permanent financing for 1775 Tysons Boulevard, a 17-story office tower located in Tysons, Virginia. The developer, Lerner, delivered the property in late 2016. The 476,000-square-foot office tower is LEED Platinum certified, and features a state-of-the-art fitness center, conference center, café, indoor and outdoor social areas, and an onsite Fogo de Chão restaurant. Tenants at the property include EY, DXC Technology and WeWork. JLL is handling leasing at the tower. KPF designed the project. Towers Golde was landscape architect, Dewberry handled engineering and Paladino was LEED consultant. The office complex is the newest building in the Tysons II master plan, which features office, retail, dining, hotel and residential space. The 117-acre development is home to Tysons Galleria, an 800,000-square-foot luxury retail center, and a Ritz-Carlton. TH Real Estate — the real estate investment management arm of TIAA — provided the capital for the financing, which John Sieber Jr. of Phillips Realty Capital structured. Rockville, Md.-based Lerner Enterprises is one of the largest development and management companies in metro Washington, D.C. The company’s portfolio includes Dulles Town Center, a 1.4 million-square-foot regional mall in Loudoun County, Va., and Washington Square, a 1 …

June 20, 2017

Colorado Market Reports Office Western Western Market Reports

Five Transformative Years Elevate Denver’s Office Market

by Camren Skelton June 20, 2017

The region is creating transformative projects that are substantially elevating the desirability of its office market five years into Denver’s strong development cycle. This trend — strongest in Denver’s Central Business District (CBD) and Southeast Suburban (SES) submarkets — is attracting a new breed of tenants to the Denver landscape. About 1.4 million square feet of Class A office space has been delivered in Denver’s CBD since 2012, with an equal amount under construction. Deliveries in the previous development cycles (1999 to2003 and 2007 to 2010) were on a smaller scale, delivering about 800,000 square feet and more than 1.5 million square feet, respectively. During the 2007 to 2010 development cycle, which had the unfortunate timing of commencing right before the financial crisis, new product struggled with pre-leasing. It took an average of 10 quarters to lease up to stabilized occupancy at 85 percent. Only one project, 1800 Larimer Street, was more than 85 percent leased in the first year. In contrast, the current cycle is much different and much stronger. The amount of square footage being added to the CBD outweighs the previous other two cycles. Leasing activity is white hot as well, with new product averaging 60 percent …

June 20, 2017

Mixed-Use Office South Carolina Southeast

CBRE Secures $35.5M in Financing for Mixed-Use Developments in Charleston

by Camren Skelton June 19, 2017

CHARLESTON, S.C. — CBRE has arranged $35.5 million in financing for Half Mile North and Pacific Box & Crate, two mixed-use projects on the Charleston peninsula. CBRE’s Jeff Ackemann and Porter McDonald arranged the permanent mortgage through Nationwide Real Estate Investments on behalf of the borrower, Raven Cliff Co. LLC. In 2016, the CBRE team secured a $35 million construction loan to recapitalize the Half Mile North Development and provide construction financing for the Pacific Box & Crate project. Together, the developments encompass 222,113 square feet of office space and chef-driven food options. The projects were 97 percent leased at the time of sale. SIB, Integral Solutions Group, BoomTown!, Phish Labs and Blue Acorn are among the developments’ current tenants.

June 19, 2017

New Jersey Northeast Office

Rhodium Capital Advisors Acquires Jersey City Office Building for $20M

by Amy Works June 19, 2017

JERSEY CITY, N.J. — Rhodium Capital Advisors has purchased an office building located at 600 Pavonia Ave. in Jersey City. An undisclosed seller sold the 85,000-square-foot property for $20 million. The buyer plans to implement a $3 million new capital expenditure and tenant improvement program at the eight-story building. Rhodium Capital Advisors closed on the property via its newly launched investment platform.

June 19, 2017

New Jersey Northeast Office

Cushman & Wakefield Arranges $19.9M Sale of Office Building in Hampton, New Jersey

by Amy Works June 19, 2017

HAMPTON, N.J. — Cushman & Wakefield has brokered the sale of Perryville III, an office building located at 53 Frontage Road in the Perryville Corporate Park in Hampton. Shelbourne Global Solutions acquired the property for $19.9 million in a private sale. The buyers are rebranding the property as Shelbourne at Hunterdon. Built in 1996, the 288,280-square-foot property features a two-story atrium lobby, a 12,000-square-foot cafeteria with outdoor seating and a game room, a conference center, two fitness rooms, outdoor tennis courts and basketball courts and a jogging trail. Andrew Merin, Gary Gabriel, Andrew Schwartz and Ryan Larkin of Cushman & Wakefield handled the transaction. The name of the seller was not released.

June 19, 2017

Arizona Office Western

Archon Acquisition Buys Phoenix Office Property for $81.7M

by Nellie Day June 19, 2017

PHOENIX — Archon Acquisition LLC has purchased a 295,401-square-foot office property in Phoenix’s Camelback Corridor for $81.7 million. The two-building property is located at 3131 and 3133 Camelback Road. The asset is 93 percent occupied. It was built in 1998. Lincoln Property Co. serves as the property manager. JLL’s John Bonnell, Brett Abramson and Chris Latvaaho will lead the leasing efforts. The seller was TR Camelback Corp. JLL’s Dennis Desmond and Lynn LaChapelle executed the sale.

June 19, 2017

Illinois Midwest Office

Convene Signs 55,000 SF Office Lease at Willis Tower in Chicago

by Kristin Harlow June 19, 2017

CHICAGO — Convene, an operator of full-service meeting and event venues, has signed a 55,000-square-foot office lease for the entire third floor of the 108-story Willis Tower in Chicago. This will be the largest location for the operator of full-service meeting and event venues. Convene provides companies with an outsourced real estate solution for housing large-scale conferences, town halls, corporate events, training sessions and board meetings. The company’s in-house architecture and design team will design the location in Willis Tower. Planned features include 11 flexible meeting and event spaces, as well as breakout space, reception space and two large private outdoor patios, all available for rent by building tenants and outside enterprise companies. The largest rooms will accommodate up to 600 participants. Todd Siegel, Phil Golding and Kim Wiskup of CBRE represented the landlord, Equity Office, in the lease transaction. Craig Coupe and Corey Siegrist of JLL represented Convene. The company plans to occupy the space by the third quarter of 2019.

June 19, 2017

New Jersey Northeast Office

Mountain Development Acquires 170,000 SF Office Property in New Providence, New Jersey

by Amy Works June 16, 2017

NEW PROVIDENCE, N.J. — Mountain Development Corp. has acquired an office building located at 41 Spring St. in New Providence for an undisclosed price. The building features 170,000 square feet of Class A office space. Geoffrey Schubert and Nick Savage of CBRE represented the buyer and undisclosed seller in the transaction. Jordan Roeschlaub of Newmark Grubb Knight Frank assisted the buyer in securing financing for the acquisition.

June 16, 2017

California Mixed-Use Office Retail Western

Faris Lee Arranges $6.6M Sale of Mixed-Use Property in Dana Point

by Nellie Day June 16, 2017

DANA POINT, CALIF. — Faris Lee Investments has arranged the sale of La Plaza Pacifica, a retail and office property located at 34052 La Plaza Drive in Dana Point. Raintree Evergreen LLC acquired the property from Trowbridge Vaughen Vivos Trust for $6.6 million, or $463 per square foot. At the time of sale, the 14,900-square-foot property was 95 percent occupied. Jeff Conover of Faris Lee Investments represented the buyer and seller in the deal.

June 16, 2017

Florida Office Southeast

C. Talanian Realty Acquires Office Development in Boca Raton for $59.8M

by Camren Skelton June 16, 2017

BOCA RATON, FLA. — C. Talanian Realty Co. has purchased Peninsula Executive Center, an office development in Boca Raton, for $59.8 million. The 187,784-square-foot, Class A office property, located at 2381 and 2385 Executive Center Drive, consists of two four-story office buildings and a 742-space parking structure. The property is currently 97 percent leased and is anchored by Newell Brands. HFF, led by Chris Drew, Herman Rodriguez, Ike Ojala, Brian Gaswirth and Matthew McCormack marketed the property on behalf of the undisclosed seller. HFF also secured $33.5 million in long-term, fixed-rate acquisition financing through Principal Real Estate Investors on behalf of C. Talanian Realty.

June 16, 2017

Newer Posts

Older Posts