Office

Federal Realty Investment Trust Reveals Plans for New Pike & Rose Office Building in North Bethesda

by Camren Skelton June 16, 2017

NORTH BETHESDA, MD. — Federal Realty Investment Trust has revealed plans for 909 Rose Ave., the second office building within the 24-acre Pike & Rose mixed-use project in North Bethesda. Designed by Hickok Cole, the 11-story, Class A, LEED Silver-certified office building will include panoramic views from the rooftop terrace, meeting rooms, collaborative spaces, bike storage and a gym facility with showers. Tenant build-out could begin as early as the fall of 2019, with move-in by the first quarter of 2020. Merrill Lynch, Bank of America, Regus and Hilti are among the tenants in Pike & Rose’s first office building. Other components of Pike & Rose include more than 20 restaurants and 25 retail shops.

June 16, 2017

Office Texas

NETSCOUT to Relocate R&D Office to 145,000 SF Building in Metro Dallas

by Taylor Williams June 16, 2017

ALLEN, TEXAS — Massachusetts-based tech firm NETSCOUT Systems Inc. will relocate its research and development office to One Bethany at Watters Creek in the Dallas metro of Allen. The company will lease a 145,000-square-foot building from Kaizen Development Partners that will house more than 500 employees. The Class A property will feature an outdoor courtyard, fitness center, cafeteria and parking garage exclusively for employees. The relocation is scheduled for summer of 2018.

June 16, 2017

Market Reports Office Texas Texas Market Reports

Dallas Office Market Opens 2017 With Accelerated Leasing, Absorption

by Taylor Williams June 16, 2017

Much like the overall U.S. economy, the Dallas-Fort Worth (DFW) office market is statistically trending upward and will experience continued growth in 2017 as indicated by first quarter numbers. Overall, the marketplace is experiencing sustained growth thanks to small- to medium-sized businesses expanding at a rapid rate, investors selectively chasing higher yields and market cores shifting to suburban areas. According to Stream’s first quarter 2017 data, the market experienced cautious growth in the latter half of 2016, with stagnations that are common during election years. Yet the report indicates 2017’s outlook is very promising. With 75 percent of the metro’s office markets posting a decrease in vacancy, we have much to look forward to over the remainder of the year. Only submarkets with heavy volumes of speculative office construction have not seen as much in the way of decreasing vacancies. Kicking off with a bang, the Dallas office market saw leasing activity ramp up dramatically to begin 2017. With quarter one in the books, we can project continued job growth, a robust local economy and heavy deal activity. Noteworthy Dallas Developments Similar to 2016, buildings that primarily focus on improving parking availability and walkable retail options will have the best …

June 16, 2017

Office Washington Western

Union Investment Acquires Midtown21 Office Building in Seattle for $330M

by Nellie Day June 15, 2017

SEATTLE — Union Investment has purchased the Midtown21 office building in Seattle for approximately $330 million. The 21-story building is located at 1007 Stewart St. in Denny Triangle within the South Lake Union submarket. Amazon is leasing the entire 35,000-square-foot office space. A joint venture between MetLife Real Estate and Trammell Crow Co. developed the property.

June 15, 2017

California Office Western

USC-Leased Office Building in San Diego Sells for $12.5M

by Nellie Day June 15, 2017

SAN DIEGO — A high-net-worth individual has acquired a 40,000-square-foot office building that is fully leased to the University of Southern California (USC) for $12.5 million. The building is located at 9860 Mesa Rim Road. USC’s Alzheimer’s Therapeutic Research Institute, which is a part of the Keck School of Medicine, occupies the property. It was built in 2000. The 1031 exchange buyer plans to keep the property as a long-term investment. CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo and Mark Shaffer represented the seller, Washington Capital Management, in this transaction.

June 15, 2017

North Carolina Office Southeast

Arden Group Acquires BB&T Center in Charlotte for $148.5M, Plans $10M in Renovations

by Camren Skelton June 15, 2017

CHARLOTTE, N.C. — Arden Group has purchased the BB&T Center, a 22-story, 567,835-square-foot office tower located on 200 S. College St. in uptown Charlotte. The Philadelphia-based investment firm purchased the property through its discretionary fund affiliate, Arden Real Estate Partners II LP, for $148.5 million, according to The Charlotte Observer. HFF brokered the transaction, and Starwood Property Trust Inc. provided acquisition financing. Arden plans to invest $10 million in capital improvements to modernize the common areas and building systems. Charlotte-based commercial real estate firm Trinity Partners will handle the office leasing, property and project management. BB&T, AIG, TekSystems, AeroTek and Ring Central Inc. are among the building’s current tenants.

June 15, 2017

Georgia Office Southeast

Terra Cap Management Acquires Metro Atlanta Office Developments for $47M

by John Nelson June 15, 2017

ALPHARETTA, GA — Terra Cap Management LLC has closed on the $47 million acquisition of Deerfield and Windward Pointe, a three building, Class A office portfolio consisting of 336,000 rentable square feet in the Atlanta suburb of Alpharetta. Located at 12725 and 12735 Morris Road, Deerfield Pointe consists of two four-story office buildings totaling more than 208,000 square feet. The property offers four parking spaces per 1,000 square feet, a fitness center and nearby walkable amenities. Windward Pointe, a five-story, 131,732-square-foot building located at 5900 Windward Parkway, was opened in 1997 and renovated in 2014. Lincoln Property Co. Southeast was awarded leasing for the properties, while Crocker Partners LLC will remain in place for property management. Florida Community Bank provided acquisition financing and Samir Idris of Cushman & Wakefield represented the undisclosed seller.

June 15, 2017

Loans New York Northeast Office

Paramount Group Completes $300M Refinancing for 543,000 SF Office Building in NYC

by Amy Works June 15, 2017

NEW YORK CITY — Paramount Group has completed a $300 million refinancing for 712 Fifth Avenue, an office building located in the Plaza District of New York City. The new 10-year, interest-only loan matures in July 2027 and has a fixed rate of 3.39 percent. The net proceeds of the loan were used to repay the existing $246.5 million loan that bears interest at 4.41 percent and was scheduled to mature in March 2018. The building features 543,000 square feet of Class A office space. Eastdil Secured arranged the financing for the borrower.

June 15, 2017

New Jersey Northeast Office

Colliers Facilitates Sale of Two Office Buildings in Marlton, New Jersey, for $7.5M

by Amy Works June 15, 2017

MARLTON, N.J. — Colliers International has arranged the sale of two office properties located at 400 and 406 Lippincott Drive within the South Crossing Office Complex in Marlton. LSOP 3 NJ LLC, a related entity of Somerset Properties and Greenfield, sold the assets for $7.5 million. Citizens Bank, Advocare, South Jersey Fertility and the General Services Administration occupy the buildings, which total more than 80,000 rentable square feet. Evan Zweben and Ian Richman of Colliers represented the undisclosed buyer, while the seller had in-house representation.

June 15, 2017

Office Texas

Tech Firm Opens New Office in Southwest Austin

by Taylor Williams June 15, 2017

AUSTIN, TEXAS — SOCi, a California-based social media consulting firm, has opened a new office at 3755 S. Capital of Texas Highway, a 74,000-square-foot, Class A office property in southwestern Austin. The opening of the new office, which is the company’s second, comes two months after SOCi closed its $8.5 million Series A financing round.

June 15, 2017

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