Office

The Davis Cos. Starts Construction on 223,000 SF Research Center in Cambridge

by Amy Works February 9, 2017

CAMBRIDGE, MASS. — The Davis Cos. has started construction on The Alewife Research Center, a transit-oriented lab building located at 45 Cambridgepark Drive in Cambridge. Slated for completion in summer 2018, the 223,000-square-foot building will feature ground-floor retail space and is adjacent to the Alewife Subway Station. The facility will offer highly flexible lab and R&D space, an employee lounge, conference meeting area, a fitness center with showers and lockers, and a bike room with secure storage. Project members include Spagnolo Gisness & Associates as architect, AHA Consulting Engineers and John Moriarty & Associates.

February 9, 2017

Massachusetts Northeast Office

HFF Arranges $18M Sale of 180,000 SF Office Asset in Danvers, Massachusetts

by Amy Works February 9, 2017

DANVERS, MASS. — HFF has arranged the sale of Tower at Northwoods, an office building located at 222 Rosewood Drive in Danvers, a suburb of Boston. LNR Partners sold the 180,000-square-foot property to an undisclosed buyer for $18 million. At the time of sale, the 11-story building was 90.8 percent leased. Tenants include Copyright Clearance, MetLife and Royal Bank of Canada. Chris Phaneuf and Patrick McAneny of HFF, along with Dustin Smith of LNR, represented the seller in the deal. Additionally, Brett Paulsrud of HFF secured a 10-year, fixed-rate acquisition loan through East Boston Savings Bank for the buyer.

February 9, 2017

Massachusetts Northeast Office

Oxford Properties, Alony Hetz Acquire 220,000 SF Office Building in Cambridge

by Amy Works February 9, 2017

CAMBRIDGE, MASS. — Oxford Properties Group and Alony Hetz Properties & Investments have purchased The Davenport Building, an office building located at 25 First St. in Cambridge, for an undisclosed price. At the time of sale, the four-story, 220,000-square-foot building was fully leased. Oxford Properties Group will manage the property. The name of the seller was not released.

February 9, 2017

Maine Northeast Office

Time Management Buys 114,017 SF Office Building in Portland, Maine

by Amy Works February 9, 2017

PORTLAND, MAINE — Time Management Corp. has acquired a four-story office building located at 82 Running Hill Road in Portland. Dead River Co. sold the 114,017-square-foot asset for an undisclosed price. Fairchild Semiconductor and Dead River Co. occupy the building, which was developed in 1987. CBRE | The Boulos Co. represented the seller, while Tom Moulton of NAI The Durham Group represented the buyer in the deal.

February 9, 2017

Illinois Midwest Office

SVN Brokers $5M Sale of Office Building in Chicago

by Kristin Harlow February 9, 2017

CHICAGO — SVN has brokered the $5 million sale of a three-story office building located in Chicago’s Fulton Market district. The 18,000-square-foot building is located at 170 N. Halsted St. Scott R. Maesel of SVN represented the buyer, Shapack Partners and Focus Development. The site, along with an adjacent north parcel, will encompass a future 250,000-square-foot office building. The seller was an owner-user who operated Aaron’s Machinery at the location for more than 40 years.

February 9, 2017

Georgia Loans Office Southeast

NXT Capital Provides $36.5M Acquisition Loan for Office Park in Metro Atlanta

by John Nelson February 9, 2017

TUCKER, GA. — NXT Capital has provided a $36.5 million acquisition loan for Lakeside Centre, a six-building office park in the Atlanta suburb of Tucker. Situated adjacent to Interstate 285, U.S. Highway 78 and U.S. Highway 29, the office park features a fitness center, lake views, walking trails, café conference room, on-site management, an on-site bank with a drive-thru and 24/7 security. The borrower and details of the financing were undisclosed.

February 9, 2017

California Office Western

Encino Corporate Plaza Sells for $35.5M

by Nellie Day February 9, 2017

LOS ANGELES — Encino Corporate Plaza, a 126,275-square-foot office complex in the Los Angeles submarket of Encino, has sold to an undisclosed investor through receivership for $35.5 million. The center is located at 16661 Ventura Blvd. Encino Corporate Center was built in 1968 and fully renovated in 1988. It is currently 76 percent leased, housing a mix of medical and professional services tenants. Trigild will remain on board as property manager. HFF’s Andrew Harper and Evan Kovac brokered the sale.

February 9, 2017

California Office Western

JV Buys Olympus Corporate Center Building in Roseville

by Nellie Day February 9, 2017

ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased a Class A office building at the Olympus Corporate Center in Roseville. The center is located at 3001, 3005, 3009, and 3013 Douglas Blvd. The price was not disclosed. Notable tenants at the four-building center include Direct Technology, Granite Bay Development, KB Home, Gallelli Real Estate, Orange Hook and UBS. Chris Lemmon and Zac Collie of Newmark Cornish & Carey are acting as Olympus’s leasing agents. BBVA Compass provided debt financing.

February 9, 2017

Features Office Top Stories

U.S. Office Sector’s Fundamentals Stall Despite Growing Economy, Says Ten-X Research

by John Nelson February 9, 2017

IRVINE AND SILICON VALLEY, CALIF. — The U.S. office real estate sector’s fundamentals appear to be stalling after years of slow recovery, as vacancy rates remain stubbornly high despite a healthy labor market and growing national economy, according to Ten-X’s latest U.S. Office Market Outlook. Ten-X cited Reis data that shows the national vacancy rate for office space has held steady at 16 percent for three consecutive quarters. Vacancies are now 40 basis points lower than a year ago and 160 basis points below their cyclical peak, but they remain well above levels seen during the last economic cycle. Only 70 million square feet of new supply has been occupied during each of the last two quarters. Rent growth has hit a similar slump, with effective rents edging up just 0.4 percent in the third quarter of 2016 and 2.8 percent over the past year — the slowest annual growth since mid-2014. The downturn in office fundamentals comes despite a strong labor market that continues to add jobs and a steadily expanding economy. Low unemployment, consistent payroll gains and rising wages should offer a boost to overall demand for office space, though the national economic picture is marked by stark differences among markets …

February 9, 2017

Mixed-Use New York Northeast Office Retail

Cushman & Wakefield Brokers $11.5M Sale of Mixed-Use Asset in Tribeca

by Amy Works February 8, 2017

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 106 Franklin St. in Manhattan’s Tribeca East Historic District. An undisclosed buyer acquired the 10,500-square-foot property for $11.5 million, or $1,095 per square foot. Partially vacant at the time of sale, the five-story building features 4,200 square feet of additional air rights. Will Suarez and Maurice Suede of Cushman & Wakefield represented the undisclosed seller, while Rachel Glazer of Brown Harris Stevens represented the buyer in the deal.

February 8, 2017

Newer Posts

Older Posts