Office

KeyBank, Walton Street Originate $204.1M Refinancing for Woodies Building in D.C.

by John Nelson February 3, 2017

WASHINGTON, D.C. — A partnership between KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC has originated a $204.1 million first mortgage loan for The Woodies Building in Washington, D.C.’s East End. The 10-story, 497,000-square-foot property was constructed in 1897 and was fully redeveloped in 2005. Scott Bois of KeyBank’s Commercial Mortgage Group arranged the financing on behalf of the borrower, Douglas Development Corp. The 12-year loan features a 10-year interest only period and a 30-year amortization schedule. KeyBank and Walton Street Capital previously closed a $196.3 million first mortgage loan on behalf of Douglas Development for the Atlantic Building, also in Washington, D.C.

February 3, 2017

Office Southeast Virginia

Nestle USA Moves Corporate Headquarters from California to Arlington in $39.8M Move

by John Nelson February 3, 2017

ARLINGTON, VA. — Nestle USA, a subsidiary of global food and drink company Nestle S.A., has decided to move its corporate headquarters from Glendale, Calif., to Arlington’s Rosslyn district. The company will invest $39.8 million to relocate to 206,000 square feet of office space at 1812 N. Moore St. beginning in September. The move is expected to create nearly 750 jobs in the metropolitan Washington, D.C., region. As part of the deal, Nestle USA will receive $6 million from the Commonwealth of Virginia. The grant comprises a $4 million Industrial Development Authority Performance Incentives grant from Arlington County and an additional $2 million from the county for infrastructure purposes. Nestle USA worked closely with Arlington Economic Development in the move.

February 3, 2017

Illinois Midwest Office

Home Chef Signs 29,095 SF Office Lease at the Wrigley Building in Chicago

by Kristin Harlow February 3, 2017

CHICAGO — Home Chef has signed a 29,095-square-foot office lease at the Wrigley Building in Chicago. The site will serve as the weekly meal delivery service’s new headquarters. Home Chef previously occupied headquarters space at 225 West Ohio St. The company will occupy the 14th floor of both the North and South Wrigley Towers, which are connected by a sky bridge. John Skalla and Craig Nadborne of Bradford Allen competed the lease transaction on behalf of Home Chef. The transaction is a sublease between Home Chef and Extreme Reach, which was represented by John Ziesmer and Kevin Moore of Avison Young.

February 3, 2017

Office Texas

Colliers Brokers 30,137 SF Office Lease in Uptown Dallas

by Amy Works February 2, 2017

DALLAS — Colliers International has arranged the lease of office space at Rosewood Court, an office building located at 2101 Cedar Springs Road in Dallas’ Uptown district. CyrusOne LLC, a data center solutions and colocation services provider, will relocate its corporate headquarters to 30,137 square feet at the property. David Wetherington, Tyler Howarth and Chelsea Story of Colliers International represented the tenant, while Mike Wyatt and Travis Boothe of Cushman & Wakefield represented the undisclosed landlord in the deal.

February 2, 2017

New York Northeast Office

Royal Bank of Canada Renews 400,000 SF Office Lease in Lower Manhattan

by Amy Works February 2, 2017

NEW YORK CITY — Royal Bank of Canada has renewed its 400,000-square-foot lease of office space at 200 Vesey Street at Brookfield Place New York in Lower Manhattan. RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada, will continue to occupy floors 6 (partial), 8-12, 14 and 25 (partial) at the 51-story office tower until 2032. Bruce Mosler, Ethan Silverstein, Dale Schlather, Al Edwards, John Bestill and Chuck Scott of Cushman & Wakefield represented the tenant. The landlord, Brookfield Properties, was represented in-house.

February 2, 2017

California Office Western

Upload Inc. Occupies 20,000 SF of Office Space in Marina Del Rey

by Nellie Day February 2, 2017

MARINA DEL REY, CALIF. — Upload Inc. has leased 20,000 square feet of creative office space in Marina Del Rey. The property, situated within the Marina Business Center, is located at 4505 Glencoe Ave. Upload’s expansion into the greater Los Angeles area marks the company’s first workspace in the Southern California market. The virtual reality company opened its first location, the Upload SF Collective, in the Mission area of San Francisco. CBRE’s Garrett Ellis, Carter Haslam, Jeff Pion and Shay Bolton represented Upload. NGKF’s Christopher Strickfaden represented the landlord, Marina Business Center LLC, in this transaction.

February 2, 2017

Midwest Office Wisconsin

Zilber, MMM Real Estate Purchase Development Sites at Business Park in Pleasant Prairie, Wisconsin

by Kristin Harlow February 2, 2017

PLEASANT PRAIRIE, WIS. — Zilber Property Group and MMM Real Estate LLC have purchased development sites in Lakeview Corporate Park near Kenosha. The sales prices were not disclosed. Zilber purchased a 22.8-acre site at the corner of 108th Avenue and Green Bay Road. Zach Graham, Ryan Bain and Tom Harmon of CBRE represented the seller, Nitto Americas Inc. MMM purchased a 12.2-acre site on 88th Avenue. Graham, Bain and Harmon represented MMM, while Sam Badger and Whit Heitman of CBRE represented the seller, CenterPoint Properties. Lakeview Corporate Park is a 2,400-acre business park with a mix of retail, office and industrial space.

February 2, 2017

District of Columbia Office Southeast

Meridian Group Purchases Office Building in Downtown D.C. from New York Life for $75M

by John Nelson February 2, 2017

WASHINGTON, D.C. — The Meridian Group, a Bethesda, Md.-based real estate investment and development firm, has purchased 1901 L Street, an eight-story office building located in downtown Washington, D.C.’s central business district. Meridian purchased the 132,372-square-foot property from New York Life in an off-market transaction for $75 million. At closing, the building will be 73 percent leased to two retail tenants — Staples and Sweetgreen — and a mix of 15 office tenants. Meridian is planning an extensive renovation of 1901 L that will add three new floors of trophy space to the top of the building. The renovation will also include a new lobby with high-end finishes, new façade and new HVAC and elevator systems, as well as a tenant-only indoor/outdoor penthouse space, fitness center and a conference center. The renovation will increase the size of the building to 206,000 square feet. Meridian selected Fox Architects to design the new building. The purchase is the fifth acquisition for an affiliate of Meridian — Meridian Realty Partners II LP, a $231.6 million discretionary fund.

February 2, 2017

Loans Office Washington Western

JV Secures $325M in Financing to Revive Potala Tower Hotel, Apartment Project in Seattle

by Nellie Day February 1, 2017

SEATTLE — A joint venture between the Molasky Group and China-based Binjiang Group has secured $325 million in financing to build a 41-story mixed-use multifamily and hotel tower in the Belltown submarket of Seattle. Financing includes a $225 million joint venture partnership, as well as a $100 million construction-to-permanent loan. The project has not been named yet, but will be built on the site of the old Potala Tower. That project was put under the control of a court-appointed receiver, which suspended construction for about one year. The joint venture development partnership, arranged by Newmark, acquired the property from the court-appointed receiver in October 2016. Construction has resumed at the project. PCL will serve as the general contractor and Weber Thompson will act as the architect. The tower will feature 339 apartment units, 142 hotel rooms and 1,824 square feet of ground-floor retail space. It is scheduled for completion in August 2018. The $100 million construction-to-permanent loan was placed with two of Newmark’s correspondent life insurance company lenders, Guardian Life and Voya Investment, with each lender providing $50 million. The seven-year, construction-to-permanent loans will feature interest-only payments for a period of time, and later amortized over 30 years. Newmark will service the loans, …

February 1, 2017

California Office Western

Murphy Development Co. Reacquires Panasonic Buildings in San Diego for $28M

by Nellie Day February 1, 2017

SAN DIEGO — Murphy Development Co. (MDC) has reacquired a 542,197-square-foot campus at the San Diego Business Park for $28 million. The property, which will be rebranded as The Campus at San Diego Business Park, is located at 2001 and 2055 Sanyo Ave. Panasonic will lease about 70 percent of the 329,000-square-foot building after MDC completes 42,000 square feet of new office improvements, at a value of about $15 million. The remaining 94,000 square feet of Class A industrial space and 209,700 square feet of office space will be marketed for lease. MDC originally built the campus in 1986 for Sanyo, which Panasonic acquired in 2010. Brent Bohlken and Bryan Teel of Newmark Grubb Knight Frank represented Panasonic. MDC represented itself in the transaction.

February 1, 2017

Newer Posts

Older Posts