SCHAUMBURG, ILL. — CBRE has arranged the sale of Parkway Corporate Place in Schaumburg for $12.7 million. Totaling 161,741 square feet, the three-building office property is located on 16.1 acres. The property is currently 88 percent leased. Sperry Equities LLC was the buyer. Bill Novelli, Derek Fohl, Robert Graham and Dan Bessey of CBRE represented the undisclosed seller in the transaction.
GREENBELT, MD. — Rubenstein Partners LP and partner Trammell Crow Co. (TCC) have closed nearly 33,000 square feet of leases at Maryland Trade Center III, a 192,000-square-foot office building in the Washington, D.C., suburb of Greenbelt. The Class A building is located at the intersection of the Capital Beltway and MD 295. The transactions include a 18,280-square-foot lease renewal with The Retina Group, a healthcare firm specializing in retinal and macular practices; a new 4,214-square-foot lease with Allstate Insurance Co.; and three additional leases totaling roughly 10,000 square feet. Since purchasing Maryland Trade Center III in 2012, Rubenstein and TCC have upgraded the building’s lobby, restrooms and mechanical systems and installed a new HVAC system. Niel Beggy of Avison Young, Bill Zonghetti of Newmark Grubb Knight Frank and Todd Bosley and Tim Jaeger of CBRE provided tenant representation for the transactions.
SEATTLE — Schnitzer West has sold Urban Union, a Class A office building in Seattle’s South Lake Union neighborhood, for $268.9 million, according to The Seattle Times. A joint venture between TriStar Capital and RFR Holding purchased the property. The building opened last year and recently underwent a $10.5 million alteration project for Amazon, the building’s main tenant, according to The Times. Totaling 12 stories and 291,000 square feet, Urban Union features a coffee shop, restaurant, rooftop conference deck, fitness center, locker rooms, bike lockers and concierge services. Seattle-based architecture firm CollinsWoerman designed the building. Just north of downtown, the South Lake Union neighborhood stretches from the Space Needle along the southern waterfront of Lake Union. The area is known for its restaurants, art galleries and museums. Schnitzer West is a real estate developer and manager of office properties, largely in the Seattle and Denver metros. TriStar and RFR are both New York City-based investment firms. — Jeff Shaw
The Atlanta office market has continued down a path of steady recovery and absorption, although the pace remains somewhat muted from prior recovery cycles. As outside investors have warmed up to the city of Atlanta, they have been comforted by a safe and positively boring period of growth. For the last couple of years, investors have been committed strongly to value-add opportunities throughout metropolitan Atlanta, including areas that have historically been out of favor like Alpharetta and Peachtree Corners. The fundamental improvements in the market rents and occupancy continue to support bullish forecasts for office space in Atlanta with significantly low vacancy and steady rent growth. Atlanta’s office market sits at 12.1 percent vacancy, 6 percent rent growth and 3.6 million square feet of positive net absorption after several years of consistent absorption and falling vacancy. With value-add being a buzz word throughout the Southeast, many investment sales brokers have taken core assets and found ways to present them as opportunities for value-add in an effort to reach a larger pool of investors. Investor appetite continues to be measured and very focused on downside risk versus upside potential. This has inflated the return expectations for very solid real estate, making …
REDMOND, WASH. — Equus Capital Partners has purchased Quadrant Willows B and D, a two-building office portfolio in Redmond, for $22.3 million. The Class B buildings are situated along Willows Road at the west end of the Redmond Valley. Notable employers in the area include Microsoft’s world headquarters and Nintendo USA’s headquarters. Equus purchased Quadrant Willows C and E in March 2016. The firm plans to make significant upgrades to all four buildings. The acquisition was made on behalf of Equus Investment Partnership X L.P. CBRE’s Scott Davis, Tom Pehl and Lou Senini represented the seller, Menlo Equities, in this transaction.
PORTLAND, ORE. — Second City Real Estate has acquired a 72,572-square-foot office building in Portland’s Lloyd District for $14.5 million. The building, known as 1500 Plaza, is located at 1500 N.E. Irving St. It was built in 1964 and designed by Skidmore, Owings and Merrill. The property is currently 95 percent leased. More than one quarter of the space has already been converted into modern, creative workspace. JLL’s Paige Morgan and Buzz Ellis executed the sale. The seller was Swift Real Estate Partners.
ALPHARETTA, GA. — Avison Young has brokered the $57 million sale of Milton Park, a two-building office campus spanning 320,000 square feet in Alpharetta. Matt Tritschler of Avison Young represented the buyer, Adventus Realty Trust, in the transaction. The seller and sales price were undisclosed, but the Atlanta Business Chronicle reports that a venture between Talcott Realty Investors LLC and Greenstone Properties were represented by CBRE and sold the assets for $57 million. Milton Park is situated off North Point Parkway near North Point Mall and Avalon. The two six-story buildings were 88 percent leased at the time of sale to tenants such as Landis+Gyr, Pegasystems and Schneider Electric.
COLUMBIA, MD. — The Howard Hughes Corp. has acquired two office buildings in downtown Columbia for a combined $38.8 million. The firm purchased The American City Building, which is adjacent to a Whole Foods Market on Little Patuxent Parkway, for $16.5 million and One Mall North, a fully leased, four-story office building, for $22.3 million. Both purchases were underwritten in view of their future development potential. Howard Hughes plans to demolish the mostly vacant American City Building to make way for a mixed-use development with multifamily, retail and restaurant components. The company hasn’t unveiled plans for One Mall North, but the site is zoned for retail, office or multifamily use of up to nine stories. The redevelopment opportunity for these sites will aid in the city’s goal to revamp downtown Columbia. The Howard County government recently approved a $90 million tax increment financing (TIF) to fund public infrastructure improvements and a new parking garage in downtown Columbia’s Merriweather District, a 5 million-square-foot mixed-use development. Currently downtown Columbia has nearly 14 million square feet of vertical entitlements, including the Merriweather District.
HOUSTON — Colliers International has arranged the sale of an office and warehouse building located within Park 10 at 16337 Park Row in Houston. Plano Vistas Ltd. sold the 41,170-square-foot property to 16337 Park Row LLC for an undisclosed price. Marshall Clinkscales of Colliers International represented the seller, while Marc Drumwright of Southwest Realty Advisors represented the buyer in the deal. Tom Hamilton of Alamo Title Co. handled the closing.
NEWARK, N.J. — LNR Property, a subsidiary of Starwood Property Trust Inc., has completed the sale of 33 Washington Street, an iconic office tower located in downtown Newark. Berger Organization acquired the 450,000-square-foot property for an undisclosed price. Situated on 1.6 acres, the 18-story property features a fitness center, shared conference rooms, on-site parking, a lobby and views of the Manhattan skyline. Audible and DHL, among other tenants, occupy the multi-tenant building. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller in the deal.
