Office

HFF Negotiates Sale of 251,143 SF Office Building in Austin

by Taylor Williams August 11, 2017

AUSTIN, TEXAS — HFF has negotiated the sale of 3900 San Clemente, a 251,143-square-foot office property situated on 9.9 acres at 3900 N. Capital of Texas Highway in Austin. Completed in 2008, the property was 91 percent leased at the time of sale and anchored by Samsung, VMWare and Maxim Integrated. Amenities include a fitness center, curbside food truck service and a connected parking garage. HFF represented the seller, a partnership between a global real estate investment manager and Austin-based HPI Real Estate, and procured the buyer, California-based investment firm Menlo Equities. The company secured an undisclosed amount of acquisition financing for the buyer through a national bank.

August 11, 2017

Avison Young Facilitates $3.7M Sale of Retail, Office Property in Hollywood

by Nellie Day August 11, 2017

HOLLYWOOD, CALIF. — Avison Young has brokered the sale of a retail and office property located at 6501 Hollywood Blvd. in Hollywood. A Los Angeles-based private investor sold the 7,000-square-foot property for $3.7 million. At the time of sale, the two-story property was fully leased. John Tronson and Steven Tronson of Avision Young represented the seller and buyer, a private investor from New York City, in the deal.

August 11, 2017

Illinois Midwest Office

Northern Trust Signs 462,000 SF Office Lease in Chicago

by Kristin Harlow August 11, 2017

CHICAGO — Northern Trust has signed a 462,000-square-foot office lease at 333 South Wabash in Chicago. The global financial services company will move some of its Chicago staff to the office property in 2020, upon completion of building renovations planned by ownership. Northern Trust will have the option to expand its footprint in the building up to 750,000 square feet at a future date. Northern Trust’s global headquarters will remain unchanged, located at 50 S. LaSalle St. Affiliates of The John Buck Co. and Morgan Stanley purchased 333 South Wabash from CNA Financial Corp. (CNA) last year, after CNA signed a lease to relocate its offices and left a 750,000-square-foot vacancy in the 1.2 million-square-foot office tower. The property was originally constructed in 1972 and is known for its red exterior. Renovations are planned for the property, including construction of a new building lobby, an upgraded fitness center, day care and tenant lounge. Completion of the renovations is slated for 2019. Bill Rolander and Jon Cordell of Newmark Knight Frank negotiated the lease transaction on behalf of The John Buck Co. and Morgan Stanley. Todd Lippman, Todd Doney, James Whalen, Maura Mahoney and Scott Brandwein of CBRE represented Northern Trust. Rolander and Cordell …

August 11, 2017

Market Reports Office Texas Texas Market Reports

Houston’s Office Market Rides Out Oil Downturn, Poised For Stability

by Taylor Williams August 11, 2017

Over the past few years, Houston’s diverse economy has proven resilient. This diversity helped the city weather a major drop in oil and gas prices that, during previous downturns, severely affected the office market. While Houston has taken its share of recent hits, it appears poised to move forward into a period of stability and steady growth. While most of Houston seems to be in recovery mode, the local office market historically trails the oil and gas industry and usually takes additional time to reflect the current economic recovery. Houston’s office market was hit hard by the downturn when oil prices plummeted at the end of 2014. Submarkets like the Central Business District and the Energy Corridor — where roughly half of the workforce belongs to the energy sector — were hardest hit. Firms in these submarkets suffered big layoffs and created large swaths of available sublease and direct office space. However, according to CoStar, tenants still spent more than $7 billion (larger than the GDP of 55 sovereign nations) on office space during the past year. What does this all mean for the office market? At the end of the first quarter of 2017, Houston’s direct vacancy rate was …

August 11, 2017

California Office Western

Digital Map Products Leases Office Space at University Research Park in Irvine

by Nellie Day August 10, 2017

IRVINE, CALIF. — Digital Map Products has leased 22,000 square feet of office space at University Research Park in Irvine. The cloud-based location technology and data solutions provider will occupy an entire floor that was formerly home to chipmaker Broadcom. The research park is situated next to UC Irvine. Digital Map Products is working with local universities like UC Irvine to provide free access to the company’s technology. The campus also houses Irvine Co.’s tech incubator, The Vine, where startups have generated more than $24 million in funding, and UCI Applied Innovation.

August 10, 2017

New York Northeast Office

SL Green Sells 317,600 SF Office Building in Brooklyn to CIM Group for $171M

by Amy Works August 10, 2017

NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to sell 16 Court Street, a 317,600-square-foot office building in Brooklyn, for a gross sale price of $171 million. The buyer is CIM Group, a full-service real estate and infrastructure fund manager. The transaction is expected to close during the fourth quarter of this year. The sale will generate net cash proceeds of approximately $164 million. The 36-story building is currently 94 percent occupied. Darcy Stacom of CBRE represented SL Green in the deal.

August 10, 2017

New Jersey Northeast Office

Colliers Negotiates $6.2M Sale of Office Building in Hammonton, New Jersey

by Amy Works August 10, 2017

HAMMONTON, N.J. — Colliers International has arranged the sale of a three-story office building located at the intersection of Routes 30, 54 and 206 in Hammonton. Interstate Commercial acquired the property from Hammonton 1 LLC for $6.2 million. At the time of sale, the 33,000-square-foot property was fully occupied by South Jersey Family Medical Center and South Jersey Energy Solutions, a subsidiary of South Jersey Industries. Evan Zweben of Colliers represented the seller, while Dan Silverstri of Interstate Commercial provided in-house representation for the buyer.

August 10, 2017

Michigan Midwest Office

CBRE Arranges Sale of Two-Building Office Portfolio in Troy, Michigan

by Kristin Harlow August 10, 2017

TROY, MICH. — CBRE has arranged the sale of Wilshire Plaza North and West in Troy, a northern suburb of Detroit. The sales price was $33 million, according to CoStar Group Inc. The two office buildings, comprising 349,625 square feet, are located at 900 and 1050 Wilshire Drive. The Class A portfolio was 90 percent leased at the time of sale. Tenants include SSOE Group, Meredith Corp., Harvey Kruse PC, Tyco Electronics Corp. and MasterCard, according to CoStar. Anne Galbraith Kohn of CBRE represented the seller, an international institutional owner. Group RMC purchased the portfolio, the company’s first office acquisition in Michigan.

August 10, 2017

Office South Carolina Southeast

Holder Properties Sells 18-Story Office Building in Downtown Columbia for $65M

by Camren Skelton August 10, 2017

COLUMBIA, S.C. — Holder Properties has sold Main and Gervais, an 18-story, 186,000-square-foot office building located at 1221 Main St. in downtown Columbia. The sales price was not disclosed, but The State reports California-based KBS Realty Advisors purchased the asset for $65 million. Patrick Gildea, Matt Smith, Justin Parsonnet, Martin Moore and Aaron Dupree of CBRE represented Holder Properties in the transaction. The Class A office tower is Energy Star-certified and features The Oak Table restaurant and a fitness center. At the time of sale, Main and Gervais was 98 percent leased to tenants including Edens, NBSC/Synovus Bank, McNair Law Firm, Womble Carlyle, Rogers Townsend and Parker Poe. Holder Properties will continue to manage the property and handle the leasing assignment on behalf of KBS Realty Advisors.

August 10, 2017

Maryland Office Southeast

Cushman & Wakefield Completes $30.1M Sale of Four-Building Office Portfolio in Metro Baltimore

by Camren Skelton August 10, 2017

COLUMBIA, MD. — Cushman & Wakefield has arranged the $30.1 million sale of Lakeview I and II, a four-building office portfolio in Columbia, roughly 20 miles southwest of Baltimore. Jonathan Carpenter and Graham Savage of Cushman & Wakefield represented the seller, Goldman Sachs, in the transaction. CSG Partners acquired the buildings, which are situated at 9801, 9821, 9841 and 9861 Broken Land Parkway. The portfolio was 82 percent leased at the time of sale. CSG Partners has retained Cushman & Wakefield’s Andrew Smith and Scott Matthews to handle the property’s leasing assignment.

August 10, 2017

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