NORWALK, CONN. — Media Horizons Inc. has signed a lease for 12,648 square feet of office space at 800 Connecticut Ave. in Norwalk. The digital and direct marketing agency plans to relocate its headquarters to the 412,000-square-foot property, which is owned by CBRE Strategic Partners U.S. Value 7, from 40 Richards Ave. in Norwalk. David Block and Joseph Weaver of CBRE represented the landlord, while Paul Kauffman and Mark Jacobs of JLL represented the tenant in the lease transaction.
CHICAGO — Resource Innovation Office REIT Inc., a non-traded real estate investment trust, has purchased 1025 W. Sunnyside, an office building in Chicago, for $7.2 million. The building offers 27,852 square feet of office and retail space with exposed wood beams, high ceilings, open floor plans and café-style workspaces. The property is 100 percent occupied by tenants such as Fansided, an independent sports and entertainment network. Cedar Street Cos. was the seller.
DURHAM, N.C. — NAI Carolantic has arranged a 70,000-square-foot lease with Nutanix, a San Jose-based software firm that is expanding its East Coast presence. The company will occupy space at the Chesterfield, an adaptive reuse of a former tobacco building in downtown Durham that Wexford Science + Technology is currently redeveloping. Upon completion the property will include lab and office space, a six-story atrium, 11,500 square feet of ground-level retail space and 42,000 square feet of shared lab innovation space. Robin Roseberry Anders of NAI Carolantic is the leasing agent for the Chesterfield building. Other committed Chesterfield tenants include Duke University for 100,000 square feet and BioLabs NC for 42,000 square feet. Marlene Spritzer, Edwin Yarbrough and Whitney Rodgers of Savills Studley’s Durham office advised Nutanix in the lease negotiations. Joe Brady and Mike Mordaunt of Savills Studley’s San Jose office, who have worked with Nutanix’s headquarters office since the tech firm’s founding, collaborated with Savills Studley’s Durham team on the transaction. Wexford plans to deliver the property in January 2017.
DENVER — Franklin Street Properties Corp. (NYSE: FSP), a Massachusetts-based REIT, has acquired the Dominion Towers office property in downtown Denver for $154 million. The property includes a 19-story tower and a 28-story tower that are connected. The Class A buildings total 613,527 rentable square feet, resulting in a purchase price of $251 per rentable square foot. Dominion Towers is situated in the center of downtown Denver, within one block of light rail access and adjacent to the 16th Street Mall. The towers are 89 percent leased, and EOG Resources Inc., an oil and gas company, is the largest renter, taking up 29 percent of the property through December 2026. FSP funded the acquisition of Dominion Towers with cash on hand and the proceeds of a $150 million unsecured, two-year bridge loan with JPMorgan Chase Bank NA as administrative agent. FSP plans to implement $3 million in capital improvements to the property. “We believe that the acquisition of Dominion Towers will provide additional opportunities for value creation by growing our presence in downtown Denver to almost 2 million rentable square feet,” says Jeffrey Carter, president and chief investment officer of FSP. FSP’s stock price closed at $12.25 per share on …
As one project finishes, another one is soon to begin. The $2.3 billion Ohio River Bridges Project its nearing its December 2016 completion, and Louisville commuters are yearning for a return to normalcy and enhanced transportation options. The East End Crossing will link Louisville’s fast-growing suburban markets to Southern Indiana’s burgeoning distribution hub at River Ridge. The new Abraham Lincoln Bridge parallels the John F. Kennedy Bridge downtown and carries I-65 across the Ohio River. After three years of disrupting traffic in metro Louisville, both projects are entering their final phase of construction. Just as the Bridges Project nears completion, two major projects in Louisville’s central business district (CBD) may have an impact on the office market. The Kentucky International Convention Center closed in August for a two-year, $200 million renovation project. Sections of 3rd and 4th streets will close during the construction, which could have a drag on downtown commuter traffic. In addition, Louisville will welcome a 600-room, $289 million Omni Hotel in 2018, but not before the major project squeezes Liberty Street and Muhammad Ali Street traffic. Both significant projects will bring dividends to Louisville’s CBD when completed, but the market will have to endure some disruption in …
WASHINGTON, D.C. — A joint venture between Roadside Development and North America Sekisui House LLC (NASH) has purchased the famous Fannie Mae headquarters campus located at 3900 Wisconsin Ave. in Washington, D.C. The acquisition includes the 228,000-square-foot office building and 10 acres of land. The venture paid a little less than $90 million for the site, according to the Washington Business Journal. Roadside Development is a private adaptive reuse developer, and NASH is the American arm of Sekisui House Ltd., Japan’s largest homebuilder. The companies plan to reposition the campus once Fannie Mae moves its headquarters to its new office tower at 1100 15th St. N.W. in Washington, D.C., which is still under construction.
SAN FRANCISCO — Merck has announced its new 294,000-square-foot West Coast research facility will be built in South San Francisco’s innovation cluster. The nine-story laboratory/office campus will be located at 213 E. Grand Ave. The site is fully entitled, with construction expected to commence in early 2017. Merck is scheduled to occupy the building in early 2019. The facility is targeting LEED-Platinum certification. Merck signed a long-term, full-building lease at the facility, which Alexandria Real Estate Equities will develop, construct and operate. The biopharmaceutical company is a current tenant of Alexandria. The campus will feature open green outdoor spaces, a 300-seat auditorium, fitness center, and café and terrace with waterfront views.
NEW ROCHELLE, N.Y. — RXR Realty, Brause Realty and ABS Partners have broken ground on 587 Main Street, a mixed-use development located in downtown New Rochelle. The 28-story building will comprise 280 rental units, 28 of which will be affordable; 10,000 square feet of arts and cultural space; 17,000 square feet of commercial space; and 234 on-site parking spaces. Leasing is expected to begin in the fourth quarter of 2018.
ROSELAND, N.J. — The law firm of Connell Foley is relocating its headquarters to 71,000 square feet of office space at 56 at Roseland, an office building located at 56 Livingston Ave. in Roseland. Mountain Development Corp. and Square Mile Capital Management own the property. Connell Foley is relocating its New Jersey headquarters from a nearby location in Roseland and will occupy space on the first and second floors starting in late spring 2017. Other tenants at the property include Lowenstein Sandler LLP and Brown & Brown. Newmark Grubb Knight Frank is the leasing agent for the building.
AUSTIN, TEXAS — Equus Capital Partners has completed the disposition of Pecan Park, an office property located at 10800 Pecan Park Blvd. in Austin. An affiliate of Mark IV Capital Properties acquired the office building for an undisclosed price. Built in 2009, the four-story, 136,444-square-foot property features a state-of-the-art fitness center and a conference center. Additionally, the building is LEED certified and offers a parking ratio of 4.65 spaces per 1,000 square feet.
