Office

Marcus & Millichap Negotiates $8.7M Sale of Medical Office Building in Brockport, New York

by Amy Works July 18, 2017

BROCKPORT, N.Y. — Marcus & Millichap has arranged the sale of a medical office building located at 6668 Fourth Section Road in Brockport. A REIT acquired the asset from an undisclosed developer for $8.7 million. Unity Hospital of Rochester leases the entire 29,497-square-foot building on a long-term, triple-net basis. Ryan Moore and Christopher Mitchel of Marcus & Millichap represented the seller and secured the buyer in the deal. Additionally, John Krueger of Marcus & Millichap assisted in the closing.

July 18, 2017

North Carolina Office Southeast

Heritage Properties Begins Site Prep for $86M Office Building in Raleigh

by Camren Skelton July 18, 2017

RALEIGH, N.C. — Heritage Properties Inc. has commenced site preparation for One Glenwood, a 10-story, Class A office building in Raleigh. Located at Hillsborough Street and Glenwood Avenue, the $86 million project will total 227,500 square feet and include 15,000 square feet of street-level retail space. Amenities will include a rooftop terrace and lounge, fitness center, bike room and on-site parking with 730 spaces. Whiting-Turner, the project’s general contractor, has installed construction barriers and fencing and will soon begin demolition as part of a plan to shorten construction time. Heritage Properties has secured financing from Citizens Bank as the lead construction lender and M&T Bank as a participating lender. JDavis is the project architect, McAdams is the civil engineer and Trinity Partners will handle leasing of the property. Heritage and Trinity Partners also plan to construct a hotel at the project site.

July 18, 2017

Florida Office Southeast

TPA Group to Develop 330,000 SF Office Park in Broward County

by Camren Skelton July 18, 2017

PEMBROKE PINES, FLA. — Atlanta-based TPA Group has unveiled plans to develop The Edison Pembroke Pines, a 330,000-square-foot, Class A office park in Pembroke Pines. The project will include two, three-story buildings and a 5,000-square-foot central amenity building located along Interstate 75 at S.W. 145th Avenue. The buildings will feature high ceilings, surface parking, indoor and outdoor collaboration areas, a central clubhouse, gym, meeting space and a café. Greg Martin and Justin Cope of Avison Young will manage leasing and marketing of the property. The Edison Pembroke Pines will be constructed in two phases, and will mirror the aesthetic of TPA Group’s other projects under construction in Alpharetta, Ga., and Lake Mary, Fla.

July 18, 2017

Illinois Midwest Office

Ankura Consulting Signs 9,500 SF Office Lease in Chicago

by Kristin Harlow July 18, 2017

CHICAGO — Ankura Consulting has signed a 9,5000-square-foot office lease at 1 N. Wacker Drive in Chicago. The Washington, D.C.-based consulting firm provides advisory and expert services for corporate turnaround and restructurings, forensic investigations, compliance and regulatory government issues and cybersecurity. Ankura is building out its new office space on the 19th floor of the building while working out of temporary space on the 29th floor. The company is scheduled to occupy its new permanent space this fall. Kyle Kamin and Dan Persa of CBRE represented Ankura in the lease transaction, while Brad Despot of Avison Young represented the building owner, Irvine Cos.

July 18, 2017

California Mixed-Use Office Top Stories Western

Lincoln Property Co., Alcion Ventures Break Ground on $141.6M Phase I of Creative Office Campus in California

by Katie Sloan July 18, 2017

ORANGE COUNTY, CALIF. — Lincoln Property Co. and Alcion Ventures have broken ground on Phase I of FLIGHT at Tustin Legacy, a 38-acre creative office campus located within the master-planned community of Tustin Legacy in Orange County. ACORE Capital and iStar Inc. recently provided the joint venture with $141.6 million in construction financing for the initial phase of the development. Mark Wintner and Doug Bond of HFF secured the three-year loan on behalf of the borrowers. The mixed-use campus, at completion, will include 18 low-rise office buildings, retail and open space for gathering. The first phase of the development will offer 470,000 square feet of office space including a collection of four custom-built, incubator-style buildings dubbed Platform Campus, a 12,000-square-foot food hall and a 7,000-square-foot conference center. Campus amenities will include outdoor meeting spaces and flexible break-out rooms; indoor and outdoor fitness areas; a bike share program; dog walk and walking trails; and electric vehicle charging stations. The 12-vendor food hall, known as Mess Hall Market, will serve breakfast, lunch and dinner and offer a full-service bar. Anchor tenants for the space will be announced this fall, with the completion of Phase I slated for late 2018. The project is …

July 18, 2017

New York Northeast Office Retail

Savanna Acquires 144,500 SF Office, Retail Building in Manhattan

by Amy Works July 17, 2017

NEW YORK CITY — Savanna has purchased a 12-story, 144,500-square-foot office and retail building located at 31 W. 27th St. in Manhattan’s NoMad District for an undisclosed price. Originally constructed in 1910, the building features 11,578-square-foot open floorplates, 12-foot to 16-foot barrel-arched ceilings and abundant natural light. Savanna plans to implement a comprehensive capital improvement plan at the property. The scope of the plan includes renovations of the lobby, building systems, façade, roofs and sidewalk vault, as well as the reposition and renovation of the retail storefront. Will Silverman, Paul Gillen and Daniel Parker of Hodges Ward Elliott represented the undisclosed seller in the transaction. Aareal Capital Corp., a subsidiary of Germany-based Aareal Bank AG, provided acquisition financing. Lawrence Britvan, Matt Jacobs and Michael Straw, also of Hodges Ward Elliott, arranged the financing for Savanna.

July 17, 2017

Office Washington Western

Vista Investment Group Acquires Seattle Mart Creative Office Building for $14.6M

by Nellie Day July 17, 2017

SEATTLE — Vista Investment Group has acquired Seattle Mart, an 82,218-square-foot creative office building in Seattle, for $14.6 million. The building is located at 200 S.W. Michigan St. in the Georgetown neighborhood south of Seattle’s Central Business District. Seattle Mart was built in 1929. It previously served as Boeing’s first headquarters. The space was renovated in 2015. Andy Miller and Evan Lugar of Kidder Mathews represented the seller, Lift Real Estate Partners, in this transaction.

July 17, 2017

California Office Western

Cohesity Leases 40,000 SF of Office Space at Riverpark Tower II in San Jose

by Nellie Day July 17, 2017

SAN JOSE, CALIF. — Cohesity has leased about 40,000 square feet of office space at Riverpark Tower II in downtown San Jose. The tower is located at 300 Park Ave. The hyperconverged secondary storage provider is nearly tripling its square footage. It previously leased 14,000 square feet at 471 El Camino Real in Santa Clara. Cohesity is expected to occupy its new space in the fourth quarter of this year after a custom build-out is complete. Joe Brady and Mike Mordaunt of Savills Studley represented the company. Anne Ralston and Phil Mahoney of Newmark Cornish & Carey represented the landlord, Steelwave, in this transaction.

July 17, 2017

Illinois Midwest Office

FMV Acquires 179,442 SF Office Building in Chicago

by Kristin Harlow July 17, 2017

CHICAGO — Free Market Ventures (FMV), in partnership with Second City Real Estate, has acquired a 179,442-square-foot office building in Chicago’s O’Hare submarket. The purchase price was not disclosed. The transit-oriented property is located at 6400 Shafer Court. Built in 1980, the eight-story building was renovated in 1991, 2006 and 2015. The property is currently 88 percent leased to 15 tenants, including Cap Gemini, Seasons Healthcare Management LLC and Haemonetics Corp. FMV plans to perform a series of improvements including a lobby renovation, addition of a fitness center and upgraded common areas. Cushman &Wakefield has been selected as the leasing agent, and Crossroads Partners will handle property management.

July 17, 2017

Georgia Market Reports Office Southeast Southeast Market Reports

Atlanta’s Office Market Continues to Thrive, Though a Test Looms on the Horizon

by John Nelson July 17, 2017

It is no secret that Atlanta has been a booming market in the post-recession era. Metro Atlanta added more than 85,000 jobs in 2016, while the unemployment rate has dropped to 4.9 percent, back to a prerecession level (2007). Atlanta has ranked near the top of the largest 10 office markets in annual job growth, outpacing the likes of New York, Los Angles and Chicago. There was 3.3 percent job growth in 2016, outpaced by only one large metropolitan peer, Dallas-Fort Worth. Rent Growth The Atlanta office market has shared this success as rents have continued to climb to record levels and vacancy levels have dropped. Since the end of 2012, overall gross asking rents have risen 22.1 percent, or $4.41 per square foot. Thanks to major relocations by companies such as Honeywell, GE Digital and Synovus, and major expansions by Kaiser Permanente, Sage, Anthem and Kabbage, among others, Atlanta’s overall office vacancy rate has plummeted 540 basis points from the end of 2012 (from 22.3 percent to 16.9 percent in the first quarter of 2017). Construction With market fundamentals in a stronger state than at any other time in recent history, the introduction of new product presents a litmus …

July 17, 2017

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