Office

CBRE Group to Relocate Austin Office to 2nd Street District Downtown

by Haisten Willis November 4, 2016

AUSTIN, TEXAS — CBRE Group Inc. plans to relocate its Austin office to the 17th floor of 500 West 2nd Street in downtown Austin. The commercial real estate services firm signed a long-term lease to occupy 21,688 square feet beginning in fall 2017. 500 West 2nd is part of a 1.2-million-square-foot, mixed-use development in the vibrant 2nd Street District of downtown Austin. The new office is part of CBRE’s “Workplace360” initiative, designed to promote productivity through technology-enabled paperless offices. Based in part on research showing that employees spend about 50 percent of their time at their desks, the initiative aims to provide a flexible way of working based on an employee’s changing needs throughout the day. The offices have no assigned workspaces and include both collaborative and private spaces. CBRE’s Russell Young and Nate Stricklen represented the company in the transaction. CBRE’s Troy Holme, Casey Ford and Katie Ekstrom represented the landlord, a joint venture between Trammell Crow Co. and Principal Real Estate Investors.

November 4, 2016

NAI Partners Represents Peter Paul Petroleum in 11,596 SF Office Sublease in Houston

by Haisten Willis November 4, 2016

HOUSTON — NAI Partners has represented Peter Paul Petroleum Co. in relocating and subleasing 11,596 square feet of Class A office space in the Murphy Oil Building located at 9805 Katy Freeway in Houston’s Katy Freeway office submarket. Prior to the relocation, Peter Paul Petroleum had leased space in Houston’s central business district. The company specializes in acquiring and managing oil and gas properties. Jon Silberman, Jason Whittington and Kelly Torian of NAI Partners represented Peter Paul Petroleum during negotiations, while Chad Baker and Matt Sanderson of JLL represented the sublessor, OOGC America.

November 4, 2016

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

The Case for West Houston — A Long-Term View

by Haisten Willis November 4, 2016

In spite of the “noise” created by headlines about low oil prices and energy industry layoffs, west Houston, home to several of the world’s largest energy companies, continues to have strong fundamentals based on decades of phenomenal growth and high-quality development. At Wolff Companies, we have been investing in West Houston for over 45 years. From this long-term perspective, we remain bullish on Houston and, in particular, West Houston, where continuing favorable demographic and economic trends tell a different story than the current headlines. West Houston is a city unto itself. With a population of 1.7 million, it would rank as the fifth largest city in the United States — ahead of Philadelphia, Phoenix or Dallas. It has its own downtown, or central business district (CBD), comprised of four major activity centers: CityCentre/Memorial City, Westchase, The Energy Corridor and Westway Park. All of these are within a few minutes of the intersection of Interstate 10 and the Sam Houston Tollway/Beltway 8. This intersection is also the current statistical center of Houston’s population distribution, a focal point which is expected to continue to move westward to the intersection of I-10 and Barker Cypress Road by 2025. High-Quality Growth Despite the cyclical …

November 4, 2016

Industrial New York Northeast Office

Rubenstein Partners, Heritage Equity Breaks Ground for 500,000 SF Office/Industrial Property in Brooklyn

by Amy Works November 4, 2016

NEW YORK CITY — Rubenstein Partners and Heritage Equity Group have broken ground for 25 Kent Avenue, an office and industrial property located in Brooklyn’s Williamsburg neighborhood. The eight-story, 500,000-square-foot property will occupy an entire block adjacent to the East River waterfront. The development, which received $197 million in construction financing in August, is designed for the city’s creative and tech sectors and will offer modern office and production space tailored to tenants’ needs. Wells Fargo Bank and Natixis Real Estate Capital provided the loan for the project.

November 4, 2016

Industrial Loans Mixed-Use Multifamily Northeast Office Pennsylvania Retail

Power of 32 Site Development Fund Provides $9.5M Loan for 178-Acre Waterfront Development in Pittsburgh

by Amy Works November 4, 2016

PITTSBURGH — Power of 32 Development Fund LP has provided a $9.5 million loan to help fund site preparation, including construction, for Almono, a 178-acre waterfront mixed-use project at a brownfield site in Pittsburgh. The fund contributed to the nearly $49 million private-public loan fund to close infrastructure financing gaps and increase the inventory of pad-ready sites in the 32-county greater Pittsburgh region. Located in Pittsburgh’s Hazelwood neighborhood, the Almono was formerly part of the J&L/LTV Steel Hazelwood Works. The project will feature a mix of office, industrial, residential and retail space. Its first official tenant, Uber, has committed to utilize 42 acres on the site for a test track for its self-driving cars and to renovate the historic train roundhouse building for an Advanced Technologies Center.

November 4, 2016

California Office Western

The Merritt Building in Downtown Los Angeles Sells for $24M

by Nellie Day November 3, 2016

LOS ANGELES — An unnamed buyer has acquired The Merritt Building, a 55,948-square-foot office building in downtown Los Angeles, for $24 million. The historic site is located at 761 S. Broadway, also known as 301 W. 8th St. in the SoBro (South Broadway) district. The building was originally designed by the Reid Brothers in 1915 as a rendition of Minerva’s Temple. The Home Savings & Loan Association bought the building in 1957. Today, the property is a nine-story commercial building with a basement level and ground-floor retail. Mike Condon Jr. and Kelli Snyder of Cushman & Wakefield represented the seller, LIZ, in this transaction.

November 3, 2016

California Office Western

Barker Pacific Group, WHI Real Estate Partners Buy 182,302 SF Office Campus in Roseville

by Nellie Day November 3, 2016

ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased Lava Ridge Business Center, a 182,302-square-foot office campus in Roseville, for an undisclosed sum. The three-building campus is located at 2990, 3000, and 3010 Lava Ridge Court. Lava Ridge Business Center was built in 2000. Current tenants include American Pacific Mortgage, Polycomp Admin Services, Asurea Insurance and Wells Fargo. Palmer Capital’s Bill Palmer, Ryan Thompson and Brad Idleman brokered the sale of the property. The firm’s Jeremy Thornton assisted the JV in securing new lender financing from Compass Bank. Chris Lemmon and Zac Collie of Newmark Cornish & Carey are acting as the center’s leasing agents.

November 3, 2016

Office Oregon Western

Nike Office Buildings in Oregon Sell for $23.2M

by Nellie Day November 3, 2016

HILLSBORO, ORE. — Entities of Winkler Development and Watumull Properties Corp. have acquired two corporate parks in Hillsboro that are fully occupied by Nike. The purchase price was $23.2 million. The transaction includes the 65,002-square-foot SunTech Corporate Park I at 3445 NW 211th Terrace, as well as the 77,965-square-foot Tanasbourne Corporate Park I at 20010 NW Tanasbourne Drive. Nike moved into the buildings in 2015. NGKF’s David Hill, David Squire, Kevin Shannon, Ken White and Laura Stumm represented the seller, LBA Realty, in this transaction.

November 3, 2016

Midwest Minnesota Office

Franklin Street Properties to Renovate, Reposition 801 Marquette Avenue Building in Minneapolis

by Kristin Harlow November 3, 2016

MINNEAPOLIS — CBRE, on behalf of Franklin Street Properties, has unveiled plans to renovate and reposition 801 Marquette Avenue in the heart of downtown Minneapolis. The four-story, 130,000-square-foot building — a former TCF bank that is currently vacant — is located on the corner of Marquette Avenue and 8th Street and dates back to the 1920s. The renovation is currently underway and will enhance the building’s brick exterior while opening the interiors to create tenant spaces with high concrete ceilings and floors. The 801 Marquette building will be available for occupancy in April 2017. At the heart of the renovation is the five-story Atrium, which will become a multipurpose hub for the two-building project. 801 Marquette and the Atrium are also part of a larger project including the adjacent 121 South 8th Street office tower. FSP is the owner of the two office buildings, parking ramp and shared Atrium. Mark McCary and Larissa Champeau of CBRE’s Minneapolis office are exclusively marketing the property for lease.

November 3, 2016

Loans New York Northeast Office

Versant Arranges $50M Recapitalization of Addison Corporate Center in Windsor, Connecticut

by Amy Works November 3, 2016

WINDSOR, CONN. — Versant Commercial Brokerage has arranged a $50 million recapitalization for Addison Corporate Center, a 605,000-square-foot office complex located in Windsor. The firm assisted the tenant-in-common (TIC) investors by originating the new senior debt, mezzanine debt and preferred equity. The new capital is being used to pay off the existing lender, stabilize the property, purchase the TIC interests of those investors that need to exit, and roll up the TIC investors into a limited liability company. Additionally, a portion of the proceeds will fund tenant improvements, leasing commissions and property upgrades. The new sponsor for the property is Virtua Partners, an affiliate of Versant. Virtua oversaw the restructuring and provided loan guarantees and a portion of the new capital. Asset management services will be provided by an affiliate, Clear Vista Management. Tenants at the complex include Triumph Group, Belcan Engineering Group, Quest, General Electric and Sun Life Financial. Ethan Schelin of Landmark Capital Advisors assisted with the capital raise.

November 3, 2016

Newer Posts

Older Posts