Office

Megastron Development Breaks Ground on Office Park in Orlando

by John Nelson November 8, 2016

ORLANDO, FLA. — Megastron Development LLC has broken ground on Kirkman Point II, a Class A, 134,000-square-foot office building located at the intersection of International Drive and Kirkman Road in south Orlando. The building is the second phase of development for Kirkman Point, an office park that will consist of four Class A office buildings and two parking decks upon completion. Megastron Development has selected Jay Dixon and Tom Rich of CBRE as the leasing agents for the entire Kirkman Point development. Megastron plans to deliver Kirkman Point II in the fourth quarter of 2017.

November 8, 2016

2310-washington-st-newton-lower-falls-ma

Massachusetts Northeast Office

Margulies Perruzzi Architects Completes Design of 40,000 SF Office Headquarters in Massachusetts

by Amy Works November 8, 2016

NEWTON LOWER FALLS, MASS. — Margulies Perruzzi Architects (MPA) has completed the design and renovation of the headquarters for National Development in Newton Lower Falls. National Development and its construction affiliate, Cranshaw Construction, currently occupy all four floors of 2310 Washington St. MPA provided space planning and interior design services for the 40,000-square-foot property. The project included updating the office design and relocating amenities to create an open, modern and collaborative space for staff. Cranshaw Construction served as construction manager for the project.

November 8, 2016

Market Reports Office Washington Western Western Market Reports

Seattle’s Office Market Remains Healthy

by Camren Skelton November 8, 2016

Seattle is on the rise, and companies are thriving in the downtown core and surrounding submarkets. Seattle’s office market is one of the healthiest in the country. Leasing continues to be led by a robust technology sector that’s fueled by both the expansion of homegrown companies and the addition of engineering offices from mostly California-based companies. These companies have established significant footprints in Seattle as they have been able to attract, hire and retain workers from a talented employee pool. Institutions like the University of Washington continue to produce additional engineering graduates from an expanding computer science program, and companies have had great success recruiting talent eager to move from across the country and internationally to the Puget Sound region. Traditional brick-and-mortar companies like Sears, Best Buy and Starbucks are all working in Seattle to monetize the use of electronic devices. Many new companies to the market like Snapchat, Airbnb and, most recently, Pinterest, have opened their first Seattle locations in co-working spaces. The collaborative nature of the co-working environment is also popular among startups. These companies are often created by former employees of some of the region’s longstanding heavyweights. Amazon has had a significant ripple effect on the region, …

November 8, 2016

Midwest Minnesota Office

Transwestern Arranges 211,000 SF Lease for Select Comfort’s New Headquarters in Downtown Minneapolis

by Kristin Harlow November 7, 2016

MINNEAPOLIS — Transwestern has arranged a 211,000-square-foot office lease at 1001 Third Ave. South in downtown Minneapolis. The property is a five-story, 476,000-square-foot office building. Select Comfort, which manufactures and sells Sleep Number beds, plans to relocate its headquarters from suburban Plymouth to the downtown facility in October 2017. Approximately 900 employees will be based out of the new headquarters. In addition to executive office space, the building will house a call center and research and development lab. In conjunction with the lease, DCI Technology Holdings will complete a multimillion-dollar renovation of the property. Reed Christianson of Transwestern represented DCI Technology in the 15-year lease.

November 7, 2016

Georgia Office Southeast

Gamma, Meltzer Properties Buy Hurt Building in Downtown Atlanta for $33.6M

by John Nelson November 7, 2016

ATLANTA — Manhattan-based Gamma Real Estate and Atlanta-based Meltzer Properties have teamed up to purchase the historic Hurt Building, an 18-story, 436,337-square-foot office building in downtown Atlanta. Boxer Properties sold the asset to Gamma and Meltzer for $33.6 million. Built in 1913, the Hurt Building was renovated in 2013 and achieved LEED-EB Platinum certification in 2014. The property has been on the National Registry of Historic Places since 1977. The Hurt Building is situated at the southeast corner of Edgewood and Peachtree Center avenues within walking distance of three MARTA stations. The asset features a marble lobby and entrance, 12 elevators, a nine-story parking garage with 618 on-site parking spaces, after-hours card access, two restaurants, a Starbucks Coffee and an on-site Post Office substation.

November 7, 2016

Loans New York Northeast Office

Newmark Holdings Receives $9.6M in Refinancing for Two Office Buildings in NYC

by Amy Works November 7, 2016

NEW YORK CITY — Newmark Holdings has received a $9.6 million refinancing loan for two office buildings in New York City. Signature Bank provided the loan, which features a fixed rate for seven years. Totaling 56,000 square feet, the fully occupied buildings are located at 416-422 W. 45th St.

November 7, 2016

Northeast Office Rhode Island

Sweeney Real Estate Arranges Office Lease in Smithfield, Rhode Island

by Amy Works November 7, 2016

SMITHFIELD, R.I. — Sweeney Real Estate has arranged a lease for 4,000 square feet of office space at 333 George Washington Highway in Smithfield. ELITechGroup Inc. leased the space from Lincoln Environmental Properties LLC. Kevin Casey of Sweeney Real Estate & Appraisal represented the landlord, while Gerry Surprenant of MG Commercial Real Estate represented the lessee in the deal.

November 7, 2016

Florida Office Southeast Top Stories

Joint Venture Purchases Park Tower in Downtown Tampa for $79.8M

by Nellie Day November 7, 2016

TAMPA, FLA. — A joint venture between City Office REIT (NYSE: CIO), Feldman Equities LLC and Tower Realty Partners has acquired Park Tower, a 475,000-square-foot office building in downtown Tampa, for $79.8 million. The 36-story tower is located at 400 N. Tampa St. The joint venture plans to make a substantial investment in the property to modernize the building. The building is approximately 86 percent leased. Notable tenants include BB&T, United States Department of Justice U.S. Attorney’s Office, Level 3 Communications and Lykes Insurance. The tower boasts views of Hillsborough Bay, the Hillsborough River and the Tampa skyline. Park Tower was built in 1973. It was the tallest building in Tampa until 1981 when One Tampa City Center was constructed. Park Tower has previously served as the headquarters for the First National Bank of Tampa, the Lykes Brothers Corp. and Colonial Bank. Park Tower is situated near the Florida Museum of Photographic Arts and Lykes Gaslamp Park, about two blocks from the Hillsborough River and the Tampa Riverwalk entertainment district. Mike DiBlasi of Feldman Equities will lead the building’s leasing efforts. The seller was Sterling American Property. City Office REIT currently owns about 1 million square feet of office properties …

November 7, 2016

Office Texas

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

Office Texas

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

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