Office

Law Firm Renews 99,756 SF Lease at Office Tower in Chicago

by Kristin Harlow May 9, 2017

CHICAGO — Law firm Barack Ferrazzano Kirschbaum & Nagelberg LLP has renewed its 99,756-square-foot office lease at 200 W. Madison in Chicago’s West Loop. The firm is the largest tenant within the 928,040-square-foot building and will occupy the space through 2032. Barack Ferrazzano Kirschbaum & Nagelberg moved into the space 10 years ago, replacing Hyatt Hotels Corp. as the anchor tenant. Kyle Kamin, Cal Wessman and Mark Cassata of CBRE represented the tenant in the lease transaction. Jeff Dowdell, Katie Steele, Courtney Rosoff and Michael Lirtzman of Transwestern brokered the lease on behalf of the owner, Bentall Kennedy’s U.S. core fund. Transwestern has managed the property since 2011. A recent $5 million renovation included an updated lobby, modernized elevators, new tenant lounge and expanded fitness center with yoga room.

May 9, 2017

Midwest Office Wisconsin

CBRE Negotiates $8M Sale of Two Office Buildings in West Allis, Wisconsin

by Kristin Harlow May 9, 2017

WEST ALLIS, WIS. — CBRE has negotiated the sale of Lincoln Center II and III in suburban Milwaukee for $8 million. The two office buildings total 121,388 square feet. Lincoln Center II is located on a three-acre site at 2514 S. 102nd St., while Lincoln Center III is located at 10150 W. National Ave. The buildings were more than 87 percent occupied at the time of sale with tenants including Verizon, Acuity, Cognex and Eye Care Specialists. Eric Rapp and Patrick Gallagher of CBRE represented the seller, Somerset Properties. Sara Investment Real Estate LLC purchased the properties.

May 9, 2017

Market Reports Nevada Office Western Western Market Reports

Office Vacancy Declines As Product Dries Up

by Camren Skelton May 9, 2017

Last year was a relatively flat year for the Northern Nevada office market. Reno/Sparks had negative absorption in the first and third quarters of 2016, and positive absorption in the second and fourth quarters. The year ended up at 10,153 square feet of net absorption, according to the DCG internal database, essentially nullifying any real gains or losses. However, the Reno office market is much healthier at a 12 percent vacancy rate as compared to the nearly 20 percent recession highs. Each quarter also recognized more gross absorption than the previous quarter in 2016. Class A office continued to be in demand with rents increasing to north of $2 per square foot, per month, full service. Large spaces ideal for company relocations are difficult to find. Reno currently has a small supply of vacant, Class A spaces with more than 10,000 square feet available. However, we should see our first speculative construction take place in the Meadowood submarket as Mckenzie Properties plans a 40,000-square-foot building in Mountain View Corporate Center. New corporate relocations for office tenants were relatively quiet in 2016. In comparison to 2015, we saw large tenants relocate to our region, including Grand Rounds in South Meadows and …

May 9, 2017

Colorado Office Western

DSP Builders Starts Construction of $18.5M Superior Medical Center in Colorado

by Nellie Day May 8, 2017

SUPERIOR, COLO. — DSP Builders has started construction of a 60,000-square-foot medical office building in Superior. The four-story Superior Medical Center will be situated at the southeast corner of U.S. Highway 36 and McCaslin Boulevard. The $18.5 million project is slated for completion by early 2018. It is 50 percent pre-leased to tenants like Boulder Community Health (BCH), Touchstone Imaging and Cornerstone Orthopedics & Sports Medicine. John Gustafson of Newmark Grubb Knight Frank is overseeing leasing for the building. Intergroup Architects designed the property.

May 8, 2017

California Office Western

McCormick Construction Completes Renovation of Westwood One Broadcast Campus in Culver City

by Nellie Day May 8, 2017

CULVER CITY, CALIF. — McCormick Construction has completed the renovation of the 45,000-square-foot Westwood One radio broadcast facility in Culver City. The campus is located at 8935, 8965 and 8944 Lindblade Ave. Cumulus Media recently acquired Westwood One, adding sports, news, talk, music and programming services. McCormick built 21 radio broadcast studios on the property. The CIM Group owns the site.

May 8, 2017

Massachusetts Northeast Office

SVN | Parsons Arranges Sale of Office Building in Ashland, Massachusetts

by Haisten Willis May 8, 2017

ASHLAND, MASS. — SVN | Parsons Commercial Group | BOSTON has arranged the sale of a 5,728-square-foot office building at 54-58 Union St. in Ashland. Victor Galvani and Garrett Quinn of SVN | Parsons represented the seller, Euroland Real Estate, and procured the buyer, Martel HVAC Corp. Martel, a heating and cooling solutions company, will move its corporate headquarters from Holliston to the property. Eurobrew Inc., a specialty beer importer, formerly owned and occupied the building. The property consists of office space, basement storage and a parking lot.

May 8, 2017

Office Texas

Marcus & Millichap Brokers $4.7M Sale of 63,714 SF Office Building in Laredo

by Taylor Williams May 8, 2017

LAREDO, TEXAS — Marcus & Millichap has brokered the $4.7 million sale of Walker Plaza, a 63,714-square-foot office building located at 5810 Bernardo Ave. in the south Texas city of Laredo. James Bell and Keith Lloyd of Marcus & Millichap represented the seller, an undisclosed partnership. The name and representative of the buyer were not released.

May 8, 2017

Industrial Office Texas

Altaquip Leases 15,000 SF of Office/Warehouse Space in Grand Prairie

by Taylor Williams May 8, 2017

GRAND PRAIRIE, TEXAS — Altaquip LLC, an Ohio-based equipment services provider, has leased 15,000 square feet of office/warehouse space at 923 Avenue N in Grand Prairie. Michael Stanzel and Patrick Embry of NAI Robert Lynn represented the undisclosed landlord in the lease negotiations. Corby Hodgkiss of Mercer & Co. represented Altaquip.

May 8, 2017

Michigan Midwest Office

Dembs Development Acquires Former Federal-Mogul Corp. Headquarters in Southfield, Michigan

by Kristin Harlow May 8, 2017

SOUTHFIELD, MICH. — Dembs Development has acquired the former Federal-Mogul Corp. headquarters in Southfield, a northern suburb of Detroit. The purchase price was not disclosed. The 360,000-square-foot office building, located on Northwestern Highway, has been vacant for over a year. The property was built in the early 1970s. Amenities include an underground parking garage, collaborative workspaces, auditorium, restaurant and outdoor seating. The property most recently sold for $12.7 million in July 2004, according to CoStar Group. Dembs Development purchased the property in a joint venture with Pitt Investments.

May 8, 2017

Kentucky Loans Office Southeast

NorthMarq Capital Arranges $4.1M Refinancing for Office Park in Metro Cincinnati

by John Nelson May 8, 2017

FORT MITCHELL, KY. — NorthMarq Capital has arranged the $4.1 million refinancing for Chamber Office Park, a 67,552-square-foot office park located at 2101-2181 and 2500 Chamber Center Drive in Fort Mitchell, a Kentucky city located about six miles south of Cincinnati. Susan Branscome of NorthMarq’s Cincinnati office arranged the fully amortizing, 10-year loan through an undisclosed life insurance company.

May 8, 2017

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