SAN FRANCISCO — WeWork has leased 60,576 square feet of office space at 650 California St. The 33-story building in the Financial District underwent a major renovation in 2013. WeWork will occupy the fourth floor through the seventh floor. The landlord, Columbia Property Trust, has now completed four leases totaling 91,562 square feet at the 477,000-square-foot property over the past nine months.
ABILENE, TEXAS — TREK Investment Group, an Austin-based brokerage firm, has closed the sale of an 89,545-square-foot office property located at the corner of State Highway 277 and South First Street in Abilene, a city about 180 miles west of Dallas. The property, which is situated on 8.8 acres, was 100 percent leased at the time of sale to the Texas Departments of Public Safety, Human Services and Health. Ethan Offenbecher and Parker Carroll of TREK represented the seller and procured the buyer, both of which requested anonymity.
MOUNT PROSPECT, ILL. — Entre Commercial Realty LLC has brokered the sale of a 30,745-square-foot office building in Mount Prospect, about 22 miles northwest of Chicago. The sales price was not disclosed. Nicholas & Associates, a construction management company based in Mount Prospect, acquired the building along with 5.2 acres of land. The property is located at 1401 Feehanville Drive within Mount Prospect’s Kensington Business Center. Dan Benassi and Mike DeSerto of Entre Commercial represented the buyer in the transaction. Michael Magliano of Cushman & Wakefield represented the undisclosed seller.
DALLAS — Lee & Associates and EDGE Realty Capital Markets have co-brokered the sale of a 14,000-square-foot office property, located at 2320 Stemmons Trail in west Dallas. The sale price of the building, which is currently occupied by Octapharma Plasma, a blood donation center, was $3 million. Allen Buchanan and Joshua Harper of Lee & Associates represented the buyer, Double Run LP, a California-based investment firm. Mark Mordecai and Brandon Crow of EDGE represented the undisclosed seller.
LOS ANGELES — V.C.I. Corp. has sold a 157,225-square-foot office property in the Los Angeles submarket of El Segundo for $52 million. The buyer was not named. The Class A asset is located at 2300 E. Imperial Ave. The property was vacant at the time of sale. The building was originally constructed in 1964 and renovated in 2000 with new common areas and parking structure. Chris Sinfield and Tom Sheets of Cushman & Wakefield represented the seller in the transaction.
SAN JOSE, CALIF. — BroadSoft has leased 33,000 square feet of office space at the Santana Row mixed-use development in San Jose. The space is located at 3055 Olin Ave. BroadSoft hopes to occupy the new space in mid-2017. The developer, Federal Realty, already commenced construction on 700 Santana Row, an additional 284,000-square-foot office building. It will be ready for tenant build-out in the third quarter of 2018. Todd Shaffer and Tracey Solari of Newmark Cornish & Carey serve as the property’s office leasing agents.
BLUE BELL, PA. – Keystone Property Group has signed three new leases totaling 66,000 square feet at 5 Sentry Park, a recently renovated two-building office property in Blue Bell. The transactions include a 33,200-square-foot lease with Linde Engineering North America, a 15,700-square-foot lease with Physician Recommended Nutriceuticals (PRN) and a 15,700-square-foot lease with Veterinarian Recommended Solutions (VRS). After acquiring the 133,000-square-foot office property, Keystone completed a reinvestment program to implement functional and cosmetic upgrades. The enhancements include a new amenity area with a fitness center, conference rooms, lounge area, on-site cafe, outdoor patio with seating, roof deck, expanded entrance for the property’s eastern building, refreshed lobby at 5 West and landscaping upgrades. Linde is a Houston-based engineering firm providing technologies for the design and construction of process plants for industries including petrochemicals, gas processing and pharmaceuticals. PRN is a leading producer of food-based supplements and VRS produces health products for pets. Michael Barker and Cody Lehrer of CBRE represented PRN and VRS in their leases, while Patrick Brady and Ryan FitzPatrick of Avison Young represented Keystone.
CHICAGO — City Capital Advisors has renewed its 9,148-square-foot office lease at 444 N. Michigan Ave. in Chicago. As part of the lease, the investment bank will undertake a significant renovation to its current space to improve layout and include the firm’s separate practice group, City Capital Ventures. Jon Milonas and Kyle Kamin of CBRE represented City Capital Advisors in the transaction. Emily Marquardt of The Telos Group represented the landlord.
At the close of 2016, over 1.9 million square feet of office space was absorbed in the Raleigh-Durham market and overall vacancy increased by one percentage point from 10 percent to 11 percent. Activity was strong and can partially be attributed to a very active suburban Raleigh submarket that absorbed over 1.1 million square feet. Vacancy in this submarket ended the year at 10 percent, down from a high of 17 percent in 2010. It was also an active construction year for Raleigh-Durham, with developers completing over 1.3 million square feet of new office space. There is currently another 2.7 million square feet of new projects underway, and an additional 2 million square feet of proposed projects. Downtown Durham, an approximately 4.5 million-square-foot market, has multiple office projects underway, including: The Chesterfield: Renovation on the 286,000-square-foot building should be completed soon with the first tenants moving in in July 2017. The project, being developed by Wexford Science + Technology, is approximately 75 percent leased. One City Center: The mixed-use, 432,000-square-foot project has 130,000 rentable square feet of office space and should open in late 2017. The office component is 50 percent preleased. Activity in downtown Durham has been driven by …
DALLAS — Colliers International Group Inc. has closed the sale of Meadow Central, a 179,184-square-foot office complex located at 10260 and 10300 N. Central Expressway in north Dallas. The property was 91 percent occupied at the time of sale. Creighton Stark and Chris Boyd of Colliers represented the sellers, Sunwest Real Estate Group and Libitzky Property Cos., which acquired the property in 2010. The representative of the buyer, Ascent Real Estate Advisors LLC, was not disclosed.