Office

SVN Arranges Sale of Office Building in Dallas

by Haisten Willis October 31, 2016

DALLAS — SVN has arranged the sale of a four-story office building located at 8344 R.L. Thornton Freeway in Dallas. SVN’s Steve Fithian and Robin Francis-Baker represented both the buyer, 4D Circle LLC, and the seller, Ozinus Thornton LLC, in the transaction. The 50,075-square-foot property was built in 1984 and stands on 2.2 acres. The Class B property is more than 90 percent leased to tenants including Resource One, Lira Bravo Law, GAO Construction Services, Farmers Insurance, Reliable Life Insurance, Tillery & Associates, World Impact Dallas, Elim Health, Texas AFT, Staff Force and Dr. Pedro Zevallos.

October 31, 2016

Vision Real Estate, Rubenstein Partners Sells 185,000 SF Office Building in Hanover, New Jersey, for $95M

by Amy Works October 31, 2016

HANOVER, N.J. — Vision Real Estate Partners and Rubenstein Partners has completed the sale of the MetLife Investments Global Headquarters property located at 67 Whippany Road in Hanover. Salus Government Properties acquired the One MetLife Way property for $95 million. Part of the 194-acre Alcatel-Lucent Campus redevelopment, the 14-acre property features a 185,000-square-foot office building that was built to suit for MetLife under a lease agreement. Robert Donnelly, Rob Donnelly Jr., Marc Rosenberg, Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer of Cushman & Wakefield represented Vision and Rubenstein in the redevelopment and sale.

October 31, 2016

Office Southeast Top Stories Virginia

Atlantic Realty, Angelo, Gordon Acquire Office Complex in Virginia for $78.8M

by John Nelson October 31, 2016

TYSONS, VA. — Atlantic Realty Cos. and New York-based Angelo, Gordon & Co. LP have purchased Tysons Concourse, two Class A office buildings located at 1593-1595 Spring Hill Road in Tysons. The California State Teachers’ Retirement System (CalSTRS) sold the 347,684-square-foot complex for $78.8 million. Situated one block from the newly opened Spring Hill station on Metrorail’s Silver Line, Tysons Concourse features a café, lighted basketball courts, theater-style conference center, fitness center with spa-style locker rooms and covered and surface parking. The buildings, joined by a shared atrium, were 76 percent leased at the time of sale to tenants such as Frontpoint Security, Konica Minolta and MassMutual. The new ownership group plans to invest $6 million in capital improvement to Tysons Concourse. The property’s lobby will be upgraded with marble flooring, a concierge desk and interactive touchscreen directories. Renovations will also include upgrades to the front and rear entrances, new interior finishes and a redesigned tenant entertainment center. The improvement program will also include the transformation of part of the existing sports area into an outdoor lounge with seating and an additional court for playing paddle tennis. Eastdil Secured represented CalSTRS in the transaction. — John Nelson

October 31, 2016

Florida Market Reports Office Southeast Southeast Market Reports

Broward County’s Office Sector is Operating at Peak Performance

by John Nelson October 31, 2016

Broward County’s office market continues to heat up like the South Florida summer. Vacancy is decreasing while office rental rates in the market increase. Broward County added 32,100 jobs in the past year, the 4 percent nonagricultural employment growth leading to a second quarter unemployment rate of 4.2 percent, outpacing the state (4.5 percent) and national (5.0) averages. “Many factors drive Broward County’s strong economy, including a talented and diverse workforce, our proximity to Latin America and the Caribbean, and access to three international airports and three seaports,” says Bob Swindell, president and CEO of the Greater Fort Lauderdale Alliance, the county’s public/private partnership for economic development. Broward County’s office sector performance is a big story in an area of very positive commercial real estate headlines. It can be argued that South Florida trails only the two Bay Area bellwethers, San Francisco and the Silicon Valley, in property performance nationwide. Office rental rates in the county — CoStar reported that the market’s average rate increased 1.4 percent during first quarter to $25.14 per square foot — are most likely reaching the top of the arc in the present economic cycle. “Some of our strongest job growth has been in high-wage …

October 31, 2016

California Office Western

Marcus & Millichap Brokers $16.7M Sale of Retail/Medical Office Property in Santa Ana

by Nellie Day October 28, 2016

SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of Hacienda Plaza, a retail and medical office property located at the corner of West 17th Street and College Avenue in Santa Ana. A private 1031 exchange investor acquired the 77,610-square-foot asset for $16.7 million, or $215 per square foot. The two-building property comprises a 28,800-square-foot retail/medical building on 17th Street and a 29,310-square-foot medical/warehouse building on 19th Street. Built in 1976, the properties are occupied by Northgate Market, Don Roberto Jewelers and Hacienda Restaurant. Michael Lawrence and Michael Woolbright of Marcus & Millichap represented the seller, while Rob Duong, also of Marcus & Millichap, represented the buyer in the transaction.

October 28, 2016

Loans New York Northeast Office Retail

Himmel + Meringoff Properties, The Swig Company Receive $200M in Financing for 8 Times Square

by Amy Works October 28, 2016

NEW YORK CITY — Himmel + Meringoff Properties and The Swig Company have received a $200 million mortgage loan for the refinancing of 8 Times Square, a 220,000-square-foot office and retail property located at 1460 Broadway in New York City. The loan was provided by Citigroup. The 16-story property offers 185,000 square feet of office space and 35,000 square feet of retail space. Current tenants of the property include WeWork and Foot Locker. Robert Sorin, Julianne Befeler, Chad Sandler and Jason Robinson of Fried Frank acted as counsel to the companies in the transaction.

October 28, 2016

Northeast Office Pennsylvania

Hollwich Kushner Opens Innovation Center at University of Pennsylvania in Philadelphia

by Amy Works October 28, 2016

PHILADELPHIA — Hollwich Kushner, serving as architect, has opened Pennovation Center, the centerpiece of the new 23-acre development at the University of Pennsylvania in Philadelphia dedicated to innovation. The 69,314-square-foot project transformed a 20th century paint factory. The project team includes KSS Architects, Land Collective, Bruce Mau Design, Ballinger, Atelier Ten, Pennoni Associates, Focus Lighting and Hunter Roberts.

October 28, 2016

New York Northeast Office

Cushman & Wakefield Negotiates $17M Sale of Medical Office Building in Manhattan

by Amy Works October 28, 2016

NEW YORK CITY — Cushman & Wakefield has facilitated the sale of a medical office building located at 407-409 E. 70th St. in Manhattan’s Upper East Side. An undisclosed buyer acquired the five-story building for $17 million, or $1,133 per square foot. The 15,000-square-foot property was sold by a group of doctors who practice in the building. Upon sale, the former owners inked a long-term leaseback for the space. Mitchell Levine, Guthrie Garvin and James Nelson of Cushman & Wakefield brokered the transaction.

October 28, 2016

Mixed-Use Multifamily Office Restaurant Retail Texas

Economic, Demographic Trends Boost Dallas/Fort Worth Land Market

by Haisten Willis October 28, 2016

The booming land market in north Texas reflects a convergence of economic and demographic trends resulting in a dramatic expansion of residential communities, new mixed-use developments and the transformation of retail centers across the region. The result is higher land values, shifting land uses and developers, planners and designers adapting to the evolving lifestyles of a new generation of workers. Demand for well-located land parcels across multiple property types is reaping handsome returns for landowners. The land market in Dallas/Fort Worth is experiencing strong transaction volume and record prices due to a range of factors. Developers are responding to strong housing demand by building new residential communities that are accessible to Dallas/Fort Worth employment centers. Multifamily construction continues as some 360 people move into the region daily, many not ready for home ownership. New mixed-use developments are catering to a steady stream of corporations relocating to the area and seeking work settings that provide live/work/eat/play environments. Neighborhood grocery stores and restaurants are multiplying to support growing demand, while regional malls are being repurposed as spending habits shift. These trends have played a major role in the growth of urban centers like Dallas’ central business district, Uptown Dallas and Fort Worth’s …

October 28, 2016

New York Northeast Office

Oxford Properties, Crown Acquisitions Completes 175,000 SF Lease with NBA in Midtown Manhattan

by Amy Works October 27, 2016

NEW YORK CITY — Oxford Properties Group and Crown Acquisitions has completed a 175,000-square-foot lease extension through 2035 with the National Basketball Association (NBA) at Olympic Tower, located at 646 Fifth Ave. in Midtown Manhattan. The property owners plan to significantly modernize the office property’s lobby and public space to deliver a more engaging, customer-focused experience. Adam Frazier of Oxford, along with Paul Amrich, Howard Fiddle, Neil King and Patrice Meagher of CBRE, represented the owners, while Mary Ann Tighe, Gregory Tosko, Andrew Sussman and Munish Viralam of CBRE represented the tenant in the transaction.

October 27, 2016

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