Office

SL Green Breaks Ground on One Vanderbilt Avenue in Manhattan

by Amy Works October 19, 2016

NEW YORK CITY — SL Green Realty Corp. has broken ground on One Vanderbilt, a 58-story office tower located in Manhattan’s East Midtown business district. Designed by Kohn Pederson Fox Associates, tower will offer 1.7 million square feet of Class A office space. The project also includes $220 million of public improvements to Grand Central Terminal, which is adjacent to the tower. TD Bank is set to occupy 200,000 square feet of office and retail space at the property, upon its completion in 2020. Hines is serving as development manager and AECOM’s Tishman Construction is serving as construction manager.

October 19, 2016

New York Northeast Office

Laurelwood Corporate Center Trades Hands in Voorhees, New Jersey

by Amy Works October 19, 2016

VOORHEES, N.J. — An entity related to Interstate Commercial Real Estate Inc. has acquired Laurelwood Corporate Center, an office building located at Haddonfield-Berlin and Laurel Oak Road in Voorhees. Quaker Commercial Properties sold the property for $6.8 million. The building offers 81,577 square feet of Class A office space. Evan Zweben, Jeff Algatt and Brian Sherlock of Colliers arranged the transaction. Additionally, Colliers has been retained by the buyer as its leasing agent for the property.

October 19, 2016

Colorado Mixed-Use Office Retail Western

Mixed-Use Project in Colorado Sells for $1.3M

by Nellie Day October 18, 2016

PARKER, COLO. – An unnamed buyer has purchased a 6,406-square-foot mixed-use property in Parker for $1.3 million. The property is located at 18575 Stage Run Road. It consists of retail and office space. The new owner plans to relocate an existing hair salon to the center, as well as add a full-service spa. Construction is set to commence immediately for the new tenants. Mitch Trevey and Nick Nickerson of Trevey Land and Commercial represented the seller, Martinez Global International, in this transaction.

October 18, 2016

Loans New Jersey Northeast Office

Deerwood Closes $11M Bridge Loan for 120,000 SF Office Building in Warren, New Jersey

by Amy Works October 18, 2016

WARREN, N.J. — Deerwood Real Estate Capital has closed an $11 million non-recourse bridge loan for an office building located in Warren. The loan was funded at nearly 80 percent of the purchase price with an additional future funded amount of 100 percent of leasing cost and capital expenses. The 120,000-square-foot property is occupied by multiple tenants. Yaakov Leiser of Deerwood negotiated the loan for the undisclosed borrower.

October 18, 2016

Loans Office Texas

Mesa West Capital Funds $90.5M Acquisition Loan for Office Campus in Austin

by Haisten Willis October 18, 2016

AUSTIN, TEXAS — Mesa West Capital has provided KBS Realty Advisors with a $90.5 million first mortgage loan to recapitalize its all-cash acquisition of Stonebridge Plaza I & II, a 386,000-square-foot office campus in Austin. The five-year, floating-rate loan is secured by two nine-story office buildings and a seven-story parking garage at 9600 and 9606 N. MoPac Expressway. The property is situated at the intersection of Highways 183 and 360. Completed in 1999 and 2001, the two office buildings are 96.5 percent leased. Mesa West Capital originated the loan from its Mesa West Core Lending Fund, which provides first mortgage loans up to $300 million.

October 18, 2016

Office Texas

Ziegler Cooper, Basic Builders Renovating 5300 Memorial Drive in Houston

by Haisten Willis October 18, 2016

HOUSTON — Ziegler Cooper Architects and Basic Builders are renovating 5300 Memorial Drive, an 11-story, 153,000-square-foot office building in Houston. Built in 1983 and renovated in 1993, the building’s common areas, including its entry, ground floor lobby, elevator lobbies and cabs, corridors and restrooms will be remodeled and modernized. Improvements will include a new building monument sign, lobby coffee bar, hotel-grade restroom finishes and LED lighting in common areas. Owner Equus Capital Partners has retained Ziegler Cooper and Basic Builders as the design-build team on the project, which is slated for completion in the first quarter of 2017. 5300 Memorial is located in the Midtown submarket between Memorial Park and Buffalo Bayou Park. JLL’s Jessica Ochoa and Russell Hodges recently completed two lease renewals at 5300 Memorial on behalf of Equus Capital Partners. The Shanks Law Firm, represented by Morgan Relyea of Cushman & Wakefield, renewed an 8,463-square-foot lease, and A. Randall Camacho, represented by Lee & Associates’ Travis Taylor, renewed a 3,523-square-foot lease.

October 18, 2016

Mixed-Use Multifamily Office Retail Texas

Rosewood Property to Purchase 44 Acres in San Antonio for Mixed-Use Development

by Haisten Willis October 18, 2016

SAN ANTONIO — The Tobin Endowment has closed on the sale of 44 acres surrounding the original residence of the late Robert L. B. Tobin. Dallas-based Rosewood Property Co. purchased the property and plans to build a mixed-use development on the tract. The property is in the Oakwell Farms area of north-central San Antonio. The sale will preserve the residence, which was designed by Tobin, a San Antonio arts patron, philanthropist and businessman. Two surrounding acres will also be preserved. Before his death in 2000, Tobin converted the residence to the offices of The Tobin Endowment.

October 18, 2016

Office Texas

JLL Arranges Four Leases at Forum Offices in San Antonio

by Haisten Willis October 18, 2016

SAN ANTONIO — JLL has arranged 21,119 square feet of new office leases at Forum Offices over the past 60 days. The largest deal was with GM Financial, which will occupy the first floor of Forum Three office building with 10,661 square feet. Other new tenants include CoStar Group, Guardian Mortgage Co. and HMG Engineers. JLL’s Mark Krenger, Lisa Mittel and Meredith Sheeder worked on behalf of the landlord, a partnership between Endeavor Real Estate and Long Wharf Partners, to finalize the transactions. JLL’s Pat McDowell and John Worthen represented GM Financial, Sergio Acosta of San Antonio Commercial Advisors represented CoStar Group and Scott Wolff of Transwestern represented Guardian Mortgage Co. The Forum Offices includes a three-building campus located on 16 acres in the Northwest submarket of San Antonio. The project spans over 380,000 square feet and is 91.4 percent leased. Endeavor Real Estate and Long Wharf Partners purchased the property late last year and have invested in capital improvements including a tenant training facility, fitness center, expanded Wi-Fi coverage and renovated signage and branding.

October 18, 2016

District of Columbia Loans Office Southeast

Prudential Mortgage Capital Provides $66.5M Refinancing of Office Tower in D.C.

by John Nelson October 18, 2016

WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided the $66.5 million refinancing of a newly built, 112,635-square-foot trophy office building located at 900 G St. in Washington, D.C.’s East End district. Sue Carras, Cary Abod, Dan McIntyre and Rob Carey of HFF arranged the loan through Prudential Mortgage Capital on behalf of the borrower, ASB Real Estate Investments. Completed in 2015, the LEED Gold-certified building features a three-level, below-grade parking garage, windows on three elevations with floor-to-ceiling glass and a rooftop conference center. Anchored by law firm Simpson Thacher & Bartlett LLP, the office tower is also home to BMW, Herman Miller, Roberti Global and the Truth Initiative. The property is situated across the street from the Gallery Place/Chinatown Metro station and less than two blocks from the Metro Center Metro station.

October 18, 2016

Illinois Midwest Office Top Stories

Beacon Capital Partners Acquires AMA Plaza in Chicago for $467.5 Million

by Katie Sloan October 18, 2016

CHICAGO — Beacon Capital Partners has acquired AMA Plaza, a 1.2 million-square-foot office building and an adjacent 902-stall parking garage, for $467.5 million. The Class A asset is located in the River North neighborhood of Chicago. The office component of the property is located above a 316-room Langham Hotel, which was not included in the sale. The hotel is housed on levels two through 13 of the building. The LEED Gold-certified property is situated on the banks of the Chicago River, and is a designated Chicago landmark listed on the National Register of Historic Places. It is also the last and largest American building designed by German-American architect Ludwig Mies van der Rohe. The building was 96-percent leased at the time of sale to tenants including the American Medical Association, the law firm of Latham & Watkins LLP, SmithBucklin Corp., BDO USA LLP and Swanson, Martin & Bell LLP. Originally opened in 1973, the property recently underwent $73.8 million in renovations including the addition of all new mechanical systems, elevators, HVAC, restrooms and a green Roof. Jaime Fink, Jeff Bramson, Mark Katz, Michael Kavanau, John Pelusi, Gerard Sansosti and Patrick Shields of HFF represented the seller, an affiliate of Five …

October 18, 2016

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