Office

Bridge Investment Group Purchases 416,311 SF Office Campus in Richmond

by John Nelson February 14, 2017

RICHMOND, VA. — Bridge Investment Group has purchased WestMark Office Park, a 416,311-square-foot, two-building office complex located on a 40-acre campus at 11000 W. Broad St. in Richmond. Bridge purchased the asset with equity partner Mandalay-CRE Venture II from RER/New Boston West Broad LLC for an undisclosed price. Bridge will rebrand the asset SunTrust Center once SunTrust Bank takes occupancy of the entire 211,689-square-foot WestMark One building. WestMark was previously home to Capital One. Cushman & Wakefield | Thalhimer and Cushman & Wakefield’s Washington, D.C., office represented the seller in the transaction. Bridge will invest in improvements to WestMark’s lobbies, common areas and the exterior façade.

February 14, 2017

Georgia Office Southeast

Cushman & Wakefield Relocates Atlanta Office to 1180 Peachtree in Midtown Atlanta

by John Nelson February 14, 2017

ATLANTA — Cushman & Wakefield has signed a 50,203-square-foot office lease at 1180 Peachtree, a 41-story, Class A office building located in Midtown Atlanta. The company will consolidate its two existing offices to two-and-a-half floors at the building this summer. The commercial real estate services firm signed the lease with building owner Hines, which developed 1180 Peachtree in 2006. The nearly 700,000-square-foot property was the first high-rise office building in the world to be pre-certified LEED-CS Silver, and an acre of the site is devoted to public spaces, plazas and gardens.

February 14, 2017

California Market Reports Office Western Western Market Reports

Los Angeles Office Market Points to Steady Demand, Further Growth in 2017

by Camren Skelton February 14, 2017

The Los Angeles office market continues to experience steady demand and accelerated rent growth as we enter 2017. The market is heading into its sixth consecutive year of expansion, after seeing a sharp contraction between 2008 and 2011. The Los Angeles office market has witnessed vacancy rates steadily decline from 16.3 percent to 13.7 percent since 2011, all the while absorbing more than 10.5 million square feet of occupied space. The market only added 4.5 million square feet of new construction during that same period, allowing vacancy to steadily decline back into the low teens, while average full-service gross asking rents have increased from $29.28 per square foot to $35.76 per square foot, up 22.1 percent. More importantly is the accelerated rent growth during this period. Rents increased 1.6 percent in 2012; 2.8 percent in 2013; 3.9 percent in 2014; 5.3 percent in 2015; and 6.8-percent to date in 2016. On the demand side, net absorption growth rates have been trending higher since 2012, averaging 0.8 percent during the past five years. They will finish above 1 percent for the second consecutive year. This remains below the growth rates experienced from 2003 to 2007, which averaged an annual growth of …

February 14, 2017

Colorado Office Western

Park Forum Office Park in Lakewood Sells for $3M

by Nellie Day February 13, 2017

DENVER — An unnamed buyer has acquired the 22,627-square-foot Park Forum Office in Lakewood for $3 million. The two-building property is located at 3222-3232 S. Vance St. The buyer intends to occupy one of the buildings, while leasing out the other. Eric Shaw of Pinnacle Real Estate Advisors executed the transaction.

February 13, 2017

California Office Western

Worldwide Facilities Renews 23,389 SF Office Lease in Downtown LA

by Nellie Day February 13, 2017

LOS ANGELES — Worldwide Facilities has renewed its headquarters space in downtown Los Angeles. The firm leases 23,389 square feet at Ernst & Young Plaza. The space is located at 725 S. Figueroa St. Worldwide Facilities will remodel and modernize the space. JLL’s Darren Eades, Tony Morales and Maureen Hawley represented Worldwide Facilities, while the landlord, Brookfield Office Properties, was represented in-house by James Malone.

February 13, 2017

New York Northeast Office

CBRE Negotiates $21M Sale of Office Building in Hauppauge, New York

by Amy Works February 13, 2017

HAUPPAUGE, N.Y. — CBRE has arranged the sale of an office property located at 150 Motor Parkway in Hauppauge. UA Properties acquired the building from RA 150 Motor Parkway, an entity controlled by RNY Property Trust, for $21 million as part of a 1031 exchange. The 201,258-square-foot building features a theater-style media room and boardroom, café, health club and bank branch with drive-through ATM. Jeffrey Dunne, David Gavin, Travis Langer and Philip Heilpern of CBRE represented the seller and procured the buyer in the deal.

February 13, 2017

Office Texas

Pierson Retail Advisors Merges with Vitorino Group, Launch New Firm

by Amy Works February 13, 2017

DALLAS — Pierson Retail Advisors and Vitorino Group have entered a definitive agreement to merge and combine operations. The merged companies will operate as Strive, a new full-service retail real estate brokerage firm headquartered in Dallas. Combined the two firms have sold close to $3 billion in commercial real estate. The merger will be complete by the summer, with plans to unveil the new branding and image by then. Jennifer Pierson leads Pierson Retail Advisors, and Jason Vitorino leads Vitorino Group.

February 13, 2017

Office Texas

ECR Negotiates Sale of 53,164 SF Office Building in Austin

by Amy Works February 13, 2017

AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has arranged the sale of an office building located on Bee Cave Road in Austin. An undisclosed buyer acquired the 53,164-square-foot building. Matt Fain of ECR represented the buyer. The name of the seller and the acquisition price were not released.

February 13, 2017

Office Texas

Retail Solutions Opens New Office in El Paso

by Amy Works February 13, 2017

EL PASO, TEXAS — Retail Solutions has opened an office in El Paso. With offices in Austin, Houston, Dallas, San Antonio, McAllen and Midland, Texas, the commercial real estate company handles the leasing and sale of approximately 750 commercial spaces across Texas and Louisiana. Additionally, the company represents more than 250 retail and restaurant brands in the two states and across the country. Chris Duncan is Retail Solutions’ market leader at the new El Paso location.

February 13, 2017

Loans Massachusetts Northeast Office

Colliers Arranges $40.4M in Financing for 120,000 SF Office Building in Waltham, Massachusetts

by Amy Works February 10, 2017

WALTHAM, MASS. — Colliers International has secured $40.4 million in permanent leasehold financing for 60 Tower Road, a 120,000-square-foot creative office property located at the 1265 Main project in Waltham. The borrower is a joint venture between 1265 Main Street LLC and a wholly owned subsidiary of Boston Properties LP. Jeff Black and Kevin Phelan of Colliers arranged the 15-year, fixed-rate loan with Sun Life Assurance Company of Canada for the borrower. The LEED Gold-certified building serves as the corporate U.S. headquarters of Clarks Americas, a subsidiary of C&J Clark International.

February 10, 2017

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