Monday, February 9, 2015

HFF secures $220 million financing for Google-anchored office development in Chicago’s West Loop

1KFulton, West Loop, Chicago, IL

Mike Kavanau
CHICAGO, IL – HFF announced it has secured $220 million in financing for 1KFulton, a 531,194-square-foot, Class A mid-rise office and retail development to be anchored by Google in Chicago’s West Loop.

                Working on behalf of Sterling Bay, HFF placed the floating-rate loan with Mesa West Capital.  Loan proceeds were used to retire existing debt and fund remaining project costs.

                Originally constructed in 1923, 1KFulton is a 10-story office building that is being converted from the Fulton Market Cold Storage facility.  The conversion was substantially completed by the end of 2014. 

Building amenities include an on-site fitness center, rooftop deck, on-site ZipCars, secure bike room, on-site auto detailing, on-site bicycle detailing/repair and a 156-space basement parking garage featuring electric car charging stations. 

Committed tenants include Google, which has leased 357,928 square feet; SRAM; Sandbox Industries and BOKA restaurant group.  The building is located at 1000 West Fulton on approximately 1.737 acres and occupies an entire city block in the Fulton Market District, which is experiencing rapid growth. 

Timothy Joyce
1KFulton is on the north side of West Fulton bounded by West Carroll Avenue to the north, North Carpenter Street to the west and North Morgan Street to the east.  The asset is one block north of the Chicago Transit Authority’s Morgan/Lake station.

The HFF debt placement team representing the borrower was led by senior managing director Mike Kavanau, managing director Timothy Joyce and real estate analyst Christopher Knight. 

“1KFulton is a truly transformative asset for the West Loop,” Kavanau said.  “In fact, it showed up on every real estate player’s radar screen when talking about any asset within a radius of a few miles. 

"  Google’s significant commitment to the location was noted in nearly every offering memorandum and committee presentation in the past couple of years.”

“This is an exceptional physical asset, and the tenancy is second-to-none in Chicago,” Joyce added.  “As a result, the loan opportunity was hotly competed, with interest from a dozen marquis lenders.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

HFF arranges $50 million financing for Lakes on Post Oak office building in Houston, TX

Lakes on Post Oak complex adjacent to the Galleria, Houston, TX

Wally Reid
HOUSTON, TX – HFF announced it has arranged a $50 million financing for 3040 Post Oak Boulevard, a 427,486-square-foot, Class A core office building in the Lakes on Post Oak complex adjacent to the Galleria in Houston, Texas.

                HFF worked on behalf of the borrowers, MetLife Real Estate Investors, to secure the 10-year, fixed-rate loan through Northwestern Mutual Life Insurance Company.  Additionally, in 2014, HFF marketed and closed the sale of this property, which was purchased by the borrower.

3040 Post Oak Boulevard is located at the intersection of Post Oak Boulevard and Hidalgo in Houston’s Galleria/Uptown District.  The 22-story building is part of the 1.2 million-square-foot Lakes at Post Oak office complex. 

The building features exterior walls of bronze glass and aluminum and has views of the four-acre lake that weaves through the heavily-landscaped complex.  3040 Post Oak Boulevard is a past recipient of “The International Office Building of the Year” award by the Building Owners and Managers Association. 

Tyler Ford
The property is approximately 80 percent leased to 25 tenants, including Bechtel Corporation, Carriage Services and Wealth Design Group.  

                The HFF debt placement team was led by senior managing director Wally Reid, associate director Tyler Ford and real estate analyst Matthew Putterman. 

MetLife Real Estate Investors oversees a well-diversified real estate portfolio of more than $60 billion, which is one of the largest in the U.S. and consists of real estate equities, commercial mortgages and agricultural mortgages.  

MetLife is a global leader in real estate investment and real estate asset management, with a vast network of regional offices that keep in close contact with major real estate markets. 

  For more information, visit

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

HFF arranges combined $47.6 million financing for 2 downtown Salt Lake City, UT office buildings

Peter Smyslowski
SAN FRANCISCO, CA – HFF announced today that it has secured $47.6 million in proceeds on behalf of Nearon Enterprises to refinance 257 Tower and 515 Tower in downtown Salt Lake City, Utah.  The two office buildings total 429,000 square feet and are each greater than 93 percent leased.

                HFF arranged two separate facilities to give the borrower maximum flexibility.  A $29.6 million, 10-year, fixed-rate loan was placed with JP Morgan Asset Management for 257 Tower, which is a 13-story, 259,000-square-foot office tower.

 HFF placed an $18 million, 10-year, fixed-rate loan with Deutsche Bank for 515 Tower, which is a 14-story office tower comprising 170,000 square feet.  Both loans will be serviced by HFF. 

                The properties are located half of a mile apart in downtown Salt Lake City and within walking distance to one of Utah’s top retail destinations, City Creek Center.  The buildings are less than one and a half miles from the Utah State Capitol and less than two and a half miles from the convergence of Interstate 80 and Interstate 15. 

                The HFF debt placement team representing the borrower was led by managing director Peter Smyslowski and associate director Brandon Roth.  

Brandon Roth
“The high quality real estate coupled with strong market fundamentals attracted a wide array of capital providers,” Smyslowski said.

Nearon Enterprises is a privately-held real estate investment company founded in 1945. 

  Nearon Enterprises currently owns and manages approximately 3 million square feet of commercial real estate assets, principally located in California and Utah. 

  Property types include office, industrial, retail, multifamily, land and mixed-use.  Learn more at
For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

Wyndham Hotel Group Names David Rizo as Director of Development for Mexico

Luis Mirabelli
 PARSIPPANY, NJ  – Wyndham Hotel Group, the world’s largest hotel company with approximately 7,590 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), today announced the appointment of David Rizo as director of development for Mexico.

In his newly created role, Rizo will be responsible for leading Wyndham Hotel Group’s development efforts in Mexico, executing strategic deals while enhancing and maintaining a strong network of development partners in the country.

 Rizo will report to Luis Mirabelli, vice president of development for Wyndham Hotel Group in Latin America and Caribbean and will be based in Mexico City, Mexico.

“We are thrilled to welcome David to the Wyndham Hotel Group team in Latin America,” said Mirabelli. “We trust that his vast knowledge and industry experience will play a key role in our efforts to continue expanding in Mexico, a country that is crucial for our business strategy across the region.”
Wyndham Hotel Group is based in Parsippany, New Jersey, U.S. Additional information is available at

For a complete copy of the company’s news release, please contact:

Paula Carreiro
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ  07054
(973) 753-7927

Voit Real Estate Services Completes Five-Acre Land Sale for Development of California Highway Patrol Office in San Diego, CA Market

Randy LaChance
San Diego, CA (Feb. 9, 2015) - The San Diego office of Voit Real Estate Services has completed the $10.819 million sale of a five-acre land site in the Kearny Mesa submarket of San Diego, California on behalf of its client, the Cook Inlet Regional Indians (CIRI) of Alaska.

The property was purchased by the State of California, which plans to construct a California Highway Patrol office on the site, according to Randy LaChance, Senior Vice President, SIOR in Voit Real Estate Services’ San Diego office.

“The Voit team identified the opportunity for our client upon learning that the State of California was searching for a new Highway Patrol site in central San Diego County,” says LaChance.

“We were successful in presenting this opportunity and facilitating a sale that benefitted both parties.” 

 LaChance notes the land is located on the corner of Kearny Villa Road and Ruffin Road.  “We knew this vacant site is well-positioned for new development based on its size and proximity to the I-15 freeway,” he says.

Voit represented the seller, the Cook Inlet Regional Indians (CIRI) of Alaska, who had owned the site since acquiring it in a U.S. Government auction in 1989 when Highway 52 bisected the Miramar Base.

According to LaChance, the CIRI tribe had been working with the Voit team and a local development company since 2006 in an effort to entitle the property for the development of a 175,000 square foot office tower. 

“The proposed office development was understandably stalled during the Great Recession, and the entitlement process resumed in 2013,” explains LaChance.  “The opportunity to sell the land to the State of California emerged as a better solution for our client, and we were able to complete the sale quickly and seamlessly.”

Voit Real Estate Services’ Randy LaChance, Senior Vice President, SIOR; Glen Volk, Senior Vice President, SIOR; and Paul Brown, Vice President represented the Cook Inlet Regional Indians as the seller in the transaction.  The State of California represented itself as the buyer.

 For a complete copy of the company’s news release, please contact:

  Jenn Quader / Amanda Brenner
  Brower, Miller & Cole
  (949) 955-7940

DTZ Brokers Sale of Senior Housing Portfolio in Four States

Allen McMurtry
TAMPA, FL -- DTZ, a global leader in commercial real estate services, announces that the team of Allen McMurtry, Megan Fetter and David Kliewer has arranged the multi-market sale of a four-property Senior Housing portfolio located in four states.

The properties are Independent Living communities with a total of approximately 550 units.

Mr. McMurtry and his team represented an institutional seller in its disposition of the portfolio. Other details of the transaction are confidential.

 Since 1988, the Tampa-based DTZ Senior Housing team (formerly Cassidy Turley) has sold 159 Senior Housing communities in 31 states with an aggregate sales volume of $2 billion.

David Kliewer
The team’s average transaction size over the past decade exceeds $35 million.

DTZ is a global leader in commercial real estate services providing occupiers, tenants and investors around the world with a full spectrum of property solutions.

Our more than 28,000 employees operate across more than 260 offices in more than 50 countries and proudly represent DTZ’s culture of excellence, client advocacy, integrity and collaboration.

For further information, visit:

 For a complete copy of the company’s news release, please contact:

David Kliewer
Senior Managing Director | DTZ