HFF closes sale of Troy Block in Seattle’s South Lake Union submarket

Troy Block, 300 Boren Avenue North in the South Lake Union submarket of Seattle, WA

                                                             Photo by Built Work Photography LLC

Mark Gibson

SEATTLE, WA –– Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the sale of Troy Block, two newly constructed, Class A+ office towers fully leased to a Fortune 50 technology tenant.

HFF marketed the property on behalf of the seller, a partnership between USAA Real Estate and Touchstone.  

The buyer was a private high net worth family office. This transaction represents the largest single asset trade by volume in Seattle history.

Troy Block is located at 300 Boren Avenue North in the South Lake Union submarket of Seattle, which is home to some of the fastest growing industries, including technology, media, software, global health and biomedical research. 

Stephen Conley

Completed in 2016 and 2017, the two LEED Gold-certified towers offer the highest quality improvements and latest building technology with multiple tenant amenities. 

The HFF investment advisory team representing the seller included executive managing directors Mark Gibson, Stephen Conley and Manny De Zarraga, senior managing directors Michael Leggett, Gerry Rohm and Coleman Benedict and directors Kevin Freels and Logan Greer.

About USAA Real Estate 

USAA Real Estate provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors and arranges commercial mortgage loans on behalf of affiliates.

Manny de Zarraga

 Its portfolio consists of office, industrial/logistics, multifamily, retail and hotel properties. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922.

For more information, visit usrealco.com.

About Touchstone

Touchstone is a privately-owned, Seattle-based real estate developer. 

 In the last decade, Touchstone has broken ground on 12 projects comprising nearly three million square feet.  It is currently developing two million square feet of real estate in the greater Seattle area.  

Michael Leggett

Touchstone is a subsidiary of Urban Renaissance Group, LLC, a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland.

 In 2016, Touchstone was selected by NAIOP as its National Developer of the Year.

Gerry Rohm

  

Please visit touchstonenw.com for more information.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. 

HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. 

Coleman Benedict

HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). 

For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

MARK GIBSON

HFF CEO and Executive Managing Director

(214) 265-0880

mgibson@hfflp.com

MICHAEL LEGGETT

HFF Senior Managing Director

Kevin Freels

(415) 276-6300

mleggett@hfflp.com

KEVIN FREELS

WA Lic. #129840

HFF Director

(206) 576-0030

kfreels@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

WeWork Commits to Junction 23 Creative Redevelopment in Denver, CO

Krystal Arcenaux.

DENVER, CO (March 29, 2019) – Office workspace leader WeWork has committed to a long-term, full building lease at Junction 23, a creative office redevelopment by EverWest Real Estate Investors, WHI Real Estate Partners L.P. and George Oliver Companies, in Denver’s booming River North (RiNo) District.

Located at 2323 Delgany Street, Junction 23 is the culmination of an extensive 12-month building renovation that repositioned a 1975-built property into an innovative, 86,127-square-foot creative office redevelopment in the heart of Denver’s quickly emerging urban live-work-play environment encompassing the downtown, RiNo and Lower Downtown (LoDo) neighborhoods.

Junction 23, River North District,  2323 Delgany Street, 
Denver, CO

“Denver is full of creative, thriving businesses,” said EverWest Senior Vice President of Asset Management Krystal Arcenaux. “Junction 23 was our opportunity to apply our team’s creative office redevelopment program to serve the entities that are evolving in our own backyard.

Junction 23 interior

"Welcoming WeWork validates the vision and goal of this project, and we look forward to their success at this location.”

New York-based WeWork provides flexible space, community and services with a global reach for entrepreneurs, freelancers, startups, small businesses and large enterprises of all sizes.

Junction 23 Interior Entrance

The company currently operates four locations in Denver – at The Triangle Building, The Lab, Tabor Center and The Hub – making it Denver’s largest office user.

Larry Lance

“As Junction 23’s sole tenant, WeWork will enjoy Junction 23’s very creative build out, beginning with a large glass front entry and extending into open interiors that are packed with flexible work environments and other conveniences designed for today’s modern working culture,” said EverWest Executive Vice President of Development Services Larry Lance.

This includes 16-foot windows, 25-foot exposed ceilings, more than two dozen skylights and energy-efficient LED lighting.

Laura Sperry

 The building’s indoor-outdoor concept features modern conference rooms, small group breakout areas and roll-up garage doors that connect to a center atrium and outdoor meeting spaces.

Junction 23 also offers an on-site fitness center with showers and locker rooms, on-site bike storage and direct access to the adjacent Millar E.B. Coffee Co., where employees and visitors can gather for work and relaxation.

Jamie Gard

Junction 23 is situated at the corner of Park Avenue and Delgany Street, within walking distance to Denver’s central business district, LoDo neighborhood, Union Station and dozens of restaurants and retailers, and a short drive to I-25 and Denver International Airport.

Newmark Knight Frank Executive Managing Director Jamie Gard and Associate Director Laura Sperry represented EverWest and WHI Real Estate Partners in the WeWork lease. Gensler was the project architect for Junction 23. Colorado-based Provident Construction was the general contractor.

About WeWork

WeWork meets companies of all types and stages — from startups to the 32 percent of Fortune 500 companies that now call WeWork home — where they are today and helps them grow to where they want to be tomorrow, next year, in a decade. 

Adam Neumann

As a global company with a hyper-local playbook where company becomes community, WeWork provides more than 400,000 members around the world with space, local connectivity, and services through both physical and digital offerings.

Founded in New York City in 2010 by Adam Neumann and Miguel McKelvey, WeWork currently has more than 425 physical locations in 100 cities and 27 countries around the world. 

Miguel McKelvey

WeWork transforms buildings into dynamic environments for creativity, focus, and collaboration. More than just a new way of working, though, this is a movement toward a new way of living. Follow us @WeWork on Twitter, Instagram, and Facebook or visit wework.com to learn more.

 For more information on EverWest, visit www.everwest.com. For more information on GWL Realty Advisors, visit www.gwlra.com.

For more information about WHI Real Estate Partners L.P., visit www.whirep.com.

To learn more or to discuss new project opportunities, visit www.georgeoliver.com.

CONTACT:

Stacey Hershauer

480.600.0195

stacey@focusaz.com

Lincoln Property Co. Takes Home NAIOP Award as Arizona’s Owner/Developer of Year

Dave Krumwiede

PHOENIX, AZ, March 29, 2019 – Leading commercial real estate owner, developer and property manager Lincoln Property Company (LPC) last night earned the award for Owner/Developer of the Year at the National Association of Industrial and Office Properties (NAIOP) Arizona chapter’s Best of NAIOP, an annual event recognizing the best of Arizona commercial real estate.

The NAIOP Owner/Developer of the Year award recognizes LPC as the most successful office/industrial owner and developer in the Arizona market in 2018.

The Grand at Papago Park Center, Tempe, AZ

This takes into account the firm’s more than 5.6 million square feet of active development, a property management portfolio spanning almost 10 million square feet of prime commercial space and the execution of 65 lease deals in 2018 across multiple landmark Valley projects.

“This is an extremely exciting time to be a part of the Phoenix commercial real estate community," said Lincoln Property Company Executive Vice President David Krumwiede.  

The ultra-modern, 901,700-square-foot Lincoln Logistics 40 Class A industrial project, Goodyear, AZ

"Our economy is more diverse than it has ever been, and that opens the doors to entirely new categories of tenant demand, amenity trends and project opportunities – all of which we’ve worked to actively identify and respond to.

“NAIOP is a big part of that environment, and we are grateful for its efforts to advance industry best practices, provide a platform for sharing knowledge and foster the continued development of our local commercial real estate talent.”

 Key LPC projects that were completed, under construction or announced during 2018 include the ultra-modern, 901,700-square-foot Lincoln Logistics 40 Class A industrial project in Goodyear, multiple amenity-rich Class A office buildings at The Grand at Papago Park Center in Tempe, the 1.3-million-square-foot Class A Union office project in the heart of Mesa’s Riverview District and the 1.2 million-square-foot Lincoln Logistics 303 Class A industrial development in Glendale.

John Orsak

 As one of metro Phoenix’s largest property managers, LPC also completed significant lease and renovation activity at high-profile properties including 3131 Camelback, Waypoint in Mesa and Gainey Center in Scottsdale, all Class A office properties in prime Valley submarkets.

 For more information or to discuss leasing, investment or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.

To learn more about Lincoln Property Company, please visit www.lpc.com or www.lpcphx.com.

CONTACT:

Stacey Hershauer

480.600.0195

stacey@focusaz.com

Ware Malcolmb Promotes Ilyes Nouizi to Associate Principal in Irvine, CA

Ilyes Nouizi

Irvine, CA – Ware Malcomb, an award-winning international design firm, announced Ilyes Nouizi has been promoted to Associate Principal, Resource Services in the firm’s Irvine, Calif. headquarters office.

In this role, Nouizi continues to lead the firm’s in-house Production Studio, a dedicated production team that supports all of Ware Malcomb's 22 offices across North America.

“All of us at Ware Malcomb join together in congratulating Ilyes on his well-deserved promotion to Associate Principal,” said Lawrence R. Armstrong, Chief Executive Officer of Ware Malcomb.

 “As Ware Malcomb has grown tremendously over the years, Ilyes has always been able to successfully manage the increased flow of projects and resources to meet our clients’ needs.

Lawrence R. Armstrong

"Known for both his technical expertise and solutions-oriented approach, he’s played a key role in turning our in-house Production Studio into a real competitive advantage for Ware Malcomb across our markets.”

Nouizi brings over 17 years of experience in the architecture industry to his new role. He joined Ware Malcomb in 2003 as part the firm's production resource team and has since been promoted multiple times.

In 2013 he was promoted to Director, Resource Services and quickly became an integral part of the Production Studio’s leadership and success.

A licensed architect in the state of California, Nouizi holds a Bachelor of Architecture degree from Ecole Polytechnique d’Architecture & d’Urbanisme in Algeria.

For more information, visit waremalcomb.com/news and view Ware Malcomb’s Design video at youtube.com/waremalcomb.

CONTACTS:

Rachel Reenders

VP Public Relations

 KCOMM for Ware Malcomb

rachel@kcomm.com

Kelly Teenor, Director, Marketing, 949.660.9128, kteenor@waremalcomb.com

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com

waremalcomb.com

Marcus & Millichap Arranges Sale of 7,900-SF Cash America Pawn Site in Tampa, FL

Douglas Diffie

TAMPA, FLORIDA, March 28, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Cash America Pawn, a 7,900-square-foot net-leased property located in Tampa, Florida, according to Craig R. Swanson, vice president/regional manager of the firm’s Austin, San Antonio, and New Mexico office.

Douglas Diffie and Landan Dory, investment specialists in Marcus & Millichap’s Austin office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  

Landan Dory

The buyer, a limited liability company, was secured by Mr. Diffie and Mr. Dory Regional Manager, Broker, assisted in closing this transaction.

Cash America Pawn is located at 1901 E Hillsborough Ave in Tampa, Florida. 

Located in a rapidly growing area of Tampa, this Cash America has a pre-existing customer base of over 320,000 people in a five-mile radius, with nine percent growth per year.

CONTACT:

Stephanie Carten

Marketing Coordinator

Marcus & Millichap 5900 North Andrews Avenue Suite 100 Fort Lauderdale, FL 33309 (954) 245-3477 direct (954) 245-3400 main (407) 625-9793 mobile (954) 245-3410 stephanie.carten@marcusmillichap.com

 www.MarcusMillichap.com.

Levin Johnston Directs $20 Million Land Sale for Development of 60-Unit Townhome Community in Santa Clara County, CA

Adam Levin

SANTA CLARA COUNTY, CA – Levin Johnston of Marcus and Millichap, one of the top brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has successfully directed the $20 million sale of a 3.26-acre land parcel on which a 60-unit townhome community will be developed in Santa Clara County.

Adam Levin, Senior Managing Director of Levin Johnston represented the buyer, a local developer, as well as the seller, a high-net worth individual, in the transaction.

“Demand for for-sale housing in Bay Area submarkets is at an all-time high,” explains Levin. “Driven by robust economic growth and rapidly increasing employment, Bay Area residents need new, quality housing that is close to metro areas.”

Levin points to the extremely low 2.8 percent unemployment rate in the San Jose-Sunnyvale-Santa Clara MSA and the region’s increase of 7,600 jobs from January to February of 2019 alone as continue evidence of the need for new housing options.

Further, Santa Clara County is fueled by some of the largest tech hubs in the nation, including Intel, Fujitsu and Hitachi. The surrounding areas serve as headquarters to tech companies such as Apple, Google, Facebook, Tesla and Oracle, among others, all of which attract a strong workforce in need of housing.

 “Statewide, between 2011 and 2016, California only added 171 homes for every 1,000 people,” says Levin. “As the region’s growth increases exponentially, developers who can find developable land have a tremendous opportunity to create value for themselves and for the community as a whole. We are fortunate to have deep knowledge of this market’s dynamic intricacies and can help both buyers and sellers find strong opportunities like this one.”

The land parcel is currently occupied by 54 vacant mobile home units and is entitled for new development. The developer plans to deliver 60 three-story for-sale townhouses on the land.

CONTACTS

Alex Caswell/Jenn Quader 

Brower Group

(949) 438-6262

acaswell@brower-group.com

 levinjohnston.com.

WeWork continues growth with lease at 101 North in downtown Phoenix, AZ

101 North, 101 North First Avenue, Copper Square Area,
 Downtown Phoenix, AZ

PHOENIX, AZ – The Phoenix office of JLL has completed a lease at 101 North that will establish the first downtown Phoenix location for WeWork, an New York-based company providing shared workspaces for technology startup subculture communities and services for entrepreneurs, freelancers, startups, small businesses and large enterprises.

Ryan Bartos

WeWork will lease four full floors, with the option to take additional floors, at 101 North, a Class A office tower owned and managed by ScanlanKemperBard (SKB). 

It becomes WeWork’s third Valley location, joining recently announced leases for the company at Camelback Esplanade in Phoenix’s Camelback Corridor and Tempe Watermark in downtown Tempe.

JLL Executive Vice President Ryan Bartos, Managing Director Andrew Medley and Associate Kyle Seeger represented WeWork in the lease negotiations. 

JLL Managing Director John Bonnell, Executive Vice President Brett Abramson and Senior Vice President Chris Latvaaho represented SKB as the exclusive leasing brokers for 101 North.

 

Andrew Medley

The 101 North building is located at 101 N. First Ave. in downtown Phoenix’s Copper Square, at the southeast corner of First Avenue and Monroe Street. 

It sits adjacent to two Phoenix Metro Light Rail stops and is minutes from Interstate 10, Interstate 17, Piestewa Freeway and Sky Harbor International Airport.

As Arizona’s second tallest building, 101 North totals 359,256 square feet and 31 stories of Energy Star space, with a six-level covered parking garage and sweeping views of the city and surrounding mountains. 

A major 2017 renovation added a shared conference room for tenant use and a modern, upgraded lobby with multiple restaurant concepts including Friends, The Monroe, Mole, Bosa Donuts and Spoonz Café.

Opening for the new WeWork location is slated for fall 2019. The company will occupy space on the building’s 8^th, 28^th, 29^th and 31^st floors, with the option to expand to additional floors.

Kyle Seeger

“WeWork loved the ground floor amenity base and signage opportunities at 101 North,” said Bartos. 

“Thanks to recent renovations, the building also allows WeWork a quick speed to market – driven by the constantly increasing demand for coworking space – and as an added bonus has an 8^th floor deck that will allow for a centralized indoor-outdoor amenity deck for WeWork members that is unlike any other in the downtown market.”

Additional amenities at 101 North include fiber connectivity, on-site concierge and property management.

 It is also within walking distance of the Phoenix Convention Center, Symphony Hall, Chase Field, Talking Stick Resort Arena and Comercia Theatre, and less than four miles from Phoenix Sky Harbor International Airport. Collectively, this gives the property a 96 percent walkability score.

John Bonnell

About WeWork

WeWork provides more than 400,000 members around the world with space, community, and services through both physical and virtual offerings. 

From startups and freelancers to small businesses and Fortune 500 companies, our community is united by a desire for our members to create meaningful work and lead meaningful lives—to be a part of something greater than ourselves.

 Co-founded by Adam Neumann and Miguel McKelvey in New York City in 2010, WeWork is a privately held company with over 9,000 employees. 

Follow us @WeWork on Twitter, Instagram, and Facebook or visit wework.com to learn more. 

Brett Abramson

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions.

 In doing so, we will build a better tomorrow for our clients, our people and our communities. 

JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

Chris Latvaaho

In Phoenix, JLL is a market leader employing more than 580 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process. 

In 2017, the Phoenix team completed 35.7 million square feet in lease and sale transactions valued at $1.9 billion, directed $112 million in project management and currently manages a 24.2 million-square-foot portfolio. 

For more news, videos and research resources on JLL, please visit www.jll.com.

JLL Contact: 

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com