16C— February 27 - March 12, 2015 — Commercial Office Spotlight — Mid Atlantic Real Estate Journal
C ommercial O ffice P roperties
Dunne, Welsh, Schulz & Maresca broker sale CBRE Institutional Props. acquires 507,348 s/f buildings S
46,145 s/f totaling $1.9 million in 2014 Lieberman Earley & Co. negotiates 18 office leases
Routes 4, 17 and 46. The property is 73% leased to a diverse tenant roster including several investment- grade companies, with no ten- ant accounting for more than 5.3% of the property. Park 80 West’s premier market posi- tion is illustrated by its strong history of tenant retention, with only two major tenants vacating over the past 20 years. Further, the property has experienced strong recent leasing activity, with 210,000 s/f of leases completed since January 2013. “The acquisition of Park 80 West provides CBRE Global Investors with a premier of- fice asset defined by its iconic location at the intersection of I-80 and the Garden State Parkway, commented Dunne. “CBRE Global Investors dem- onstrated their ability to quick- ly understand and overcome challenges, which was critical in meeting the very short closing timeframe required by ownership.” n
ADDLE BROOK, NJ — CBRE Group Inc. an- nounced that the CBRE Institutional Properties team of J effrey Dunne, Kev- in Welsh, Brian Schulz and Frank Maresca represented a fund sponsored by CBRE Global Investors , an inde- pendently operated affiliate of CBRE Group Inc. in the purchase of Park 80 West in Saddle Brook. The team worked closely with the seller, a joint venture between Pearl- mark Real Estate Partners and L&L, to effectuate an expedient transaction prior to a debt maturity. Totaling 507,348 s/f, Park 80 West consists of two class A office buildings, each with an attached parking garage. The property is located at the nex- us of I-80 and the Garden State Parkway and is considered one of the best locations in North- ern New Jersey. Park 80 West features new common areas renovated in 2014 and possess- es a superior amenity package Washington, DC — Ox- ford Properties Group , the real estate arm of OMERS , the pension plan for municipal employees in the Province of Ontario, Canada, announces that it has partnered with Quadrangle Development Corporation by investing in Washington Center, a 335,000 s/f class A office building located at 1001 G St., N.W., Washing- ton, D.C. The 12-story property, devel- oped by Quadrangle in 1989, has direct internal access to the Metro Center Metrorail station, the main regional mass transit hub serving the Red, Orange, Blue, and Silver lines. In the heart of the thriving East End district, the superbly located property incorporates the historic Beaux Arts-style McLachlen building and is adja- cent to the Grand Hyatt Hotel. Washington Center’s estab- lished track record of high occupancy and blue-chip ten- ants testifies to the quality of its location, management, and amenity base. Recent lease ex- pirations provide further oppor- tunity to add value to the ven- ture, and the available space is appealing to a wide variety of high-quality tenants. QDC Property Management will
Park 80 West
Meadows Office Complex
including manned and roving security, full-service cafeteria, fitness center, boardroom, dry cleaning service, on-site property management, and 90% covered parking (3.5/1000 ratio). In addition, there are two hotels adjacent to the property (Saddle Brook Mar- riot and Holiday Inn), three regional malls (Garden State Plaza, The Shops at Riverside and Bergen Town Center) and numerous dining options and national retailers along nearby
leased 1,638 s/f in February of 2014. Occupying 948 s/f inMay of 2014 was Maxeta Technolo- gies, Inc. The Meadows also wel- comed Dornseif &Associates, a manufacturer representa- tive who leased 705 square in Building 489, along with Technology Dynamics, Inc., who leased 1,185 s/f in the same building. Technology Dynamics is a premier pro- vider of business analytics, performance management, data integration, and pre- dictive analytics consulting services. Omega Helix, LLC, the foremost leader in supplying contractor resources in the technical staffing services industry, leased 1,984 s/f in Build- ing 489. Lieberman Earley thanks Adam Knox of Geis Realty for bringing Omega Helix to the Meadows. According to David Par- tridge, a sales associate with Lieberman Earley, “We are very pleased with the suc- cessful leasing in 2014. Own- ership thanks all of the com- panies at the Meadows who contributed to attaining the current 94% occupancy”. n over 2014-2016. In London, the development pipeline will be restricted in the next two years as below-average com- pletions combine with pre- letting, which is absorbing future supply. With few exceptions, Class A downtown office markets across Europe are poised for respectable levels of growth through 2016. However, older office stock will pay the price given the pervasive trends of densification and flight to quality. n
WAYNE, PA — Lieber- man Earley & Company, Inc. negotiated eighteen leases at the Meadows Of- fice Complex in 2014 totaling 46,145 s/f. The aggregate rental of these transactions was $1.9 million. Pet Valu, Radnor Financial Advisors, Inc., Majestic Wine and Spirits U.S.A., LLC, Weidenhammer Systems Corporation, IntegrityFood Marketing, Porto Leone Con- sulting, LLC, JP Warner Associates, Inc., Gold, Silver- man & Goldenberg, PC, Syn- ergy Hospitality, and Field Hotel Associates all renewed their lease agreements in 2014 for a total of 30,369 s/f. Dr . Mar t i n Mu l de r s , MDPC now occupies 2,912 s/f. Additionally, Education Plus Academy expanded into 5,438 s/f. Establishing new 966 s/f offices in Building 485 of The Meadows is Tarlow Chiro- practic & Wellness. Tarlow Chiropractic & Wellness focuses on finding the cause and source of health prob- lems and stress, educating their clients about the body, how it functions and how it heals. Envision Land Use, LLC continued from page 4C erable period of time,” Sicola said. “Overall performance is positive across leading indica- tors including rental growth, supply levels and demand.” Seventeen of the 21 cities monitored are anticipated to register rental growth. The two front-runners – Dublin and London – are in the midst of supply-led recoveries. Dub- lin, with only one project in the development pipeline, is anticipated to see 5.7 percent annual compound growth
Oxford Props. partners with Quadrangle Dev. Corp. by investing in Washington Ctr.
Cushman & Wakefield releases 2015- . . .
1001 G St., N.W.
continue to manage the asset on behalf of the joint venture and QuikPark, another Quadrangle affiliate, will continue to man- age the five-story below-grade garage. The transaction reinforces Oxford’s commitment to the East End submarket, follow- ing on Oxford’s recent invest- ments in Gallery Place and its development projects at 900 New York Ave. and 600 Mas- sachusetts Ave. Chris Mundy , senior vice president of Oxford, commented: “We are excited to be partnering with the Quad-
rangle team and feel that 1001 G Street, arguably the best located building in the City, is a great addition to our growing Washington, D.C. portfolio.” Christopher Gladstone , president of Quadrangle, com- mented: “We are very pleased to have found in Oxford a partner whose commitment to long- term ownership, best-quality management and tenant ser- vice, and to the District of Columbia, matches our own. We are excited to be working together on this terrific prop- erty.” n
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