P3 Properties Acquires 550,000 SF Office Buildings in New Jersey
P3 Properties, a real estate developer based in Bloomfield, N.J., has recently acquired two office buildings in Parsippany, N.J. The two four-story, class-A office buildings represent the addition of 550,000 square-feet of office space to P3’s portfolio. Together, the office buildings feature atriums, full-service cafes, a 5,000 square-foot fitness center, two conference rooms, covered and surface parking, and an outdoor seating area with a walking path. Their acquisition price is unknown.
North Carolina Becoming Hotspot for Office Development
A number of office building projects are set for delivery in North Carolina’s two biggest cities: Charlotte and Raleigh. Among the most notable are a 1.025M square-foot office building in Charlotte that will feature seven stories of retail space, a 20-story, $84.7 million office tower in Raleigh that will serve as the new headquarters for Advance Auto Parts, a 20-story mixed-use project in Raleigh that will feature retail space, a 165-room hotel, and 135 apartments, and a $167.8 million, 743,600 square-foot office tower in Charlotte that will serve as the new Charlotte headquarters for Ally Financial.
Rockpoint Group Purchases Los Angeles Office Building
Rockpoint Group, a Boston-based real estate private equity firm, has purchased an office building in Los Angeles, Calif. for $312 million. The 32-story office tower offers 465,000 square-feet of office space and a premier location just across from LACMA, which leases roughly 75,000 square-feet of the building’s space. The building is expected to increase in value given plans for a metro line extension in the area as well as increased levels of development in the neighborhood.
JLL Capital Markets Finances Manhattan Office Building
JLL Capital Markets, the investment banking arm of the Chicago-based real estate services firm, has secured a $545 million loan to the purchase of an office building in Manhattan. The 18-story structure features 248,061 square-feet of office space and 55,963 square-feet of retail space. The project’s lead developers are intending to boost the tenant experience by upgrading the building’s lobby, mechanical systems, and outdoor space.
University of Georgia Goes Forward with STEM Space Renovation
The University of Georgia is planning to proceed with a $135 million project to upgrade its STEM facilities across its campus in Athens, Ga. Once completed, the university will have renovated more than 900,000 square-feet of laboratory and academic space. Also planned is the completion of Interdisciplinary STEM Research buildings which will create 200,000 square-feet of new research and instruction space.