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AcquisitionsFloridaLeasing ActivityOfficeSoutheast

JLL Arranges $40M Sale-Leaseback of Office, TV Studio Building in West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — JLL Capital Markets has arranged the $40 million sale-leaseback of 1100 Banyan, a 70,131-square-foot office and TV studio building in West Palm Beach. Simon Banke, Matt McCormack, Joe Judge and Anna Schaffer of JLL represented the seller, The E.W. Scripps Co., and procured the buyer, a joint venture between Related Ross, Wexford Real Estate Investors and Key International. Cincinnati-based Scripps is leasing the entire property from the new ownership for a minimum of 2.5 years.  Completed in 2000, 1100 Banyan is a two-story building that houses Scripps’ WPTV news studio and office space. The fully leased property also includes a 170-space parking garage and 33 surface parking spaces.

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Leasing ActivityNew YorkNortheastOffice

ElevatedNY Signs 26,000 SF Lease Expansion at The Hippodrome in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Coworking concept ElevatedNY has signed a 26,000-square-foot lease expansion at The Hippodrome, a 620,000-square-foot building located at 1102 Avenue of the Americas in Midtown Manhattan. Designed by LB Architects, the expanded space features 18 fully furnished “team suites” that are designed to accommodate organizations of up to 12 people. ElevatedNY’s footprint within the 21-story building now encompasses 130,000 square feet across four floors. Edison Properties owns The Hippodrome.

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AcquisitionsMidwestMissouriOffice

Altus Properties Sells 10-Story CIBC Place Office Building in St. Louis

by Kristin Harlow

ST. LOUIS — Altus Properties has sold CIBC Place, a 170,157-square-foot, 10-story office building located at 1401 S. Brentwood Blvd. in St. Louis. Bryan King of King Realty Advisors represented the buyer, and the seller was unrepresented. The purchaser was Jim Onder, attorney and founder of the OnderLaw firm, according to the St. Louis Business Journal. The buyer will occupy about 6,000 square feet, leaving the building fully leased. Altus was retained as property manager.

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AcquisitionsIllinoisMidwestOffice

Colliers Arranges Sale of 183,428 SF Office Building in Oak Brook, Illinois

by Kristin Harlow

OAK BROOK, ILL. — Colliers has arranged the sale of a 183,428-square-foot office building in the Chicago suburb of Oak Brook. The sales price of $10 million is 71 percent less than the price that the asset traded for a dozen years ago, according to Crain’s Chicago Business. The buyer, Ashley Capital, plans to relocate its Chicago office to the property at 2001 York Road later this year. The Class A building features a covered parking deck, onsite café, conference facilities, a tenant lounge, fitness center and electric vehicle charging stations. The asset is positioned near I-294 and I-88. Ashley Capital is planning a series of capital improvements and will roll out creative leasing packages to attract new tenants. The project will be fully self-funded until the building reaches a critical occupancy threshold, at which point rental income is expected to support conventional financing. The top four floors offer approximately 120,000 square feet of contiguous space available for lease. Colliers served as the court-appointed receiver, property manager and leasing agent for the building. Alissa Adler and John Homscher of Colliers represented the buyer. Francis Prock and David Florent of Colliers represented the lender, Varde Partners, and have been retained as …

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DevelopmentLoansMultifamilyNew YorkNortheastOffice

Feil Receives $65M Construction Loan for Office-to-Residential Conversion Project in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Locally based owner-operator The Feil Organization has received a $65 million construction loan for an office-to-residential conversion project in Midtown Manhattan. The project will convert the 14-story office building at 140 W. 57th St., which was originally constructed in 1908, into a 47-unit condo building. Units will come in studio, one-, two- and three-bedroom floor plans and will range in size from 502 to 1,776 square feet. Amenities will include a landscaped rooftop deck, indoor resident lounge, fitness center and a tenant storage room. The existing lobby, entryway, elevators and common hallways will be upgraded as part of the conversion. Deutsche Bank provided the loan. Construction is scheduled to begin in the coming weeks and to be complete in late 2026. MdeAs Architects is designing the project, which Feil is developing in partnership with Lloyd Goldman and the Nakash Family.

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DevelopmentOfficeTexas

Silver Lining Construction Completes Redevelopment of Office Space in Dallas Design District

by Taylor Williams

DALLAS — General contractor Silver Lining Construction has completed the redevelopment the office headquarters of Moroch Partners, located at 147 Manufacturing St. in the Dallas Design District. The project saw the Dallas-based marketing agency reduce its footprint by about 50 percent to 24,000 square feet, and the revamped space features a conference room that can seat about 20 people, a 60-desk open office layout and various collaborative workspaces. The design team included locally based interior architecture firm Tangram, Studio Other and OTJ Architects.

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Leasing ActivityOfficeTexas

Braun Enterprises Opens 12,000 SF Coworking Space in Houston’s River Oaks District

by Taylor Williams

HOUSTON — Locally based commercial developer Braun Enterprises has opened a 12,000-square-foot coworking space in Houston’s River Oaks district under its Urban Office brand. Designed by BwCollier Interior Design and built by Yellow Crown Construction, the space is located at 1500 Waugh Driveand offers private office suites ranging from 100 to 400 square feet. Additional features include conference rooms, complimentary beverages, a podcast studio, mother’s room and lounge space

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Vibe-Redmond-WA
AcquisitionsOfficeWashingtonWestern

Vibe Brand Boutique Office Properties Sells Three-Building Complex in Redmond, Washington

by Amy Works

REDMOND, WASH. — Vibe Brand Boutique Office Properties has completed the disposition of Vibe Redmond, a three-building Class A office complex in Redmond. Muslim Association of Puget Sound (MAPS) and Medina Academy acquired the asset for an undisclosed price in an off-market transaction. Tom Pehl, Charles Safley and Jeff Hudson of CBRE’s Capital Markets team in the Pacific Northwest represented the seller, while Jim Reed and Adrienne Hunter of Lee & Associates represented the buyers in the deal. Developed in 1982 on 7.7 acres, the three buildings at 5000, 5010 and 5020 148th Ave. NE offer a total of 146,165 square feet. Medina Academy will use Building A for a middle school and high school. MAPS will convert Building C into a mosque and spiritual center once the property is vacated and redevelop Building B into an education and outreach center.

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2186-S-Holly-St-Denver-CO
AcquisitionsColoradoOfficeWestern

CW Real Estate Partners Brokers Sale of 16,050 SF Office Property in Denver

by Amy Works

DENVER — CW Real Estate Partners has arranged the purchase of an office building located at 2186 S. Holly St. in Denver. Ascent 2186, a local investor and developer, acquired the property from Hillsdale Holdings for $1.6 million, or $103 per square foot. Built in 1964 and renovated in 2005, the 16,050-square-foot building was 96 percent occupied at the time of sale with a mix of small office users. Chris Wiedenmayer of CW Real Estate Partners represented the buyer, while Brandon Paxton off BRD Commercial Group represented the seller in the deal.

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The-Park-on-Barton-Creek-Austin
AcquisitionsOfficeTexas

BH Properties Acquires 205,293 SF Office Complex in Southwest Austin

by Taylor Williams

AUSTIN, TEXAS — California-based investment firm BH Properties has purchased The Park on Barton Creek, a 205,293-square-foot office complex in southwest Austin. Built in 2007, The Park on Barton Creek consists of two buildings on a 16.5-acre site with separate 426-space parking structures. The property recently underwent a $1.3 million capital improvement program that enhanced the lobby and added both a tenant lounge and conference center. Ryan Stevens and Drew Fuller of JLL brokered the sale of the property. The seller was not disclosed.

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