Office

FRISCO, TEXAS — Ruiz Foods, a provider of frozen Mexican foods, has opened a new 25,000-square-foot headquarters space at HALL Park in Frisco, according to reports from local media sources. According to Star Local Media, the company is in the process of relocating some employees from its existing headquarters facility in Dinuba, Calif., in addition to hiring some local workers. Ruiz Foods eventually plans to employ about 125 people at the new facility, the local paper reports.

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HOUSTON — Affiliated Engineers Inc. has signed a 6,945-square-foot office lease at the Greenway Plaza office complex in West Houston. The space is located within 20 East Greenway Plaza, a 433,132-square-foot building. Ray Lopez of Colliers represented the tenant in the lease negotiations. Marilyn Guion and Steve Rocher of CBRE represented the landlord, an entity doing business as Twenty Greenway Plaza.

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DENVER — Malman Commercial Real Estate has arranged the sale of 131 Madison Street, an office building located in Denver’s Cherry Creek district. University of Colorado Health, a Colorado nonprofit corporation, acquired the asset from 131 Madison Investors, a Texas limited liability company, for $3.1 million. The property offers 6,156 square feet of office space. Jake Malman and Taylor Roy of Malman Commercial Real Estate represented the seller, while Kyle Underwood and Julie Burch of Legend Partners represented the buyer in the deal.

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DETROIT AND ANN ARBOR, MICH. — NAI Farbman, the brokerage arm of Farbman Group, has brokered two receivership sales in Detroit and Ann Arbor. The first sale was of 521 and 609 Old Saint Jean St., two industrial properties located a few blocks from the Detroit River. Dan McCleary and Nathan Casey of NAI Farbman brokered the deal. The second sale was of 30 Parkland Plaza and 4621 Park Road, two office properties in Ann Arbor. Brad Margolis and Wendy Acho of NAI Farbman arranged the sale. Further details were not provided.

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NEW YORK CITY — UpSlide, a provider of automated document solutions, has signed a 10-year, 9,536-square-foot office lease at 10 Grand Central in Midtown Manhattan. UpSlide will lease space on the sixth floor of the building, which was originally constructed in the 1930s and recently underwent a $45 million capital improvement program. Lexie Perticone of Cushman & Wakefield represented UpSlide in the lease negotiations. Mitchell Konsker, Kyle Young, Carlee Palmer, Simon Landmann and Thomas Schwartz of JLL represented the landlord, Marx Realty.

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NEW YORK CITY — Walker & Dunlop has arranged a $108 million CMBS loan for a four-property office portfolio located across the Sun Belt. The properties span nearly 1 million square feet and are located in Alpharetta, Ga.; Plano, Texas; Raleigh, N.C.; and Falls Church, Va. Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Christopher de Raet of Walker & Dunlop’s New York City office arranged the financing through Goldman Sachs and Argentic. The borrowers are affiliates of Vero Capital and Prime Finance. The recapitalization allows the borrowers to have $20 million of available capital for leasing costs and capital improvements for the portfolio.

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WEST PALM BEACH, FLA. — Dycom Industries Inc., a specialty contractor serving the telecommunications and utilities industries, has signed a lease to anchor 300 Banyan, a six-story boutique office building in West Palm Beach. The company’s new headquarters will comprise the top two floors and span 40,000 square feet. Brian Gale and Anthony Librizzi of Cushman & Wakefield represented the landlord, Brand Atlantic Real Estate Partners and Wheelock Street Capital, in the lease negotiations. Derek Baker of Colliers represented the tenant. 300 Banyan is part of Brand Atlantic’s Banyan & Olive development along with 111 Olive, an adaptive reuse of a historic three-story building. Dycom’s lease brings 300 Banyan to 50 percent preleased. In addition to offices and private terraces, the office building features an 8,000-square foot restaurant with a garden dining room, sidewalk café and a private, six-story parking garage.  

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— By Kyle Seeger, Vice President, JLL — Like office markets across the U.S., Phoenix continues to navigate its post-pandemic “normal.” But with red-hot population growth, a comparatively low cost of doing business, a dynamic office inventory and a stellar quality of life, it also remains a prime contender for new office locations, relocations and expansions. Metro Phoenix’s overall office vacancy rate had ticked up slightly to 25.6 percent at the close of 2023. Average annual rent growth had decelerated moderately to 0.8 percent year over year, but remained positive. The overall direct asking rent had stabilized at just over $29 per square foot. Although negative absorption remained markedly high at more than 3.5 million square feet through 2023, there was less quarterly loss in the fourth quarter compared to the third quarter. Amid all of this, Phoenix’s cost and demographic advantages — along with its ample inventory — pushed leasing momentum forward. In some cases, it even created positive net absorption, such as in prime office corridors and in newer, highly amenitized Class A projects.  The Grove, a 180,000-square-foot, Class AA office building in the Camelback Corridor, is a prime example of this. Within 16 months of its mid-2021 …

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16705-Via-Del-Campo-Ct-Rancho-Bernardo-CA

SAN DIEGO — Drawbridge Realty has completed 16705 Via Del Campo Court, a speculative office and R&D property in Rancho Bernardo, a master-planned community in northern San Diego. The three-story, Class A building is the first speculative office building to be constructed in the Rancho Bernardo market in more than a decade. The three-story, 80,720-square-foot building features large, efficient floor plates with 15-foot floor-to-floor ceiling heights, expansive window lines, outdoor patios on the ground level and third floor, and surface parking for more than 300 vehicles. Netherlands-based semiconductor manufacturer ASML (NASDAQ: ASML) has leased the top two floors, totaling 55,227 square feet. The first floor, totaling 25,493 square feet, is currently available for lease and being marketed by Jay Alexander and Tim Olson of JLL.

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Wells-Fargo-Irving

IRVING, TEXAS — Locally based developer KDC has topped out the 850,000-square-foot office campus in Irving’s Las Colinas district that will serve as the new regional headquarters for Wells Fargo. The campus will consist of two 10-story, 400,000-square-foot buildings and a connecting parking garage, as well as various open green spaces, all on a 22-acre site. The San Francisco-based bank is consolidating its regional real estate footprint and expects to employ about 3,000 people at the campus, inclusive of the hiring of 650 new staffers. Completion is slated for late 2025. Project partners include architect Corgan, civil and landscape engineer Kimley-Horn and general contractor Austin Commercial.

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