DALLAS — Law firm Carrington, Coleman, Sloman & Blumenthal LLP has signed a 50,802-square-foot office lease in downtown Dallas. The firm is relocating from Bank of America Plaza to the 18th and 19th floors of the Dallas Arts Tower, a 55-story building located at 2200 Ross Ave. Phil Puckett and Harlan Davis of CBRE represented the firm in the lease negotiations. J.J. Leonard of Partners Real Estate and Matt Wieser of Stream Realty Partners represented the landlord, Fortis Property Group.
WILMINGTON, MASS. — BRUNT Workwear has signed a 56,000-square-foot lease in the northern Boston suburb of Wilmington. The space is located within the property at 299- 301 Ballardvale St., which can support industrial, office and life sciences uses, and will serve as the apparel retailer’s new headquarters. Brian McKenzie and Christian Vallis of CBRE represented the landlord, a partnership between Camber Development and GEM Realty Capital, in the lease negotiations. Derek Losi and Nathaniel Heilbron of Cresa represented the tenant.
MCLEAN, VA. — JLL has arranged the sale of a 10-story, Class A office building located at 8270 Greensboro Drive in McLean, part of Northern Virginia’s Tysons submarket. Andrew Weir, Kevin Byrd, Jim Meisel, Dave Baker and Trey Ramsey of JLL represented the seller, Nuveen Real Estate, in the transaction. Onward Investors purchased the 166,393-square-foot office building for an undisclosed price. Built in 1999 and renovated in 2021, 8270 Greensboro Drive was 96 percent leased at the time of sale to 13 tenants. Amenities include a redesigned lobby and elevator entrance, tenant lounge and kitchenette with a 100-person indoor/outdoor conference center, furnished outdoor patio, renovated common corridors and a restaurant on the ground level.
CYPRESS, CALIF. — Yamaha Motor Corp. U.S.A. has sold its former U.S. headquarters at 6555 Katella Ave. in Cypress, located in Orange County. Terms of the transaction were not released. Patrick Barnes, Paul Clark, Nick Slonek and Jae Estep of Avison Young represented Yamaha in the deal. Situated on 25 acres, the infill, industrial-zoned campus includes three buildings — one industrial, one flex and one office — totaling approximately 278,964 square feet and occupying an entire city block with three points of access from Katella Avenue, Holder Street and Yamaha Way. The campus has served as Yamaha’s U.S. headquarters since 1979. As part of a planned corporate relocation to Kennesaw, Ga., Yamaha will lease back the entire property through Dec. 31, 2028.
By Teresa Borgen, Newmark From record-high leasing rates to historically low office sales volume, the Minneapolis-St. Paul market continues to present a complex and evolving landscape. Still recovering from lasting effects of COVID-19 and civil unrest during 2020, some submarkets are thriving, while others continue their gradual recovery. Here’s a synopsis of what’s happening in the market. The haves and have-nots While the Minneapolis central business district (CBD) has been among the slowest downtown office markets in the U.S. to recover since the pandemic turmoil of 2020, recent activity suggests the submarket is showing signs of revival. Several high-profile relocations among national law firms underscore the trend, with firms such as Husch Blackwell, Cozen O’Connor, Faegre Drinker, Saul Ewing and Robins Kaplan making long-term commitments, some even growing their footprint. The Minneapolis CBD has also attracted several recent relocations from the suburbs, with tenants like HNTB, Yardstik and Pepper Foster Consulting moving for enhanced accessibility to public transit and easier opportunities for growth. Given the migration to suburban office markets between 2020 and 2022, these moves and expansions are encouraging signs for the Minneapolis CBD, as well as other downtown markets in the U.S. While these developments are certainly …
MIAMI — Miami Design District Associates and BH3 Management have formed a joint venture to develop The Ursa, a 20-story office tower in Miami’s Design District. The development was previously announced, but the newly formed joint venture has expanded the square footage of the project’s original vision by 40 percent. Designed by Arquitectonica and Arsham Studio, The Ursa will include 250,000 square feet of Class A office space with 14-foot ceilings and a suite of amenities, including an amenity deck, art installations and fitness facilities. The property will also include 15,000 square feet of ground-level retail space and onsite parking. Construction is expected to begin in 2027, with completion anticipated in 2029.
CARLE PLACE, N.Y. — The U.S. Department of War has signed a 10-year, 23,600-square-foot office lease in Carle Place, located on Long Island. The space is located within the 320,000-square-foot, newly repositioned building at 1 Old Country Road, and the federal cabinet plans to take occupancy early next year. Kelly Koukou of Lee & Associates represented the landlord, DBD Realty Group, in the lease negotiations. Ralph Guiffre, Vince Lamatta and Richard Freel of CBRE represented the tenant.
CHICAGO — Flexday, a national provider of flexible office solutions, has launched four fractional office suites at PNC Centre in Chicago’s Loop. The suites total more than 25,000 square feet and are designed to accommodate teams of 10 to 70 with flexible lease terms. The launch was made possible through a partnership with MetLife Investment Management, the building’s ownership group, as part of a broader capital investment in PNC Centre that includes a newly renovated lobby and upgraded tenant amenities. Brad Despot, Kim Doyle and Catherine Walsh of JLL represent MetLife at PNC Centre.
Tishman Speyer Returns to Manhattan’s Chrysler Building With 150-Year Ground Lease, $235M Investment
NEW YORK CITY — Tishman Speyer has entered into a 150-year ground lease agreement for the Chrysler Building, with plans to invest $235 million in restorations to the landmark Manhattan office tower at 405 Lexington Ave. New York City-based Tishman Speyer is joined in the transaction by multiple global institutional partners, with the Public Sector Pension Investment Board (PSP Investments) serving as lead investor. Ground-rent fees, which have not been disclosed, will be paid to the landowner, The Cooper Union for the Advancement of Science and Art, a private college in New York’s East Village. Opening in 1930, the 1.3 million-square-foot, 77-story tower was built to house the Chrysler Corp. and features decorative elements inspired by automobile parts, including eagle gargoyles modeled after the hood ornament on the 1929 Plymouth. Tishman Speyer and its partners will use 100 percent equity to finance the ground lease and redevelopment. Plans call for new amenities on the 61st floor featuring a lounge with outdoor access and food-and-beverage offerings. Fitness, wellness and meeting spaces will be situated in the building’s underground arcade, which connects to Grand Central Terminal and Manhattan’s subway system. The renovation investment will also cover restoration of the façade and the …
PLANO, TEXAS — California-based investment firm KBS has sold the 297,591-square-foot Tollway North Office Park in Plano. The seven-building campus spans approximately 27 acres within Legacy Business Park and can support life sciences and light industrial users in addition to traditional office tenants. Chris Murphy, Gary Carr, Robert Hill and Austin Sheahan of Newmark represented KBS in the transaction. Scott Henry represented the buyer, Los Angeles-based investment firm BH Properties, on an internal basis. Tollway North Office Park was roughly 70 percent leased at the time of sale.
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