MIDDLETON, WIS. — SRS Real Estate Partners has brokered the $39.1 million sale of a four-story, 197,860-square-foot office property in Middleton. A tenant since 2008, University of Wisconsin Health Administrative Services occupies the entire property and recently signed a new 20-year lease. John Redfield and John Battle of Lee & Associates represented the seller, a California-based private owner. The buyer was ASG Equities.
ATLANTA — Real Capital Solutions has acquired 101 Marietta, a 36-story office tower located at 101 Marietta St. NW in downtown Atlanta, for $49.5 million. The seller was not disclosed. Situated adjacent to Centennial Yards, the 673,819-square-foot building was 54 percent leased at the time of sale to tenants including the Atlanta Hawks, The Federal Defender Program, YKK AP America, Industrious and the U.S. Small Business Administration (SBA). Originally constructed in 1975 and renovated in 1999 and 2016, 101 Marietta has received more than $12 million in capital improvements completed by prior ownership, including lobby renovations, tenant amenities, building systems upgrades and digital signage enhancements. Real Capital Solutions plans to continue to invest in capital improvements to increase leasing and improve the tenant experience at 101 Marietta.
LAKE MARY, FLA. — CP Group has improved the occupancy rate at Northpoint Center, a 334,000-square-foot office campus in the Orlando suburb of Lake Mary, from 76 percent to 93 percent in under two years. The Boca Raton-based office giant has executed more than 126,000 square feet of leases since recapitalizing and renovating the three-building office campus two years ago. Recently, CP Group signed a new 16,586-square-foot lease with Staples Contract & Commercial LLC, a subsidiary of the retailer Staples, and a 13,707-square-foot lease expansion for Westwood Professional Services, which is more than doubling its footprint at Northpoint Center. Madison Kimball of JLL represented the landlord in both transactions. Chris Mullen and Andrei Savitski of CBRE represented Staples, and John Beach and Catherine Gibbons of Newmark represented Westwood.
Miami’s office market is no longer defined by migration alone. What is driving performance today is expansion, constrained supply and long-term corporate commitments that continue to support growth, even as many U.S. office markets navigate ongoing uncertainty. At its core, this cycle is defined by the imbalance between rising demand for space and the limited availability of high-quality office product. Companies are not only maintaining a presence in Miami, but they are scaling, and that expansion is increasingly shaping the direction of the market. That dynamic has been evident over the past five years and continued in the first quarter. Leasing activity has settled in above pre-2020 levels and the Miami-Dade County office market continues to record positive absorption. With 89,000 square feet of positive absorption this quarter, the Miami-Dade office market has absorbed approximately 3.4 million square feet since the start of 2021. That strong demand has pushed asking rents to $66.30 per square foot, up 10.6 percent year-over-year, and 53 percent since first-quarter 2021. The market also continued to attract institutional attention, underscored by Palantir’s decision to establish its headquarters in Miami. Underlying these numbers is a structural advantage that continues to set Miami apart: utilization. The city …
PALM BEACH GARDENS, FLA. — Berkadia has arranged a $100.4 million loan for the refinancing of DiVosta Towers, a two-building office campus located at 3825 and 3835 PGA Blvd. in Palm Beach Gardens, a city in South Florida’s Palm Beach County. The Class A property comprises two 11-story office buildings spanning 220,000 square feet that are connected by a parking structure. The property was fully delivered in 2020 and houses tenants including JP Morgan, Wealthspire Advisors and Virtu Financial, among others. Charles Foschini, Scott Wadler and Shannon Wilson of Berkadia’s Miami office arranged the three-year, floating-rate loan through Cirrus Real Estate on behalf of the borrower, Gatsby Florida. The sponsor is also building The Modern at Palm Beach Gardens, a 220,000-square-foot office building located at 11200 RCA Center, less than one mile from DiVosta Towers.
PARSIPPANY, N.J. — Cushman & Wakefield has arranged an $80 million loan for the refinancing of LATITUDE, a 35-acre office campus located in the Northern New Jersey community of Parsippany. LATITUDE features 524,859 square feet of office space across multiple buildings. Tenants include Gilead, FM Global, Mead Johnson, Essential Homes and Sax Wealth Advisors. Oak Funding, a locally based bridge lender and private equity real estate firm, along with Oak North Bank, provided the debt. Chuck Kohaut, Brad Domenico, David Bernhaut, Alexander Hernandez, Frank Stanislaski, Bill Baunach and Jack Subers led the debt placement efforts for Cushman & Wakefield. The borrower, a partnership between Rubenstein Partners and Vision Real Estate Partners, first acquired LATITUDE in 2017 and subsequently renovated the campus, inclusive of the addition of 30,000 square feet of new amenities.
NEW YORK CITY — PGIM, the global asset management business of Prudential Financial Inc. (NYSE: PRU), has provided a $222 million loan on behalf of Rudin Management Co. for the refinancing of two office buildings in Midtown Manhattan. The refinancing, funded through PGIM’s core lending strategy, includes a $140 million loan for 41 Madison Avenue and an $82 million loan for 641 Lexington Avenue. The fixed-rate, long-term loans were issued to replace and expand on previous debt held on the properties, which total more than 1 million square feet. “These financings reflect continued lender confidence in high-quality office assets located in premier urban markets,” says Justin Levitt, managing director at PGIM. “The properties are exceptionally well-located with strong tenancy, long-term ownership and enduring relevance within the Midtown Manhattan office market.” Situated in the Flatiron District, 41 Madison Avenue spans 42 stories and totals 524,900 square feet. Completed in 1974, the tower is also known as the New York Merchandise Mart, which serves as a global hub for the tableware, housewares and gift industries. Mark’s Off Madison, an Italian restaurant and bakery, is also located at the property. 641 Lexington Avenue, a 32-story, 426,700-square-foot office tower located in the Midtown East Plaza …
For much of the past several years, commercial real estate investors have navigated a market defined by uncertainty. Interest rate volatility, inflation concerns, geopolitical tensions and shifting workplace trends have all contributed to an environment where predicting the next move can feel increasingly difficult. Against that backdrop, the Midwest continues to stand out for a different reason: stability. Across many Midwest markets, commercial real estate fundamentals have remained relatively balanced compared with other regions of the country. While some markets have experienced dramatic swings in pricing, development activity and occupancy levels, much of the Midwest has maintained a steadier trajectory. That consistency allows investors and operators to focus on executing long-term business plans rather than constantly reacting to market volatility. Stability Remains the Midwest’s Competitive Advantage One of the region’s greatest strengths is the balance between supply and demand. Unlike certain Sun Belt markets that have experienced significant waves of new development, many Midwest metros have avoided substantial oversupply. As a result, property owners have been able to continue implementing value-add strategies, improving operations and generating steady rent growth. Commercial real estate success is rarely built overnight. In many Midwest markets, returns are generated through disciplined management, operational efficiencies and …
IRVING, TEXAS — Cushman & Wakefield has negotiated a 172,089-square-foot office lease in Irving’s Las Colinas district. The new tenant, religious nonprofit organization Mercury One, will occupy the entirety of the building at 6655 N. MacArthur Blvd., which was developed in 1997. Matt Schendle and Mary Frances Burnette of Cushman & Wakefield represented the owner, Orion Properties, in the lease negotiations. Steve Wentz, also with Cushman & Wakefield, represented the tenant.
NEW YORK CITY — JLL has arranged a $42 million loan for the refinancing of The Nelson Tower Building, a 510,304-square-foot office complex located at 450 Seventh Ave. in Midtown Manhattan. Originally constructed in 1930 and most recently renovated in 2019, the 46-story building features an upgraded lobby, modernized elevators and a tenant amenity suite with conference facilities and a rooftop lounge. Aaron Niedermayer led the JLL team that originated the loan through Apple Bank on behalf of the locally based borrower, The Kaufman Organization.
