MANSFIELD, TEXAS — A partnership between two developers, Texas-based Admiral Legacy Investments and Florida-based Foundry Commercial, is underway on construction of a 152,894-square-foot office project in Mansfield, a southern suburb of Fort Worth. Located within the Mansfield Innovation District, the project represents Phase IA of a larger, 18-acre mixed-use development. The building will rise five stories and will also be able to support healthcare and research-and-development uses. BOKA Powell is the project architect, and Moss is the general contractor. Wier & Associates is the civil engineer, and Stream Realty Partners is the leasing agent. A tentative completion date was not announced.
NEW YORK CITY — Local owner-operator The Sapir Organization has received a $105 million loan for the refinancing of 261 Madison Avenue, a 398,000-square-foot office building in Midtown Manhattan. The 28-story building was constructed in 1954 and is home to tenants such as printing company RR Donnelley, coworking concept Industrious, labor union SAG-AFTRA and Japanese restaurant Zuma. The Sapir Organization also houses its headquarters within the building. Anthony Orso, Ari Schwartzbard and Clifford Welden of Newmark arranged the loan through Genesis Credit, a New York-based private real estate credit and investment firm, on behalf of ownership.
By Tony Kennedy, Colliers | St. Louis St. Louis is more than the Gateway Arch and the St. Louis Cardinals (although those are two pretty awesome things to have). With a robust and diversified economy, St. Louis continues to be a steady performer across all sectors predominantly in manufacturing, financial services, healthcare, biotech, energy and education. St. Louis ranks as the 23rd-largest metro area in the U.S. with an unemployment rate of 4.1 percent versus the national average of 4.4 percent. St. Louis doesn’t have high highs or low lows; rather it is the tortoise and not the hare when it comes to economic growth. And when it comes to real estate, the St. Louis office market follows a similar path and continues to show steady trends across key indicators. Overall, office vacancy continues to hover around 25 percent with some submarkets performing better than others. The Clayton submarket remains the “darling” of the St. Louis region with virtually no large blocks of space available and robust demand outweighing supply. With a Class A vacancy rate of 14 percent (about half the region’s average), Clayton landlords continue to push rates upward. Clayton office lease rates are hovering in the low …
IRVINE, CALIF. — Economos DeWolf has arranged the sale of an office building located at 2391 Morse Ave. in Irvine. The property traded for $15.7 million, or $707 per square foot. Steve Economos and Geoff DeWolf of Economos DeWolf represented the undisclosed seller and buyer in the deal. The 22,193-square-foot building, formerly headquarters of RiverRock Real Estate Group, is renovated and offers 5 Freeway frontage.
SUGAR LAND, TEXAS — Primoris Services Corp. (NYSE: PRIM) has signed a 25,352-square-foot office lease in the southwestern Houston suburb of Sugar Land. The provider of contractor services for the energy industry is taking space on the eighth floor of the building at 2150 Town Square Place, which is part of the Sugar Land Town Square mixed-use development. Primoris was self-represented in the lease negotiations. Bubba Harkins, Jenny Sealy and Joel Douthit of CBRE represented the undisclosed landlord.
Center for Justice Innovation Signs 34,300 SF Office Lease Expansion, Extension in Midtown Manhattan
NEW YORK CITY — The Center for Justice Innovation has signed a 34,300-square-foot office lease expansion and extension at 520 Eighth Avenue in Midtown Manhattan. The nonprofit organization has been a tenant at the 26-story building since 1999 and is relocating from three non-contiguous floors to a portion of the 18th floor and the entire 19th floor via a 20-year extension. Stephen Powers and Jake Cinti of OPEN Impact Real Estate represented the tenant in the lease negotiations. Matthew Mandell represented the landlord, GFP Real Estate, on an internal basis.
LISLE, ILL. — Sentinel Technologies has signed a full-building headquarters lease totaling 63,409 square feet at Corporetum Office Campus X in Lisle. Sentinel will occupy the four-story building with its office, research and development, and technology lab functions under one roof. The company is expected to relocate in the first quarter of 2027 from its current headquarters in Downers Grove, approximately one mile away. The move marks Sentinel’s first headquarters relocation in more than 30 years. Jordan Decker and Brian Duffy of Stream Realty Partners represented Sentinel in the lease. David Florent and Brent Jacobs of Colliers represented the landlord, Napleton Automotive Group. As part of the new lease, the building will undergo significant capital improvements to support Sentinel’s operations and long-term occupancy.
LOS ANGELES — Anderson Real Estate, a private, family-owned real estate development and management firm, has completed the $550 million refinancing of Anderson Towers, the company’s two-building office campus in Los Angeles’ Century City neighborhood. Eastdil Secured Savills arranged the financing on behalf of Anderson. Wells Fargo served as primary lender and servicer, while JPMorgan Chase was secondary lender in the refinancing. Legal counsel for the transaction included Allen Matkins for Anderson Real Estate and Hogan Lovells Cadwalader for the lenders. Since 2021, Anderson Real Estate has invested more than $300 million into renovations at Anderson Towers, which is located at 1800 and 1900 Avenue of the Stars. “We’ve invested in Anderson Towers because we believe deeply in the long-term strength of Century City and in creating office environments that will continue to attract leading companies to Los Angeles,” says Matt Lavin, executive chairman of Anderson Real Estate. “This financing represents another important milestone for Anderson Towers and underscores our long-term commitment to these properties and the broader Los Angeles community.” Anderson Real Estate completed its comprehensive renovations at Anderson Towers last year. David Montalba of Montalba Architects and Dillon Diers of OJB Landscape Architecture led the redesign, which included modernized …
EVERGREEN, COLO. — Marcus & Millichap has arranged the sale of The Center at Evergreen, an office property in Evergreen. Good Signature sold the asset to Divine Homes for $3.1 million. Chadd Nelson and Brandon Kramer of Marcus & Millichap represented the seller, while Clayton Primm of Marcus & Millichap represented the buyer in the deal. Situated on 3 acres at 2922 Evergreen Parkway, The Center Evergreen features 45,729 square feet of office space. At the time of sale, the property was 80 percent occupied, with U.S. Bank being a tenant at the property since 1980.
COLUMBIA, MO. — Coil Construction has broken ground on the expansion of the corporate headquarters for EquipmentShare.com Inc. (Nasdaq: EQPT), a construction technology and equipment rental company based in Columbia. The new 70,000-square-foot, two-story facility will provide space for up to 300 team members. Designed to foster collaboration and efficiency, the building will feature an executive business center, multi-purpose large meeting and event spaces, and a full-service corporate cafeteria. This expansion provides the physical room required to fulfill EquipmentShare’s previously announced commitment of bringing 500 new jobs to the region. Built with sustainability in mind, the facility is designed to accommodate photovoltaic solar panels and electric vehicle charging installations. Upon completion of the facility, EquipmentShare’s main corporate campus will encompass three facilities totaling 170,000 square feet. The campus sits near the company’s original equipment rental branch and its central distribution center, which supplies parts, technology and consumables to customers and over 430 EquipmentShare locations nationwide. EquipmentShare maintains more than 15 rental, R&D and corporate facilities operating statewide. Construction of the new facility is expected to be completed in mid-2028, with a formal grand opening event to follow.
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