HOUSTON — LaSalle Investment Management has acquired an equity stake in CityWest, a four-building, 1.5 million-square-foot office campus in West Houston. The percentage was not disclosed. CityWest was purpose-built for BMC Software as a 39-acre corporate headquarters campus near the intersection of I-10 and Beltway 8 and was 98 percent leased at the time of the recapitalization. The property offers amenities such as a recently renovated fitness center, basketball court, multiple dining venues and outdoor gathering areas. LaSalle acquired the stake a joint venture with investment firm 3Edgewood.
NEW YORK CITY — Marx Realty has begun the $68 million repositioning of 430 Park Avenue, a 19-story, 300,000-square-foot office building in Midtown Manhattan. The project will involve a redesign of the lobby and the introduction of indoor and outdoor amenities, including a parlor, library, golf simulator lounge and an indoor/outdoor bar. Studios Architecture is designing the project, which will also include the installation of new custom artwork. Lobby work has commenced, and work on pre-built suites will begin before the end of the month. Construction on amenity spaces will begin in February 2027, with completion expected for the summer.
PEORIA, ARIZ. — CBRE has arranged the sale of Thunderbird 101, a two-building office park at 14050 and 14100 N. 83rd Ave. in Peoria. An undisclosed seller sold the asset to a buyer group including Holualoa Cos. and David Walter of DWRE. Geoffrey Turbow and Anthony DeLorenzo of CBRE represented the undisclosed seller in the transaction. Completed in 2005, Thunderbird 101 consists of two two-story multi-tenant office buildings on 10.9 acres. Totaling 143,597 square feet, the property offers a range of suite sizes for healthcare, financial services, real estate and other professional services users, as well as 718 parking spaces. CBRE’s Property Management will manage the property, and Ashley Brooks and Jasmina Bays of CBRE will lead leasing efforts for the asset.
By Jim Adler, NAI Hiffman For decades, suburban Chicago’s office market was defined by abundance. Corporate campuses, office parks and multi-building complexes supported a workforce that spent most of its week in the office. Today, hybrid work has reshaped office demand, while investors and landlords have become increasingly selective about where they deploy capital. Well-located, amenity-rich properties continue to attract investment and tenants, while aging buildings face growing pressure to compete. Recent market performance reflects this divide. While suburban vacancy remains elevated at 26.7 percent, Class A properties posted 43,337 square feet of positive absorption during the third quarter, while Class B buildings recorded negative absorption of 26,098 square feet. Reinvestment and winners Despite elevated vacancy rates, leasing activity is healthier than many headlines suggest. Class A office leasing in suburban Chicago increased 16.6 percent year over year to 644,228 square feet through third-quarter 2026, up from 552,698 square feet a year earlier. Although Class A leasing remains down 11.3 percent year to date, its share of third-quarter leasing rose to 57.3 percent from 54.3 percent a year ago. The shift suggests that larger tenants are increasingly exploring higher-quality buildings they may have overlooked previously. Inland Real Estate Group’s approximately …
ADDISON, TEXAS— Newmark has brokered the sale of The Colonnade, an approximately 1 million-square-foot office campus located in the northern Dallas metro of Addison. The campus spans 12.4 acres and comprises three buildings that are connected by an enclosed, four-story atrium. The Colonnade was sold through the receivership process, with Stephen Schwalb, Chris Murphy, Robert Hill, Gary Carr and Austin Sheahan of Newmark representing the seller, a partnership between Trigild and CWCapital, in the transaction. The buyer, a partnership between Connecticut-based Cross Ocean Partners and Dallas-based Lincoln Property Co., has committed to investing approximately $100 million to reposition the campus. Initial property improvements are underway, with the first phase of upgrades expected to be completed throughout 2027.
HOUSTON — A partnership between Connecticut-based Cross Ocean Partners and Houston-based Fuller Realty has acquired Eldridge Place, an 828,784-square-foot office campus in Houston’s Energy Corridor. Eldridge Place comprises three buildings that span 245,315, 275,283 and 308,186 square feet. Engineering and construction firm Fluor Corp. anchors the campus with a footprint of 413,000 square feet, including occupancy of the entire third building. Other tenants at Eldridge Place, which had a campus-wide occupancy rate of 94 percent at the time of sale, include SM Energy, Pemex Procurement International, BakerRisk, Certarus and Petrobras America. Amenities include a fitness center, pickleball courts, a deli and a conference facility. The seller and sales price were not disclosed.
NEW YORK CITY — Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has provided a $231 million construction loan for an office-to-residential conversion project in Manhattan. The borrower is joint venture between Metro Loft Management and David Werner Real Estate Investments, and the building in question is 675 Third Avenue, a 32-story, 337,000-square-foot tower in the Midtown East submarket. The conversion could add as many as 450 new apartments to the local supply, inclusive of a 25 percent affordable housing component. The joint venture, which acquired the building last spring, has tapped Gensler and Collaborative Construction Management as project partners. A construction timeline was not announced.
SAN DIEGO — Pacific Coast Commercial has arranged the sale of an office property located at 2831 Camino del Rio S in San Diego. An entity doing business as Camino Del Rio South LLC sold the asset to 2381 Camino Del Rio South LLC for $6.2 million. Tommas Golia, Jason Vieira and Colton Speas of Pacific Coast Commercial represented the seller, while the buyer was self-represented in the deal. Stewart Title Guaranty Co. handled escrow and title services for the transaction.
CORAL GABLES, FLA. — The City of Coral Gables has purchased a medical office building located at 475–495 Biltmore Way in the city’s downtown district for $24 million. ShareMD sold the 53,029-square-foot property, which shares a city block with Coral Gables City Hall and the City’s Planning and Zoning Department. The City of Coral Gables, which now controls the entire block, has retained ShareMD’s property management affiliate, Medicus Asset Management LLC, to continue managing the building for an initial one-year term. Blanca Commercial Real Estate was the leasing agent for the property. In addition to the sale, ShareMD has announced it is rebranding to Parallel Medical Properties effective immediately. The firm owns and operates a 500,000-square-foot portfolio of medical office buildings in Florida and California.
RESTON, VA. — Comstock Holding Cos. Inc. has obtained $299.1 million for the refinancing of the first three office towers within Reston Station, a 90-acre mixed-use development that surrounds the Wiehle-Reston East Metro Station in Northern Virginia. The office towers — 1900, 1902 and 1906 Reston Metro Plaza — were fully leased at the time of loan closing to firms including Google, ICF, CARFAX, FM and Amentum. Eastdil Secured Savills arranged the financing on behalf of Comstock Partners LC, a privately held affiliate of Comstock. Bank of America served as lead manager and sole bookrunner for the refinancing, which was used to fully repay a $292.9 million loan provided by Blackstone Real Estate Debt Strategies.
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