REBusinessOnline

Quantum Arranges $13.1M Sale of Office Building in Warrensville Heights, Ohio

WARRENSVILLE HEIGHTS, OHIO — Quantum Real Estate Advisors Inc. has arranged the $13.1 million sale of a 45,422-square-foot office building in Warrensville Heights, an eastern suburb of Cleveland. Constructed as a build-to-suit for advertising agency Marcus Thomas in 2011, the property was renovated in 2021. Daniel Waszak of Quantum represented the buyer, a Miami-based private investor. A metro Cleveland-based developer was the

Crafty Signs 12,000 SF Office Lease in Chicago

CHICAGO — Crafty, a company that assists workplaces in managing food, beverages and supplies, has signed a 12,000-square-foot office lease at 205 W. Wacker in Chicago. Headquartered in downtown Chicago, Crafty is expanding its footprint. The firm previously occupied 3,500 square feet in the West Loop neighborhood. Brian McDonnell and Bill Sheehy of CBRE represented Crafty in the lease

Thorofare Capital Provides $34.5M Construction Loan for Manhattan Office Redevelopment

NEW YORK CITY — Los Angeles-based Thorofare Capital has provided a $34.5 million construction loan for the redevelopment of a 62,428-square-foot office building located at 132 W. 14th St. in Manhattan’s Greenwich Village area. The borrower, KPG Funds, plans to update the building’s structure, façades, lobby, windows and mechanical systems and reposition the property as a boutique office building. Marvel Architects is designing the redevelopment. Aaron Niedermayer led a JLL team that …

Ace American Insurance Signs 140,585 SF Office Lease Renewal in Philadelphia

PHILADELPHIA — Ace American Insurance Co. has signed a 140,585-square-foot office lease renewal at The Washington, a historic building located within Philadelphia’s Independence Mall. The owner, Keystone Development + Investment, purchased the 880,000-square-foot building in 2016 and implemented an adaptive reuse program. Brian Young, Jack Meyers, Howard Traul and Dan Brogan of Cushman & Wakefield represented Keystone in the lease

Lee & Associates’ Second-Quarter 2022 Economic Rundown by Sector

Rising interest rates, inflation and general economic uncertainty altered the patterns and outlooks for the industrial, office, retail and multifamily sectors across the United States. As Lee & Associates’ recent Q2 2022 North America Market Report reveals, certain sectors like industrial and multifamily, that were white hot last year, have begun to cool slightly. Meanwhile, retail is making historic gains in the face of decreasing interest in ecommerce. The full Lee & Associates …

Capital One Signs 60,000 SF Office Lease Expansion at 114 Fifth Avenue in Manhattan

NEW YORK CITY — Capital One has signed a 60,000-square-foot office lease expansion to occupy an additional three floors at 114 Fifth Avenue, a 19-story building in Manhattan’s Flatiron District. The 352,000-square-foot building was originally constructed in 1910 and redeveloped in 2014. The lender now occupies 116,296 square feet across six floors. David Berkey internally represented the landlord, L&L Holding Co., in the lease negotiations. Dale Schlather and Greg Herman of Cushman …

CBRE Arranges $6.6M Sale of Medical Office Building in Long Beach, California

LONG BEACH, CALIF. — CBRE has brokered the sale of a medical office building, located at 200-202 W. Wardlow Road in Long Beach. A private seller sold the asset to an undisclosed buyer for $6.6 million. Bill Maher, Anthony DeLorenzo, Bryan Johnson and Gary Stache of CBRE represented the seller in the deal. Originally constructed in 1964 and remodeled in 2017, the single-story building features 8,691 square feet of medical office space. The buyer plans to convert the medical building with …

Quanex Signs 16,545 SF Office Lease in Houston’s Memorial City District

HOUSTON — Quanex Building Products Corp. has signed a 16,545-square-foot office lease at 945 Bunker Hill Road in Houston’s Memorial City district. Brad MacDougall and Warren Alexander internally represented the landlord, MetroNational, in the lease negotiations. Andy Iversen, John Luck and Kaitlyn Duffie of Newmark represented the tenant, which plans to move into the 14-story building in September

Edgewood Properties Buys 250,000 SF Office Building in Basking Ridge, New Jersey

BASKING RIDGE, N.J. — Locally based investment and development firm Edgewood Properties has purchased Westgate, a 250,000-square-foot office building in the Northern New Jersey community of Basking Ridge. The building was constructed in 1991 to house the headquarters of Everest Reinsurance Co. That company relocated to Warren Corporate Center in summer 2019. Amenities include a full-service cafeteria, fitness center, outdoor terrace and landscaped gathering spaces and a conference room. Jose …

Peak Real Estate Negotiates Sale of 62,000 SF Office, Lab Building in Lowell, Massachusetts

LOWELL, MASS. — Boutique brokerage firm Peak Real Estate Partners has negotiated the sale of a 62,000-square-foot office and lab building located at 75 Technology Drive in the northern Boston suburb of Lowell. Jumbo Capital sold the property to Boston-based Rhino Capital Advisors for an undisclosed price. Anthony Biette of Peak Real Estate brokered the deal on behalf of both parties. Northmarq arranged acquisition financing through Cambridge Savings Bank. The building was fully leased at the …

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