IRVING, TEXAS — Locally based investment sales brokerage firm STRIVE has arranged the sale of Plaza One61, a 195,172-square-foot office complex in Irving. According to LoopNet Inc., the four-story building was originally constructed in 1999. Parker Tims and Jennifer Pierson of STRIVE represented the seller, an Oklahoma-based investor, in the all-cash transaction and procured the locally based buyer. Both parties requested anonymity. Plaza One61 was 74 percent leased at the time of sale.
JACKSONVILLE, FLA. — The Wideman Co. has acquired Citi Campus Jacksonville, a 73-acre office park located at 14000 Citicards Way in the Baymeadows neighborhood of Jacksonville. Developed in 2005, the campus spans 530,000 square feet and includes three office buildings, an amenity center with a made-to-order food hall, outdoor dining space, a large conferencing facility and 2,652 parking spaces. The campus was acquired from Citigroup, which will continue to lease 230,000 square feet at the property, for an undisclosed price. Chuck Diebel of Colliers has been tapped to lease the remaining 260,000 square feet of office space. The property recently underwent $12.9 million in renovations, which included waterproofing of the buildings, revolving door replacements and breakroom refurbishment. Jay Miller, AJ Felberbaum, Spencer Miller, Noah Rothman and Jonah Gentleman with BayBridge Real Estate Capital arranged acquisition financing on behalf of the buyer. The loan amount was not disclosed. Jacksonville is the fastest growing metropolitan market in the state of Florida and a top five destination for millennials relocating, according to JLL, which brokered the transaction. Orlando-based Wideman Co. is a real estate investment firm focused on Class A, single-tenant office and industrial assets. The firm oversees $1.6 billion in commercial real estate …
WALTHAM, MASS. — Commonwealth Financial Network has signed a 151,765-square-foot office lease in Waltham, a western suburb of Boston. The provider of comprehensive services to the financial advisory community is taking space at 275 Wyman Street, a five-story, 300,000-square-foot building that is part of a larger 2.2 million-square-foot campus. CBRE represented the landlord, Hobbs Brook Real Estate, in the lease negotiations. Newmark represented the tenant, which plans to take occupancy of its new space in the first quarter of 2026.
DALLAS — Colorado-based investment firm Real Capital Solutions has purchased Tower at Park Lane, a 509,818-square-foot office building in North Dallas, for $66 million. The 20-story building, which includes a six-story attached parking garage, is located at 8750 N. Central Expressway and is home to tenants such Texas A&M University—Commerce, Match.com and Topgolf. Russell Ingrum and Patrick Benoist with CBRE brokered the deal. The seller was not disclosed. The deal marks the first Dallas office acquisition for Real Capital Solutions, which plans to invest about $13 million in capital improvements to the building, including upgrades to the lobby and fitness center and the addition of speculative suites. Lincoln Property Co. has been tapped as the leasing agent.
AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 20,122-square-foot office lease in southeast Austin. The tenant, locally based technology infrastructure provider Fathom5, will occupy space at Bergstrom Tech Center, a 208,374-square-foot facility that was originally constructed in 1986 for defense contractor Lockheed Martin. ECR represented the landlord, Boyd Watterson Asset Management, in the lease negotiations. Colliers represented the tenant.
NEW YORK CITY — CBRE will open a 64,350-square-foot “global financial headquarters” office at 390 Park Avenue in Manhattan. The space spans six floors within the building, which is known locally as Lever House and recently underwent a $100 million capital improvement program. Coworking concept Industrious, which CBRE recently agreed to acquire, designed and will operate the space. Occupancy is slated for the fourth quarter. A partnership between WatermanClark and Brookfield Properties owns 390 Park Avenue.
AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 30,884-square-foot office lease in southeast Austin. The tenant, Prometheus Security Group Global, will occupy space at Bergstrom Tech Center, a 208,374-square-foot facility that was originally constructed in 1986 for defense contractor Lockheed Martin. ECR represented the landlord, Boyd Watterson Asset Management, in the lease negotiations. Endeavor Real Estate Group represented the tenant.
CHICAGO — ComPsych Corp. has signed a 50,000-square-foot headquarters lease at Prudential Plaza in Chicago. The mental health, well-being and absence management company will move from NBC Tower, where it occupies 152,000 square feet, to the seventh floor of One Pru in the first quarter of 2027. Wanxiang America Real Estate Group owns the property. Annie Kwasigroch and Dan Heckman of Riverside Investment & Development represented ownership in the lease, while Brian Means and Kellen Monti of JLL represented ComPsych. Prudential Plaza began a multimillion-dollar renovation and rebranding campaign in late 2023 that is ongoing. A glass-enclosed walkway connecting One and Two Pru will is expected to be completed in the next 60 days, enabling tenants to flow between the expanded 72,000-square-foot amenity space across the 11th floor. Other upgrades include a new 20,000-square-foot conferencing center, new coworking spaces, a fully staffed bar with grab-and-go coffee and food options and an entertainment suite with two golf simulators. Additional renovations are underway such as cold plunges and infrared saunas for the fitness center. Later this year, the outdoor deck will be expanded to include a new pickleball court and bar area overlooking Millennium Park. Completed in 1955 and renovated in 2014, …
The Washington, D.C., office market is facing challenging times, marked by unprecedented vacancy rates, dwindling demand and a significant supply-demand imbalance. Within these constraints, the flight to quality trend is reshaping how investors and lenders view office assets and should lead to an inventory reclassification. The divide between high-quality assets and lesser properties widens almost daily, creating a bifurcated market with fierce competition for quality space. Meanwhile, older, less desirable properties languish, accumulating vacancies as they fail to meet current occupier expectations. Without intervention, the less desirable properties will continue to drag down the market’s perception, obscuring the success of top-tier spaces with a headline vacancy rate. To contribute to the stabilization of the market, office participants must acknowledge this divide and assess distressed assets not as liabilities, but as opportunities to reset and reclassify properties based on realistic usage and demand. Lenders are central to this process as they control a substantial portion of distressed office stock. After years of extending loans to stave off foreclosure during uncertain times, many are now realizing that relief is unlikely to materialize organically. As a result, foreclosures are already up 121 percent in 2024 year-to-date over 2023 in Washington, D.C. On average, …
BOSTON — Edge Property has purchased a 49,275-square-foot office complex in downtown Boston. Known as 10 Liberty Square and 12 Post Office Square, the property was 53 percent leased to 10 office and retail tenants at the time of sale. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark represented the undisclosed seller in the transaction. The quintet also collaborated with Newmark’s Michael Byrne, Thomas Greeley, Devlin Man, Casey Griffin, Joseph Alvarado and Casey Valente to procure the buyer.
