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DevelopmentMidwestMixed-UseOfficeOhioTop Stories

Joint Venture Plans $100M Mixed-Use Redevelopment of Former Medical Mutual Headquarters in Downtown Cleveland  

by Kristin Harlow

CLEVELAND — Spark GHC and Cleveland Construction Inc. have formed a joint venture to redevelop a 400,000-square-foot office building in downtown Cleveland into mixed-use space. Dubbed Project Scarlet, the $100 million development involves the adaptive reuse of the Rose Building, which formerly served as the headquarters of insurance company Medical Mutual. The joint venture plans to transform the property into a boutique hotel with apartment units and ground-floor retail space. The project team says the development will not only breathe new life into a historic structure, but also address the evolving needs of the Cleveland community for contemporary living spaces and upscale hospitality offerings. Founded in 1934, Medical Mutual is the oldest and one of the largest health insurance companies based in Ohio. The Rose Building had served as the home of Medical Mutual since 1947, but the insurer announced in late 2022 that it would leave the downtown offices for its suburban headquarters in Brooklyn, Ohio, according to Cleveland.com. Since 2020, the Cleveland market has emptied nearly 2.4 million square feet of office space due to negative absorption, according to Newmark. The office vacancy rate increased to 23.4 percent in the first quarter of 2024, up 50 basis points …

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11000-Equity-Drive-Houston
AcquisitionsOfficeTexas

JLL Brokers Sale of 63,693 SF Office Building in West Houston

by Taylor Williams

HOUSTON — JLL has brokered the sale of a 63,693-square-foot office building in West Houston. Completed in 2006 and renovated in 2019, the three-story building at 11000 Equity Drive is located within the 150-acre Westway Park development. Rick Goings and Jeff Hollinden of JLL represented the undisclosed seller in the transaction. The property’s original developer, Satterfield & Pontikes Construction, purchased the asset with plans to occupy the facility in its entirety.

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Leasing ActivityNew YorkNortheastOffice

Dice Career Solutions Signs 12,007 SF Office Lease Extension in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Dice Career Solutions, which provides networking opportunities for the technology industry, has signed a 12,007-square-foot office lease extension in Midtown Manhattan. The company will remain at 1040 Avenue of the Americas, a 24-story building, for the next 10 years. Billy Cohen, J.D. Cohen and Ariel Harwood of Newmark represented the owner, Skyline Developers, in the lease negotiations. The tenant representative was not disclosed.

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GeorgiaLeasing ActivityOfficeSoutheast

Newell Brands Signs 180,000 SF Office Lease at Queen Building in Atlanta

by John Nelson

ATLANTA — Newell Brands, a manufacturer of consumer products including Sharpie, Contigo and Rubbermaid, has signed a 180,000-square-foot office lease at the Queen Building within Concourse Office Park in Atlanta. According to Cushman & Wakefield, which arranged the lease, this marks the largest office lease within Atlanta’s Central Perimeter submarket since 2018. The tenant will relocate from its current headquarters in nearby Sandy Springs. Building & Land Technology is the landlord. Leases at the Queen Building (and its sister property, the King Building) over the past 12 months have totaled 361,133 square feet. Other new tenants include NICE Systems, IMA Financial Group, Snellings Walters and Atlanticus.

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3400-Walnut-St-Denver-CO
ColoradoDevelopmentOfficeWestern

Jordon Perlmutter & Co., Rockefeller Group Open 200,000 SF Paradigm River North Office Building in Denver

by Amy Works

DENVER — Jordon Perlmutter & Co. and Rockefeller Group have opened Paradigm River North, a Class AA office building at 3400 Walnut St. in Denver’s River North Art District. Paradigm River North is the first joint venture between Perlmutter and Rockefeller. Designed by Denver-based Tryba Architects, Paradigm River North offers 188,000 square feet of office space across eight stories and 12,000 square feet of ground-floor retail space. The property features smart-phone access, valet-run parking that offers ease of use for tenants, a high-end bike room for multimodal transit and spacious outdoor terraces on every floor. Law firm Davis Graham & Stubbs LLP has pre-leased 80,000 square feet on the top three floors of Paradigm River North. Jamie Gard and Jeff Castleton of Newmark are handling leasing for the property.

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4535-E-Broadway-Rd-Phoenix-AZ
AcquisitionsArizonaIndustrialMixed-UseOfficeWestern

Marcus & Millichap Brokers Sale of 6,039 SF Office/Industrial Property in Phoenix

by Amy Works

PHOENIX — Marcus & Millichap has arranged the purchase of an office and industrial property in Phoenix. Matt Hamblin acquired the asset for $1.9 million. Doug Fielding Jr. of Marcus & Millichap procured the buyer in the deal. Located at 4535 E. Broadway Road within Cotton Business Center, the facility offers 6,039 square feet of fully air-conditioned space, 16-foot clear heights, a 14-foot drive-up roll-up door, a lobby, various office sizes, a bullpen area, a server room, a break area, two ADA restrooms and skylights for natural light. Smart Pest Solutions occupies the space in an 80 percent office and 20 percent warehouse layout.

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DevelopmentIllinoisIndustrialMidwestOffice

Ironworkers Local 63 Opens 12,000 SF Training Center in Broadview, Illinois

by Kristin Harlow

BROADVIEW, ILL. — Ironworkers Local 63 has opened its new 12,000-square-foot training center at 2525 Lexington St. in Broadview, about 12 miles west of downtown Chicago. Dubbed the “glass house” and designed by Gensler, the property is visible from I-290. Tradespeople within Ironworkers Local 63 help build the glass facades on skyscrapers in Chicagoland. Inside, the facility provides lab-like instruction spaces, a pressurized testing chamber, five-ton bridge crane and adaptable training structure. Skyline Construction was the general contractor.

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Leasing ActivityNortheastOfficePennsylvania

PPR Capital Management Signs 12,800 SF Office Headquarters Lease in Wayne, Pennsylvania

by Taylor Williams

WAYNE, PA. — Private equity real estate firm PPR Capital Management has signed a 12,800-square-foot office headquarters lease in Wayne, a northwestern suburb of Philadelphia. The company is relocating from a 7,000-square-foot space in nearby Berwyn. The new space is located within the CrossPoint complex and features 41 open-seat desks, eight dedicated offices, a boardroom, six conference rooms, three open huddle areas, a phone room and a podcast room. KBS Realty Advisors owns CrossPoint.

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Market ReportsNevadaOfficeWesternWestern Market Reports

Southern Nevada’s Office Market Adapts to the New Normal

by Jeff Shaw

— By Travis Marc, vice president, and Landes Magliarditi, first vice president, CBRE — The post-pandemic world has reshaped office space needs, and Southern Nevada is no exception. Economic uncertainty and evolving return-to-work policies are driving a market transformation that will define 2024 activity. Fueled by flexible work schedules, the digital age has fundamentally transformed how office tenants work and remain efficient.  This shift in work styles is impacting the office market, and we are closely monitoring these trends to determine if pandemic-era changes will remain the future of office, or if new shifts arise to further define the future of office space.  Nevada’s Enduring Strengths, Challenges Nevada’s strong economy continues to attract businesses, with sports and entertainment options fueling the growth. Live-work-play office concepts attract high-quality tenants as they, in turn, look to recruit high-quality talent. This development philosophy in Southern Nevada aims to create vibrant communities with seamless transitions between work, life and leisure activities, resulting in record rental rates.  At the same time, rising interest rates and construction costs are slowing the overall development of new office. As a result, tenants have limited options to secure quality office space in newly constructed buildings.  Well-located, second-generation suburban office space …

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Leasing ActivityOfficeTexas

Boston Consulting Group Signs 4,925 SF Office Lease in Downtown Houston

by Taylor Williams

HOUSTON — Boston Consulting Group has signed a 4,925-square-foot office lease in downtown Houston. The management consulting firm is taking space at 1550 on the Green, a 28-story, 375,000-square-foot building owned by Skanska. The lease term is 12 years, and the building is now 48 percent leased. Boston Consulting Group plans to take occupancy of its space in the fourth quarter of 2025.

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