DALLAS — A partnership between two nonprofits organizations, substance abuse counseling services provider Youth 180 and AIDS Services of Dallas (ASD), have opened a 10,000-square-foot shared office on the city’s west side. Youth 180 sold its 10,000-square-foot building at 201 South Tyler St. to ASD and is leasing back approximately half of the space for administrative purposes and ongoing services.
WEST PALM BEACH, FLA. — Bank OZK has provided an $84 million construction loan for Phase I of The Nora District, a 40-acre mixed-use redevelopment project in downtown West Palm Beach. Steven Klein, Brian Gaswirth and Mateo Bolivar of JLL arranged the financing on behalf of the borrowers, NDT Development, Place Projects and Wheelock Street Capital. Phase I of Nora District, which will include more than 150,000 square feet of adaptive reuse and new development, broke ground in June 2023 and is slated for completion in early 2025. As part of the project, the developers are converting turn-of-the-century railway warehouses into ground-floor shops and restaurants. Phase I will also include more than 55,000 square feet of second-floor showroom space and creative Class A offices. Confirmed retailers in Phase I include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, Rumble and Solidcore. Future phases of Nora District will include The Nora Hotel, a 201-room boutique hotel developed in partnership with BD Hotels and Sean MacPherson.
NEW YORK CITY — Law firm Herrick Feinstein LLP has signed a 76,849-square-foot office lease at Two Park Avenue, a 1 million-square-foot building in Manhattan’s Flatiron District. The space spans the entire 14th floor and part of the 15th floor of the building, which recently underwent a capital improvement program. Tara Stacom, Mitchell Arkin, Peter Trivelas and Mike Tranfalia of Cushman & Wakefield represented the landlord in the lease negotiations. John Wheeler and Peter Riguardi of JLL represented the tenant.
By Dougal Jeppe, Colliers Over the past few years, we have been inundated with less than positive industry news. While it’s true we are at a historic moment in commercial real estate, and users are facing complex, never-before-seen questions about how to use their space, there remain many positives as we head toward the second half of 2024. So, let’s take a look at the good news from the Chicago office market. For now, downtown Chicago remains a tenant’s market, a trend expected to persist throughout 2024. With over 47.2 million square feet of office space available, tenants have a plethora of high-quality options to choose from, making it an opportune time for businesses seeking favorable lease terms to secure space. And companies are doing just that. There has been a recent uptick in large space renewals by long-term office tenants including some consolidations reflecting the commitments many Fortune 500 companies, such as Mesirow and PNC Bank, have made to the City of Chicago. Notably, JPMorgan Chase announced plans to reinvest in Chicago by renovating its namesake tower and keeping its 7,200 employees in the city. Similarly, Google has committed to the Central Loop, and plans to move about 1,000 …
WALTHAM, MASS. — Welch’s will relocate its corporate headquarters office from Concord, a northwestern suburb of Boston, to nearby Waltham. The fruit-based food and beverage provider’s new headquarters will span 60,000 square feet within Reservoir Place, a development by Boston Properties (NYSE: BXP), and will include lab facilities. The company plans to begin building out its new space this summer and to take occupancy next spring. Cushman & Wakefield represented Welch’s, which has operated out of Concord for the past 40 years, in its site selection and lease negotiations.
WELLESLEY, MASS. — Newmark has brokered the sale of three office and retail buildings totaling 40,860 square feet in Wellesley, a western suburb of Boston. Retail owner-operator EDENS sold the buildings at 34-50 Central St., which were 73 percent leased at the time of sale, to locally based developer Taymil Partners for an undisclosed price. Robert Griffin, Jonathan Martin and Paul Penman of Newmark brokered the deal. David Douvadjian Sr., Timonthy O’Donnell and David Douvadjian Jr. of Newmark arranged acquisition financing.
PRINCETON, N.J. — Biotechnology firm Amicus Therapeutics has opened a 27,200-square-foot office in Princeton. The space spans the fourth and fifth floors of the building at 47 Hulfish St., which is located about a block away from Princeton University’s campus. According to LoopNet Inc., the building was constructed in 1985 and totals 71,500 square feet. Ware Malcomb designed the space, and Sweetwater Construction Corp. served as the general contractor.
EAGAN, MINN. — Net Lease Office Properties (NLOP) has sold two office assets in the Minneapolis suburb of Eagan for gross proceeds totaling $60.7 million. The properties, which are leased to Blue Cross Blue Shield Inc., are located at 1800 and 3400 Yankee Doodle Road and total 347,472 square feet. Net proceeds after closing costs were used to repay approximately $48 million of JPMorgan’s senior secured mortgage and approximately $8 million on its mezzanine loan. Following the sale, NLOP owns 47 office properties, three of which are leased to Blue Cross Blue Shield.
HOUSTON — Orion Group Holdings has signed a 63,519-square-foot office lease for its new headquarters space in Houston. The locally based marine and onshore specialty construction services provider is taking three full floors at East River, a 150-acre mixed-use development by Midway in the city’s Historic Fifth Ward. Collin Grimes and Bill Boyer of CBRE represented the tenant in the lease negotiations. Amanda Nebel of Parkway, which launched a new company with Midway in May 2023, internally represented ownership.
LAWRENCEVILLE, N.J. — Reynolds Asset Management has received a $16 million loan for the refinancing of Princeton Pike Office Park, a six-building campus located just north of Trenton in Lawrenceville. Northwest Bank provided the loan, which carries a fixed interest rate of 6.6 percent. Reynolds acquired the property in April 2022 in partnership with Capital Solutions, at which time the campus was 50 percent leased, and implemented a capital improvement program. Today, Princeton Pike Office Park has an occupancy rate of 95 percent.