WESTLAKE, TEXAS — ECI Software Solutions has signed a 25,468-square-foot office lease in the North Texas city of Westlake The space is located within The Terraces, an eight-building, 1.1 million-square-foot development that was originally constructed as a campus for IBM and underwent a $25 million repositioning in 2021. Jeff Eckert of JLL represented the landlord, Chicago-based Glenstar, in the lease negotiations. Stephen Rury of Colliers represented the tenant.
Columbia Construction, Margulies Perruzzi Complete 20,000 SF Office, Life Sciences Project in Boston
BOSTON — General contractor Columbia Construction and locally based design firm Margulies Perruzzi Architects have completed a 20,000-square-foot office and life sciences project in Boston. The space serves as an innovation and workplace training center for biotechnology firm Boston Scientific Corp. and includes procedure rooms for simulated surgeries, conference rooms with movable walls, an auditorium and amenity spaces. R.W. Sullivan handled engineering services for the project.
NEW YORK CITY — L&L Holding Co. has received a $911 million loan for the refinancing of 425 Park Avenue, a 47-story office tower located in the Plaza District of Midtown Manhattan. Sumitomo Mitsui Trust Bank was the lead lender and administrative agent on the five-year, floating-rate loan. The proceeds will be used to pay off a 2021 loan of the same size, which was used to fund final construction and leasing efforts at the tower, which opened in 2022. L&L Holding, along with co-developer Tokyu Land US Corp. and co-managing partner BGO, broke ground on the project in 2016. Foster + Partners designed the asset, which was built to LEED and WELL Core Gold sustainability standards, thanks to energy-efficient mechanical and ventilation systems. 425 Park Avenue totals 670,000 square feet and is currently 90 percent leased, primarily to finance and investment firms. The building’s anchor tenant is Citadel, a multinational hedge fund and financial services company. The company occupies 440,000 square feet across 22 floors. A space near the top of the tower is reserved for an amenity center dubbed The Diagrid Club. The center features outdoor spaces, an art installation by contemporary artist Yayoi Kusama and private rooms for …
LOUISVILLE, KY. — CBRE has opened its new 8,600-square-foot office on the fifth floor of Ormsby III, an office building located at 10200 Forest Green Blvd. in Louisville. The firm is relocating from One Paragon Centre at 6060 Dutchmans Lane. The new office is part of CBRE’s Workplace 360 program and showcases spaces that are designed to accommodate hybrid working, thus no desks are assigned. Teams are assigned to various neighborhood work areas where CBRE team members can work in any unoccupied space. The office has several different work areas including focus, huddle and conference rooms, as well as a library space with banquette seating. There is also a wellness room and an open-space lobby known as The Heart that features a large communal table, a digital media display with speakers near the entrance and a café for employees and guests. CBRE Design Collective designed the new Louisville office, which also features nods to the city’s history with Louisville Slugger bats decorating the conference room and aesthetic nods to the bourbon industry.
THORNTON, COLO. — Indianapolis-based TM Crowley & Associates has partnered with Atlanta-based NLG Capital Management (NLGCM), a division of The Net Lease Group, to develop The Highlands at Thornton, a mixed-use property at the northeast intersection of Quebec Street and 136th Avenue in Thornton. Situated on 23 acres, the project will offer more than 101,925 square feet of retail, commercial and medical office space. CVS Caremark will anchor the development. Lisa Vela and Jay Landt of Colliers will handle leasing efforts for the project.
DES PERES, MO. — AXSYS Capital has sold a 17,190-square-foot office and retail property in Des Peres, a western suburb of St. Louis, for $3.4 million. Built in 1986, the two-story building is located at 11780 Manchester Road. John Shuff of Pace Properties and Ted Green of Avison Young represented the buyer, CommunityAmerica Credit Union (CACU). Mark Dorsey of Avison Young, along with Luke Grant and Jason Riegelsberger of Skyline Missouri Realty, represented the seller, Des Peres Plaza Partners LLC on behalf of AXSYS Capital. The seller had purchased the asset in late 2016 for $2.1 million with a cap rate of approximately 8 percent financed by Carrollton Bank. CACU is evaluating plans to redevelop the property for a new CACU location, according to the seller.
NEW YORK CITY — Locally based investment firm Williams Equities has received a $155 million CMBS loan for the refinancing of 28-40 West 23rd Street, a 578,105-square-foot mixed-use property in Manhattan. The two-building complex, which originally housed the Ladies Mile department store, is located between Fifth and Sixth avenues in the Flatiron District. Home Depot serves as the property’s longtime retail anchor tenant and recently signed a renewal. Office tenants include digital credit card company Ramp and Estee Lauder brand Aramis. Citi Real Estate Funding provided the five-year loan, and Williams Equities will use a portion of the proceeds to fund capital improvements.
NEW YORK CITY — Harbor Group International has completed the $128 million renovation of an office building located at 51 W. 52nd Ave. in Midtown Manhattan. The building now features updated lobbies and tenant amenities, including a fitness center, lounges and conference facilities, as well as new elevators and furniture. Vocon and MdeAS Architects served as the project architects. Harbor Group acquired the 38-story, 900,000-square-foot building, which houses the headquarters of CBS, in late 2021. The owner also has its 25,000-square-foot headquarters office on the 19th floor of the building.
ST. PAUL, MINN. — The Saint Paul & Minnesota Foundation has signed a 10,700-square-foot office lease at Osborn370 in downtown St. Paul. The foundation will occupy the entire third floor of the building and expects to take occupancy in early 2025. Osborn370 features ample outdoor space, shared common areas, onsite catering and locally owned Hepcat Coffee housed in the lobby. Transwestern Real Estate Services handled the lease negotiations.
RALEIGH, N.C. — Highwoods Properties Inc. has sold Rexwoods, a medical office campus in west Raleigh spanning 380,000 square feet. The eight-building park is located across from University of North Carolina REX Hospital. Highwoods sold the campus to two separate buyers, one of which acquired seven buildings with plans to continue to operate them as clinics while the other buyer bought a building with plans to redevelop the asset. The buyers and sales price were not disclosed. The seven properties were built or acquired by Highwoods between 1982 and 1998, and three of them were recently renovated. Mindy Berman, Ryan Clutter, Daniel Flynn, Teddy Hobbs, Woody Flythe and Landon Weaver of JLL represented Highwoods and procured the buyers in the two transactions. Anthony Sardo and Ward Smith of JLL arranged acquisition financing for one of the buyers.