SAN JOSE, CAILF. — Gantry has secured $10.5 million in financing for pre-construction costs for Icon/Echo, a mixed-use redevelopment project in downtown San Jose. The borrower, Urban Catalyst, plans to construct two towers on the 2.1-acre land site following demolition of existing buildings and a parking lot. Current plans include a 21-story office building with street-level retail and a 27-story multifamily residential tower. The towers will be connected by a shared podium on floors one through four. Additionally, the project will offer a below-grade level of parking and 1,000 parking spaces. Construction at the site is slated to begin the next 12 to 24 months. Jeff Wilcox and Robert Slatt of Gantry arranged the short-term bridge loan with interest-only terms through a private real estate investment company.
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WINDCREST, TEXAS — Cleveland-based investment and development firm Industrial Commercial Properties (ICP) has acquired the 1.2 million-square-foot former headquarters complex of Rackspace Technology in Windcrest, located just northeast of San Antonio. The locally based cloud computing firm originally acquired the 66-acre property in 2007. According to San Antonio Report, ICP plans to invest more than $40 million in capital improvements to the property, including redeveloped façades, parking lots and green spaces, and to feature industrial and office space that can support eight to 10 tenants. The property will also be rebranded as Windcrest International Business Park.
DALLAS — Atlanta-based REIT Piedmont Office Realty Trust has sold One Lincoln Park, an approximately 257,000-square-foot building in North Dallas. The 10-story building, which was constructed in 1999, was 59 percent leased at the end of 2023. Amenities include a fitness center, conference facilities, tenant lounge and grab-and-go food service. A financial institution, which the Dallas Morning News reports is Triumph Financial, purchased One Lincoln Park in an all-cash deal and plans to use the building as its new headquarters.
MCKINNEY, TEXAS — Hospitality management firm TPG Hotels & Resorts has opened its new 7,500-square-foot office headquarters at District 121, a mixed-use development located north of Dallas in McKinney. The space occupies the fifth floor of a 190,000-square-foot building. David Rubenstein of Savills represented the tenant in the lease negotiations. Craig International owns District 121.
NEW YORK CITY — Home and business security services provider Brink’s Inc. has signed an 8,036-square-foot office lease at 400 Madison Avenue in Midtown Manhattan. The 22-story building was originally constructed in 1929 and recently underwent a capital improvement program that included a new lobby and amenity center. Harry Blair, Lauren Hale and Michelle Mean of Cushman & Wakefield represented the landlord, Daishin America LLC, in the lease negotiations. Kyle Young of JLL represented Brink’s.
GOLDEN, COLO. — DS Real Estate LLC has completed the disposition of a single-tenant office building located at 607 19th St. in Golden, a suburb west of Denver. An undisclosed buyer acquired the asset for $3.8 million, or $315.85 per square foot. Formerly a retail bank building, the 12,031-square-foot property was redeveloped into a modern office space in 2017. The asset features ample parking, offices with mountain views, two conference rooms, a breakroom with a built-in speakeasy bar in the former bank vault space, and bathrooms with large locker/shower areas. Brett MacDougall and Michael DeSantis of Unique Properties Inc. / TNC Worldwide represented the seller, while Kurt Liss of JLL represented the buyer in the deal.
AUSTIN, TEXAS — Tokyo Electron has signed a 98,761-square-foot office lease at RiverSouth, a 15-story, 372,000-square-foot office building in downtown Austin. The provider of semiconductors and display production equipment is relocating and will join existing tenants such as Baker Botts, Alert Media and Under Armour. Brad Philp and Conor Greissing of Stream Realty Partners represented the landlord in the lease negotiations on an internal basis. Kendall King and Stan Erwin of HPI Real Estate Services & Investments represented Tokyo Electron.
INDIANAPOLIS — Maverick Commercial Mortgage Inc. has arranged a $2.4 million loan for the refinancing of a 30,000-square-foot office building in downtown Indianapolis. The property is 97 percent leased to 30 tenants. Originally constructed in 1911, the building was renovated in 2006 with restored original woodwork, tile work and terrazzo flooring. A Midwest lending institution provided the five-year, fixed-rate loan on behalf of the Indianapolis-based buyer. Proceeds of the loan were used to retire the acquisition financing and for a partner buyout.
— By Mike Adams, managing director, office investor services, Stream Realty Partners — The Orange County office market, like many others, is undergoing significant shifts as tenants reassess their office space needs in the wake of the ongoing transition to hybrid work models. Despite persisting challenges, recent developments suggest certain market segments are showing signs of recovery. This, naturally, sparks optimism that the worst of the downturn could be behind us. A key indicator of this positive shift is the noteworthy net absorption of 231,744 square feet, marking the first positive trend since the second quarter of 2022. Orange County’s Airport area has emerged as a leader in this office recovery, witnessing move-ins totaling 204,376 square feet. While the overall market grapples with challenges, such as a slight increase in the unemployment rate and mixed performance in office-using sector jobs, there are pockets of improvement, especially in the Class A segment. This positive absorption has contributed to a 10-basis-point decline in the total vacancy rate quarter over quarter, dropping from 18.7 percent to 18.6 percent. However, when viewed year over year, the increase from 16.4 percent highlights the enduring impact of recent economic challenges. The current vacancy rate remains notably …
HOUSTON — Locally based brokerage firm Davis Commercial has arranged the sale of a 153,000-square-foot office and industrial complex in northwest Houston. The property comprises an 111,000-square-foot office building and a 43,000-square-foot warehouse on a 12.6-acre site at 7000 Hollister St. According to LoopNet Inc., the three-story complex was originally built in 1985. Cotton Munson of Davis Commercial represented the seller, FJS Investments LP, in the transaction. Charlie Le of Realm Real Estate represented the buyer, an entity doing business as Yinlun TDI LLC.