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AcquisitionsArizonaHealthcareOfficeWestern

Banner Health Divests of Three-Building Medical Office Portfolio in Arizona for $32M

by Amy Works

MESA, GILBERT AND QUEEN CREEK, ARIZ. — Banner Health has completed the disposition of an outpatient medical building portfolio in Arizona totaling 80,315 square feet. Stockdale Capital Partners acquired the portfolio for $32 million. Banner Health fully occupies the three assets in Mesa, Gilbert and Queen Creek. The properties were constructed in 2013 and 2014. Mindy Berman, Pat Williams, Matt DiCesare and Liam Sorensen of the JLL Medical Properties Group investment advisory sales team represented the seller. John Chun, Daniel Digerness and Liam Sorensen of the JLL Medical Properties Group debt advisory team secured $25 million in acquisition financing for the buyer.

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Leasing ActivityNew YorkNortheastOffice

China Merchants Bank Signs 43,060 SF Office Lease Extension in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — China Merchants Bank has signed a 43,060-square-foot office lease extension at 535 Madison Ave. in Midtown Manhattan. The bank will continue to occupy the entire 17th, 18th and 23rd floors of the 37-story building for the next 15 years. Michael Goldman, Barry Spagna and Erik Sznip of Cresa represented China Merchants Bank in the lease negotiations. Brian Gell and Laurence Briody of CBRE represented the landlord, Park Tower Group.

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1055-Perry-St-Castle-Rock-CO
AcquisitionsColoradoHealthcareOfficeWestern

NavPoint Real Estate Group Brokers $13.5M Sale of Medical Rehabilitation Center in Castle Rock, Colorado

by Amy Works

CASTLE ROCK, COLO. — NavPoint Real Estate Group has negotiated the sale of 1055 Perry St., a Class A medical rehabilitation facility in Castle Rock, approximately 30 miles south of Denver. C.R.H.I. LLC sold the asset to JTLC CR CO LLC for $13.5 million. Situated on 2.3 acres, the two-story building totals 28,704 square feet of medical office space. The facility also features landscaping, modern interior finishes, multiple outdoor patios and terraces, a dining hall and physical therapy suite. Matt Call and Mike Quinlan of NavPoint Real Estate Group represented the seller in the off-market transaction.

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KansasLeasing ActivityMidwestOffice

International Pizza Hut Franchisee Holders Association to Relocate Headquarters in Wichita

by Kristin Harlow

WICHITA, KAN. — The International Pizza Hut Franchisee Holders Association (IPHFHA) is relocating its headquarters to The Offices at Cranbrook in Wichita. The move is expected to occur in May. IPHFHA has been a part of Wichita and Pizza Hut’s history since 1968, supporting over 5,300 restaurants across the franchise system. The new headquarters will support future workforce expansion and the association’s Pizza Hut Foundation, which launched in 2022 to support scholarship, mentorship and literacy initiatives. Wichita-based developer Occidental Management owns The Offices at Cranbrook. Chad Stafford represented the landlord on an internal basis, while Whitney Vliet Ward and Ben Suellentrop of J.P. Weigand & Sons Inc. represented the tenant. IPHFHA operates as a trade association and is comprised of private owners of Pizza Hut franchises.

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AcquisitionsOfficeSoutheastVirginia

CoStar Group Acquires 31-Story Office Building in Arlington, Virginia

by John Nelson

ARLINGTON, VA. — CoStar Group has purchased Central Place Tower, a 552,000-square-foot office building located at 1201 Wilson Blvd. in Arlington. The seller and sales price were not disclosed, but media outlets report JBG Smith, which developed the 31-story tower in 2018, and joint venture partner PGIM Real Estate sold the tower for $339 million. The office building sits directly above the Rosslyn Metro station. The Richmond-based commercial real estate research giant plans to move 650 Washington, D.C.-area employees to the building as the company’s current lease is set to expire in 2025. CoStar previously acquired an office building at 1331 L St. NW in D.C. in 2011 before executing a sale-leaseback. The company will occupy about 150,000 square feet in the Arlington building and pay about $14 million to Arlington County for sole rights of use of the building’s observation deck, according to Arlington Economic Development. The building was

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Leasing ActivityOfficeTexas

Big 12 Conference Signs 14,107 SF Office Headquarters Lease in Irving

by Taylor Williams

IRVING, TEXAS — The Big 12 Conference has signed a 14,107-square-foot lease for its new office headquarters in Irving. The collegiate athletic league will relocate from 400 E. John W. Carpenter Freeway to the Williams Square complex this fall. Travis Boothe and Cynthia Cowen of Cushman & Wakefield represented the Big 12 in the lease negotiations. Bill Brokaw and Karch Schreiner of Hillwood Urban internally represented ownership, a partnership between Apollo Global Management, Vanderbilt Office Properties and Hillwood Urban.

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Leasing ActivityNew YorkNortheastOffice

Barry McTiernan & Moore Signs 18,464 SF Office Lease in Downtown Manhattan

by Taylor Williams

NEW YORK CITY — Insurance litigation firm Barry McTiernan & Moore LLC has signed an 18,464-square-foot office lease at One Battery Park Plaza in downtown Manhattan. Undwr the terms of the 16-year lease, the firm will relocate from 101 Greenwich St. to the entire top floor of One Battery Park Plaza later this year. Jonathan Schindler and Mark Weiss of Cushman & Wakefield represented the tenant in the lease negotiations. Kevin Daly represented the landlord, Rudin, on an internal basis.

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DevelopmentDistrict of ColumbiaOfficeSoutheast

Marx Realty Delivers Renovated Grogan Office Building in D.C.’s East End

by John Nelson

WASHINGTON, D.C. — Marx Realty has delivered The Grogan, a repositioned office building located at 819 7th St. NW in Washington, D.C.’s East End. The New York City-based developer purchased the 21,000-square-foot property in 2018. The renovated asset includes a new façade, canopy and entryways, as well as an upgraded lobby and mezzanine space of the penthouse that includes a café, delineated seating and access to a private terrace. Built in 1891, The Grogan features 12- to 15-foot wood ceilings, exposed brick, wood columns and arched windows, all of which have Marx Realty has restored.

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Leasing ActivityNew YorkNortheastOffice

Moon Rabbit Signs 6,604 SF Office Lease at 594 Broadway in Manhattan

by Taylor Williams

NEW YORK CITY — Creative advertising agency Moon Rabbit has signed a 6,604-square-foot office lease at 594 Broadway in Manhattan’s SoHo neighborhood. The company recently relocated from 447 Broadway to the 12th floor of the 250,000-square-foot building, which was originally constructed in 1898 and is known locally as the Lyons Building. Neith Stone internally represented the landlord, GFP Real Estate, in the lease negotiations. Joshua Berg and Alexander Kesseler of Newmark represented Moon Rabbit.  

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DevelopmentOfficeTexas

Skanska Completes 375,000 SF Office Building in Downtown Houston

by Taylor Williams

HOUSTON — International developer Skanska has completed construction on 1550 on the Green, a 375,000-square-foot office building in downtown Houston. Bjarke Ingels Group designed the 28-story building, which Skanska broke ground in June 2021 and topped out last February. Amenities include multiple indoor and outdoor terraces overlooking Discovery Green park, a 9,400-square-foot rooftop event space, a fitness center with space for private classes and 7,000 square feet of ground-floor retail space.

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