Office

5245-Pacific-Concourse-Dr-Los-Angeles-CA

Gantry Arranges $28.5M Loan for Office Redevelopment in Los Angeles

by Amy Works January 17, 2024

LOS ANGELES — Gantry has arranged a $28.5 million construction-to-permanent loan for the redevelopment of an existing office building located at 5245 Pacific Concourse Drive in Los Angeles. The 66,000-square-foot property is 100 percent pre-leased to the U.S. General Services Administration as a new facility for the Executive Office of Immigration Review, a subsidiary agency of the U.S. Department of Justice. Mark Ritchie, Amit Tyagi and Alicia Sabanero of Gantry’s Los Angeles office represented the borrower, a private real estate company. One of Gantry’s correspondent life company lenders provided the multi-decade loan, which features a long-term fixed interest rate.

January 17, 2024

Leasing Activity New York Northeast Office

Paul Taylor Dance Signs 31,000 SF Office Lease in Midtown Manhattan

by Taylor Williams January 16, 2024

NEW YORK CITY — The Paul Taylor Dance Co. has signed a 31,000-square-foot office lease at 307 West 38th Street in Midtown Manhattan. The company will relocate and expand from a 13,000-square-foot space at 551 Grand St. to the entire ninth and 10th floors of the 21-story building in early 2025. Jeffrey Rosenblatt of Lincoln Property Co. represented the tenant in the lease negotiations. Peter Duncan, Matthew Coudert and Alexander Bermingham represented the landlord, George Comfort & Sons, on an internal basis.

January 16, 2024

Acquisitions Georgia Office Southeast

Innova Solutions Acquires 186,846 SF Office Building in Atlanta

by John Nelson January 15, 2024

ATLANTA — Innova Solutions has acquired 1455 Lincoln Parkway, a 186,846-square-foot office building in Atlanta. The global talent and IT solution company plans to relocate its headquarters to the property and occupy two floors totaling 50,010 square feet. Florida-based Parmenter Realty Partners, which acquired the property in 2015, sold the building for an undisclosed price. Built in 1986, the building features an onsite café, conference center and a fitness center with shower and locker facilities. Innova Solutions will bring the property to 82 percent occupancy. Brian Howell and Jack Arnold of Bridger Properties will continue to manage leasing at the property on behalf of Innova Solutions. Jay O’Meara, Nima Ghomghani and Paul Holmes of CBRE represented the buyer in the transaction.

January 15, 2024

Loans Midwest Minnesota Office

Associated Bank Arranges $145.2M in Construction Financing for 400,000 SF Office, Lab Building in Suburban Minneapolis

by Kristin Harlow January 15, 2024

MAPLE GROVE, MINN. — Associated Bank has arranged $145.2 million in construction financing for a three-story, single-tenant office and laboratory building in the Minneapolis suburb of Maple Grove. The build-to-suit property for an undisclosed tenant will total 400,000 square feet, including 320,000 square feet of office space and 80,000 square feet of state-of-the-art laboratory space. Employee amenities will include a conference center, credit union/bank, cafeteria, coffee shop, fitness center, bike room, e-bar, game room and green space. Construction is underway with completion slated for late 2025. Ryan Cos. US Inc. is the developer. Steve Clifford of Associated Bank handled the loan arrangements and closing. The syndicated deal included a total of four lenders. Associated Bank served as joint lead arranger and administrative agent, holding $50 million of the total financing package. The other three lenders were First National Bank of Omaha, Alerus Financial NA and Johnson Bank.

January 15, 2024

Acquisitions California Office Western

J Street Buys 390,609 SF Vacant Office Building in San Diego, Plans Redevelopment Project

by Amy Works January 15, 2024

SAN DIEGO — J Street has acquired a fully vacant office building in San Diego, known as Tower 180, in a lender-facilitated, off-market transaction for an undisclosed price. The buyer plans to convert the 25-story building into hospitality and residential use. Brunson Howard and Rick Reeder of Newmark, along with Kevin Shannon, Tony Malk, Chris Benton and Anthony Muhlstein of Newmark’s U.S. capital markets team, represented the undisclosed seller. Located at 124 W. Broadway, the 390,609-square-foot asset primarily offers 10,000-square-foot floor plates. The asset is centrally located with easy access to Civic Center Trolley Station, Light Rail (MTS Station), Santa Fe Train Depot, San Diego International Airport, Interstate 5 and Highway 163.

January 15, 2024

Loans Mixed-Use Multifamily Office Retail Utah Western

PGIM Real Estate Provides $18.5M Mezzanine Loan for Mixed-Use Portfolio in Layton, Utah

by Amy Works January 15, 2024

LAYTON, UTAH — PGIM Real Estate has provided an $18.5 million mezzanine loan to Rockworth Cos. for a mixed-use multifamily and commercial portfolio in Layton, approximately 25 miles north of Salt Lake City. The 6.3-acre site features a newly constructed apartment community and two commercial buildings. The multifamily portion totals 252 units, and the two commercial buildings offer a total of 15,000 square feet of second-story office space and 15,130 square feet of ground-floor retail space. Daniel Kattan of PGIM secured the financing for the borrower.

January 15, 2024

Leasing Activity Michigan Midwest Office

Farbman Group, Healthrise to Relocate Headquarters in Southfield, Michigan

by Kristin Harlow January 12, 2024

SOUTHFIELD, MICH. — Farbman Group and Healthrise are both relocating their headquarters to a 93,000-square-foot office building located at 31700 Middle Belt Road in Southfield. Yamasaki designed the Class A building, which features underground parking, large floorplates and a campus-like setting. Farbman, a full-service real estate firm currently headquartered at 28400 Northwestern Highway in Southfield, will relocate in the spring or summer of this year. The relocation includes its sister companies Huntington Construction, FarbNET, Medical Real Estate Solutions, Huntington Maintenance Co. and Apex Mechanical Solutions. Healthrise provides IT services for the implementation of electronic health records, worker performance management and revenue cycle management.

January 12, 2024

Leasing Activity Life Sciences Office Texas

IBM Signs 50,000 SF Office, Life Sciences Lease at Parmer Impact Labs in Austin

by Taylor Williams January 12, 2024

AUSTIN, TEXAS — IBM has signed a 50,000-square-foot office and life sciences lease at Parmer Impact Labs in Austin. CBRE represented the landlord, Karlin Real Estate, in the lease negotiations. Cushman & Wakefield represented IBM. The New York-based tech giant follows University of Texas at Austin, which announced in September that it would locate its first off-campus wet lab site at Parmer Impact Labs. A timeline for occupancy was not disclosed.

January 12, 2024

Leasing Activity Office Texas

Holt Lunsford Negotiates 13,936 Office Lease Renewal, Expansion in Plano

by Taylor Williams January 12, 2024

PLANO, TEXAS — Holt Lunsford Commercial has negotiated a 13,936-square-foot office lease renewal and expansion at Lincoln Legacy Two in the northern Dallas suburb of Plano. Chase Stone and Caroline Hix of Holt Lunsford represented the landlord, Larson Capital Management, in the lease negotiations. Scott Jessen of Citadel Partners and Tyler Thomas of Trumont Commercial represented the tenant, The Mathworks, a provider of mathematical computing software.

January 12, 2024

Leasing Activity New York Northeast Office

DoorDash Signs 115,382 SF Office Lease Expansion at 200 Fifth Avenue in Manhattan

by Taylor Williams January 12, 2024

NEW YORK CITY — DoorDash has signed a 115,382-square-foot office lease expansion at 200 Fifth Avenue in Manhattan. The San Francisco-based online food delivery platform is expanding from a 57,691-square-foot space that it had previously subleased to the ninth floor of the 860,000-square-foot building. Bruce Mosler, Ethan Silverstein, Anthony LoPresti and Bianca Di Mauro of Cushman & Wakefield represented the landlord, Boston Properties (NYSE: BXP), in the lease negotiations. Adam Ardise and Greg Pickett, also with Cushman & Wakefield, represented DoorDash, which plans to take occupancy of the new space before the end of the year.

January 12, 2024

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