Office

Vantage Point to Develop 145,000 SF Office Phase of The Quarry Mixed-Use Development in Lenexa, Kansas

by Kristin Harlow January 9, 2024

LENEXA, KAN. — Vantage Point Properties has unveiled plans to develop the office phase of The Quarry mixed-use development in Lenexa. The three-building project will include 145,000 square feet of Class A office space. The overall development was originally announced as Reflections at City Center in summer 2022. The name evolved as a result of the geologic and design characteristics of the property, according to Paul Jackson, CEO of Vantage Point. “As we began our site work for the apartment portion of the project, we unearthed large limestone boulders that we decided would be fun and unique to use in our central park area and around the site. That process took on a life of its own, and we decided to change the development name accordingly.” As a salute the original project name, the apartment complex has been named Reflections Apartments. The 338-unit complex is slated for completion in summer 2025. The office portion of The Quarry will include three buildings totaling 25,000 square feet, 55,000 square feet and 65,000 square feet. The 25,000-square-foot building offers drive-thru availability for a potential bank tenant. Rooftop space opportunities or balcony availabilities are options for full-floor tenants as are exterior signage opportunities with …

January 9, 2024

Acquisitions California Office Western

Harbor Associates, Taconic Capital Advisors Sell 115,520 SF Office Building in San Bernardino, California

by Amy Works January 9, 2024

SAN BERNARDINO, CALIF. — Harbor Associates, in joint venture with Taconic Capital Advisors, has completed the disposition of 451 E. Vanderbilt Way, a Class A office building in San Bernardino. An undisclosed buyer acquired the Inland Empire asset for $26.7 million. The sale marks the third and final transaction in a five-property $69.8 million office portfolio disposition. The joint venture originally acquired the 368,000-square-foot portfolio in October 2019 for $41.7 million. All five of the assets, ranging in size from 70,000 square feet to 115,000 square feet, are located within the Tri City Corporate Center, a 153-acre, master-planned, mixed-use office park with 1 million square feet of commercial office space and 390,000 square feet of retail space. Anthony DeLorenzo, Sammy Cemo, Philip Woodford, Kyle Yocum and Michael Longo of CBRE advised the joint venture in the portfolio sale.

January 9, 2024

Leasing Activity Office Texas

Bradford Commercial Negotiates Office Lease Renewal, Expansion in Allen, Texas

by Taylor Williams January 9, 2024

ALLEN, TEXAS — Bradford Commercial Real Estate Services has negotiated a 10-year office lease renewal and expansion in the northeastern Dallas suburb of Allen. The tenant, Visitech Americas, a Norwegian provider of 3D printing and digital imaging solutions, will now occupy 19,431 square feet across the entire first floor of Building 2 of The Office Campus at Allen. Jared Laake of Bradford represented the landlord, an entity doing business as 1301 SCE LLC, in the lease negotiations. Dene Allred of CMI Brokerage represented the tenant, which plans to invest $1 million in the build-out of the expanded space.

January 9, 2024

Acquisitions New York Northeast Office

KSR Capital Buys 49 Percent Stake in Manhattan Office Building

by Taylor Williams January 9, 2024

NEW YORK CITY — KSR Capital, the investment arm of locally based firm KSR, has purchased a 49 percent stake in 1410 Broadway, a 34-story office building in Manhattan. The 395,000-square-foot building recently underwent a capital improvement program and was 90 percent leased when the deal closed, with an undisclosed design and marketing firm recently signing a 62,500-square-foot lease. KSR Capital purchased the stake from L.H. Charney Associates, with internal agents Albert Sultan and Marc Sitt negotiating the deal.

January 9, 2024

Leasing Activity Office Texas

Family Care Center Signs 6,052 SF Office Lease in New Braunfels, Texas

by Taylor Williams January 9, 2024

NEW BRAUNFELS, TEXAS — Family Care Center has signed a 6,052-square-foot office lease in New Braunfels, a northeastern suburb of San Antonio. According to LoopNet Inc., the property at 640 N. Walnut Ave. was built in 2021 and totals 19,623 square feet. Chad Wallace of Partners Real Estate represented the undisclosed landlord in the lease negotiations. Ken Brown and Carl Salvato with Cushman & Wakefield represented the tenant.

January 9, 2024

Zachary Richards adaptive reuse quote Bohler

Bohler Content Partner Development Features Midwest Multifamily Northeast Office Retail Southeast Western

Adaptive Reuse Developers Repurpose Antiquated Real Estate to Benefit Contemporary Consumers

by Sarah Daniels January 9, 2024

Commercial property conversions can offer significant advantages over conventional ground-up real estate developments. Conversions can provide a head start on construction with established entitlements, existing structures, in-place utilities and entry to choice locations in otherwise built-out submarkets. Consider the Universal Buildings, Post Brothers’ conversion of two 1960s-era office buildings into more than 600 residential units and ground-floor retail just north of the District of Columbia’s Dupont Circle. The 15-story complex will feature a two-level, glass-walled fitness and recovery center with more than 10,000 square feet of training zones, equipment and classrooms. The developer is housing the fitness center and other amenities in a new atrium that replaces the upper levels of structured parking originally built within one of the former office buildings. “The location is incredible — there is probably no greater location in any major city in the country for conversion,” says Josh Guelbart, Post Brothers’ Co-Chief Operating Officer. “Having the entire block means we have light, air and hilltop views of Kalorama, Adams Morgan and Dupont Circle, three of the finest residential neighborhoods in the District. There isn’t room for new buildings of scale in those neighborhoods, and that really made this existing, large building attractive to us.” …

January 9, 2024

Acquisitions New Jersey Northeast Office

First Mile Properties Buys 287,704 SF Office Building in Paramus, New Jersey

by Taylor Williams January 8, 2024

PARAMUS, N.J. — First Mile Properties, an affiliate of New York City-based investment firm Crown Acquisitions, has purchased a 287,704-square-foot office building in the Northern New Jersey community of Paramus. The five-story building, which was originally constructed in 1985, was 96 percent leased at the time of sale with an undisclosed financial services firm serving as the anchor tenant. David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema of Cushman & Wakefield represented the seller, a joint venture between DRA Advisors and Onyx Equities, in the transaction. The quartet also procured First Mile Properties as the buyer.

January 8, 2024

Kansas Leasing Activity Midwest Office

Accounting Firm Adams Brown to Relocate Overland Park Office to Aspiria Campus

by Kristin Harlow January 8, 2024

OVERLAND PARK, KAN. — Adams Brown LLC, a CPA and advisory firm, has unveiled plans to relocate its Overland Park office to the Aspiria campus. The move is expected to take place in the fourth quarter of 2024. With numerous office locations throughout the central region, Adams Brown specializes in serving those in the agriculture, construction, manufacturing, dental and physician practice, local government and closely held businesses. The firm has operated in the Kansas City market since 2017 and has outgrown its current office space. Wichita-based Occidental Management owns and manages the Aspiria campus, which is the redevelopment of the former Sprint campus.

January 8, 2024

Acquisitions Nevada Office Western

Las Vegas Valley Water District Acquires 166,409 SF Office Building in Central Las Vegas

by Amy Works January 8, 2024

LAS VEGAS — Las Vegas Valley Water District (LVVWD) has purchased a vacant office building, located at 330 S. Valley View Blvd. in Las Vegas, from a private seller for $21.2 million. Built in 1983 on 10 acres, the two-story building offers 166,409 square feet of office space. The property, as it currently stands, features an atrium, open floor plan with HVAC control systems, controlled access at exterior and major interior doorways, and 870 parking spaces. Additionally, the facility features call-center-quality networking, including redundant fiber optics, Cat6 ethernet cabling and a backup generator servicing the building’s critical systems. LVVWD currently owns 251.5 acres of property directly across the street from the acquisition. The existing portfolio includes administrative buildings, operations support, utility infrastructure, public education buildings and special land preservation area. Marlene Fujita Winkel, Emily Brun and Cody Seager of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the private seller in the transaction.

January 8, 2024

Development New York Northeast Office Top Stories

Vornado Realty Trust Nears Completion of $750M Repositioning of Manhattan Office Building

by Taylor Williams January 8, 2024

NEW YORK CITY — Vornado Realty Trust (NYSE: VNO) is nearing completion of a $750 million repositioning of PENN 2, a 1.8 million-square-foot office building that sits atop the Penn Station transit hub in Midtown Manhattan. PENN 2 will sport architectural features such as a modern glass curtain wall, a triple-height lobby that opens onto a new plaza on 33rd Street and a six-story podium comprised of 105,000 square feet of column-free, double-height space. Above the 33rd Street plaza is a 280-person town hall space with a flexible seating system that can support large-scale keynote talks, private media screenings, banquets, conferences, workshops and open-floor exhibitions. PENN 2 also offers 72,000 square feet of outdoor green space, including an outdoor terrace atop the podium and a landscaped 17,000 square-foot rooftop park that is available to all tenants. The building sits across the street from Madison Square Garden, which houses its global headquarters within the office space. The larger PENN District campus is home to major tenants such as Meta, Morgan Stanley, Amazon, The Hartford, Cisco Systems and Samsung. “The reimagined PENN 2 appeals directly to innovation-oriented companies seeking an ultra-premium, hospitality-infused office environment that offers a one-seat ride for workers throughout the …

January 8, 2024

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