HOUSTON — Car dealership Group 1 Automotive has signed a 45,330-square-foot office lease at Town Centre Two, a 167,141-square-foot building that is under construction in West Houston. Bob Cromwell and Kevin Nolan internally represented the landlord, Moody Rambin, in the lease negotiations. Andrew Iversen, Joshua Brown and Audrey Selber of Newmark represented the tenant. Town Centre Two, which is scheduled to be complete before the end of the year, is now 68 percent preleased.
CERRITOS, CALIF. — Logos Missions has purchased Plaza Tower, a nine-story Class A office building located at 18000 Studebaker Road in Cerritos, approximately 20 miles southeast of downtown Los Angeles. An institutional seller sold the asset for an undisclosed price. Developed in 1986 and renovated in 2016, the elevator-served building features 191,939 rentable square feet. At the time of sale, the property was 84 percent leased. Current tenants include The Oncology Institute of Hope & Innovation, Thermal Engineering, Premier Workspaces and Fremont University. Kevin Shannon, Paul Jones, Ken White and Brandon White of Newmark represented the seller in the deal.
NEW YORK CITY — Kensington Vanguard National Land Services has signed a 13,394-square-foot office headquarters lease at 41 Madison Avenue in Midtown Manhattan’s Flatiron District. The title insurance agency and Truist Bank subsidiary plans to relocate from 39 West 37th Street to the entire 21st floor of the building in the second quarter of next year. Howard Hirsch and Brett Harvey of JLL represented the tenant in the lease negotiations. Robert Steinman represented the landlord, Rudin, on an internal basis.
NEW YORK CITY — Coworking and office-sharing pioneer WeWork Inc. (NYSE: WE) has filed for Chapter 11 bankruptcy protection. WeWork also plans to file similar protectionary measures in Canada. WeWork has entered into a restructuring support agreement with its creditors representing approximately 92 percent of its secured notes to “drastically reduce” the company’s existing funded debt and expedite the restructuring process. Reuters reports the debt-for-equity swap deal with its creditors totals $3 billion. The New York City-based company plans to continue operations and “further rationalize its commercial office lease portfolio” with its network of office landlords. WeWork’s locations and franchisees outside of the United States and Canada are not part of this process. According to the company website, WeWork operates more than 320 locations globally across various workplace solutions platforms. As part of the filing, WeWork is requesting the ability to reject the leases of certain locations that are “non-operational,” all of which have affected members that have received advanced notice. The company has retained Hilco Real Estate, an Illinois-based real estate restructuring and advisory firm, to assist with lease renegotiations. “WeWork has a strong foundation, a dynamic business and a bright future,” says David Tolley, CEO of WeWork. “Now …
GREENVILLE, S.C. — Colliers has arranged a 37,654-square-foot office lease renewal at 55 Beattie Place in downtown Greenville. The tenant, regional law firm Gallivan White & Boyd, is renewing its space within One Liberty Square. Bailey Tollison, Brantley Anderson and Taylor Allen of Colliers represented the tenant in the lease transaction. The landlord was not disclosed. In addition to the One Liberty Square renewal, the Colliers team recently represented Gallivan White & Boyd in other office leases in Columbia, S.C., and Charlotte.
HOUSTON — A subsidiary of national homebuilder Meritage Homes (NYSE: MTH) has signed a 17,899-square-foot office lease renewal at Reserve at Westchase, a 194,919-square-foot building in Houston’s Westchase District. Jack Scharnberg and John Heard of Transwestern represented the undisclosed landlord in the lease negotiations. Neil Elliott, Dustin Cruz and Lawson Martin of Cresa represented the tenant. Reserve at Westchase is currently undergoing a capital improvement program to upgrade the lobby and other common areas.
BERKELEY, MO. — Clayco, a full-service development, architecture, engineering and construction firm, is relocating its St. Louis offices and operations center to a redeveloped 230,000-square-foot building within NorthPark Development in Berkeley, a northwest suburb of St. Louis. Clayco currently maintains multiple offices in Overland and Clayton, Mo., and will relocate 580 St. Louis-based team members to the new facility, which is located at 8640 Evans Ave. The new office will be able to accommodate over 1,000 employees, as the company expects to expand in the coming years. While Clayco’s corporate headquarters will remain in Chicago, the Berkeley office will serve as the home of many of the company’s design-build functions, including operations, business unit leadership, architecture, process engineering, safety, IT, marketing, finance/accounting and talent management. Clayco subsidiaries, Concrete Strategies, Clayco Design & Engineering and Consolidated Distribution Co., will be headquartered in the new office. Clayco and its real estate development subsidiary, CRG, have partnered with Missouri’s Department of Economic Development and Missouri Development Finance Board as well as the City of Berkeley to facilitate the move. As part of an incentive proposal from the state, Clayco will retain its existing Missouri workforce and is committed to creating at least 400 …
TOLEDO, OHIO — Civil and Environmental Consultants Inc. (CEC) has expanded its office lease at One Seagate in Toledo by an additional 4,000 square feet. The company now occupies 16,000 square feet at the 725,000-square-foot office building, which is owned by AmTrust RE. One Seagate features a lobby lounge, café, auditorium and shared conference space. CEC is an engineering and environmental consulting firm that provides services across various disciplines such as air quality, civil engineering, ecological science and waste management. Stephanie Kuhlman of NAI Harmon Group represented CEC. Anne Holker, Mike Abernathy and Jason Westendorf represented AmTrust RE on an internal basis along with Harlan Reichle of Reichle/Klein Group.
GOLD RIVER, CALIF. — Cushman & Wakefield has negotiated the sale of a two-story office building located at 11931 Foundation Place in Gold River in the Sacramento Valley. Visions In Education acquired the asset from Rpro152n3 LLC for $6.7 million. The buyer plans to relocate to the 63,387-square-foot property in summer 2024. At the time of sale, the building was vacant. Kris Kalmbach of Cushman & Wakefield represented the buyer, while Kevin Partington of Cushman & Wakefield represented the seller in the deal.
JERSEY CITY, N.J. — Global investment banking firm Jefferies LLC has signed a 60,000-square-foot office lease renewal at 101 Hudson St. in Jersey City. The 42-story, 1.2 million-square-foot tower is located in the city’s Exchange Place neighborhood and is known as The Merrill Lynch Building. Conor Dolan, David Opper and Mike Nieliwodski of CBRE represented the landlord, The Birch Group, in the lease negotiations. Rob Lowe of Cushman & Wakefield represented the tenant.