PHOENIX — Arizona-based MJA Investments has purchased Gateway Executive Center, a multi-tenant office building in Phoenix, from a Hawaii-based private investor for $9 million. Located at 1048 N. 44th St., the two-story, 39,912-square-foot building features a rooftop deck including a bar, grilling station and views of Camelback Mountain. Eric Wichterman, Mike Coover and Chris Toci of Cushman & Wakefield’s Private Capital Markets in Phoenix represented the seller in the transaction.
NEW YORK CITY — Private equity firm 17Capital has signed a 16,298-square-foot office lease in Midtown Manhattan. The firm will relocate and expand from SL Green’s 77-story One Vanderbilt tower to the entire 29th floor of 10 Bryant, a 30-story building located at 452 Fifth Ave., in early 2026. Paul Glickman, Ben Bass, Kristen Morgan and Kate Roush of JLL represented the landlord, Property & Building Corp. Ltd., in the lease negotiations. David Mainthow and Troy Elias of Cushman & Wakefield represented the tenant.
IRVINE, CALIF. — TP-Link Systems, as an owner-user, has purchased 5 Peter Canyon Road in Irvine from a joint venture led by Pendulum Property Partners for $40.6 million, or $258 per square foot. Situated on 9.5 acres, the 157,455-square-foot office building offers an onsite café, outdoor patio, a renovated lobby and more than 700 parking spaces. At the time of sale, the three-story building was 87.9 percent leased to a variety of tenants. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson, Matt Didier, Jennifer Whittington and David Dowd of CBRE represented the seller, while Eric Purmort, also with CBRE, represented the buyer in the transaction.
LEWISVILLE, TEXAS — Locally based developer Bright Realty has completed Crown Centre II, a $50 million office project located in the northern Dallas suburb of Lewisville. The four-story, 147,000-square-foot building is situated within Bright’s Crown Centre mixed-use development. Dallas-based Rudick Construction Group served as general contractor for the project, construction of which began in April 2023. Crown Centre will ultimately feature up to 2,000 multifamily units, 3 million square feet of office space, 500 hotel rooms and 140,000 square feet of retail, restaurant and open green space.
CINCINNATI — Cincinnati Children’s has acquired a recently constructed office building in the Cincinnati Innovation District that will be home to over 200 employees who focus on non-laboratory research. The health system will occupy the top two floors of the six-story, 180,000-square-foot building at 3090 Exploration Ave. The purchase price was undisclosed. JobsOhio provided a $32 million low-interest loan to help Children’s acquire the property, which was built by Terrex Development & Construction. As part of the agreement with JobsOhio, Children’s committed to creating 100 new research jobs with a payroll of at least $10 million. The health system also committed to increasing research that relies on federal funding. The two floors to be occupied by Children’s encompass a total of 60,000 square feet. The four lower levels will be leased to other organizations. Cushman & Wakefield will market those spaces for lease. The building will also include a breakfast and lunch dining concept, details of which will be announced in the coming months. Build-out of the interior space for Children’s is expected to take nine to 12 months and will be overseen by TriVersity Construction. BHDP Architecture will lead the design. Motz Engineering will handle mechanical, electrical and plumbing, …
VANCOUVER, WASH. — Lincoln Property Co. (LPC) has opened Port of Vancouver USA Terminal 1, an office and retail development in southern Washington. The two-building complex is located in the city’s waterfront district and features 366,000 square feet of Class A office space, 12,000 square feet of ground-floor retail space and commercial amenities. The office component of the project will house the new global headquarters for ZoomInfo, an artificial intelligence platform provider based in Vancouver. Four years ago, the Port of Vancouver USA selected LPC to develop the site on port land along the Columbia River in one of two master-planned communities that are transforming the waterfront into a live-work-play neighborhood. The waterfront district is situated in the city’s urban core with convenient access to highways, public transit and Portland, Ore. The Terminal 1 development features 10- and nine-story buildings, a rooftop deck and 10,000 square feet of landscaped green spaces and outdoor seating that will be open to the public. Parking will be available on nights and weekends. The development team is also targeting LEED Gold certification. The 10-acre site is already home to an AC Hotel by Marriott, green open spaces, walking trails and bike paths. A public …
SAN MATEO, CALIF. — San Mateo-based SC Properties has acquired San Mateo Gateway Center, a Class A office campus in San Mateo. Kennedy Wilson sold the three-building asset for an undisclosed price. Located at 1800, 1810 and 1820 Gateway Drive, the 235,000-square-foot campus features natural light on all floors, an onsite café, speculative suite, upgraded lobby and common areas, an outdoor lounge and seating areas, a common conference room, fitness center and ample parking. At the time of sale, the property was 40 percent vacant. SC Properties’ Kevin Phillips and Chris Giotinis led the transaction. Gary Boitano of Cushman & Wakefield and Clarke Funkhouser of JLL consulted the buyer on the acquisition and were retained to handle leasing of the campus.
CARLSBAD, CALIF. — The Techbilt Cos., an owner and developer, has broken ground on Evolve, a three-building creative flex campus within a 600-acre master-planned development in Carlsbad. Evolve is the first of three new developments that Techbilt Cos. will bring to the Carlsbad market within the next two years. Evolve will include a 17,419-square-foot Building A, a 20,330-square-foot Building B and a 29,965-square-foot Building C. The buildings will offer clear heights of 28 feet, glass sectional roll-up doors, ample natural light, clean air/electric vehicle parking and bike storage. The project is designed to be divided for up to eight tenants and allows for each space to have its own shaded private patio/outdoor space and lunch area directly adjacent to the space. Cushman & Wakefield’s Conor Boyle and Tyler Stemley, along with the Cuthbert Industrial Team at Colliers, are handling leasing efforts for the project.
SHAKOPEE, MINN. — GN, a hearing, audio, video and gaming gear solutions company, has unveiled plans to relocate its North American hearing headquarters from Bloomington to Shakopee in 2025. The company will occupy the former Shutterfly Midwest production facility along Highway 169. GN finalized a 12-year lease and has begun planning for renovation and construction to turn the site into a 218,437-square-foot hearing aid manufacturing, repair and shipping facility. The property will also house sales, customer service and marketing support for the company’s lead hearing aid brand, ReSound, as well as professional support services for GN’s other hearing aid brands Jabra Enhance and Beltone. The company currently employs approximately 550 people in Minnesota, more than half in manufacturing jobs. GN, with global headquarters in Copenhagen, has occupied the Bloomington facility at 8001 Bloomington Freeway East since 2001. The new lease represents a 79 percent increase in space from the Bloomington location. Andrew Odney and Andrew Heieie of Colliers represented GN in the lease. Built in 2014, the Shakopee property is situated on more than 22 acres at 5005 Dean Lakes Blvd. The building features 160,000 square feet of production and warehouse space along with approximately 58,000 square feet of office …
NEW YORK CITY — Marcus & Millichap has brokered the $8.5 million sale of two industrial and office buildings in the Long Island City area of Queens. The adjacent properties are located at 37-11 Vernon Blvd. and 814 37th Ave. and include a total of 18,440 square feet of building space and a 6,560-square-foot open lot for shipping and parking. The buildings also feature 20-foot ceilings, conference rooms and overhead crane space. Jakub Nowak of Marcus & Millichap represented the seller, Vernon Associates LLC, in the transaction and procured the buyer, an undisclosed local private investor.
