Office

Companies Are Attracted to the Boise Office Market

by Jeff Shaw September 15, 2023

— By Karena Gilbert, Office and Investment Associate, Colliers — Idaho experienced significant population growth in recent years, and the commercial real estate market reflected that trend. The pace of growth has begun to slow, although overall growth is expected to increase over the next decade. The growth brought both business and talent to the state as the Boise MSA continues to maintain a healthy office market. Second-quarter vacancy sits at 7 percent, up from 6.1 percent in the first quarter and outperforming the national vacancy rate, which stands at 16.4 percent. The Boise MSA has experienced an 18.5 percent job growth over a five-year period compared to the national growth level of 3.4 percent. Despite these promising stats, Idaho is not immune to the economic turbulence being felt on a national level. With interest rates rising and market uncertainty, some buyers have become more cautious while others still actively seek opportunity. Cap rates have increased from 5.1 percent in the second quarter of 2022 to between 5.5 percent and 6.5 percent in the second quarter of 2023. Office lease absorption is down, though we’re still seeing a lot of interest in Boise. Micron, a $66 billion semiconductor company founded …

September 15, 2023

Acquisitions Office Southeast Virginia

JLL Arranges Sale of 239,678 SF Ballston One Office Building in Arlington, Virginia

by John Nelson September 14, 2023

ARLINGTON, VA. — JLL has arranged the sale of Ballston One, a 239,678-square-foot office building located at 4601 N. Fairfax Drive in Arlington, a suburb of Washington, D.C. Penzance purchased the building from UBS Realty Investors LLC for an undisclosed price. Matt Nicholson, Andrew Weir, Jim Meisel, Dave Baker, Kevin Byrd and Kameel Omar of JLL represented the seller in the transaction. Built in 1986, Ballston One is leased to a mix of federal government and private sector tenants. Amenities include a fitness center, conference rooms, restaurant and an onsite property management team, according to LoopNet Inc.

September 14, 2023

Acquisitions Office Texas

Cushman & Wakefield Brokers Sale of 37,500 SF Industrial Building in North Houston

by Taylor Williams September 14, 2023

HOUSTON — Cushman & Wakefield has brokered the sale of a 37,500-square-foot industrial building located at 431 Bammel Road in North Houston. According to LoopNet Inc., the building was constructed on 5.8 acres in 2015 and features four dock-high doors, two grade-level doors and 28-foot clear heights. Landon Williams, Katie Hargett and Coe Parker of Cushman & Wakefield represented the buyer, Greenbriar Properties, in the transaction. Mike Boyd, Greg Barra and Cory Grant of Boyd Commercial represented the undisclosed seller. The building was fully leased at the time of sale.

September 14, 2023

Acquisitions Connecticut Northeast Office

CBRE Arranges $15.5M Sale of Office Building in Greenwich, Connecticut

by Taylor Williams September 14, 2023

GREENWICH, CONN. — CBRE has arranged the $15.5 million sale of a 43,985-square-foot boutique office building in the southern coastal Connecticut city of Greenwich. Jeffrey Dunne, Steven Bardsley, Travis Langer and Daniel Blumenkrantz of CBRE represented the seller, an entity managed by Collins Capital Partners LLC, in the transaction. The team also procured the buyer, HBN 53 Forest LLC, which is managed by regional owner HB Nitkin. The building was 82 percent leased at the time of sale.

September 14, 2023

Leasing Activity New York Northeast Office

Corporation for Supportive Housing Signs 10,570 SF Office Lease at 55 Broadway in Manhattan

by Taylor Williams September 14, 2023

NEW YORK CITY — The Corporation for Supportive Housing has signed a 10,570-square-foot, 11-year office lease at 55 Broadway, a 363,378-square-foot building in Manhattan. The organization will occupy the entire 10th floor of the 32-story building. Aron Schreier and Jason Kroeger of Cushman & Wakefield represented the tenant in the lease negotiations. Brad Gerla, Jonathan Cope and Hayden Pascal of CBRE represented the landlord, Harbor Group International.

September 14, 2023

Development Massachusetts Northeast Office Top Stories

Joint Venture Completes 1 MSF Office Project in Downtown Boston

by Katie Sloan September 14, 2023

BOSTON — A joint venture between Carr Properties, The HYM Investment Group and National Real Estate Advisors has completed One Congress, a 43-story, 1 million-square-foot office project in downtown Boston. One Congress opens fully preleased. Anchor tenants include financial services firm State Street Corp. (510,000 square feet) and data management services provider InterSystems Corp. (420,000 square feet) — two of the largest office leases signed in Boston within the past 20 years, according to the developers. Among the additional tenants are law firm K&L Gates, Trillium Asset Management and Husch Blackwell. Amenities include a 30,000-square-foot outdoor garden on the 11th floor; 7,000-square-foot fitness center; coffee bar; collaborative workspace and lounges; a marketplace with food offerings and a cocktail bar curated by restaurateur Stephen Starr; and 4,700 square feet of meeting and conference space. Pelli Clarke Pelli and CBT Architects handled design of the building. Gachot Studio served as the interior design firm and John Moriarty & Associates was the construction manager. Construction began in June 2019, and the topping off occurred in summer 2021. The development is LEED Platinum certified and located in proximity to the Rose Kennedy Greenway and several MBTA stations. Washington, D.C.-based Carr Properties is a privately …

September 14, 2023

Acquisitions Massachusetts Northeast Office

Synergy Investments Acquires Downtown Boston Office Building for $45M

by Taylor Williams September 13, 2023

BOSTON — Synergy Investments has acquired One Liberty Square, a 157,467-square-foot office building in downtown Boston, for $45 million. The 13-story building was originally constructed in 1926 and renovated in 1982. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and William Sleeper of Newmark represented the seller, New York-based Clarion Partners, in the transaction. The team also procured Synergy Investments as the buyer. One Liberty Square was 84 percent leased to a roster of 22 tenants at the time of sale.

September 13, 2023

Development Illinois Industrial Midwest Office

Summit Breaks Ground on Farm Foundation’s Innovation, Education Center in Suburban Chicago

by Kristin Harlow September 13, 2023

LIBERTYVILLE, ILL. — Summit Design + Build has broken ground on Farm Foundation’s Innovation and Education Center located on the Casey family farm in Libertyville. The nonprofit will occupy a 4,000-square-foot educational barn on a 14-acre site. The project will be home to a media room, demonstration kitchen and office space. There will also be various educational programs aimed to address the critical issues shaping the future of agriculture and food systems. Kahler Slater is the architect, and JLL is the property manager.

September 13, 2023

Leasing Activity Northeast Office Pennsylvania

Goodwin Signs 31,500 SF Office Lease at Schuylkill Yards in Philadelphia

by Taylor Williams September 13, 2023

PHILADELPHIA — Global law firm Goodwin has signed a 31,500-square-foot office lease at Schuylkill Yards, a mixed-use development in Philadelphia’s University City district. In early 2024, the firm will relocate from One Commerce Square to the entire eighth floor and part of the seventh floor of the 28-story building at 3025 JFK Blvd. Locally based REIT Brandywine Realty Trust (NYSE: BDN) owns Schuylkill Yards. Greg Soffian of Savills represented Goodwin in the lease negotiations.

September 13, 2023

Market Reports Multifamily Office Texas Texas Market Reports

Office-to-Multifamily Conversions Are Reshaping Downtown Dallas

by Taylor Williams September 13, 2023

By Ryan Kimura, senior vice president of strategic partnerships, Premier The changing landscape of work and the future of the office remains in flux, leading to a reduced demand for office space in major metropolitan areas throughout the country. This shift has rendered many office buildings underutilized and obsolete, prompting developers and investors to seek alternative uses for these structures. Simultaneously, urbanization continues to grow, fueling the demand for housing and a need for innovative multifamily solutions. Office-to-multifamily conversions provide an answer to both challenges, repurposing office spaces into much-needed residential units while allowing investors to capitalize on demand. This perfect storm of reduced office demand, increased housing needs and favorable regulatory conditions has driven the popularity of office-to-multifamily conversions, positioning them as a sustainable strategy for urban development. These conversions began to surge in popular metro areas during the height of the pandemic as uncertainty surrounded the return to the workplace. Fast forward three years later and office conversions are still booming — especially in the Dallas market. The region, which has witnessed some of the largest population increase in the country over the past five years, has also had a double-digit office vacancy rate in its downtown area …

September 13, 2023

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