SUGAR LAND, TEXAS — JLL has brokered the sale of The Offices at Kensington, a 171,055-square-foot office complex located in the southwestern Houston suburb of Sugar Land. The complex consists of two four-story buildings that had a combined occupancy rate of 84 percent at the time of sale. Rick Goings and Marty Hogan of JLL represented the seller, California-based investment firm Buchanan Street Partners, in the transaction. Michael Johnson and Michael King, also with JLL, arranged an undisclosed amount of fixed-rate acquisition financing on behalf of the buyer, Houston-based private equity firm DML Capital.
DALLAS — Accounting firm Carter & Co. has signed a 7,205-square-foot office lease renewal in North Dallas. The company renewed a year before the expiration of its lease at Highland Park West, a 51,847-square-foot complex that is now 96 percent leased. Jared Laake and Richmond Collinsworth of Bradford Commercial Real Estate Services represented the landlord in the lease negotiations. Bill Zei of McLeod-Zei Inc. represented the tenant.
HOUSTON — Locally based brokerage firm Cypressbrook Co. has negotiated a 6,874-square-foot office lease at The Meadows at Interwood in North Houston. According to LoopNet Inc., the building was constructed in 1984 and spans 146,685 square feet. John Hornbuckle of Cypressbrook represented the tenant, ABM Insurance & Benefit Services, in the lease negotiations. Valere Costello of Brummett & Co. represented the landlord.
MOUNT CLEMENS, MICH. — Neway Creative, a coworking facility in downtown Mount Clemens, is relocating to 75 N. Main St. on the third floor. The company’s new space totals 5,100 square feet. Neway Innovation Hub works to empower adolescents through the nonprofit arm Neway Works Inc., a 501(c)(3) organization that provides youth mentoring and development services. With this collaboration, Neway Creative is launching an art-therapy program in partnership with Neway Works supporting youth battling depression and anxiety. The new space also features private therapy space tailored for counseling professionals. Signature tenants of the Neway Innovation Hub include Analytic Healthcare Solutions, Jim DiFalco Farm Bureau, Neway Works, Renovations Now and SEO Plus CRO.
By Stewart Lyman and Robby Davis of Stream Realty Partners Contrary to popular belief, the office market is not dying, particularly not in Nashville. While the market is facing headwinds from the interest rate environment and general economic uncertainty, Nashville has shown resiliency, bolstered by the city’s strong population growth, low unemployment rates, and a vibrant, diverse job market. However, while flight-to-quality has been experienced well before the COVID-19 pandemic, the positive performance of top-tier buildings compared to the rest of the market has accelerated coming out of COVID-19. In 2023, Class A Tier I buildings posted 1.17 million square feet of positive absorption compared to negative absorption of 141,900 square feet and negative 32,267 square feet in Class A Tier II and Class B assets, respectively. Top-tier buildings signed some of Nashville’s largest leases in the past year, such as Creative Artists Agency (CAA) for 75,000 square feet at Nashville Yards, Designed Conveyor Systems for 47,000 square feet at McEwen Northside and JE Dunn for 41,000 square feet at Neuhoff. In the urban core, two of the most high-profile new developments are Neuhoff (Germantown) and Nashville Yards (Downtown), both of which are elevating the tenant experience by delivering best-in-class …
HOUSTON — Accounting firm Abbott & Associates has signed a 4,848-square-foot office lease renewal in southeast Houston. According to LoopNet Inc., the building at 12600 N. Featherwood Drive was built in 1987 and totals 75,166 square feet. Ryan Hartsell of locally based brokerage firm Oxford Partners represented Abbott & Associates in the lease negotiations. Ryan Clark of The Mission Cos. represented the landlord.
WEST DES MOINES, IOWA — CBRE has opened a new 8,000-square-foot office on the second floor of 595 Tower, which is located at 595 S. 60th St. in West Des Moines. The firm has relocated from the Hubbell Realty Co. building at 6900 Westown Parkway. The new office is part of CBRE’s Workplace360 program, showcasing the company’s “Future of Work” space standards, including innovative technology and a wider variety of collaborative spaces designed to support hybrid working. CBRE launched its Workplace360 program in 2013 and has since opened more than 100 of these offices worldwide. A cornerstone of the model is the “free address” approach where there is no assigned seating. The Des Moines office is equipped with technology for chat and video applications, a large media display for company announcements and a RISE café. There are several pieces of artwork from local artists, Tom Gross and Candice Luten. The conference room names are based on the three local counties where CBRE is most active — Dallas, Jasper and Polk.
SOUTHFIELD, MICH. — Friedman Real Estate has negotiated the sale of a 60,000-square-foot office building in Southfield for an undisclosed price. The property at 19900 W. Nine Mile Road was formerly home to Specs Howard School of Media Arts. Dan Verderbar of Friedman represented the undisclosed seller. Life Skills Village, an outpatient mental health and rehabilitation facility, will occupy the building.
SECAUCUS, N.J. — Kids apparel retailer The Children’s Place has signed a 120,000-square-foot office lease renewal at 500 Plaza Drive in the Northern New Jersey community of Secaucus. The Children’s Place has been a longtime tenant at the 466,496-square-foot building, which is located within the 200-acre Harmon Meadow campus. David Stifelman and Timothy Greiner of JLL represented the landlord, Manulife Investment Management, in the lease negotiations. David Goldstein and Gregg Najarian of Savills represented the tenant.
TORRANCE, CALIF. — Gantry has secured a $28 million permanent loan to refinance Torrance Memorial Lundquist-Lurie Cardiovascular Center, located at 2841 Lomita Blvd. in Torrance, a southern suburb of Los Angeles. The three-story, 65,000-square-foot medical office building is fully occupied by physicians and technicians providing outpatient services on behalf of Torrance Memorial Medical Center, a full-service, Cedars Sinai-affiliated hospital. George Mitsanas, Braden Turnbull and Alicia Sabanero of Gantry’s Los Angeles (El Segundo) office secured the financing for the borrower, a private real estate company. The 10-year permanent loan was placed with one of Gantry’s correspondent insurance company lenders at a fixed rate with 30-year amortization and pre-payment flexibility after year seven.