Office

CIM Group Sells 182,700 SF Office Building in East Austin

by Taylor Williams August 24, 2023

AUSTIN, TEXAS — Los Angeles-based investment firm CIM Group has sold Fifth + Tillery, a 182,700-square-foot office building in East Austin. Fifth + Tillery features outdoor balconies with heightened levels of natural light, as well as a landscaped courtyard with various outdoor amenities. CIM Group originally acquired the property in October 2019 shortly after construction began. According to multiple media outlets including The Austin American-Statesman, local transportation authority Capital Metro purchased the property for roughly $87 million.

August 24, 2023

Acquisitions Office Texas

Colliers Arranges Sale of 173,908 SF Office Building in North Houston

by Taylor Williams August 24, 2023

HOUSTON — Colliers has arranged the sale of a 173,908-square-foot, eight-story office building that sits on a 4.4-acre site at 12941 N. Freeway in Houston. The property, which is known as The Wells Fargo Bank Building and is located on the city’s north side, was built in 1982, according to LoopNet Inc. David Carter of Colliers represented the seller, an entity doing business as North Houston LP, in the deal. Additional terms of sale were not disclosed.

August 24, 2023

Leasing Activity Life Sciences Massachusetts Northeast Office

Spindrift Renews, Expands Headquarters Space in Newton, Massachusetts

by Taylor Williams August 24, 2023

NEWTON, MASS. — Spindrift, a provider of sparkling water, has renewed and expanded its headquarters space at Chapel Bridge Park, an office and life sciences development located in the western suburb of Boston of Newton. The tenant now occupies more than 20,000 square feet at the eight-building, 250,000-square-foot campus, which is owned by The Bulfinch Cos. Jared Pimm of CBRE represented Spindrift in the lease negotiations.

August 24, 2023

Leasing Activity Office Texas

Oxford Partners Negotiates 4,671 SF Office Lease in Houston

by Taylor Williams August 23, 2023

HOUSTON — Local brokerage firm Oxford Partners has negotiated a 4,671-square-foot office lease at 2929 Allen Parkway in Houston. The 43-story building, which is located just west of the downtown area, was originally constructed in 1982 and totals 952,080 square feet, according to LoopNet Inc. D.J. Hale of Oxford Partners represented the tenant, Nguyen Office PLLC, in the lease negotiations. Kristin Rabel of CBRE represented the landlord.

August 23, 2023

Development Midwest Office Ohio Restaurant Retail

Community of Zanesville Opens The Downtown Exchange in Ohio

by Kristin Harlow August 23, 2023

ZANESVILLE, OHIO — The Downtown Exchange, a revitalization project designed to foster small business growth and economic development, has opened in downtown Zanesville, about 55 miles east of Columbus. The Downtown Exchange business owners, in partnership with JobsOhio, Ohio Southeast Economic Development, the Zanesville-Muskingum County Port Authority and the Zanesville-Muskingum County Chamber of Commerce, hosted a ribbon-cutting ceremony Monday, Aug. 14. Over $1.1 million was invested to redevelop the historic building into a mixed-use marketplace and coworking space. A first-floor food hall features a variety of local eating, drinking and social gathering space, along with a bar and patio at the rear of the building. The second and third floors are coworking spaces featuring small and large conference rooms along with collaborative areas and open desk coworking. Formerly known as The Black-Elliot Block, The Downtown Exchange is a historic commercial building consisting of three contiguous structures on Main Street. The building dates back to 1876. The project was supported by a JobsOhio Vibrant Community grant of over $400,000.

August 23, 2023

Acquisitions Connecticut Northeast Office

CBRE Brokers $13.6M Sale of Office Portfolio in Greenwich, Darien, Connecticut

by Taylor Williams August 23, 2023

GREENWICH AND DARIEN CONN. — CBRE has brokered the $13.6 million sale of a portfolio of two office buildings totaling 42,794 square feet in Connecticut. The 17,081-square-foot building at 39 Lewis St. in Greenwich was 91 percent leased at the time of sale, and the 25,713-square-foot building at 23 Old Kings Highway in Darien was 86 percent leased at the time of sale. Jeffrey Dunne, Steven Bardsley, Travis Langer and Daniel Blumenkrantz of CBRE represented the seller in the transaction. CBRE also procured separate buyers for each building. All parties requested anonymity.

August 23, 2023

Leasing Activity New York Northeast Office

Vera Wang Signs 26,708 SF Office Lease at 500 Park Avenue in Manhattan

by Taylor Williams August 23, 2023

NEW YORK CITY — Vera Wang has signed a 26,708-square-foot office lease at 500 Park Avenue in Manhattan’s Plaza District. The fashion designer is relocating from 15 East 26th St. and will occupy the entire fifth floor and part of the seventh floor. The complex comprises the 11-story former Pepsi-Cola Building that was constructed in 1960 and the 40-story 500 Park Tower that was built in 1984. Cynthia Wasserberger, Frank Doyle and Michael Pallas of JLL represented the undisclosed landlord in the lease negotiations. Jeff Peck, Daniel Horowitz and Christopher Foerch of Savills represented Vera Wang.

August 23, 2023

Development Leasing Activity Massachusetts Northeast Office Top Stories

LEGO Group’s Americas Division to Relocate to 100,000 SF Office in Boston’s Back Bay

by Kristin Harlow August 23, 2023

BOSTON — The LEGO Group has chosen 1001 Boylston St. in Boston’s Back Bay neighborhood as the location of its new Americas head office when the company relocates in 2026. LEGO first announced in January that it would be relocating from its current base in Enfield, Conn. Samuels & Associates is the developer of 1001 Boylston St., which will feature 450,000 square feet of office and life sciences space, 35,000 square feet of shops and restaurants, new public plazas and a CitizenM hotel over the Massachusetts Turnpike. The project is slated to open in 2024. Amenities at the property will include a fitness center, wellbeing room, parent room and onsite parking and bike storage. The building was designed to achieve multiple sustainability certifications: LEED Gold, WELL Gold and WELL Core Gold v2. Elkus Manfredi served as the project architect. Spread over five floors and more than 100,000 square feet, LEGO’s new office will feature areas for collaboration as well as “concentrative work zones.” The site is accessible for employees walking and cycling to work, and is situated near Green Line and Orange Line public transit stops. LEGO says the location was strategically chosen to draw upon the region’s diverse talent …

August 23, 2023

Development Georgia Leasing Activity Life Sciences Mixed-Use Office Southeast

Trammell Crow Co., GATV Top Out 13-Story Science Square Labs Development in Atlanta

by John Nelson August 22, 2023

ATLANTA — Trammell Crow Co. and partner Georgia Advanced Technology Ventures (GATV) have topped out Science Square Labs, a 13-story research-and-development (R&D) facility located adjacent to the Georgia Tech campus in Atlanta. GATV is a cooperative organization of Georgia Tech. The 368,258-square-foot building is part of the first phase of Science Square, an 18-acre mixed-use development that will offer laboratory, R&D offices, dining options and residences. Brasfield & Gorrie is the general contractor on Phase I of Science Square. Also part of the first phase is a 280-unit residential tower by High Street Residential, an affiliate of Trammell Crow Co. The developers aim to deliver Phase I in the first quarter of 2024. Designed by Perkins & Will, Science Square Labs will feature wet and dry laboratories, collaborative spaces, food-and-beverage outlets, a fitness center, interactive conference rooms, indoor/outdoor lounge, catering kitchen and six “graduator” speculative lab/office suites that will accommodate growing life sciences firms. Additionally, Cherry Street Energy is installing a 38,000-square-foot solar panel array atop the parking garage. The design-build team is aiming for Science Square to achieve LEED Gold and WELL certifications. In addition to the topping out, the ownership group has signed the first tenant at Science …

August 22, 2023

Acquisitions Florida Office Southeast

Torose Equities, LNDMRK, Terranova Acquire 220,000 SF Office Building in Metro Miami

by John Nelson August 22, 2023

CORAL GABLES, FLA. — A joint venture between Torose Equities, LNDMRK Development and Terranova Corp. has acquired 255 Alhambra, a 220,000-square-foot office building located in downtown Coral Gables. Situated on 1.3 acres on Alhambra Circle, the property features floor-to-ceiling windows and a newly renovated lobby. An affiliate of Deutsche Bank/RREEF sold the building. The sales price was not disclosed, but South Florida Business Journal reported that the property traded for more than $50 million. The partnership plans to execute a business plan including leasing up the existing vacancies and upgrading amenities at the property. 255 Alhambra was built in 1974 and renovated in 1993, according to LoopNet Inc.

August 22, 2023

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