Office

Norris & Stevens Arranges $1.4M Sale of Industrial/Office Building in Portland, Oregon

by Amy Works August 14, 2023

PORTLAND, ORE. — Norris & Stevens has arranged the sale of an industrial and office building located at 2316 NE Glisan St. in Portland. Meidi LLC purchased the property from TJR LLC for $1.4 million. Constructed 1953, the 5,140-square-foot industrial and office property features a main level that includes a warehouse/production space and one grade-level overhead door. The second floor features five private offices, a conference room, open work space and a mezzanine storage area. Greg Nesting and Gabe Schnitzer of Portland-based Norris & Stevens represented the seller, while Andrew Galler of Realty Works Group represented the buyer in the transaction.

August 14, 2023

Leasing Activity New Jersey Northeast Office

Kolmar Group Opens 16,102 SF Office, Innovation Center in Teaneck, New Jersey

by Taylor Williams August 14, 2023

TEANECK, N.J. — Kolmar Group, a South Korean manufacturer that supports the cosmetics, food supplements and pharmaceutical industries, has opened a 16,102-square-foot office and innovation center in the Northern New Jersey community of Teaneck. The space, which includes a product incubation feature, is located within Glenpointe, a 670,000-square-foot mixed-use campus. Jeff Schotz, Peter Rossi, Dan Reider and Peter Kasparian of Newmark represented the landlord, New Jersey-based Alfred Sanzari Enterprises, in the lease negotiations. David Simson and Elaine Lim of Keller Williams Commercial represented Kolmar Group.

August 14, 2023

Leasing Activity Northeast Office Pennsylvania

Steptoe & Johnson Signs 6,572 SF Office Lease Expansion in Downtown Pittsburgh

by Taylor Williams August 14, 2023

PITTSBURGH — Law firm Steptoe & Johnson PLLC has signed an 6,572-square-foot office lease expansion in Pittsburgh. The tenant is expanding its footprint at One PPG Place, a six-building, 1.5 million-square-foot complex located in the downtown area, by about 40 percent for a new footprint of 23,000 square feet. Lesa Nickelson French of Savills and David Koch of Newmark represented the tenant in the lease negotiations. Highwoods Properties owns One PPG Place.

August 14, 2023

Acquisitions Georgia Office Southeast

TerraCap Sells 196,000 SF Office Park in Metro Atlanta

by John Nelson August 11, 2023

MARIETTA, GA. — TerraCap Management, a Florida-based investment firm, has sold Cobb Corporate Center, a 196,000-square-foot office campus located in Marietta, roughly 20 miles outside of Atlanta. TerraCap acquired the property, which comprises five single-story buildings, in July 2020 and executed 70,000 square feet of leases during the firm’s ownership. The buyer and sales price were not disclosed.

August 11, 2023

Development Office Texas

JaRyCo Breaks Ground on 102,000 SF Office Building in Allen, Texas

by Taylor Williams August 11, 2023

ALLEN, TEXAS —Locally based developer JaRyCo has broken ground on FarmWORKs One, a 102,000-square-foot office building that is part of Phase I of The Farm, a 135-acre mixed-use project in the northeastern Dallas suburb of Allen. The building will offer various features that promote health and wellness, such as outdoor workspaces with Wi-Fi connectivity on every floor, oversized elevators, additional restrooms on every level and high-efficiency air filtration systems. Avison Young will handle leasing of the building. Delivery is slated for next summer.

August 11, 2023

Acquisitions Office Texas

Colliers Arranges Sale of 54,000 SF Office Complex in Fort Worth

by Taylor Williams August 11, 2023

FORT WORTH, TEXAS — Colliers has arranged the sale of a 54,000-square-foot office complex located at 12600 Willow Springs Road in Fort Worth. The site spans 17.2 acres, and construction of the facility was completed in 2022. Cody Payne and Austin Edelmon of Colliers represented the seller and procured the buyer in the transaction, both of which were private investors that requested anonymity.

August 11, 2023

Leasing Activity New York Northeast Office

Verci Signs 6,000 SF Office Lease at 394 Broadway in Manhattan

by Taylor Williams August 11, 2023

NEW YORK CITY — Verci, a social network for New York City residents, has signed a 6,000-square-foot office lease at 394 Broadway in Manhattan’s SoHo neighborhood. Nolan Kagan and Jared Sternberg of The Kaufman Organization represented the tenant, which will occupy the fifth floor as its new headquarters space, in the lease negotiations. Miyad Realty represented the landlord.

August 11, 2023

Illinois Leasing Activity Midwest Office

Raymond James Inks Two-Floor Office Lease in Chicago’s West Loop

by Kristin Harlow August 11, 2023

CHICAGO — Global financial services firm Raymond James has signed an office lease for nearly two full floors at 120 South Riverside Plaza in Chicago’s West Loop. Ivanhoé Cambridge owns the building, and Hines is the property manager. Raymond James will relocate its regional office operations to the building, which is part of a two-building office complex totaling 1.4 million square feet, in April 2024. Floor plates at the property average 37,000 square feet. Both buildings are currently being repositioned, completion of which is slated for next summer. Renovations include expanded lobbies, a tenant lounge, private outdoor areas and enhanced indoor and outdoor exercise options such as a personal training offering and a pickleball court. The public plazas overlooking the river area also being repositioned with new seating areas and landscaping. Todd Brandon, Steve Schneider, Chip Evans and Presley Norby of Cushman & Wakefield represented Raymond James in the lease. Kelsey Scheive and Kelsey Morgan of CBRE represented ownership.

August 11, 2023

Acquisitions California Office Western

Presidio Bay Acquires 11-Story Office Building in San Francisco for $40.9M

by Amy Works August 11, 2023

SAN FRANCISCO — Presidio Bay has purchased 60 Spear Street, an 11-story office building in San Francisco’s South Financial District, for $40.9 million. Erik Hanson and Robert Hielscher of JLL represented the undisclosed seller in the deal. Originally built in 1967, 60 Spear Street currently offers 157,436 square feet of office space. At the time of sale, the property was 30 percent occupied and is expected to be vacant by summer 2025. Presidio plans to expand the building’s current footprint to a 170,000-square-foot, Class A trophy office building. The redevelopment program also includes adding a spa with cold and warm plunges, saltwater floating pools, steam/sauna rooms, a fitness center, a conference and employee entertainment area, coworking lounges, an integrated café bakery and a rooftop bar and restaurant.

August 11, 2023

Development Office Texas

Hicks Ventures to Develop 200,000 SF Mass-Timber Office Building in Houston

by Taylor Williams August 10, 2023

HOUSTON — Locally based developer Hicks Ventures will build Framework @ Block 10, a 200,000-square-foot, mass-timber office building that will be located in Houston’s Katy Freeway East submarket. Gensler designed the six-story project, and Hoar Construction is serving as the general contractor. StructureCraft is the primary engineer, and Transwestern is the leasing agent. Construction, which is expected to last about 18 months, will begin following the execution of the first lease.

August 10, 2023

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