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.
SAN FRANCISCO — BH Properties has acquired Anchorage Square, a 322,000-square-foot mixed-use property located in Fisherman’s Wharf in San Francisco. The seller and price were not disclosed. Built in 1974 and situated on 2.6 acres, the development features 63,000 square feet of retail space, as well as a 128-room hotel, 28,000 square feet of office space and a 685-space parking garage. The buyer plans to implement an extensive capital improvement program, which will include upgraded façades, landscaping, lighting, signage, wayfinding and tenant and common areas. The firm will also explore alternative uses for the office space such as restaurant and entertainment options. Eastdil Secured brokered the transaction, and Laura Barr of CBRE will lead the repositioning and leasing efforts at the property.
SCHAUMBURG, ILL. — Glenstar Properties has executed 12 office leases totaling 154,000 square feet at its Schaumburg Corporate Center in the Chicago suburb of Schaumburg. The lease signings include 89,000 square feet of new leases and 65,000 square feet of renewals. Schaumburg Corporate Center is a three-building office complex totaling 1 million square feet. Among the leases was global banking firm Citigroup’s new lease for 49,400 square feet across two floors. Citigroup will relocate from its current Northwest suburban office location in January. Additionally, an unnamed data analytics company signed a lease for 24,700 square feet and will relocate its 125 employees in November. The 10 additional lease signings were for spaces ranging in size from 834 to 27,000 square feet. Bill Saviski and Christian Domin of Glenstar represented ownership in the lease with Citigroup, while Gary Fazzio and James Otto of CBRE represented the tenant. On the lease with the data analytics company, Saviski represented ownership, while Fazzio and colleague Paul Diederich represented the tenant. About 76 businesses are located at Schaumburg Corporate Center. Some of the larger tenants include Misumi USA, American Agricultural Insurance Co., Pronto Finance and Munich RE Specialty Group NA Inc. Glenstar completed a $30 …
CHICAGO — Total Quality Logistics (TQL), a logistics company specializing in shipping needs and supply chain efficiencies, has signed a 36,322-square-foot office lease at The National, a 20-story office building totaling 600,830 square feet in Chicago’s Central Loop. Germany-based Commerz Real owns the property, which is located at 125 S. Clark St. TQL’s new lease represents a 5,000-square-foot expansion over its previous office at 328 S. Jefferson St. Eric Myers, Kathleen Bertrand and John Nelson of Transwestern Real Estate Services represented the landlord, while Jon Milonas and James Otto of CBRE represented the tenant. Originally built in 1907 and designed by Daniel Burnham, The National is designated as a Chicago landmark. The building was renovated in 2015 to include a new fitness center, tenant lounge and outdoor terrace. The renovation also included the addition of Revival Food Hall, a 24,000-square-foot dining marketplace that features local restaurants in a grab-and-go setting.
CHICAGO — Urban Innovations has negotiated seven office leases at its buildings in Chicago’s River North neighborhood. Altec Solutions Inc., a recruiter for manufacturing and engineering careers, signed a lease for 3,484 square feet at 325 W. Huron St. Michael Graham of CBRE represented the tenant. Aptus Architecture renewed a 2,394-square-foot lease at 325 W. Huron St. Jason Schulz of The J. Rich Co. represented the architecture firm. Blue Chip Marketing Worldwide signed a lease renewal for 6,784 square feet in 720 N. Franklin St. Chris Cummins of JLL represented the tenant. Challenger Logistics International Inc., a logistics and supply chain management firm, inked a 2,895-square-foot lease at 444 N. Wells St. Isabelle Montagne and Brian Means of JLL represented the tenant. Consulting firm Communication Research Associates Inc. leased a 1,500-square-foot space at 325 W. Huron St. Jaquis Covington of JLL represented the firm. Arts organization Ingenuity Incorporated Chicago renewed its lease at 440 N. Wells St. Michael Schneider of X10 Commercial represented the organization. NuHaus Corp. signed a 1,479-square-foot lease for a millwork showroom at 445 N. Wells St. Stephen Di Padua of Berkshire Hathaway represented the tenant. Aaron Zaretsky and Candice Marek represented ownership on an internal basis …
HOUSTON — Vard Marine Inc., a provider of naval architecture and marine engineering services, has signed a 6,694-square-foot office lease at 1311 Broadfield Blvd. in Houston’s Energy Corridor area. According to LoopNet Inc., the building was constructed in 2000 and totals 155,407 square feet. D.J. Hale of Oxford Partners represented the tenant in the lease negotiations. Jack Russo of JLL represented the landlord.
NEW YORK CITY — Empire State Development has signed a 117,181-square-foot office headquarters lease at 655 Third Avenue in Midtown Manhattan. The state’s chief economic development agency will occupy five full floors of the 30-story, 425,000-square-foot building, which was originally constructed in 1958. Tom Bow, Ashlea Aaron and Bailey Caliban internally represented the landlord, The Durst Organization, in the lease negotiations. Moshe Sukenik and Brian Cohen of Newmark, along with Joan Brothers of Manhattan Boutique Real Estate, represented Empire State Development.
BRIDGEWATER, N.J. — Virginia-based Legacy Investing has completed a project in the Northern New Jersey community of Bridgewater that converted a 210,000-square-foot office building into a life sciences facility. The building at 77 Corporate Drive offers proximity to multiple interstates as well as Newark Liberty International Airport. A Fortune 500 global life sciences company recently signed a lease at the building, and Legacy Investing has engaged Cushman & Wakefield to market the remainder of the space for lease.
KAILUA-KONA, HAWAII — SRS Real Estate Partners has arranged the sale of the leasehold interest of a two-story, multi-tenant retail and office building in Kailua-Kona. A private partnership sold the asset to a Hawaii-based private investor for $7.5 million. Built in 1997 on 1.5 acres, the 30,503-square-foot is located at 75-1000 Henry St. At the time of sale, the property was 98 percent occupied by Planet Fitness, Anderson Wealth Planning, Fidelity National Title and ProService Hawaii. Nicholas Paulic, A.J. Cordero, Matthew Mousavi and Patrick Luther of SRS represented the seller in the deal.
— By Brian C. Childs, Executive Managing Director, NAI Capital Commercial — Orange County office has historically been last in and first out of any recession or economic setback. That trend continues as an office recovery is in sight in this post-COVID marketplace. The challenge of encouraging workers to return to the office post-pandemic has slowed considerably. The rate of space being vacated in Orange County’s office market slowed to less than a 1 percent increase quarter over quarter in vacant space in the second quarter of 2023. This is compared to the 17 percent year-over-year rise, resulting in a total of 20.9 million square feet of vacant office space. Similarly, the growth rate of available sublease space also experienced a slower pace of 0.2 percent quarter over quarter, compared to a 23.4 percent year-over-year increase, reaching 4.6 million square feet. The second-quarter office vacancy rate sits at 13.3 percent, versus 13.2 percent in the first quarter. Overall office vacancy was at 11.5 percent a year ago. As the availability of office space has begun to stabilize, the average asking rent remained unchanged compared to the previous quarter. There was a minor decline of …
