FISHERS, IND. — The Link at Fishers District, a 457,000-square-foot office campus in the Indianapolis suburb of Fishers, is undergoing a renovation. JLL is the leasing agent for the property, which is owned by M&J Wilkow and a fund managed by DRA Advisors. Cunningham Restaurant Group (CRG), an Indiana-based restaurant hospitality group known for local favorites such as Livery, Provision and Bru Burger, will open a café at the property. Tenants at The Link will also enjoy new amenities such as conference rooms, a game room, outdoor walking path, courtyard, tenant lounges, a fitness center and 102-seat auditorium with updated seating. Surrounding The Link will soon be the Indy Fuel’s new hockey arena, a 254-unit luxury townhome community and a newly planned development with 250 luxury apartment units and 150 hotel rooms. Abby Zito, John Robinson and Kevin Gilihan of JLL negotiated the lease transaction with CRG. The renovation project is set for completion in late 2023 or early 2024.
SCHAUMBURG, ILL. — Primient, a producer of food and industrial products from plant-based, renewable sources, has signed a 23,725-square-foot lease at Woodfield Preserve Office Center in the Chicago suburb of Schaumburg. Zeller owns the 29-acre office campus, which totals 325,000 square feet across two buildings. Each building features a full set of amenities such as a café, fitness center, conference center, game room, mother’s room, bike storage area and tenant lounges. There is also a new courtyard with shaded pergolas and seating. William Elwood, Rob Graham and Adam Lawler of CBRE represented Zeller, while Paul Diederich of CBRE represented the tenant. JC Anderson is completing the interior build-out for Primient.
CORPUS CHRISTI, TEXAS — Partners Real Estate has brokered the sale of a 66,196-square-foot office building located at 4646 Corona Drive in Corpus Christi. According to commercialcafé.com, the building was constructed on 3.3 acres in 1983. Gustavo Torres of Partners represented the seller, an entity doing business as 1950 Properties LLC, in the transaction. Additional terms of sale were not disclosed.
DENVER — Avison Young has negotiated a 10-year lease agreement for a 13,400-square-foot office space at 1400 S. Colorado Blvd. in Denver. Law firm Springer, Steinberg, Giacomini, Burstein and Holycross will occupy the entire top floor of the recently renovated building. The five-story property underwent a full renovation to transform it into a multi-tenant building. Avison Young’s leasing agents represented the owner, Matt Lewan, CEO of Integrated Property Services, and directly sourced the tenant. The move-in is scheduled to take place in November 2023.
EL PASO, TEXAS — Akorbi, a provider of language services and workplace solutions like staffing, payroll and compliance, has signed a 10,573-square-foot office lease in El Paso. Jeff Pappas of Newmark represented Akorbi, which now operates 10 facilities including its Plan headquarters, in the lease negotiations. Will Brown and Michael McBroom of Sonny Brown Associates represented the undisclosed landlord.
NORMAL, ILL. — AXIS 360 Commercial Real Estate Specialists has arranged the $1.1 million sale of a 19,840-square-foot office building in Normal, just north of Bloomington. The two-story property at 1606 Hunt Drive formerly served as the home of Marcfirst, a nonprofit organization that serves to improve the lives of individuals with disabilities. Michael O’Neal and Meghan O’Neal-Rogozinski of AXIS 360 represented the seller, Marcfirst, which outgrew the building and vacated it earlier this year. O’Neal-Rogozinski represented the undisclosed buyer, which plans to fully remodel the building.
LOS ANGELES — Brown & Riding Insurance Services has announced plans to move its Los Angeles office to the U.S. Bank Tower in downtown Los Angeles. The firm signed a 10-year lease for a 13,043-square-foot space on the 20th floor. This marks the first lease signing since Silverstein Properties completed its $60 million capital improvement program for the tower. The renovation project, completed in May 2023, includes enhancements to more than 35,000 square feet of common areas, a redesigned entrance and lobby, contactless elevators and other amenities. Brown & Riding’s move is scheduled to take place in early 2024. David Kluth and Aliya Coher of Newmark represented the tenant in the lease transaction. Harlan Strader of Silverstein Properties and Jaclyn Ward, James Malone and Sarah Hancock of JLL represented the landlord.
There’s no denying the office sector is undergoing a critical period marked by myriad challenges. The question is, how will it all turn out? Currently, the inventory of U.S. office space is 5.56 billion square feet — and will likely reach over 5.68 billion square feet by the end of the decade. But today’s “flexible” workforce will only require 4.61 billion square feet to accommodate its needs, according to a Cushman & Wakefield report titled “Obsolescence Equals Opportunity.” “The U.S. will end the decade with 1.1 billion square feet of vacant office space, 740 million square feet of which qualifies as normal or natural vacancy and 330 million square feet of which qualifies as excess vacancy attributable to remote and hybrid strategies,” the report states. “The overall level of vacancy will therefore be 55 percent higher than was observed prior to the pandemic.” Those numbers are jarring, but opportunists say the office sector just needs to evolve and adapt, much like the retail market has done. “Just as retail didn’t die in the years following the e-commerce boom, the office sector is not in danger of demise,” states the Cushman & Wakefield report. “Recognizing the challenges and opportunities head-on with …
ATLANTA — CBRE has arranged a loan for the refinancing of Platinum Tower, a 312,591-square-foot office building located at 400 Interstate N. Parkway in Atlanta’s Cumberland/Galleria submarket. The 17-story office tower is situated near the intersection of I-75 and I-285 and within walking distance of the Chattahoochee River and The Battery, a mixed-use development surrounding Truist Park, the home ballpark of the Atlanta Braves. Brian Linnihan, Mike Ryan and J.P. Cordeiro of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta represented the borrower, Accesso, in the deal. An undisclosed financial services firm provided the five-year CMBS loan, the amount of which was not disclosed.
AUSTIN, TEXAS — Architecture firm Mark Odom Studio will open a 10,000-square-foot creative office at 4000 Medical Parkway in Austin. The existing structure on the site was built in 1970, and Mark Odom Studio is renovating the building with plans to occupy about half the space and lease the other 5,000 square feet. Citadel Development is the general contractor for the project. A group of local partners doing business as 4000MP Austin LLC owns the property. Completion of the renovation is slated for November.