Office

JLL Brokers $33.4M Sale of Central New Jersey Office Building

by Taylor Williams December 18, 2024

WEST WINDSOR, N.J. — JLL has brokered the $33.4 million sale of Princeton Overlook, a 158,180-square-foot office building in West Windsor, a suburb of Trenton. The building was constructed in 1988 on a four-acre site that can support additional expansion. Jose Cruz, Jeremy Neuer and Bradley Wachenfeld of JLL represented the seller, an entity doing business as Cali Overlook LLC, in the transaction. The trio also procured the buyer, Princeton University, which is a current tenant at the building along with UBS Financial Services and Regus Coworking.

December 18, 2024

Acquisitions Michigan Midwest Office

Marcus & Millichap Brokers $7.4M Sale of Office Headquarters Building in Auburn Hills, Michigan

by Kristin Harlow December 18, 2024

AUBURN HILLS, MICH. — Marcus & Millichap has brokered the $7.4 million sale of a 68,839-square-foot office building in Auburn Hills that is leased to Teijin Automotive. Built in 1989, the property is located at 255 Rex Blvd. on five acres just off I-75. The building has served as the corporate headquarters for Teijin Automotive Technologies, with a corporate guarantee from Teijin Limited, a Japanese chemical, pharmaceutical and information technology company, since 2014. The company recently renewed its lease for another 10 years. John Godwin and Melissa Mann of Marcus & Millichap represented the undisclosed buyer and seller.

December 18, 2024

Leasing Activity Massachusetts Northeast Office

Eastern Bank Signs 51,751 SF Office Lease in Wakefield, Massachusetts

by Taylor Williams December 18, 2024

WAKEFIELD, MASS. — Boston-based Eastern Bank has signed a 51,751-square-foot office lease in Wakefield, a northern suburb of Boston. The space is located within the 155,000-square-foot building at 601 Edgewater Drive, which is part of a larger 1 million-square-foot campus known as The Edge. Newmark represented the landlord, Hobbs Brook Real Estate, in the lease negotiations. Cushman & Wakefield represented Eastern Bank, which plans to take occupancy in the third quarter of next year.

December 18, 2024

Content Partner Features Industrial Midwest Multifamily Northeast Office Southeast Texas Walker & Dunlop Western

Multifamily, Industrial, Office Transaction Activity Trends Upward Amid Shifting Valuation Landscape

by Sarah Daniels December 18, 2024

The spike in interest rates nearly three years ago brought investment sales to a virtual standstill, as deep disagreements over valuation between buyers and sellers dominated the market. While recent Federal Reserve cuts to the federal funds rate raised hope for a resurgence in transactions, ongoing volatility in the bond market, concerns about reemerging inflation and uncertainty over fiscal and monetary policy continued to weigh on a full-blown rebound in investment activity. The uncertain environment makes it difficult for investors to easily evaluate commercial property values, underscoring the importance of access to comprehensive, real-time data on transactions, market fundamentals and emerging trends, says Alex Hoenig, MAI, Midwest regional managing director at Apprise, Walker & Dunlop’s independent valuation firm. “Our understanding of current values for commercial real estate relies on transactions actually taking place, and sales velocity has started to inch back up,” reports Hoenig. “But there’s no question that there has been a lot of volatility in the market, which requires a local expert with access to a strong network and a constant pulse on market comparables.” Walker & Dunlop launched Apprise in 2020 to accelerate technology-driven solutions in the commercial real estate sector. Apprise serves owners and investors nationwide, …

December 18, 2024

Development New York Northeast Office

Global Holdings to Undertake $30M Renovation of Midtown Manhattan Office Building

by Taylor Williams December 17, 2024

NEW YORK CITY — Global Holdings will undertake a $30 million renovation of 99 Park Avenue, a 26-story, 600,000-square-foot office building in Midtown Manhattan. Designed by VOCON, the capital improvement program will feature a reimagined lobby and updated amenity spaces, including a conference center, speakeasy, barbershop and salon and an entertainment lounge with a bowling alley and golf simulator. Completion is slated for early 2026. Global Holdings has also recently secured several lease renewals and expansions at 99 Park Avenue, including a deal with Metropolitan Commercial Bank for a 52,677 square-foot extension covering floors 12-13 and a 26,802-square-foot new lease for the entire 11th floor. In addition, Philadelphia-based real estate investment firm Lubert-Adler signed an eight-year lease expansion covering 7,674 square feet for a portion of the 19th floor. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter of JLL represented Global Holdings in the lease negotiations.

December 17, 2024

Leasing Activity North Carolina Office Southeast

CBRE Arranges Three Office Leases at First Citizens Bank Plaza in Uptown Charlotte Totaling 87,266 SF

by John Nelson December 17, 2024

CHARLOTTE, N.C. — CBRE has arranged three office loans totaling 87,266 square feet at First Citizens Bank Plaza, a 23-story office tower located at 128 S. Tryon St. in Uptown Charlotte. Kris Westmoreland, Stephanie Spivey and Joe Franco of CBRE represented the landlord, Dornin Investment Group, in the lease negotiations. The deals included a 20,897-square-foot lease with IT staffing firm Dexian, a 31,838-square-foot lease for an unnamed global IT services and consulting firm and a 34,531-square-foot lease with an unknown branch of the federal government. The U.S. General Services Administration (GSA) signed the third lease with Dornin on behalf of the end user. First Citizens Bank Plaza was recently renovated and features a new lobby, boutique fitness center, tenant amenity hub with lockers and showers, bicycle parking and storage, upgraded restrooms, new lobby and MOA Korean BBQ, a 5,000-square-foot restaurant and bar on the first floor.

December 17, 2024

District of Columbia Leasing Activity Office Southeast

Workbox to Open 29,000 SF Coworking Space in DC’s Dupont Circle District

by John Nelson December 17, 2024

WASHINGTON, D.C. — Workbox plans to open a new 29,000-square-foot coworking space at an office building located at 1333 New Hampshire Ave. NW in Washington, D.C.’s Dupont Circle district. The new space is set to open in February and will represent the company’s first location in the Mid-Atlantic and its 12th nationwide. Workbox also recently announced a coworking location in Pittsburgh that is set to open next month. Workbox – Dupont Circle will feature an entire floor of workspaces, lounges, conference rooms and amenity spaces. Additionally, the space will offer offices and suites for teams ranging in size from one to 40 individuals, all of which have flexible monthly rental agreements.

December 17, 2024

Acquisitions California Office Western

CBRE Brokers $29.5M Sale of Plaza at Eastlake Office Building in Chula Vista, California

by Amy Works December 17, 2024

CHULA VISTA, CALIF. — CBRE has arranged the sale of Plaza at Eastlake, a Class A office building located at 2300 Boswell Road in Chula Vista. Plaza at Eastlake LLC, an affiliate of Harbor Associates, sold the property to a private investor for $29.5 million, or $222 per square foot. Built in 1992, the two-story Plaza at Eastlake offers 132,669 square feet of office space, including a two-story lobby, conferencing center, a clear height of 10 feet and remodeled restrooms and elevators. The property was renovated from 2018 to 2020, totaling around $2.2 million in capital improvements. The previous ownership constructed 37,800 square feet of speculative suites over the past few years. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE represented the seller. Kimberly Clark of Voit served as local leasing agent for the transaction.

December 17, 2024

Development Illinois Midwest Office

Urban Innovations Completes 15,000 SF Office Build-out for Metropolitan Peace Initiatives in Chicago

by Kristin Harlow December 17, 2024

CHICAGO — Urban Innovations has completed a 15,000-square-foot office build-out for Metropolitan Peace Initiatives at 2100 S. Morgan St. in Chicago’s Pilsen neighborhood. The new space houses private and open offices, training rooms, meditation rooms and a kitchen for the Metropolitan Peace Academy, which provides counseling, training and mediation to help prevent street violence in the city. The office also includes a podcast room and 2,000-square-foot gym. Metropolitan Peace Initiatives, a division of Metropolitan Family Services, moved from a previous location. Owned by Pilsen Metropolis LLC, the building was constructed in 1940 and renovated in 2019. Wright & Co. designed the space for the tenant, with MAI Architects working as the building architect. Baum Realty represented ownership, and CBRE represented the tenant in the lease.

December 17, 2024

Acquisitions New York Northeast Office Retail

Cushman & Wakefield Arranges $48M Sale of Two Office, Retail Buildings in Midtown Manhattan

by Taylor Williams December 16, 2024

NEW YORK CITY — Cushman & Wakefield has arranged the $48 million sale of two office and retail buildings totaling 144,251 square feet — 128,032 square feet of office space and 16,219 square feet of retail space — in Midtown Manhattan. The buildings are located at 303 W. 42nd St. and 300 W. 43rd St. in the Times Square area and were recently renovated. Retail users include Chick-fil-A, Smashburger, 7-Eleven, Little Italy Pizza and Dunkin’. Andrew Berry and Charlie Gravina of Cushman & Wakefield represented the sellers, a pair of limited liability companies, in the transaction. The buyer was a partnership between Blake Partners, JAM Real Estate Partners and The Straus Group.

December 16, 2024

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