Office

CHICAGO — JLL has opened its new office at O’Hare Plaza, a Class A office complex located at 8755 W. Higgins Road near the Chicago O’Hare International Airport. The brokerage giant says that the new office uses a more efficient footprint that emphasizes amenity-rich design, communal workspaces and flexibility. The 5,748-square-foot space features city views, breakout areas, upgraded conference facilities and access to shared building amenities, including a tenant lounge with a restaurant/bar and outdoor spaces. “This move is a tangible example of what we recommend to clients: create a workplace that earns the commute through experience, flexibility and thoughtful design,” says Marcellus Parker, head of corporate real estate, Americas, at JLL. Sustainability and employee well-being were core considerations throughout the design and build-out. The office features LED lighting, occupancy sensors and daylight sensors in open office areas, indoor air quality sensors and biophilic elements such as planters. The layout prioritizes access to natural light, with shared spaces such as the open office, meeting rooms and collaboration areas located along the window line. Height-adjustable desks and a range of meeting and collaboration settings support different work styles, while high-performance acoustic glass and sound-mitigating phone booths provide privacy. Open office workstations …

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By Denes Juhasz, NAI Hiffman Two different star performers are emerging in Chicago’s suburban and downtown office markets. Practical Class B properties are gaining traction in the suburbs, while glitzy Class A+ trophy towers continue to outperform downtown. As the office sector adapts to post-pandemic workplace realities, the 278 million-square-foot metro Chicago office market ended 2025 with a 25.5 percent overall vacancy rate and 1.8 million square feet of negative net absorption.  The suburban market closed 2025 with positive net absorption totaling 282,285 square feet, while overall vacancy held steady at 26.2 percent, largely consistent with the year-end 2024 level of 26.3 percent. Downtown, tenant space reductions and relocations continued to take a toll, with nearly 2.1 million square feet of negative net absorption recorded in 2025. Vacancy rose to 24.9 percent, up from 23.6 percent at year-end 2024. Well-performing assets and a reduction in inventory are helping stabilize the market, albeit unevenly. Three distinct trends are emerging: an outperformance of well-positioned Class B suburban properties, a continued flight to trophy assets in the central business district (CBD) and the conversion of obsolete buildings to alternative uses across the region. Rise of suburban Class B One of the most notable …

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KNOXVILLE, TENN. — SVN | Wood Properties has brokered the sale of Riverview Tower, a 23-story office tower located at 900 S. Gay St. in downtown Knoxville. Apex Bank purchased the building for an undisclosed price from an affiliate of Hertz Investment Group. George Brown and Taylor Thompson of SVN | Wood represented the seller in the transaction, which closed in approximately four months from the listing date. Riverview Tower spans 334,197 square feet of offices with floor-to-ceiling windows on every level. The acquisition includes an adjacent multi-level parking garage. Apex Bank has selected SVN | Wood to continue leasing the office tower.

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HOUSTON — Fervo Energy has signed a 53,714-square-foot office lease in downtown Houston. The provider of renewable energy solutions is taking space at 811 Main, a 974,884-square-foot building. Eric Anderson and John Heard of Transwestern represented the landlord, Atlanta-based Invesco Real Estate, in the lease negotiations. Joshua Brown and Audrey Selber of Newmark represented the tenant.

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LAS VEGAS — CBRE has directed the sale of South Rainbow Business Park, an office property located at 5920 and 5940 S. Rainbow Blvd., in Las Vegas. GPS LV Business Park acquired the asset from South Rainbow Park Property Co. LCC for $11.7 million. The 43,944-square-foot office park is fully leased to a mix of professional and medical tenants. Marc Magliarditi and Miranda Jennings of CBRE represented the seller in transaction.

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IRVING, TEXAS — Marcus & Millichap has brokered the sale of a 44,104-square-foot office building in Irving’s Las Colinas district. Built on a 3.6-acre site at 8333 Royal Ridge Parkway in 2000, the building is leased to Berkshire Hathaway and American Airlines Federal Credit Union. Joseph Jaques and Ron Hebert of Marcus & Millichap represented the California-based seller in the transaction and procured the Texas-based buyer. Both parties requested anonymity. 

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HOUSTON — Network Funding has signed a 12,750-square-foot office lease in Houston’s Westchase District. The lender is taking space within Building I at The Towers at Westchase. Matthew Seliger and Parker Noble of Stream Realty Partners represented the landlord, Franklin Street Properties, in the lease negotiations. Bryant Lach of JLL represented the tenant.

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NEW YORK CITY — Withers has signed a 33,000-square-foot office lease in Midtown Manhattan. The international law firm is relocating its New York headquarters from 430 Park Avenue to the 54th floor of 30 Rockefeller Plaza. Cynthia Wasserberger, Michael Berg, Bobby Blair and Sofia Bruno of JLL represented Withers in the lease negotiations. Blythe Kinsler and Kate Walker represented the landlord, Tishman Speyer, on an internal basis.

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JACKSONVILLE, FLA. — Gateway Jax plans to break ground next year on 655 Pearl, a six-story trophy office building that will anchor the Pearl Square mixed-use development underway in downtown Jacksonville. Designed by Morris Adjmi Architects and BDG Architects, the property will offer 100,000 square feet of offices and amenity spaces and 25,000 square feet of ground-floor retail space. Gateway Jax has tapped Michael Loftin, Jesse Shimp and Mack Keasler of JLL to lead the leasing efforts at 655 Pearl, which is the only office component within the first collection of buildings at Pearl Square. There are currently five buildings under construction, including the redevelopment of the 110-room Ambassador Hotel. At full build-out, the 2 million-square-foot mixed-use development will span nine city blocks and include 655 Pearl, the Ambassador Hotel, 1,250 apartments, more than a dozen restaurants and shops and a Publix grocery store. Gateway Jax plans to deliver 655 Pearl in 2028.

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HOUSTON — International Trip Planning Services has signed a 16,900-square-foot office lease in Houston’s Westchase District. The space is located within Building II at The Towers at Westchase. Matthew Seliger and Parker Noble of Stream Realty Partners represented the landlord, Franklin Street Properties, in the lease negotiations. Travis Taylor of Lee & Associates represented the tenant.

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