Wednesday, January 22, 2025
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9890-Irvine-Center-Dr-Irvine-CA
AcquisitionsCaliforniaOfficeWestern

CBRE Negotiates $2.6M Sale of Two-Story Office Building in Irvine, California

by Amy Works

IRVINE, CALIF. — CBRE has arranged the sale of an office building located at 9890 Irvine Center Drive in Irvine. Navigators Advisory Group acquired the property from ICD Equities for $2.6 million. Built in 2007, the two-story 4,950-square-foot building features a mix of open and private offices. Recent upgrades include a loft-style creative design that features open ceilings and exposed ducting. Jeff Carr and Jonathan Carr of CBRE represented the seller, while Blake Garrett of The Feed Group represented the buyer in the transaction.

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AcquisitionsMassachusettsNortheastOfficeRetail

Atlantic Capital Partners Negotiates $15.4M Sale of Massachusetts Retail, Office Portfolio

by Taylor Williams

BOSTON — Locally based brokerage firm Atlantic Capital Partners has negotiated the $15.4 million sale of The Trapelo Portfolio, a collection of four retail properties and one office building totaling roughly 70,000 square feet in Massachusetts. The retail component of the portfolio includes Duxbury Plaza, a 44,014-square-foot, grocery-anchored shopping center located south of Boston, as well as three freestanding buildings in Billerica, Burlington and Shrewsbury that are leased to the United States Postal Service. Justin Smith, Chris Peterson, Sam Koonce, Mary Powers and Matt Ericson of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

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Leasing ActivityOfficeTexas

Ezee Fiber Signs 94,179 SF Office Headquarters Lease in Southwest Houston

by Taylor Williams

HOUSTON — Ezee Fiber has signed a 94,179-square-foot office headquarters lease in southwest Houston. The internet service provider is consolidating its local operations within Houston Technology Center, a 300,000-square-foot complex located at 5959 Corporate Drive. The property offers amenities such as an onsite restaurant, conference rooms and a fitness center. Michelle Wogan and Paula Musa of Transwestern represented the landlord, Dallas-based Prescott Group, in the lease negotiations. The tenant was self-represented.

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AcquisitionsOfficeTexas

Cushman & Wakefield Arranges Sale of 17,550 SF Office Building in McKinney, Texas

by Taylor Williams

MCKINNEY, TEXAS — Cushman & Wakefield has arranged the sale of a 17,550-square-foot office building in the northern Dallas suburb of McKinney. The building at 230 E. Hunt St. was originally constructed in 2015, according to LoopNet Inc. Ryan Hoopes and Johnny Johnson of Cushman & Wakefield represented the buyer, Morrow Renewables, which is also a tenant at the building, in the transaction. The seller was an entity doing business as Tynas Texas LP.

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2600-Michelson-Dr-Irvine-CA
AcquisitionsCaliforniaOfficeWestern

CBRE IM Disposes of 310,925 SF Office Building in Irvine, California for $42M

by Amy Works

IRVINE, CALIF. — CBRE IM has completed the disposition of 2600 Michelson Drive, a 16-story office building in Irvine, to a Southern California-based private investor for $42 million. Anthony DeLorenzo, Todd Tydlaska, Sean Sullivan, Sammy Cemo, Bryan Johnson and Grant Goldman of CBRE Investment Properties represented the seller in the deal. Located on 4.6 acres in the Greater Airport submarket of Orange County, Calif., the 310,925-square-foot office property includes an adjacent five-level parking structure with 1,013 spaces. Built in 1986, the property has undergone extensive renovations. The asset features a two-story lobby and mezzanine, car charging stations, a conferencing facility, fitness center and MJ’s Café Irvine. Additionally, the building offers immediate access to Interstate 405 and State Routes 55 and 73. This year, the Jamboree-Michelson Pedestrian Bridge will be completed, connecting the building with walkable retail, residential and hospitality amenities.

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Industrious
AcquisitionsCompany NewsNew YorkOfficeTexasTop Stories

CBRE to Acquire Coworking Operator Industrious, Create New Business Segment

by Hayden Spiess

DALLAS AND NEW YORK CITY — CBRE Group Inc. (NYSE: CBRE) has announced plans to acquire Industrious National Management Co. LLC, a flexible workspace provider. Dallas-based CBRE, which has invested in Industrious since late 2020 through roughly 40 percent equity interest and a $100 million convertible note, will purchase the remaining 60 percent equity stake for approximately $400 million, giving Industrious an overall valuation of $800 million. Founded in 2012, New York City-based Industrious offers workplaces with private offices, suites, meeting rooms and desks. The current Industrious portfolio features approximately 200 properties across 65 cities globally. According to a press release issued by CBRE, Industrious’ revenue has grown at a compound annual rate of more than 50 percent since 2021.  In addition to the acquisition, CBRE will establish a new business segment. Dubbed Building Operations & Experience (BOE), the new segment will “unify building operations, workplace experience and property management, positioning CBRE to deliver scalable, future-ready solutions for offices, data centers, warehouses and other facilities,” according to CBRE.  Jamie Hodari, CEO and co-founder of Industrious, will lead CBRE’s BOE division, which will include CBRE’s Enterprise Facilities Management, Local Facilities Management and Property Management divisions, as well as Industrious. The new business …

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DevelopmentIndustrialOfficeSoutheastTennessee

FlexEtc Completes 91,380 SF Build-Out for New Co-Warehousing, Coworking Space in Nashville

by John Nelson

NASHVILLE, TENN. — FlexEtc, a hybrid office and industrial co-warehousing concept with a few locations out West and in Texas, has completed its build-out at 1133 Polk Ave. in Nashville. Architectural firm Ware Malcomb recently completed the design for the 91,380-square-foot tenant improvement project. DWC Construction was the general contractor, and Colliers served as the client manager. Situated outside of the downtown area, FlexEtc Nashville features contemporary warehouse spaces, with modular units ranging from 3,000 to 2,300 square feet that are suitable for uses ranging from logistics to content creation studios. The location also offers coworking features including private and shared offices, a front reception area, conference room, lounge, break room, kitchen, coffee bar and studio space for photographers and podcasters.

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AcquisitionsOfficeTexas

Marcus & Millichap Brokers Sale of 113,429 SF Office Building in Irving

by Taylor Williams

IRVING, TEXAS — Marcus & Millichap has brokered the sale of Corporate Park Place, a 113,429-square-foot office building in Irving. The building was constructed on 6.1 acres in 1980 and houses 52 suites. Ron Hebert and Joseph Jaques of Marcus & Millichap represented the undisclosed seller in the all-cash transaction. The duo also procured the buyer, a local investor who acquired the property via a 1031 exchange. The sales price was also not disclosed.

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16200-Ventura-Blvd-Encino-CA
AcquisitionsCaliforniaOfficeWestern

Soma Encino Sells 55,207 SF Office Building in Encino, California

by Amy Works

ENCINO, CALIF. — Soma Encino LLC has completed the disposition of an office building located at 16200 Ventura Blvd. in Encino to PS Country Club LLC for an undisclosed price. Built in 1974, the four-story building offers 55,207 square feet of office space that recently underwent extensive capital improvements, including upgrades to common areas and restrooms, a tenant lounge with a kitchen area, a new roof and an HVAC system. At the time of sale, the building was 86 percent occupied by 70 tenants, each occupying an average of 600 square feet.   Mark Shaffer, Michael Longo, Grant Goldman, Anthony DeLorenzo, Gerard Poutier and Dylan Rutigliano of CBRE Investment Properties represented the seller in the transaction.

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The Spiral in New York City
LoansOfficeTop Stories

Tishman Speyer Completes $2.9B CMBS Refinancing of The Spiral Office Tower in Midtown Manhattan

by Channing Hamilton

NEW YORK CITY — Tishman Speyer has received a $2.9 billion refinancing for The Spiral, a 66-story office tower in Midtown Manhattan. JPMorgan Chase provided the five-year, fixed-rate CMBS loan with Bank of America, Goldman Sachs and Wells Fargo serving as co-lenders. Tishman Speyer began developing the 2.8 million-square-foot tower, which was designed by BIG-Bjarke Ingels Group, in June 2018. The Spiral opened its doors in 2023 and is currently 94 percent leased, with the 23rd and 24th floors devoted to the firm’s co-working platform dubbed Studio. The building is anchored by biopharmaceutical company Pfizer and serves as the U.S. headquarters of HSBC, a British bank and financial services group. NewYork-Presbyterian’s Och Spine outpatient center and HSBC’s flagship wealth center occupy the base of the tower. Additional tenants include TPG Global, Debevoise & Plimpton LLP, AllianceBernstein, Turner Construction and Marshall Wace. The Spiral offers shared amenities including ZO Clubhouse, an amenity center and lounge on the top floor, a conference center and outdoor terraces with a green pathway that wraps around the façade of the building. The clubhouse features panoramic views of New York City, food and beverage services and multiple spaces for meetings, conferences and events. The Spiral also offers street-level …

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