CHICAGO — Flexday, a national provider of flexible office solutions, has launched four fractional office suites at PNC Centre in Chicago’s Loop. The suites total more than 25,000 square feet and are designed to accommodate teams of 10 to 70 with flexible lease terms. The launch was made possible through a partnership with MetLife Investment Management, the building’s ownership group, as part of a broader capital investment in PNC Centre that includes a newly renovated lobby and upgraded tenant amenities. Brad Despot, Kim Doyle and Catherine Walsh of JLL represent MetLife at PNC Centre.
Tishman Speyer Returns to Manhattan’s Chrysler Building With 150-Year Ground Lease, $235M Investment
NEW YORK CITY — Tishman Speyer has entered into a 150-year ground lease agreement for the Chrysler Building, with plans to invest $235 million in restorations to the landmark Manhattan office tower at 405 Lexington Ave. New York City-based Tishman Speyer is joined in the transaction by multiple global institutional partners, with the Public Sector Pension Investment Board (PSP Investments) serving as lead investor. Ground-rent fees, which have not been disclosed, will be paid to the landowner, The Cooper Union for the Advancement of Science and Art, a private college in New York’s East Village. Opening in 1930, the 1.3 million-square-foot, 77-story tower was built to house the Chrysler Corp. and features decorative elements inspired by automobile parts, including eagle gargoyles modeled after the hood ornament on the 1929 Plymouth. Tishman Speyer and its partners will use 100 percent equity to finance the ground lease and redevelopment. Plans call for new amenities on the 61st floor featuring a lounge with outdoor access and food-and-beverage offerings. Fitness, wellness and meeting spaces will be situated in the building’s underground arcade, which connects to Grand Central Terminal and Manhattan’s subway system. The renovation investment will also cover restoration of the façade and the …
PLANO, TEXAS — California-based investment firm KBS has sold the 297,591-square-foot Tollway North Office Park in Plano. The seven-building campus spans approximately 27 acres within Legacy Business Park and can support life sciences and light industrial users in addition to traditional office tenants. Chris Murphy, Gary Carr, Robert Hill and Austin Sheahan of Newmark represented KBS in the transaction. Scott Henry represented the buyer, Los Angeles-based investment firm BH Properties, on an internal basis. Tollway North Office Park was roughly 70 percent leased at the time of sale.
GOLDEN, COLO. — Unique Properties/TCN Worldwide has negotiated the sale of 2801 Youngfield Street, an 97,992-square-foot office building in Golden, a western suburb of Denver. HGN Realty sold the asset to an undisclosed buyer for $6.5 million. Rachel Colorosa and Zach Schuchman of Unique Properties/TCN Worldwide represented the seller in the off-market transaction.
AUSTIN, TEXAS — JLL has negotiated the sale of Research Park Plaza V, a 172,854-square-foot office building in northwest Austin. Completed in 2015, the four-story building was 85 percent leased at the time of sale to “institutional-quality” tenants such as Cadence Design Systems, which serves the semiconductor industry, and Planview, a global software company. Ryan Stevens, Drew Fuller and Jeff Coddington of JLL represented the seller, Atlanta-based REIT Cousins Properties (NYSE: CUZ), in the transaction. The buyer and sales price were not disclosed.
HOUSTON — JLL has brokered the sale of Park Towers, a 552,550-square-foot office complex in Houston’s Galleria district. Park Towers comprises two 18-story buildings that were built in 1972 and renovated between 2016 and 2022. Amenities include a fitness center, tenant lounge with a game room, conference facilities, executive boardroom and a full-service deli. Rick Goings, Kevin McConn and Jonathan Napper of JLL represented the seller, Regent Properties, in the transaction. Susan Hill, also with JLL, led the team that arranged acquisition financing for the deal through Morgan Stanley on behalf of the buyer, Interra Capital Group. Park Towers was 89.5 percent leased at the time of the loan closing to tenants such as tax firm Ryan and Huntington Bank. The new ownership has tapped Transwestern to lease the property.
NASHVILLE, TENN. — BWE has arranged a $42.5 million loan to refinance the historic Baggage Building, a 61,000-square-foot office and retail property located at 111 10th Ave. S near Nashville’s Gulch district. Nick Harb of BWE secured the financing through a regional bank on behalf of the borrower, DZL Properties. The loan features a “meaningful” interest-only payment period. The Baggage Building was originally built between 1898 and 1900 as part of the Louisville-Nashville Railroad/Union Station terminal complex used to handle luggage and freight. Renovated in 1999, tenants at the four-story property include Pinnacle Bank, The Finch Grill & Raw Bar and Global Medical Research.
SOUTHFIELD, MICH. — Newmark has negotiated a 157,642-square-foot office lease for AT&T at Travelers Tower II, a 13-story office building in Southfield. Daniel Canvasser and J.P. Champine of Newmark represented the landlord, Time Equities Inc., which completed extensive capital improvements. AJ Weiner and Dave MacDonald of JLL represented the tenant. Travelers Towers comprises two interconnected office buildings totaling 810,460 square feet. Tenants include Lucid Motors, R1, MetLife, Willis Towers Watson, RXO and S&P. Roughly 33,786 square feet remains available for lease.
FULTON, MD. — Bozzuto, a national real estate development and management firm, has signed a 57,837-square-foot office lease in Fulton, a city in Howard County that’s roughly 23 miles southwest from Baltimore. The company will relocate its corporate headquarters, including 225 employees, from Greenbelt to 8160 Maple Lawn Blvd. during the first quarter of 2027. The new headquarters is situated within Maple Lawn, a 605-acre mixed-use community developed by Greenebaum Enterprises Inc. and St. John Properties Inc. David Fields and Charlie Carroccio of CBRE, along with Lou Christopher of Stream Realty Partners, represented Bozzuto in the lease transaction. Bill Jautze of St. John Properties represented the landlord internally.
DENVER — PAULS has purchased Regency Plaza, a 15-story office tower located at 4643 S. Ulster St. in Denver Tech Center, from Granite Properties for an undisclosed price. The acquisition marks a return of ownership for Regency Plaza, which was previously owned by PAULS. Originally built in 1985 and repositioned in 2020, Regency Plaza offers 335,908 square feet of office space that is 83 percent leased, with more than 176,000 square feet of new leases executed since early 2024. The asset features a renovated lobby, an outdoor plaza, a fitness center, training facility and an onsite restaurant/market. Tim Richey and Jack Richey of Newmark represented the seller in the deal. Collegiate Peaks Bank, a division of Glacier Bank, provided acquisition financing with a fixed-rate loan. Colliers will continue to handle leasing for the property.