Office

Law Firm Fafinski Mark & Johnson Signs 22,220 SF Office Lease in Eden Prairie, Minnesota

by Kristin Harlow November 1, 2023

EDEN PRAIRIE, MINN. — Law firm Fafinski Mark & Johnson (FMJ) has leased 22,220 square feet of office space at One Southwest Crossing in the Minneapolis suburb of Eden Prairie. Jaclyn May, Paul Donovan and Tom DeSautel of Cushman & Wakefield represented FMJ, while Eric Heltne of Avison Young represented the landlord, Eagle Ridge Partners. Jennifer Stumm of FMJ will lead the project management for the build-out of the new office. FMJ is relocating within Eden Prairie and plans to take occupancy at One Southwest Crossing in spring 2024. The property was recently renovated.

November 1, 2023

Acquisitions Office Texas

Formation Capital Acquires 147,135 SF Office Building in North Houston

by Taylor Williams October 31, 2023

HOUSTON — Atlanta-based investment firm Formation Capital has acquired a 147,135-square-foot office building that sits on a 3.1-acre site at 16666 Northchase Drive in North Houston. The building rises six stories and was constructed in 1985. David Carter of Colliers represented the seller, Geosam Capital Group, in the transaction. The sales price was not disclosed.

October 31, 2023

Georgia Leasing Activity Office Southeast

JLL Arranges Office Leases Totaling 24,472 SF at Salesforce Tower in Atlanta’s Buckhead District

by John Nelson October 30, 2023

ATLANTA — JLL has arranged two leases at Salesforce Tower in the Buckhead submarket of Atlanta. Rubicon renewed its 6,338-square-foot lease at the property, and payment solutions provider Clearent by Xplor signed a new 18,134-square-foot lease. Brooke Dewey, Jeff Taylor and Caroline Fisher of JLL represented the landlord, a partnership between Banyan Street Capital and KKR, in the negotiations. Newmark represented Rubicon, and CBRE represented Clearent by Xplor. Amenities at the building include direct access to MARTA and The Buc rideshare service, a fitness center, coffeeshop and electric vehicle charging stations.

October 30, 2023

Development Life Sciences New York Northeast Office

New York Blood Center to Open 187,000 SF Office, Life Sciences Facility in Rye, New York

by Taylor Williams October 30, 2023

RYE, N.Y. — The New York Blood Center will open a 187,000-square-foot office and life sciences facility in Rye, a northern suburb of New York City. The 14.8-acre site at 601 Midland Ave. formerly housed an office and data center facility for cosmetics giant Avon, that has now been vacant for about four years. The Westchester County Local Development Corp. has approved a $52 million, tax-exempt bond for the redevelopment, which will include new HVAC, electrical systems, windows and roofing. The façade and landscaping will also be upgraded, and new clinical and research laboratories will be added. The $108 million project is estimated to take 12 to 18 months to complete.

October 30, 2023

Acquisitions Illinois Lee & Associates Midwest Office

Lee & Associates Brokers $3.5M Sale of 106,380 SF Office Building in Schaumburg, Illinois

by Kristin Harlow October 30, 2023

SCHAUMBURG, ILL. — Lee & Associates has brokered the sale of a 106,380-square-foot office building in the Chicago suburb of Schaumburg for $3.5 million. The five-story property is located at 930 National Parkway adjacent to Woodfield Mall. The building was originally constructed in 1989 for Cellular One and later occupied by Cingular and AT&T. Tony Russo and Ryan Freed of Lee & Associates represented the seller, Somoha LLC. The buyer, National India Hub Foundation, is a national Indian-American organization focused on local community outreach and volunteering. The buyer plans to convert the property into a multipurpose community center. Plans call for a charity clinic, conference rooms, indoor sports center, auditorium, donation center and event space.

October 30, 2023

Development Illinois Midwest Office

Krusinski Begins Interior Renovation Project for 6,400 SF Comcast Office in Rockford, Illinois

by Kristin Harlow October 30, 2023

ROCKFORD, ILL. — Krusinski Construction Co. has begun an interior renovation project for a 6,400-square-foot Comcast office in Rockford. After a partial demolition, the renovated space will feature multiple offices, meeting rooms, open office areas with workstations, a server room, break room, wellness room, restrooms, an interior vestibule and new doors. Completion is slated for January.

October 30, 2023

Leasing Activity Office Texas

Audubon Engineering Signs 71,879 SF Office Headquarters Lease in West Houston

by Taylor Williams October 27, 2023

HOUSTON — Audubon Engineering Co. has signed a 71,879-square-foot office lease for its new corporate headquarters at 3505 W. Sam Houston Parkway N in West Houston. The 227,045-square-foot building was constructed in 2013 and offers a cafeteria, fitness center and outdoor gathering and amenity spaces. Reggie Beavan, Joshua Brown and Audrey Selber of Newmark represented the tenant in the lease negotiations. Russell Hodges and Bubba Harkins of CBRE represented the landlord, Israeli investment firm Azrieli Group.

October 27, 2023

Loans Midwest Minnesota Office Retail

Mag Mile Capital Arranges $5.7M in Financing for Adaptive Reuse Project in Minneapolis

by Kristin Harlow October 27, 2023

MINNEAPOLIS — Mag Mile Capital has arranged $5.2 million of senior debt financing from a Minnesota-based bank and an additional $500,000 of Commercial Property Assessed Clean Energy (C-PACE) financing on behalf of CDT Realty Corp. The Minneapolis-based developer plans to complete an adaptive reuse project of two existing brick-and-timber loft buildings totaling 50,000 square feet in Northeast Minneapolis. The properties were originally constructed in 1910. The buildings will be connected with a new elevator lobby and fully renovated to create loft office space, retail shops and a variety of tenant amenities. The development will be named Burlap Lofts. Planned amenities include a clubroom with tenant lounge and full kitchen, large-screen TVs, private call booths, meeting spaces, a rooftop garden terrace, outdoor seating and an onsite Harmony Coffee location. The building is slated to open in spring 2024. The 81 percent loan-to-cost debt ratio combines floating-rate construction-period financing with fixed-rate permanent debt and 20-year, fixed-rate C-PACE financing. Cody Harper of Mag Mile Capital arranged the financing.

October 27, 2023

Development Massachusetts Northeast Office

Chiofaro Begins $100M Transformation of International Place Office Complex in Downtown Boston

by Taylor Williams October 27, 2023

BOSTON — The Chiofaro Co., a locally based investment and development firm, has begun the $100 million transformation of International Place, a 1.8 million-square-foot office complex in downtown Boston. Built in phases between 1987 and 1992, International Place consists of a 46-story tower and a 35-story building that are connected by a public courtyard. The complex is home to more than 90 tenants. Global architecture firm Gensler is leading the design of the project, the centerpiece of which will be a 16,000-square-foot amenity center that will be known as The Aries Club. The capital improvement program also calls for the renovation of the entrance of One International Place with upgraded lighting and protective glass canopies to imbue the building with more hospitality-like curb appeal. Ownership will also modernize the retail storefronts at One International Place. At Two International Place, Chiofaro is planning a similar renovation of the entrance to elevate lighting, seating and accessibility. The lobby will also be redesigned to feature tech-enabled seating options, enhanced security measures and new art installations. Lastly, the retail space will be revamped to support an 8,000-square-foot restaurant. IP Commons, the courtyard that links the two buildings and International Place’s central gathering area, will …

October 27, 2023

Development Mixed-Use North Carolina Office Restaurant Retail Southeast

Third & Urban Delivers 80,000 SF Pass 41 Mixed-Use Project in Charlotte

by John Nelson October 26, 2023

CHARLOTTE, N.C. — Third & Urban has delivered Pass 41, a mixed-use development in Charlotte that comprises 80,000 square feet of walkable retail, entertainment and office space, as well as local art murals and outdoor gathering spaces. Pass 41 is the first phase of The Pass, a 12-acre mixed-use campus located at 530 E. Sugar Creek Road and 4100 and 4212 Raleigh St. in the city’s NoDa district. Odell is the project architect for The Pass, Urban Design Partners is the civil engineer and Gay Construction is the general contractor. Foundry Commercial is handling office leasing, and Thrift Commercial Real Estate oversees retail leasing. In addition to Pass 41’s completion, Third & Urban also announced it has executed leases with PINE, a new venue space from 828 events, and Borderline Bar & Billiards. The developer is focused on tenant build-outs and the construction of the multifamily building at The Pass. First retail tenants, including Soul Gastrolounge, are expected to open in spring 2024 and first residents are expected to move in during summer 2025. The adaptive reuse project is bracketed by the Cross Charlotte Trail, the light rail at Sugar Creek Station and a pocket park underneath an overpass that will …

October 26, 2023

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