Office

CBRE Negotiates Sale of 79,036 SF R&D/Flex Facility in San Dimas, California

by Jeff Shaw May 22, 2023

SAN DIMAS, CALIF. — San Dimas CA LLC has purchased a 79,036-square-foot R&D/flex facility in San Dimas. The facility is located at 960 Overland Court. The two-story property sits on 4.2 acres and is fully occupied by Collins Aerospace, a Charlotte, N.C.-based aerospace and defense product supplier and subsidiary of Raytheon Technologies. The facility is a mission-critical location for Collins and houses the company’s research and development operations. Originally built in 1987, the property recently underwent significant landlord renovations and tenant improvements. It features a mix of open-plan offices and private offices, conference rooms, multiple kitchenettes, and 7,600 square feet of warehouse space with two dock-high positions and two truck wells. Mark Shaffer, Anthony DeLorenzo, Gerard Poutier, Bryan Johnson and Nick Williams with CBRE’s Investment Properties—California/Arizona/Nevada, along with Todd Tydlaska, Mike Longo, Melissa May Moock and Sean Sullivan with CBRE’s Institutional Capital Partners, represented the undisclosed seller in the transaction.

May 22, 2023

Acquisitions California Healthcare Office Western

Avison Young Brokers $5M Sale of Medical Office Building in Santa Monica, California

by Jeff Shaw May 22, 2023

SANTA MONICA, CALIF. — Avison Young has brokered the sale of a medical office building in downtown Santa Monica. US 528 Arizona Owner LLC acquired the property for $5 million. The 3,049-square-foot medical office building is located at 520 Arizona Ave. It was acquired as part of a land assemblage for the development of a mixed-use project. Mitch Stokes of Avison Young was the sole broker in the transaction.

May 22, 2023

Features Office

Six Ways in Which Office Users Can Increase Efficiency of Space Usage

by Taylor Williams May 22, 2023

By Wes Snow, co-founder and CEO, Ascendix Technologies For the first time since the COVID-19 pandemic began, offices are 50 percent occupied nationally as companies push harder for returns to their buildings — which is good news. Still, amid this encouraging development, inflation, interest rate hikes and general fears of recession might impede businesses planning to align their office rent expenses with the pre-pandemic rates. Can businesses optimize the space they’re already utilizing without renting more? At Ascendix Technologies, a company that has been specializing in custom real estate software development for two decades, we’ve seen a variety of space extension practices applied by office owners and managers. Here are some methods that users can employ too maximize efficiency within their existing footprints. Implement Open Floor Plans Not only do wall-less spaces encourage collaboration among teams and reduce the need for spacious individual offices, they also increase flexibility in terms of how space is utilized. Reconfiguring spaces is easy with movable walls and modular furniture and represents an option that helps growing businesses align their changing needs with the spaces they’ve got. Upgrading open-floor space management with automation is another viable option. With a technology like floor management software or …

May 22, 2023

Acquisitions Florida Office Southeast

PEBB, Intalex Capital Acquire 343,500 SF Office Building in Downtown Fort Lauderdale

by John Nelson May 19, 2023

FORT LAUDERDALE, FLA. — PEBB Capital and Intalex Capital, in partnership with CDS International Holdings Inc., have acquired 110 East, an office building located in downtown Fort Lauderdale. The 24-story property comprises 343,500 square feet of office space. Christian Lee, Andrew Chilgren, Marcos Minaya and Sean Kelley of CBRE brokered the transaction on behalf of both the buyers and the seller, Stockbridge. The sales price was not disclosed, but multiple media outlets have reported that 110 East traded for $43 million. Travis Herring and Katherine Ridgway of Cushman & Wakefield are working with PEBB and Intalex to oversee leasing of the building, and the partnership has secured 76,000 square feet of new tenancy, with 125,000 square feet of new leases currently in negotiation. Plans for the property include multimillion-dollar renovations to common areas. Greenwall Capital Management advised CDS in the transaction, and Kapp Morrison LLP provided legal representation.

May 19, 2023

Georgia Leasing Activity Office Southeast

LPC Southeast Inks 38,451 SF Office Lease in Midtown Atlanta With Coworking Firm Spaces

by John Nelson May 19, 2023

ATLANTA — Lincoln Property Co. Southeast (LPC Southeast) has negotiated a full-building, 38,451-square-foot lease at 1372 Peachtree St. in Midtown Atlanta. The tenant, coworking provider Spaces, offers office rental options, including coworking space, virtual workspaces and communal breakout areas. The building is located near Colony Square, Midtown Arts District and the Arts Center MARTA Station and has undergone $7.5 million of improvements. Michael Howell, Hunter Henritze and Caroline Fisher arranged the lease on behalf of the landlord on an internal basis.

May 19, 2023

California Market Reports Office Western Western Market Reports

Success in Los Angeles’ Office Market Means Strategic, Proactive Repositioning

by Jeff Shaw May 19, 2023

— By Sean Fulp, Vice Chair & Head of Office Capital Markets, U.S. Southwest, Colliers — Office sales, leasing and development activity are at historic lows for Los Angeles County. With interest rates rapidly increasing, few active developments, and office vacancy and availability at an all-time high, the office market is in discovery mode. One of the major trends in development is creative, state-of-the-art studio/office campuses. These developments have broken ground in West Hollywood, Burbank, Santa Monica and Culver City. Developers in this space have the mindset of “if you build it, they will come.” Office sales activity is down more than 50 percent in the past year due to a high interest rate environment and a divide between buyer and seller pricing expectations. As loans become due, landlords will have decisions to make, and distress will occur in the market. Office availability is at an all-time high in Los Angeles at nearly 30 percent — likely the new norm going forward. Companies have figured out that employees like to have the flexibility of where and even when they work. With that said, companies are downsizing their office space by 25 percent to 50 percent and, in some cases, by …

May 19, 2023

Acquisitions Healthcare Office Utah Western

MedProperties Realty Advisors Buys 51,591 SF Medical Office Building in South Salt Lake, Utah

by Jeff Shaw May 18, 2023

SOUTH SALT LAKE, UTAH — MedProperties Realty Advisors has purchased a 51,591-square-foot medical office building in South Salt Lake, just south of Salt Lake City. The property is 97 percent leased to high-quality tenants that primarily specialize in treating kidney disease. The Class A asset is known as Wasatch Renal Center. The buyer was attracted to the property due to the tenant base and physical quality of the building. The tenants are affiliated with Fresenius Medical Care, a worldwide leader in the treatment of renal disease and in kidney disease research.

May 18, 2023

Arizona Leasing Activity Office Western

Food for the Hungry Establishes 30,000 SF Headquarters at Renaissance Square in Downtown Phoenix

by Jeff Shaw May 18, 2023

PHOENIX — Food for the Hungry has leased nearly 30,000 square feet of office space at Renaissance Square in downtown Phoenix. The new lease will allow the international humanitarian organization to consolidate its three downtown Phoenix locations into a single global corporate headquarters. Food for the Hungry’s new lease will relocate about 130 corporate headquarters employees to 2 N. Central Ave., one of two Class A, high-rise office buildings at the 985,000-square-foot Renaissance Square. The remaining 99 percent of the organization’s staff works in their country of origin. Jami Savage-Gray and Ryan Bartos from the Phoenix office of JLL represented Food for the Hungry in the negotiations. Jerry Roberts and Pat Boyle of Cushman & Wakefield represented the landlord, a partnership between Oaktree and Cypress Office Properties.

May 18, 2023

Acquisitions Colorado Healthcare Office Western

Marcus & Millichap Brokers $2M Sale of Downing Street Office Building in Denver

by Jeff Shaw May 18, 2023

DENVER — A local family medicine practice has acquired an 8,360-square-foot office building in Denver for $2 million. The practice plans to convert most of the building for its medical practice. The property is located at 1634 Downing St. The two-story building is only a few blocks from SCL Saint Joseph Hospital. An immigration law firm currently occupies the space. Cory Gross and Erik Enstad of Marcus & Millichap’s Denver office had the exclusive listing to market the property on behalf of the seller, a private investor.

May 18, 2023

Acquisitions Northeast Office Pennsylvania

Newmark Arranges Sale of 155,663 SF Office Building in Pittsburgh

by Taylor Williams May 18, 2023

PITTSBURGH — Newmark has arranged the sale of Foster Plaza Nine, a 155,663-square-foot office building in Pittsburgh’s Parkway West submarket. The property was built in 1990 and was 64 percent leased at the time of sale. David Dolan, Michael Margolis, Gerry McLaughlin, Jeff Schultz, Angelo Brutico and John Cook of Newmark represented the seller, Sterling Equities, in the transaction. The undisclosed buyer plans to implement a value-add program.

May 18, 2023

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