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ColoradoLeasing ActivityOfficeWestern

Pivot Energy Leases New Headquarters in Denver

by Jeff Shaw

DENVER — Pivot Energy has signed a 22,628-square-foot office lease for its new headquarters at 1601 Wewatta St. in Denver’s Lower Downtown (LoDo) district. The solar energy company occupies three-quarters of the seventh floor.  Pivot Energy will add an adjacent, 4,000-square-foot space for hybrid and traveling employees. The new headquarters will feature a private patio with a green roof feature, outdoor seating and grills.  Newmark’s Andrew Blaustein and Josh Pons represented the tenant in the transaction. CBRE’s Chris Phenicie and Allison Berry represented the landlord, Morgan Stanley. 

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DevelopmentIllinoisMidwestOffice

Skender Completes 81,000 SF Office Headquarters Build-out for Avant at Chicago’s Merchandise Mart

by Kristin Harlow

CHICAGO — Skender has completed an 81,000-square-foot office headquarters build-out for Avant at the Merchandise Mart in Chicago. The financial technology company’s new office features open workstations, multiple cafes and a mix of collaboration, conferencing andfocus spaces. The new workspace doubles Avant’s presence in Chicago. The firm relocated from 222 N. LaSalle St. The project team included CBRE as tenant representative, Gensler as architect and Syska Hennessy Group as engineer. Skender is currently working with Merchandise Mart owner Vornado Realty Trust on a repositioning initiative for the property. 

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DevelopmentIllinoisMidwestOffice

Krusinski Renovates Comcast Office in Oak Brook, Illinois

by Kristin Harlow

OAK BROOK, ILL. — Krusinski Construction has completed a renovation of Comcast’s office in the Chicago suburb of Oak Brook. The renovated space features new carpeting, quartz countertops, multiple offices, conference rooms and a wellness area. The office also features technology that reduces energy consumption, such as wireless lighting controls and occupancy sensors. Krusinski also implemented new security features.

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Market ReportsMarylandOfficeSoutheastSoutheast Market Reports

Slowdown in Leases, Development Help Baltimore Office Market to Rightsize

by John Nelson

Unprecedented development is underway across the Baltimore metro area with more than $6.6 billion of infrastructure and major development projects in the pipeline, and office-using employment remains strong. More than 574,000 people are employed in a diverse set of employment sectors that require offices, including professional and business services, government, financial services and tech and information.  The past year, unemployment fell in each Maryland submarket, with Baltimore dropping 140 basis points, which is similar to the national unemployment rate that decreased 150 basis points.  In the second half of last year, several public sector agencies relocated into the Central Business District (CBD) from Midtown and Mount Vernon locations, pushing net absorption positive and vacancy negative. This helped state and local government tenants lead all sectors in leasing activity in the fourth quarter of 2022, accounting for 56 percent of all leases signed.  The Maryland Department of Health signed the largest lease of the quarter with its new 463,000-square-foot lease at 300 N. Greene St. Other State of Maryland relocations include Department of Labor, Office of the Comptroller, Department of Budget & Management, Department of Planning and Department of Aging. Combined, these state government tenants leased 761,000 square feet in the …

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DevelopmentOfficeSoutheastTennessee

Tricera Capital, Merrimac Ventures Complete Renovation of L&C Office Tower in Downtown Nashville

by John Nelson

NASHVILLE, TENN. — Tricera Capital and Merrimac Ventures have completed the renovation of L&C Tower, a 31-story office property located at 401 Church St. in downtown Nashville. Upgrades to the building, which was originally constructed in the 1950s and acquired by the partnership last year, included the creation of speculative suites and improvements to common areas. Tenants at the tower include Warby Parker, Drive Social Media, Motiv, Castlerock Asset Management, Deacons New South and Ophelia’s Lounge. Doug Ryan and Melanie Tigrett of Colliers handle leasing at the property.

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AcquisitionsKentuckyOfficeSoutheast

NAI Isaac Arranges Sale of 21,384 SF Office Building in Lexington, Kentucky

by John Nelson

LEXINGTON, KY. — NAI Isaac has arranged the sale of a 21,384-square-foot office building located at 1080 Export Road in Lexington. Comprising three stories, the property is within walking distance of the University of Kentucky campus. Jamie Adams and J.L. Cannady of NAI Isaac represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

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AcquisitionsCaliforniaOfficeWestern

Stivers Investment Sells Flex Office Building in Irvine, California for $11.8M

by Jeff Shaw

IRVINE, CALIF. — Stivers Investment Co. has sold a two-story flex office building in Irvine for $11.8 million. The building is located at 8 Hughes.  Built in 2000 in the Irvine Spectrum, it is situated on 2.3 acres with four spaces parking per 1,000 square feet. The capacity can be divided into a multitenant building. The building was 30 percent occupied at the time of sale.  The new owner plans to occupy the vacant portion of the building, collect income from the existing lease and hold the asset long-term. J.R. Williamson with the Orange County office Investment Services Group of NAI Capital Commercial represented the seller in this transaction.

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CaliforniaLeasing ActivityOfficeWestern

Premier Workspaces Opens 14,500 SF Shared Office Property at Fox Plaza in Los Angeles

by Jeff Shaw

LOS ANGELES — Premier Workspaces has signed a 10-year lease for 14,500 square feet of shared office space at 2121 Avenue of the Stars, also known as Fox Plaza, in Los Angeles’ Century City.  Constructed in 1986, the 34-story, Class A trophy building has become a landmark due to its role as Nakatomi Plaza in Die Hard. It is also where former President Ronald Reagan had his offices for several years after leaving public office. The Irvine Co. owns the asset.  Gary Weiss of LA Realty Partners represented Premier Workspaces, while Rick Buckley of the same firm represented the Irvine in the lease transaction.

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CaliforniaLeasing ActivityOfficeWestern

P3 Post Leases 11,359 SF Office Space in Burbank, California

by Jeff Shaw

BURBANK, CALIF. — P3 Post, a full-service media post-production company, has leased 11,359 square feet of office space at 2921 W. Alameda Ave. in Burbank. The company will relocate to the new space on May 1.  The two-story property was built in 1958. It is situated within the Burbank Media District and features 20 offices, a conference room, a kitchen and ample storage. CBRE’s Derek Newton represented the tenant in the lease negotiations.

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Leasing ActivityNew YorkNortheastOffice

Flexpoint Ford to Open 19,522 SF Office at One Vanderbilt in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Investment and advisory firm Flexpoint Ford will open a 19,522-square-foot office at One Vanderbilt, a 77-story, 1.7 million-square-foot tower in Midtown Manhattan that was developed by locally based real estate giant SL Green. Architect SPECTOR Cos. designed Flexpoint Ford’s space. Cresa and Clune Construction Co. handled the build-out. The project is nearing completion, though a formal opening date was not disclosed.

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