SAN FRANCISCO — Shartsis Friese LLP has relocated to a 26,000-square-foot office space at 425 Market St. in San Francisco’s Financial District. This is the first time the national law firm has moved headquarters in more than 30 years. It will occupy the space in early 2024. Interior improvement design is now underway on the new 11th-floor space. Gensler and JLL Project & Development Services are working with the tenant to create a modern workplace befitting the evolving needs of the workforce both today and in the future. JLL’s Hugh “Scotty” Scott, Matt Aljets and Travis James represented Shartsis Friese in the lease transaction. JLL project manager Michael Payne leads the interior improvements efforts. Skyline Construction is general contractor. MetLife and Norges own the building.
NEW YORK CITY — New York City-based International Workplace Group (IWG) has added 34 new flexible workspaces in the Midwest region in the last six months. Including these new locations, IWG has added roughly 150 locations nationwide across the U.S. since October 2022. IWG intends to add 1,000 new locations globally. IWG’s new locations stretch across brands such as Spaces, Regus and HQ, and are situated in both urban and suburban areas across markets such as Chicago; Columbus, Ohio; Jeffersonville, Ind.; Grand Rapids, Mich.; Lakeville, Minn.; and De Pere, Wis. The Midwest offices total more than 280,000 square feet. About 76 percent of the new workspaces are located in smaller towns and communities outside of metro areas. IWG is opening the vast majority of its new locations in partnership with commercial real estate owners, developers and franchisee investors.
MARYVILLE, ILL. — BarberMurphy has arranged the sale of a 3,158-square-foot office building located at 17 Professional Park Drive in Maryville, about 20 miles northeast of St. Louis. The sales price was undisclosed. Fireside Financial LLC sold the property to Grand Property LLC. BarberMurphy represented both parties in the transaction.
WARREN, N.J. — Locally based investment firm Signature Acquisitions has purchased a 120,623-square-foot office building located in the Northern New Jersey community of Warren. The sale included an 8,250-square-foot retail pad site. The four-story, newly renovated building is situated within Independence Boulevard, a five-building, 650,000-square-foot park. Amenities include a fitness center, game room, lounge and conference facilities. Frank DiTommaso, David Bernhaut, Andy Merin, Gary Gabriel and Will Gerlin of Cushman & Wakefield represented the seller, American Equity Partners, in the transaction.
MINNEAPOLIS — Cushman & Wakefield has negotiated nearly 45,000 square feet in office leases at The 15 Building, a downtown Minneapolis office building known for its mural of Bob Dylan. R2 and Goldman Sachs Asset Management own the property, which is now 70 percent leased. The building rises 12 stories, totals 130,000 square feet and features new speculative suites. New tenants for the spec suites include Fjorge, which leased the entire fifth floor; Arux, which leased the entire 11th floor; and Inspire11, which inked a lease for the entire ninth floor. Channel Z renewed its lease for 6,000 square feet and Chobani renewed its lease for 2,500 square feet. Tom Tracy and Katie Tufford of Cushman & Wakefield have worked as the leasing agents for the property since February 2020.
THOUSAND OAKS, CALIF. — CBRE has arranged the sale of a 98,776-square-foot office building in Thousand Oaks for $17.7 million. The firm also arranged $42 million in financing for the acquisition and speculative conversion to a life sciences campus. Located at 120 Via Merida and built in 1998, the two-story office building sits on 6.7 acres and was previously the corporate headquarters for Wellpoint Health Networks. The property’s existing infrastructure is well suited to be redeveloped for life sciences use, according to CBRE. It features 50,000-square-foot floor plates, steel frame construction, outdoor balconies, grade-high dock door and ample power supply. Gray Matter, the life sciences initiative of Graymark Capital, has engaged architect BAM Creative to develop a phased conversion plan. Upon completion, the property will feature 60 percent lab-ready space with upgraded mechanical, electrical and plumbing, and 40 percent newly built creative office space to support the lab. The property will also undergo exterior and site improvements to the power system, loading area, indoor/outdoor amenity areas, cosmetics, roof and parking lot. CBRE’s Mike Longo, Sean Sullivan and Todd Tydlaska represented the seller, a Los Angeles-based private equity firm, in the sale. CBRE’s Greg Grant arranged financing on behalf of the …
LAKEWOOD, COLO. — Essex Financial Group has arranged $17 million in bridge financing for the acquisition of 143 Union, a 191,564-square-foot, 10-story office property in the Union Boulevard Corridor of Lakewood. Essex worked on behalf of the buyer, Legacy Real Estate Investments, to source the five-year, fixed-rate loan that an insurance company provided. The Class A landmark building is just over 70 percent occupied.
LOS ANGELES — Fox Corp. has submitted plans to the City of Los Angeles to expand the historic Fox Studio Lot as part of a project known as “The FOX FUTURE Studio Lot Project.” The plan is expected to cost approximately $1.5 billion and generate $9 million in annual tax revenues. The Fox Studio Lot currently comprises 1.8 million square feet across 96 buildings. The FOX FUTURE Studio Lot Project would add 1.6 million square feet of new development, including nine new soundstages, as well as production facilities and a 24-story media campus office building. The media campus office is intended to receive LEED Platinum certification and will feature shared and private offices designed for film and TV production. Fox is seeking a development partner to construct a 35-story building toward the northeast section of the Fox Studio lot that will directly connect to the studio lot and the Century City subway station, but will function as independent office space. This building will also be designed with LEED Platinum certification in mind. Plans also call for upgrades to existing facilities, a historic preservation plan for key buildings, seismic retrofits of older buildings and a renovation of Fox Sports Studio A. “The Fox …
OWINGS MILLS, MD. — Element Fleet Management Inc., a global fleet management firm for the automotive industry, has signed a 64,000-square-foot office lease at Metro Centre at Owings Mills, a mixed-use development in the Baltimore County city of Owings Mills. Kevin Keane of David S. Brown Enterprises negotiated the lease transaction. Element Fleet expects to occupy the space by the end of the year with 250 employees onsite. The new office is a relocation of the firm’s East Coast headquarters. In addition to Class A office space, Metro Centre features the Owings Mills Metro station, shops, restaurants, apartments and the newly opened Marriott Owings Mills Metro Centre Hotel & Conference Center. Other tenants at Metro Centre include The Tillery Restaurant and Bar, Baltimore County Public Library, World of Beer, Bee Inspired Honey House, Club Pilates, Eggspectation, Gannett Fleming, BDO, Myers & Stauffer and SB & Co.
CHICAGO — Sterling Bay has topped out construction of 360 North Green, a 24-story office building in Chicago’s Fulton Market district. Boston Consulting Group will serve as the anchor tenant upon completion and has leased roughly 250,000 square feet. The firm plans to relocate nearly 1,000 employees from Chicago’s Loop. Totaling nearly 500,000 square feet, the development will include amenities such as private outdoor terraces. The project will also feature more than 5,000 square feet of ground-floor retail space. Gensler is the architect and Power Construction is the general contractor. Completion is slated for February 2024.