COLLEYVILLE, TEXAS — Colliers has brokered the sale of Colleyville Square Business Park, a 23,980-square-foot office complex located on the northeastern outskirts of Fort Worth. The property comprises four buildings at 6211 Colleyville Blvd. Cody Payne of Colliers represented the seller, a private investor, in the off-market transaction. The buyer was also a private investor who requested anonymity.
WILMINGTON, DEL. — Delle Donne & Associates has broken ground on Tower at Avenue North, a 150,000-square-foot office building that will be located within the 79-acre Avenue North mixed-use development in Wilmington. A third of the space at the 12-story building will be dedicated to retail and restaurant usage. Office users will also have access to outdoor amenity spaces and electric vehicle charging stations. Construction is slated for a March 2024 completion. JLL will handle leasing of the building.
By Melissa Molyneaux, Executive Vice President, Colliers Northern Nevada’s office market has continued to post strong fundamentals this year. Positive tenant demand has improved vacancy in recent quarters, though an uptick in available sublease space could impact market-wide vacancy in the future. The Reno-Sparks region has also seen a handful of new speculative office construction starts that will add trophy office and medical office space to the downtown and South Meadows submarkets. Strong economic recovery has been evident this year as Nevada reached a new employment peak of nearly 1.5 million jobs in June. Washoe County’s population has grown an impressive 17.1 percent since 2010, to 500,000 people. A study by Woods and Poole Economics estimates the area will reach 764,000 people by 2060. Market-wide vacancy rates dropped to 10.6 percent in the third quarter of 2022, down 200 basis points year over year. Downtown vacancy fell 310 basis points to 11.7 percent, while suburban vacancy fell 180 basis points to 10.3 percent in the same period. Vacancy has continued to improve since the onset of the pandemic, though the Reno area has started to see an increase in available sublease space hitting the market. About one quarter of all …
HOUSTON — Cushman & Wakefield has negotiated a 226,287-square-foot office lease renewal in Houston’s Energy Corridor area for global engineering firm Wood Group USA. The tenant will continue to occupy the entirety of Westgate III, a four-story building that was originally constructed in 2014 and is located within the 550-acre Park Ten Business Center. Kevin Snodgrass, Trey Strake and Megan Madorsky of Cushman & Wakefield represented Wood Group USA in the lease negotiations. Chip Colvill, also with Cushman & Wakefield, along with Cameron Colvill of Whitebox Real Estate, represented the landlord, Griffin Partners.
DALLAS — Creative marketing agency Lerma has signed a 27,959-square-foot office lease expansion at The Luminary in Dallas. The tenant is doubling its space with an additional floor at the 169,000-square-foot building, which is located in the West End area. Dan Harris and Nate Hruby of Stream Realty Partners represented Lerma in the lease negotiations. Harwood International recently purchased the building, which offers a rooftop terrace, bike racks and daily food service.
ATLANTA — FanDuel, a sports-tech entertainment firm known for its fantasy sports leagues, has opened its new offices at Ponce City Market, a mixed-use development in Atlanta’s Old Fourth Ward district. The company’s 68,000-square-foot space occupies the third floor and houses its software engineering, product development, user experience and user interface teams. The new office space features a mock sportsbook that tests FanDuel’s latest retail products; desk pods that support focused sprints and quick collaborations; and virtual scrum areas that allow digital whiteboarding concurrently across office locations. The heart of the office, the café and gaming zone, features a 12-foot video wall and a rotating selection of beer taps with beers made in Georgia that are selected by employees. FanDuel plans to grow its Atlanta-based workforce to approximately 900 colleagues over the next five years across 22 types of work settings. The company signed the lease last summer with Jamestown, the Atlanta-based owner of Ponce City Market.
COLORADO SPRINGS, COLO. — Crescent Real Estate has completed the disposition of a Class A office portfolio totaling 1 million square feet in Colorado Springs. The 13-building asset was sold as a mix of individual buildings and micro-portfolios to multiple buyers during the past four years for an aggregate price of $180 million. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the seller in the disposition of the entire portfolio. Crescent Real Estate originally acquired the portfolio of mid-rise and single-story office buildings in 2018 for $125 million. Crescent began divesting of the assets in 2019 through 2022. The portfolio includes: Epic One, a 145,694-square-foot building at 10807 New Allegiance Drive InterQuest I, a 74,005-square-foot facility at 9945 Federal Drive InterQuest II, a 54,057-square-foot building at 9925 Federal Drive InterQuest III, a 66,223-square-foot building at 9950 Federal Drive InterQuest IV, a 46,948-square-foot property at 9960 Federal Drive Patriot Park I, a 103,183-square-foot facility at 985 Space Center Drive Patriot Park II, a 33,190-square-foot building at 980 Technology Court Patriot Park V, a 51,770-square-foot property at 745 Space Center Drive Patriot Park VI, a 103,970-square-foot asset at 655 Space Center Drive Patriot Park VII, an 89,624-square-foot facility at 565 …
GLEN ALLEN, VA. — Genworth Financial Inc., a publicly traded personal finance firm based in Richmond, has leased approximately 175,000 square feet of office space at SunTrust Business Center, an office campus located at 1011-11013 W. Broad St. in the Richmond suburb of Glen Allen. The firm is subleasing the space from Truist Bank and also signed a direct lease with the landlord, FD Stonewater, that commences at the end of the sublease term. Dean Meyer and Mac Wilson of Cushman & Wakefield|Thalhimer, as well as Jamie Smith of Cushman & Wakefield’s Baltimore office, represented Genworth Financial in the lease negotiations. Paul Silver, Brian Berkey and Karla Knight of Thalhimer, as well as Hap Royster and William Woltz of Cushman & Wakefield’s Winston-Salem office, represented Truist Bank. Amy Broderick and Jeffrey Cooke of Thalhimer represented FD Stonewater. SunTrust Business Center will be the new corporate headquarters for Genworth Financial. Other tenants at the campus include EAB, Wipro, Magellan and Home Care Delivered.
KATY, TEXAS — Marcus & Millichap has brokered the sale of Grand Reserve Plaza, a 12,025-square-foot office building in the western Houston suburb of Katy. James Bell and Watt Harrison of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a 1031 exchange investor from West Texas. Both parties requested anonymity.
DALLAS — Locally based investment management firm Revere Capital has signed an 8,000-square-foot office lease at Premier Place, a 457,901-square-foot building located at 5910 N. Central Expressway in Dallas. The transit-oriented building houses a 62,000-square-foot Life Time fitness center, outdoor amenity space and a conference center. CBRE represented Revere Capital in the lease negotiations. Glenstar Properties owns Premier Place.