By Taylor Williams Success in today’s office sector is all about creating incentives. Some companies, from small professional services outfits to tech giants like Salesforce and Airbnb, have completely capitulated to remote work and have aggressively slashed their office footprints. Others remain dogged in their commitments to nonresidential (and nonretail) workspaces. What works for one company may not work for its competitors, and there remains a fundamental need for at least some traditional office space across all major markets. Against this backdrop, what separates the winners from the losers is the ability to create a draw, to give people legitimately good reasons to get up earlier, spend more time getting ready, endure traffic, put costly mileage on their cars, then deal with whatever quirky goings-on define their office experience. Needless to say, this can be a tough sell, especially for employees with families and suburban commutes. Which is why owners, both of businesses and of the office buildings that house them, are getting creative. These corporate leaders and landlords are working in tandem to ensure that the spaces meet the precise needs of their workforces, from design and layout within the suite to access to onsite amenities and surrounding retail, …
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INDIANAPOLIS — Government Investment Partners (GIP) has purchased two adjacent office properties in Indianapolis for $8.2 million. The buildings are located at 4150 and 4160 N. Keystone Ave. just east of Fall Creek Parkway near the Indiana State Fairgrounds. MS Land Holdings LLC sold the 60,000-square-foot building at 4160 N. Keystone, which is fully leased to the State of Indiana on behalf of the Indiana Department of Child Services. LNR Partners sold the other building, which totals 95,157 square feet and is roughly 40 percent leased. It is also home to Department of Child Services offices as well as the Indianapolis Metropolitan Police Department. GIP, which specializes in commercial properties leased to federal, state and local government agencies, now maintains a portfolio of more than 30 buildings in 18 states.
ROCHELLE PARK, N.J. — Cushman & Wakefield has brokered the $17.8 million sale of Park 17, a 105,000-square-foot office building in the Northern New Jersey community of Rochelle Park. The five-story building is home to tenants such as the Bergen County Board of Social Services and St. Joseph’s University Medical Center. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema of Cushman & Wakefield represented the seller, GHP Office Realty LLC, in the transaction. The buyer was not disclosed.
VISTA AND CARLSBAD, CALIF. — Wimatex has purchased a multi-tenant office portfolio in Vista and Carlsbad from Thibodo LLC and CCSD LLC for $13.9 million. At the time of sale, the two-building, 70,262-square-foot portfolio was fully leased. The first property, located at 1800 Thibodo Road in Vista, is a three-story building featuring 23,690 square feet of Class A office space that is fully leased to nine tenants. The second building, situated at 1959 Palomar Oaks Way in Carlsbad, is a three-story property featuring 46,572 square feet of Class A office space that is fully leased to four tenants. Aric Starck, Drew Dodds and Matty Sundberg of Cushman & Wakefield represented the sellers in the deal.
Pacific Coast Commercial Brokers $8.4M Sale of Medical Office Building in La Mesa, California
by Amy Works
LA MESA, CALIF. — Pacific Coast Commercial has negotiated the sale of a medical office property located at 8530 La Mesa Blvd. in Las Mesa. Magnolia Mar Properties sold the asset to Family Health Care Centers of San Diego for $8.4 million. The property features 25,916 square feet of medical office space. Current major tenants include County of San Diego and Penchecks. Brian Crepeau and Ken Robak of Pacific Coast Commercial represented the seller, while Kelly Moriarty and Chris Ross of JLL represented the buyer in the deal. US Bank provided acquisition financing.
CHICAGO — NASCAR has opened an office at Two Prudential Plaza in downtown Chicago. Dubbed “One Two Pru,” the two-building office complex spans 2.3 million square feet and features amenities such as a rooftop terrace, lounge, conferencing facilities and health club with Peloton bikes. NASCAR recently announced that it would be hosting the Chicago Street Race in July. The 2.2-mile race will take place downtown and is expected to have an economic impact of $113.8 million. Clark Evans and Kevin Morgan of JLL represented NASCAR in the three-year lease for 4,250 rentable square feet. The landlord was undisclosed.
GARDEN CITY, N.Y. — Northmarq has arranged a $20 million loan for the refinancing of a 111,674-square-foot office complex in the Long Island community of Garden City. The complex consists of two sister buildings that are situated on a one-acre lot at 1010 and 1050 Franklin Ave. Ernest DesRochers, Charles Cotsalas and Robert Delitsky of Northmarq arranged the loan, which carried a fixed interest rate, 15-year term and a 30-year amortization schedule, on behalf of the undisclosed borrower. The direct lender was also not disclosed.
CHICAGO — A duo of Chicago-based developers, Riverside Investment & Development and Convexity Properties, has completed 320 South Canal, an office tower located across the street from the Chicago Union Station in the city’s West Loop district. The 51-story tower is situated on 2.2 acres and totals more than 1.7 million gross square feet. The building is anchored by Montreal-based BMO Financial Group, which has building signage and will use 320 South Canal as its new U.S. headquarters. Other tenants include the National Futures Association and law firms Chapman & Cutler, Faegre Drinker and Skadden, Arps, Slate, Meagher & Flom. Designed by Chicago-based architecture and planning firm Goettsch Partners (GP), 320 South Canal includes a conference facility, fitness and wellness center, restaurant, a café for to-go food options, bank branch and a cocktail lounge, as well as parking for 324 vehicles and 114 bicycles. The building is connected to the Chicago Union Station through an enclosed pedway and offers access to the Metra train concourse, Amtrak train routes and the LoopLink CTA bus lines. The site also features The Green at 320, a privately owned, publicly accessible park completed earlier this year. The Green comprises 1.5 acres organized around a …
CARMEL, IND. — Kimley-Horn, a planning and design consultancy firm, has signed a 29,737-square-foot office lease at Parkwood Crossing in the Indianapolis suburb of Carmel. The tenant is expanding from its original 9,779-square-foot space and relocating to a new building within Parkwood Crossing. Owner Rubenstein Partners LP is completing a substantial capital improvements program at the building. Parkwood Crossing comprises eight buildings and 1.2 million square feet. Rubenstein acquired the development in 2016 and completed renovations and additions such as a 14,000-square-foot amenity center. Traci Kapsalis, John Robinson and Brittany Shuler of JLL represented Rubenstein in the lease transaction. Hayden Rasmussen of Savills and Kevin Dick of Bradley Co. represented Kimley-Horn.
BROOKFIELD, WIS. — Armstrong & Associates Market Research, a third-party logistics market research company, has signed a five-year lease for 2,345 square feet at Bishops Woods Office Park in the Milwaukee suburb of Brookfield. The property is located at 13400 Bishop’s Lane. Katrina Gee of NAI Greywolf represented the tenant. The landlord was not provided.