GOLDEN VALLEY, MINN. — Architect NELSON Worldwide has designed a new shared amenity space at Golden Hills, an office building in the Minneapolis suburb of Golden Valley. The firm reconfigured the layout by removing an underutilized café and transforming it into a tenant lounge, grab-and-go market and game room. Dubbed 701 Local, the amenity space totals 1,700 square feet. There are multiple seating options and games such as air hockey.
FORT WORTH, TEXAS — The David L. Aldridge Co., a provider of information technology (IT) services, has signed a 3,986-square-foot office lease at One Ridgmar Centre in Fort Worth. The 10-story, 177,199-square-foot building recently underwent a capital improvement program. Matt Carthey and Jake Neal of Holt Lunsford Commercial represented the landlord, Frontier Equity, in the lease negotiations. Justin Utay of NAI Robert Lynn represented the tenant.
HAVERHILL, MASS. — Marcus & Millichap has brokered the $4.5 million sale of a 142,000-square-foot office building in Haverhill, located north of Boston near the Massachusetts-New Hampshire border. Built in 1911 and renovated in 2005, the eight-story building, which has conversion potential, was leased to more than 70 tenants at the time of sale. Luigi Lessa and Harrison Klein of Marcus & Millichap represented the seller, a family ownership group, in the transaction. The duo also procured the buyer.
Despite shifts toward remote and hybrid work, office rents continue to rise in North Carolina’s Triangle region. Among the 25 largest office markets in the country, Raleigh experienced the second-highest rent growth between 2019 and 2022 — a testament to continued tenant demand. We’re also seeing renewed interest in trophy assets, where the average asking rent has reached an all-time high of $43.35 per square foot. Additionally, the first quarter showed a 280,000-square-foot increase in total office supply, indicating investor confidence in Raleigh’s resilience. Compared to rival markets, Raleigh wasn’t overbuilt pre-pandemic. The market doesn’t have millions of square feet of vacant space downtown and is more balanced than its competitors, leaving plenty of opportunity for future growth. Another indicator of Raleigh’s growth trajectory is the 32 percent year-over-year increase in tours given by JLL’s Office Agency Leasing team this year. Given the current economic headwinds, we know that prospects are taking longer to make decisions about their space. However, we also know they are actively evaluating their options and making long-term plans for their team’s future needs. At buildings within our portfolio, badge swipes last quarter reached a post-pandemic peak utilization of 68 percent – just 13 percent shy …
FORT WORTH, TEXAS — USI Insurance Services Inc. has signed an 8,321-square-foot office lease at Summit Office Park in Fort Worth. The two-building, 242,000-square-foot development is located on the perimeter of the downtown area. Jake Neal, Vic Meyer and Matt Carthey of Holt Lunsford Commercial represented the landlord, Albany Roads, in the lease negotiations. David Walters of CBRE represented the tenant.
SCOTTSDALE, ARIZ. — Ryan Cos. has begun construction on a multi-tenant medical office building in Scottsdale. The two-story, 101,136-rentable-square-foot building is called One Scottsdale Medical. It is 80 percent preleased, with the City of Hope and Exalt Health serving as anchor tenants. They will occupy about 30,000 and 50,000 square feet, respectively. The building will provide additional space for lease to medical tenants. One Scottsdale Medical is scheduled for completion by third-quarter 2024. Mari Lederman and Katie McIntyre from JLL’s Phoenix office are the project’s exclusive leasing brokers.
HOUSTON — Civic Heart Community Services, a social services organization serving southeast Texas, has signed a 13,028-square-foot office headquarters lease in Houston’s Historic Third Ward. Civic Heart is relocating to One Emancipation Center from an office on nearby Elgin Street, where it had operated for the past 18 years. The term of the new lease is 10 years. John Guess of The Guess Group represented Civic Heart in the lease negotiations.
FORT WORTH, TEXAS — NAI Robert Lynn has relocated and expanded its Fort Worth office to a 6,000-square-foot space at 201 S. Adams St. in the city’s Near Southside neighborhood. The 10,000-square-foot complex previously housed a vet supply and distribution facility and was renovated to suit the Dallas-based firm’s needs. NAI Robert Lynn opened its Fort Worth office, led by Todd Hubbard, in 2012, and its team has completed more than 400 commercial transactions since that time.
NEW YORK CITY — A partnership between Tishman Speyer and Silverstein Properties has received a $330 million loan for the refinancing of 11 West 42nd Street, a 960,000-square-foot office building in Midtown Manhattan. Originally constructed in 1927, the 32-story building was 99 percent leased at the time of the loan closing. Tenants include Michael Kors, Citizen’s Bank & Trust, New York University and Kohn Pederson Fox. Bank of America served as the senior lender, and Taconic Capital provided mezzanine financing. Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, Issa Abbassi and Holden Witkoff of Newmark arranged the debt, which was structured with a five-year term and a fixed interest rate, on behalf of ownership.
WHITE PLAINS, N.Y. — JLL has arranged a $17.5 million loan for the refinancing of two office and healthcare buildings totaling 218,372 square feet in White Plains, located north of New York City in Westchester County. The adjacent buildings were 86.5 percent leased at the time of the loan closing and offer amenities such as a renovated café, childcare facility and a fitness center. Michael Klein, Max Custer and Benjamin Morgenthal of JLL arranged the five-year, fixed-rate loan through Centreville Bank on behalf of the borrower, Northpath Investments.
