Office

Albany Road Acquires 146,099 SF Epic One Office Building in Colorado Springs, Colorado

by Amy Works November 3, 2022

COLORADO SPRINGS, COLO. — An affiliate of Boston-based Albany Road Real Estate Partners has purchased Epic One, a Class A office building in Colorado Springs. Terms of the transaction were not released. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the undisclosed seller in the deal. Located at 10807 New Allegiance Drive, Epic One features 146,099 square feet of office space. Constructed in 2009, the multi-tenant office building features LEED Silver design; flexible, efficient floor plates; high-end finishes throughout; an on-site fitness facility; and a 5/1,000 parking ratio.

November 3, 2022

Development Industrial Iowa Midwest Office

Oracle Aviation Breaks Ground on New Aviation Center at Sioux Gateway Airport in Iowa

by Kristin Harlow November 3, 2022

SIOUX CITY, IOWA — Omaha-based Oracle Aviation has broken ground on a new aviation center at the Sioux Gateway Airport in Sioux City. The 40,000-square-foot facility will include hangar space, training classrooms and office space. The project received a $1 million grant from the Economic Development Administration as well as additional funding from the City of Sioux City, The Siouxland Initiative, Morningside University and Western Iowa Tech. Both Morningside University and Western Iowa Tech will now offer degrees in aviation fields. A timeline for construction was not provided.

November 3, 2022

Loans Northeast Office Pennsylvania Retail

JLL Arranges $74M Loan for Refinancing of Southside Works in Pittsburgh

by Taylor Williams November 3, 2022

PITTSBURGH — JLL has arranged a $74 million loan for the refinancing of Southside Works, a 471,939-square-foot office and retail development in Pittsburgh. Built in phases between 2002 and 2004 and renovated in 2021, Southside Works comprises 245,570 square feet of office space and 226,369 square feet of retail space. The development also features multiple pocket parks, open green spaces, sport courts and a dog park. Nick Unkovic and Jeremy Bernstein of JLL arranged the six-year, floating-rate loan through Dollar Bank on behalf of the borrower, SomeraRoad.

November 3, 2022

Leasing Activity Massachusetts Northeast Office

Industrious Opens 35,441 SF Coworking Space in Dedham, Massachusetts

by Taylor Williams November 3, 2022

DEDHAM, MASS. — Coworking concept Industrious has opened a 35,441-square-foot flexible workspace in Dedham, a southwestern suburb of Boston. Industrious Legacy Place will be a pet-friendly space with a total of 400 seats and 13 conference and meeting rooms, as well as lounges and a library. The space is the seventh in the Boston area for Industrious, which has more than 150 locations across 65 U.S. and international cities.

November 3, 2022

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Third-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels November 3, 2022

Lee & Associates’ newly released 2022 Q3 North America Market Report examines third-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This sector-based review of commercial real estate trends for the third quarter of the year examines the difficulties facing each asset class and where opportunities in the commercial real estate landscape may be emerging. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the summaries below provide high-level considerations of the overall health and obstacles for the industrial, office, retail and multifamily sectors. Industrial Overview: High Rent, Low Vacancy Everywhere North American industrial space availability is tight everywhere while rent growth and property prices remain near or have moved beyond historic highs. Through the third quarter, the United States’ vacancy rate settled at 4 percent, up 10 basis points from second quarter 2022. Average rents increased 11.4 percent year over year with gains of 19 percent in Miami, 18.7 percent in Southern California’s Inland Empire, 16 percent in Phoenix and 14.6 percent in Atlanta. Since the COVID lockdown in March of 2020, developers of U.S. logistics space have been …

November 3, 2022

Development Office Texas

Hoar Construction Breaks Ground on 167,141 SF Office Project in West Houston

by Taylor Williams November 2, 2022

HOUSTON — Hoar Construction, a general contractor with nine offices across the country, has broken ground on Town Centre II, a 167,141-square-foot office project in West Houston. Designed by Kirksey Architecture and developed by Moody Rambin, the eight-story building will be located within the Town Centre complex and will house a 220-seat conference room. Construction of the project, which also includes a 1,390-space parking garage, is slated for a September 2023 completion.

November 2, 2022

Acquisitions Office Texas

Colliers Brokers Sale of 64,000 SF Office Building in Farmers Branch, Texas

by Taylor Williams November 2, 2022

FARMERS BRANCH, TEXAS — Colliers has brokered the sale of Valley View Centre, a 64,000-square-foot office building located in the northern Dallas suburb of Farmers Branch. The four-story building was 84 percent leased at the time of sale. Cody Payne and Michael Tran of Colliers represented the seller, a private investor, in the transaction. The buyer was an undisclosed 1031 exchange investor that acquired the asset in an all-cash deal.

November 2, 2022

Development Office Texas

Granite Properties, Highwoods Top Out 422,109 SF Office Building in Plano

by Taylor Williams November 1, 2022

PLANO, TEXAS — Granite Properties, in partnership with publicly traded REIT Highwoods Properties (NYSE: HIW), has topped out a 422,109-square-foot office building located within the 90-acre Granite Park development in Plano. Designed by BOKA Powell with interiors by HKS Architects, Granite Park Six will rise 19 stories and is scheduled for a third-quarter 2023 completion. Amenities will include a fitness center, tenant lounge, golf simulator, café and a lecture hall. The building will also offer an array of health and wellness features such as dispatch elevators, touchless entry points and restroom fixtures and advanced HVAC systems that promote clean air technology. Austin Commercial is the general contractor for the project, construction of which began in December 2021.

November 1, 2022

Leasing Activity Midwest Minnesota Office

Workbox Signs 27,748 SF Office Lease in Downtown Minneapolis

by Kristin Harlow November 1, 2022

MINNEAPOLIS — Workbox, a flexible office operator, has signed a 27,748-square-foot lease at Deluxe Plaza in downtown Minneapolis. The firm will open its new space on Wednesday, Nov. 2. The lease represents the fifth location for Workbox and its first outside of Chicago. Deluxe Plaza has recently undergone renovations and offers amenities such as a tenant lounge, rooftop deck, fitness center and training center. Larissa Bodine, Ann Rinde and Mark McCary of CBRE represented ownership, Franklin Street Properties. Ryan Cos. is the property manager.

November 1, 2022

Illinois Leasing Activity Midwest Office

Law Firm Nisen & Elliott Relocates Chicago Office

by Kristin Harlow November 1, 2022

CHICAGO — Law firm Nisen & Elliott LLC is relocating its Chicago office from 200 W. Adams St. to a 15,417-square-foot space at 180 N. LaSalle St. The firm will take occupancy of the new space in November. The lease represents the firm’s first relocation in over 35 years. Eric Feinberg, John Goodman and Isabel Preskill of Savills represented Nisen & Elliott. The property rises 38 stories in the Loop. Building owner Ivanhoe Cambridge has recently made upgrades to the lobby and conferencing facilities.

November 1, 2022

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