Office

Newmark Arranges $127.4M Loan for Refinancing of Office Building in Manhattan’s SoHo District

by Taylor Williams December 1, 2022

NEW YORK CITY — Newmark has arranged a $127.4 million loan for the refinancing of 575 Broadway, a 176,000-square-foot office building in Manhattan’s SoHo neighborhood. American business magnate John Jacob Astor originally developed the building in 1882, and in 1991, the property was redesigned to become the Guggenheim Museum SoHo. The museum subsequently occupied the site for the next decade. Today, the property is owned by entrepreneur Peter Brant and houses an array of traditional office and retail users such as Estee Lauder, H&M and the New York City flagship location of Prada. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani of Newmark arranged the loan through Citigroup and Société Générale.

December 1, 2022

Acquisitions New York Northeast Office

BXP Acquires $121M Interest in Midtown Manhattan Office Building

by Taylor Williams December 1, 2022

NEW YORK CITY — BXP (NYSE: BXP), a REIT formerly known as Boston Properties, has acquired a $121 million interest in 200 Fifth Avenue, an 870,000-square-foot office building in Midtown Manhattan. With this acquisition, BXP now holds 27 percent of the equity, with institutional investment firms advised by J.P. Morgan Global Alternatives owning the remaining 73 percent. The 14-story building was originally constructed in 1909 and is currently 93 percent leased to tenants such as Grey Advertising, Tiffany & Co. and Yelp. The building’s mortgage loan has an outstanding principal balance of $600 million, bears interest at 4.34 percent per annum and matures in November 2028.

December 1, 2022

District of Columbia Leasing Activity Office Southeast

Oxford Signs Law Firm to 40,914 SF Lease Renewal, Expansion at 1101 New York Avenue in D.C.

by John Nelson December 1, 2022

WASHINGTON, D.C. — Oxford Properties Group has signed Allen & Overy LLP to a long-term lease renewal and expansion at 1101 New York Ave. in Washington, D.C. The law firm will continue to occupy the 11th floor and expand into a portion of the tower’s 10th floor. The tenant plans to begin renovations to its space in early 2023. Tom Fulcher, Julie Rayfield and Adam Brecher of Savills represented Allen & Overy in the lease negotiations. Matt Pacinelli, Kyle Luby and John Klinke of Stream Realty Partners represented Oxford Properties.

December 1, 2022

Development Hospitality Mixed-Use Multifamily Office Retail Texas Top Stories

StreetLights Residential Plans $3B The Mix Development in Frisco, Texas

by Katie Sloan December 1, 2022

FRISCO, TEXAS — Dallas-based developer StreetLights Residential and its partners have unveiled plans for The Mix, a $3 billion mixed-use development that will be located at the intersection of Dallas Parkway and Lebanon Road in Frisco. The 112-acre project is set to include 2 million square feet of office space; 375,000 square feet of retail space, including a grocery store; a 400-key business hotel and 200-key boutique hotel; and 3 million square feet of residential development. The development will also include a central park designed by OJB Landscape Architecture, the landscape firm behind Klyde Warren Park in Dallas. The park will include an event lawn and performance pavilion, playground, promenades and a pond for a total of 20 acres of communal green space. The development team includes master architects Torti Gallas + Partners and CallisonRTKL, with Kimley-Horn providing planning and design engineering services. The Retail Connection will handle leasing for the retail component, and JLL has been appointed to lease the office and medical space. The groundbreaking of Phase I took place in December, and full completion of the project is slated for 2026. The Mix joins a number of large-scale mixed-use developments underway in the Dallas/Fort Worth metroplex, …

December 1, 2022

California Market Reports Office Western Western Market Reports

Office Vacancy Falls as San Bernardino Hopes to Return to Former Glory

by Jeff Shaw December 1, 2022

By Steve Roppel, Senior Vice President, Allied Commercial Real Estate Encompassing 62 square miles, San Bernardino is the governmental seat of San Bernardino County, the largest county in the world at more than 21,000 square miles. About 86,000 people alone work within the city, per the 2020 Census. The largest industries are retail (12,280 people), transportation and warehousing (11,164 people) and health (9,603 people). Of the six largest office buildings, only one is occupied by traditional multiple commercial tenants. The others are occupied by the county, city, courts, non-profits and the University of Loma Linda. The only large office building presently proposed is a county office building of 307,000 square feet. San Bernardino was historically a vibrant metropolitan whose image has become tarnished over the years. It is famous for its affiliation with Route 66, which runs through the city and allowed many people to emigrate to the Golden State. The first original McDonald’s restaurant – now a museum – was opened in San Bernardino in 1940. To restore the former luster and recognize the potential for San Bernardino, local governments have pulled together on several fronts. Multiple recent infrastructure improvements and redevelopments were completed and planned for San Bernardino, …

December 1, 2022

Leasing Activity North Carolina Office South Carolina Southeast

IWG to Open Five New Regus Coworking Locations in the Carolinas

by John Nelson November 30, 2022

ZUG, SWITZERLAND — IWG plc, a Swiss coworking provider, plans to open five new Regus-branded flexible offices in North and South Carolina. The five locations include 3511 Shannon Road in Durham; 8024 Glenwood Ave. in Raleigh; 140 Stoneridge Drive in Columbia, S.C.; 222 N Lafayette St. in Shelby, N.C. (Charlotte suburb); and 900 Trail Ridge Road in Aiken, S.C. (Augusta suburb). All five locations will offer IWG’s full suite of services, including private offices, coworking and collaboration spaces, meeting rooms and a host of tech services, including IT support. The new Carolinas locations are part of IWG’s plan to add more than 500 locations throughout the United States.

November 30, 2022

Acquisitions Office Texas

Morning Calm Management Buys 875,000 SF Office Complex in North Dallas

by Taylor Williams November 30, 2022

DALLAS — Morning Calm Management, an investment and management firm based in South Florida, has purchased Towers at Park Central, an 875,000-square-foot office complex located at the corner of LBJ Freeway and U.S. Highway 75 in North Dallas. Towers at Park Central features a conference facility with training rooms, fitness center, tenant lounge and onsite food options, and the undisclosed seller previously invested more than $7 million in capital improvements during its hold period. Tenants include SCP Health, foodmaker Daisy Brand and insurance company Arthur J. Gallagher. Morning Calm Management has tapped Newmark to lease the complex.

November 30, 2022

Loans New York Northeast Northmarq Office

Northmarq Arranges $32M Loan for Refinancing of Office Building in Melville, New York

by Taylor Williams November 30, 2022

MELVILLE, N.Y. — Northmarq has arranged a $32 million loan for the refinancing of a 273,103-square-foot office building located on the Long Island community of Melville. The four-story building at 445 Broadhollow Road was constructed in 1981 and renovated in 2021. Ernest DesRochers, Charles Cotsalas and Robert Delitsky of Northmarq arranged the 10-year, nonrecourse loan, which carried a fixed interest rate and a 25-year amortization schedule, on behalf of the undisclosed borrower. The direct lender was also not disclosed.

November 30, 2022

Acquisitions Healthcare New Jersey Northeast Office

Cushman & Wakefield Negotiates $22.2M Sale of Medical, Office Complex in Wayne, New Jersey

by Taylor Williams November 30, 2022

WAYNE, N.J. — Cushman & Wakefield has negotiated the $22.2 million sale of Oak Hill Park, a 122,600-square-foot medical and office complex in Wayne, about 25 miles west of New York City. The two-building complex was recently renovated and was 95 percent leased at the time of sale. Frank DiTommaso, David Bernhaut, Andy Merin, Gary Gabriel and Seth Zuidema of Cushman & Wakefield represented the seller, Chopp Holdings, in the transaction. Brad Domenico of Progress Capital arranged acquisition financing on behalf of the undisclosed buyer.

November 30, 2022

Colorado Development Office Retail Western

Broe Real Estate Group Begins Second Phase of $200M Cherry Creek North Mixed-Use Development in Denver

by Amy Works November 30, 2022

DENVER — Broe Real Estate Group has unveiled plans for the second phase of its $200 million Cherry Creek North redevelopment project in Denver. 250 Clayton, an eight-story, 175,000-square-foot mixed-use building, will complement 200 Clayton, the company’s eight-story, 76,000-square-foot first phase. Fully preleased, 200 Clayton is on track for delivery in spring 2023. The Beck Group designed 250 Clayton, which will feature retail space and institutional-quality commercial office space with floor plates as large as 27,000 square feet. Construction of the second phase is scheduled to begin in fourth-quarter 2023.

November 30, 2022

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