Office

MedProperties Realty Advisors Buys 51,591 SF Medical Office Building in South Salt Lake, Utah

by Jeff Shaw May 18, 2023

SOUTH SALT LAKE, UTAH — MedProperties Realty Advisors has purchased a 51,591-square-foot medical office building in South Salt Lake, just south of Salt Lake City. The property is 97 percent leased to high-quality tenants that primarily specialize in treating kidney disease. The Class A asset is known as Wasatch Renal Center. The buyer was attracted to the property due to the tenant base and physical quality of the building. The tenants are affiliated with Fresenius Medical Care, a worldwide leader in the treatment of renal disease and in kidney disease research.

May 18, 2023

Arizona Leasing Activity Office Western

Food for the Hungry Establishes 30,000 SF Headquarters at Renaissance Square in Downtown Phoenix

by Jeff Shaw May 18, 2023

PHOENIX — Food for the Hungry has leased nearly 30,000 square feet of office space at Renaissance Square in downtown Phoenix. The new lease will allow the international humanitarian organization to consolidate its three downtown Phoenix locations into a single global corporate headquarters. Food for the Hungry’s new lease will relocate about 130 corporate headquarters employees to 2 N. Central Ave., one of two Class A, high-rise office buildings at the 985,000-square-foot Renaissance Square. The remaining 99 percent of the organization’s staff works in their country of origin. Jami Savage-Gray and Ryan Bartos from the Phoenix office of JLL represented Food for the Hungry in the negotiations. Jerry Roberts and Pat Boyle of Cushman & Wakefield represented the landlord, a partnership between Oaktree and Cypress Office Properties.

May 18, 2023

Acquisitions Colorado Healthcare Office Western

Marcus & Millichap Brokers $2M Sale of Downing Street Office Building in Denver

by Jeff Shaw May 18, 2023

DENVER — A local family medicine practice has acquired an 8,360-square-foot office building in Denver for $2 million. The practice plans to convert most of the building for its medical practice. The property is located at 1634 Downing St. The two-story building is only a few blocks from SCL Saint Joseph Hospital. An immigration law firm currently occupies the space. Cory Gross and Erik Enstad of Marcus & Millichap’s Denver office had the exclusive listing to market the property on behalf of the seller, a private investor.

May 18, 2023

Acquisitions Northeast Office Pennsylvania

Newmark Arranges Sale of 155,663 SF Office Building in Pittsburgh

by Taylor Williams May 18, 2023

PITTSBURGH — Newmark has arranged the sale of Foster Plaza Nine, a 155,663-square-foot office building in Pittsburgh’s Parkway West submarket. The property was built in 1990 and was 64 percent leased at the time of sale. David Dolan, Michael Margolis, Gerry McLaughlin, Jeff Schultz, Angelo Brutico and John Cook of Newmark represented the seller, Sterling Equities, in the transaction. The undisclosed buyer plans to implement a value-add program.

May 18, 2023

Development Indiana Midwest Office

Skender Expands Indiana Office, Workforce to Support Construction Projects Throughout Hoosier State

by Kristin Harlow May 18, 2023

INDIANAPOLIS — Skender has moved into a larger Indiana office, located in the Keystone area of North Indianapolis, and more than doubled its workforce in the state to support a host of new projects under construction and in the planning stages. The Chicago-based general contractor’s presence in the region began in early 2020 when Indiana University Health (IU Health) hired Skender to assist with significant expansion and upgrades to IU Health facilities in Indianapolis and around the state. Skender’s Brian Simons relocated to central Indiana to head up local operations with a focus on expanding relationships with clients, architects, brokers and trade partners. Skender now has more than 1 million square feet of construction projects across Indiana, and the firm’s Indiana office is projecting more than 400 percent annual revenue growth in 2023. Projects span the healthcare, municipal, office and industrial sectors.

May 18, 2023

Illinois Leasing Activity Lee & Associates Midwest Office

Granite Construction Signs 12,925 SF Lease at O’Hare Offices in Des Plaines, Illinois

by Kristin Harlow May 18, 2023

DES PLAINES, ILL. — Granite Construction has signed a 12,925-square-foot office lease at the O’Hare Offices in the Chicago suburb of Des Plaines. The transaction marks the fourth lease of the year signed at the property, which received earlier commitments from Big Mouth Media, Elara Caring and United Airlines totaling 25,525 square feet. Tony Russo and Ryan Freed of Lee & Associates are the leasing agents for the property on behalf of the landlord, Siete 7 LLC. O’Hare Offices rises five stories and totals 171,000 square feet. Amenities include a fitness center, access to food service and fully customizable office spaces. The landlord recently began a lobby renovation that will wrap up this summer. Granite Construction specializes in the transportation, water infrastructure and mineral exploration markets.

May 18, 2023

Acquisitions Maryland Office Southeast

JBG Smith Sells Majority Stake in Metro D.C. Headquarters for $196M

by John Nelson May 17, 2023

BETHESDA, MD. — JBG Smith, the developer behind Amazon’s HQ2 campus in Arlington, Va., has sold an 80 percent stake for its corporate headquarters at 4747 Bethesda Ave. in Bethesda. An undisclosed investor purchased the interest for $196 million, according to several media outlets. Built in 2019, the LEED Gold-certified building spans 300,508 square feet and was 98 percent leased at the time of sale to tenants including JBG Smith. The property, which is located adjacent to the popular Bethesda Row destination, features a rooftop lounge, modern fitness facility and a penthouse conference room with floor-to-ceiling glass windows. Jim Meisel, Matt Nicholson, Andrew Weir, Dave Baker and Kevin Byrd of JLL represented JBG Smith in the transaction.

May 17, 2023

Development Office Southeast Tennessee

Portman, Creed Investment Deliver 16-Story Moore Office Building in Nashville’s Music Row District

by John Nelson May 17, 2023

NASHVILLE, TENN. — Atlanta-based Portman and locally based Creed Investment Co. have delivered The Moore Building, a 16-story, Class A office building in Nashville’s Music Row district. Legal advertising firm Whitehardt and Boston-based Albany Road Real Estate Partners are the building’s first announced tenants, both of which are expected to move into the building this summer. J.T. Martin of CBRE handles office leasing on behalf of Portman and Creed Investment. The Moore Building, which comprises 236,000 square feet of office space and 8,500 square feet of ground-floor retail space, is named after Scotty Moore, Elvis Presley’s longtime guitarist. The building is located on the site of the former Music City Recorders studio where Elvis and Moore recorded music. The Moore features a sky lobby on the eighth floor that leads to a 4,000-square-foot amenity deck that offers views of Midtown Nashville and Vanderbilt University. The project team includes general contractor Hoar Construction and Nashville-based architect Greshman Smith. U.S. Bank provided construction financing for the project.

May 17, 2023

Development Illinois Midwest Office

Vornado Realty Trust to Debut New Amenities This Summer at THE MART in Chicago

by Kristin Harlow May 17, 2023

CHICAGO — This summer, Vornado Realty Trust will debut new amenities at THE MART office building that it owns in Chicago. Gensler designed the revitalization project. The South Lobby now features new lounge seating with furnishings sourced exclusively from design showrooms at THE MART. An amenity space on the second floor features a 23,000-square-foot health club with state-of-the-art equipment, studios offering a full range of classes and a juice bar. A tenant-exclusive speakeasy lounge overlooks the river and new retail offerings focus on beauty, health and well-being. There is also a 21,000-square-foot conference center and workspace with meeting rooms, lounge areas, flexible programming space and a private café. Additionally, the River Park public space now includes a plaza for pedestrian traffic and gathering as well as a central lawn for community events. The outdoor space features new food and beverage offerings and new landscaping completed by Hoerr Schaudt. Totaling 4.2 million square feet, THE MART is the largest privately held commercial building in the U.S., according to Vornado. The owner also completed a round of improvements in 2016 that included the “Grand Staircase,” as well as dining destination Marshall’s Landing, a food hall and a reception and information desk.

May 17, 2023

Iowa Leasing Activity Midwest Office

Co-op Solutions Signs 99,700 SF Office Lease in West Des Moines

by Kristin Harlow May 17, 2023

WEST DES MOINES, IOWA — Co-op Solutions, a southern California-based financial services company, has signed a 99,700-square-foot office lease at the Palisade Building in West Des Moines. The new office will become a flagship center for Co-op to serve its credit union clients. R&R Realty Group owns the property, which has received new brick stain and other exterior enhancements. The Palisade Building will also undergo tenant improvements and other renovations.

May 17, 2023

Newer Posts

Older Posts