CLAYTON, MO. — CBRE has signed a 13,611-square-foot office lease at The Plaza in the St. Louis suburb of Clayton. The firm has occupied space on the 14th floor of The Plaza since 2012 and will now move to the sixth floor in the first quarter of 2024. The new office is part of CBRE’s Workplace360 program. The new workplace will showcase CBRE’s “Future of Work” space standards, including new technologies and a variety of collaborative spaces designed to support hybrid working. The sixth floor provides access to the renovated outdoor terrace. Building owner Franklin Partners plans to add new amenities such as a clubroom, conference center, game room, fitness center, reception area and rooftop deck. CBRE launched its Workplace360 program in 2012 and has since opened more than 100 Workplace360 offices across the globe. CBRE Design Collective will manage the workplace design. Emily Levinson of CBRE’s Americas Consulting practice is leading workplace strategy.
PLANO, TEXAS — Law firm Carstens, Allen & Gourley has signed a 12,500-square-foot office lease at One Legacy Circle in Plano. The firm, which specializes in intellectual property cases, now occupies the third floor of the newly renovated building. Roy Reis and Jim Hazard of Cresa represented the tenant in the lease negotiations. Russ Johnson and Lauren Perry of JLL represented the landlord, Franklin Street Properties Corp.
PHILADELPHIA — Capital One Finance Corp. has signed a 22,382-square-foot office lease at 1735 Market Street, a 54-story building in downtown Philadelphia. The lease term is nine years. Scott Gabrielsen of CBRE represented the tenant, which will relocate to the 37th floor from a suburban office next spring, in the lease negotiations. Internal agents Jeremy Moss and Keith Cody, along with Anthony LiVecchi, Tom Weitzel and Mitch Marcus of JLL, represented the landlord, a partnership between Silverstein Properties and Arden Group.
Combinations of offices with laboratories, research and development spaces and/or manufacturing areas make life sciences facilities highly customizable. These multipurpose, technical spaces are in high demand from companies seeking first-class facilities for research-based advancements. Low vacancies, high rents and the chance to convert unused office or retail spaces on a faster timeline have prompted some creative approaches to retrofit existing space to fulfill the needs of science and technology tenants. In other instances, facilities must be built from the ground up to conform to best practices. But what factors matter most to the life sciences field? And how can developers increase their speed to market? Read on for tips and checklists for developers hoping to speed up the process of building or retrofitting these facilities. Industry Drivers: Speed to Market and Flexibility Office conversions into life sciences facilities offer a variety of options. Life sciences facilities often do not need to accommodate large trucks (eliminating circulation and loading dock concerns), they use office components and (most importantly) office conversions offer faster speed to market than other types of conversions. “Speed to market is most important for these developers/tenants. There is a shortage of space, so a well-designed, spec building will …
UCLA Agrees to Acquire Former Marymount California University Campus in Southern California for $80M
RANCHO PALOS VERDES, CALIF. — The University of California Los Angeles, under the advisory of the University of California Board of Regents, has agreed to purchased the former Marymount California University campus in Rancho Palos Verdes for $80 million. The acquisition, which was under a mandate by the University of California Board of Regents for the state’s public universities to educate more students, is slated to close in October. Mike Condon Jr., Kimberly Brown, McKenna Gaskill, Erica Finch, Jacob Kovner and Connor Martin of Cushman & Wakefield represented UCLA in the transaction. Adrienne Barr and Steffan Braunlich of Berkadia represented Marymount California University in the deal. Overlooking the Pacific Ocean and Catalina Island, the coastal property comprises 24.6 acres of developed campus and vacant land, plus a neighboring vacant 86-unit student apartment complex situated on 11 acres in San Pedro. Located at 30800 Palos Verdes Drive East, the campus consists of 10 existing academic buildings totaling 92,268 of gross building area previously used for classroom, administrative and other campus functions. The included apartment complex spans 18 buildings. Known as The Villas, the complex is covenanted for education use that supplements the campus’ academic use. The property also features a pool, tennis …
PHOENIX — A joint venture between Cypress West Partners and an institutional real estate advisor has acquired Simon Medical Plaza, a fully leased medical office building in Phoenix. Completed in 2020, Simon Medical Plaza is a two-story facility that a variety of healthcare tenants occupy. Services available at the property include pediatric healthcare, imaging services, podiatry, dentistry, physical therapy, ophthalmology, chiropractor services, counseling and elder services. Aldon Cole and Aiden Hayes of JLL Capital Markets secured a $7.6 million five-year, floating-rate loan through CIT, a division of First Citizens Bank, for the acquisition.
ATLANTA — MetLife Investment Management and Granite Properties have delivered Midtown Union, a mixed-use development located at 1331 Spring St. in Midtown Atlanta. The project comprises three buildings: a 26-story office tower, the 26-story Mira at Midtown Union apartment high-rise and the 14-story Kimpton Shane Hotel. The office and multifamily towers opened in July, and the hotel just opened on Sept. 21. The office tower spans 612,000 square feet and will be anchored by Invesco, which plans to occupy 300,000 square feet beginning in early 2023. The Mira comprises 355 studio, one-, two- and three-bedroom apartments, as well as upscale amenities. Kimpton Hotels & Restaurants will operate the hotel, which features 230 rooms, meeting and event space, the Hartley Kitchen and Cocktails restaurant and the Aveline cocktail lounge. MetLife partnered with StreetLights Residential on the apartment tower and AMS Hospitality on the Kimpton Shane Hotel. The design-build team for the overall Midtown Union campus includes architect Cooper Carry and general contractor Brasfield & Gorrie, as well as Studio 11 Design for the hotel design. Brooke Dewey and Adam Viente (office) and Coleman Morris (retail) of JLL are leading leasing efforts at Midtown Union.
RICHARDSON, TEXAS — Rubenstein Mortgage Capital has provided a $62 million acquisition loan for 3400 CityLine, a 312,345-square-foot office building located within the CityLine mixed-use development in the northeastern Dallas suburb of Richardson. Built in 2018, the property rises five stories and features a total of 1,400 parking spaces, as well as a lounge, conference center, fitness center and an outdoor entertainment area. Andrew Murray of Rubenstein Mortgage Capital originated the loan on behalf of the borrower, Chicago-based Zeller Realty Group. At the time of the loan closing, 3400 CityLine was 83 percent leased. JLL arranged the debt.
HOUSTON — Law firm Brown Sims has signed an 35,198-square-foot office lease at Post Oak Central in Uptown Houston. The national litigation firm will occupy two full floors at the three-building, 1.2 million-square-foot campus. Amanda Nebel represented the landlord, Parkway, in the lease negotiations on an internal basis. Griff Bandy of Partners represented Brown Sims.
SACRAMENTO, CALIF. — A joint venture between Soma Capital Partners and Hazelview Investments has completed the disposition of 925 L Street, a multi-tenant office building in downtown Sacramento. A partnership between Seagate Properties and Cottonwood Group acquired the asset for $55.1 million. Totaling 168,844 square feet, the 13-story building was 94 percent occupied at the time of sale. Additionally, the property is LEED Gold certified. Rob Hielscher, Erik Hanson and Nick Deaver of JLL Capital Markets represented the seller and procured the buyer in the transaction.