Office

Berkadia Arranges $11M Construction Loan for Boutique Office Conversion Project in Miami

by John Nelson September 27, 2022

MIAMI — Berkadia has arranged an $11 million construction loan for the redevelopment of Wyncatcher, a former warehouse in Miami’s Wynwood district that was converted into a boutique office property. Knotel, a flexible workspace platform founded in 2015, is slated to occupy the entire 46,072-square-foot property located at 2143 Northwest 1st Ave. Scott Wadler and Mike Basinski of Berkadia’s Miami office secured the financing on behalf of Morabito Properties, a real estate developer based in Miami Beach. Banesco provided the eight-year loan, which features two years of interest-only payments and a fixed interest rate. Morabito has the option to convert the financing to a mini-perm loan for an additional five years. Designed by Arquitectonica, Wyncatcher features double-height, industrial-style windows, a rooftop terrace with views of the neighborhood and over 12,000 square feet of indoor and outdoor restaurant space.

September 27, 2022

Leasing Activity Office Southeast Tennessee

Brookfield Properties Signs Law Firm to 37,429 SF Office Lease at Fifth + Broadway in Nashville

by John Nelson September 27, 2022

NASHVILLE, TENN. — Brookfield Properties has inked a 37,429-square-foot office lease at Fifth + Broadway, a mixed-use development in downtown Nashville. The tenant, law firm Polsinelli, is relocating from nearby Truist Plaza to the 501 Commerce office building. Stewart Lyman of Cushman & Wakefield and Rob Lowe of Stream Realty Partners represented Brookfield Properties in the lease negotiations. Harrison Johnson, Kevin McLennan, Ian Murphy and Brad Serot of CBRE represented Polsinelli. In addition to the 367,000-square-foot 501 Commerce building, Fifth + Broadway also includes a residential tower with over 380 units, approximately 200,000 square feet of retail and dining, including the Assembly Food Hall, and the National Museum of African America Music. Developed by OliverMcMillan before being acquired by Brookfield Properties, Fifth + Broadway opened in 2020.

September 27, 2022

Illinois Leasing Activity Midwest Office

Engineering Firm Signs 26,000 SF Office Lease Renewal at Remodeled Building in Evanston, Illinois

by Kristin Harlow September 27, 2022

EVANSTON, ILL. — Energy, engineering and resource consulting firm Grumman/Butkus Associates has signed a 26,000-square-foot office lease renewal at 820 Davis Street in Evanston. The newly renovated building rises five stories and spans 85,985 square feet. The owner, Free Market Ventures, updated the exterior façade, lobby, common areas and amenities. Adam Showalter and Jessica O’Hara of Stream Realty Partners represented the landlord in the lease. Grumman/Butkus has occupied space in the building for the past 20 years.

September 27, 2022

Leasing Activity New York Northeast Office

CBRE Secures 30,688 SF Office Sublease in Manhattan’s Hudson Square District

by Taylor Williams September 27, 2022

NEW YORK CITY — CBRE has secured a 30,688-square-foot office sublease at One SoHo Square, a 768,000-square-foot building located at 233 Spring St. in Manhattan’s Hudson Square district. Harly Stevens, Jared Freede and Josh Pernice of CBRE represented the subtenant, e-commerce marketing platform Yotpo, which is relocating from 400 Lafayette Street, in the negotiations. The original tenant was Flatiron Health. Stellar Management owns One SoHo Square.

September 27, 2022

Leasing Activity Northeast Office Pennsylvania

UBS Signs 22,625 SF Office Lease in Downtown Philadelphia

by Taylor Williams September 27, 2022

PHILADELPHIA — UBS Financial Services has signed a 22,625-square-foot office lease at 1735 Market Street, a 54-story building in downtown Philadelphia. UBS will relocate within the building to a space on the 44th floor in August 2023. Jack Meyers of Cushman & Wakefield represented the tenant 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.

September 27, 2022

NAI property management Elizabeth Barnes

Content Partner Features Leasing Activity Midwest NAI Northeast Office Retail Southeast Texas Western

Property Management Post-COVID? It’s All About Taking Care of the Client

by Sarah Daniels September 27, 2022

Elizabeth Barnes, COO of NAI Plotkin, knows property management is always a labor- and people-intensive profession, no matter the day or time of year. In that regard, the pandemic did not change the best practices for the Springfield, Mass.-based full-service brokerage and management company. “The number-one best practice has always been — and remains to this day — to manage the property as if you own it, with the awareness that you don’t,” Barnes says. Treat the Asset as Your Own For Barnes, this means focusing on the asset’s value at all times. “Common area maintenance (CAM) reconciliation, capital planning, value engineering options — they need to be front and center,” she continues. “It’s not just about cutting expenses. Look at how you can add value or reduce upfront costs.” All this should be done, she states, with the owner’s goals for the property in mind. Those goals may differ based on whether the owner is, for example, looking to divest the asset. Or if the tenant’s space has gone dark. Or if a pandemic is occurring. “There is a definite focus on health and safety now, regardless of the product type,” Barnes says. “Many owners wanted HVAC and air-handling …

September 27, 2022

Development Office Texas

Cawley Partners to Develop 120,000 SF Office Project in Plano

by Taylor Williams September 26, 2022

PLANO, TEXAS — Dallas-based developer Cawley Partners will break ground in December on Phase II of The Parkwood, a project in Plano that will add 120,000 square feet of office space to the local supply. Phase I of The Parkwood, which also comprises 120,000 square feet, is nearing completion and is fully leased to First United Bank. SFMG Wealth Advisors has also leased 22,000 square feet of the second building. Amenities at The Parkwood include a fitness center, pickleball court, conference centers and rooftop terraces.

September 26, 2022

Acquisitions Office Retail Texas

M2G Ventures Sells 98,000 SF Mixed-Use Property in Fort Worth

by Taylor Williams September 26, 2022

FORT WORTH, TEXAS — Locally based developer M2G Ventures has sold The Foundry District, a 98,000-square-foot mixed-use property in Fort Worth’s Cultural District. M2G Ventures acquired the former industrial site in 2015 and redeveloped it to feature office, retail and restaurant space, as well as showrooms and an art gallery. The buyer was Charlotte-based Asana Partners. Cushman & Wakefield’s Chris Harden and Kris Von Hohn brokered the transaction.

September 26, 2022

Development Industrial Midwest Minnesota Office

Graco Opens New 538,000 SF Facility in Dayton, Minnesota

by Kristin Harlow September 26, 2022

DAYTON, MINN. — GRACO Inc. (NYSE: GGG), a manufacturer of fluid handling equipment, has opened its new 538,000-square-foot facility in Dayton, a northern suburb of Minneapolis. The building, which houses office and factory space, marks Graco’s fourth campus in Minnesota. Graco, working with Impact Power Solutions, is investing in solar energy with the new building. The company added a 1.4-megawatt solar array, consisting of more than 3,100 solar panels on the roof of the building. Over the next 30 years, the solar array is expected to offset more than 23,000 tons of carbon dioxide. The project team included McGough as general contractor, HGA as architect and Tegra Group as project manager.

September 26, 2022

Acquisitions California Industrial Office Western

BLT Enterprises Expands California Holdings with Seven-Building Acquisition for $130M

by Amy Works September 23, 2022

SANTA MONICA, CALIF. — Santa Monica-based-BLT Enterprises has purchased seven industrial and creative office properties throughout Los Angeles County, Orange County and San Diego County, Calif., for a total of $130 million. The acquisitions total nearly 270,000 square feet of buildings on more than 18 acres of land. Names of the sellers were not released. The properties include: A 49,307-square-foot creative office building located at 621 Hawaii St. in El Segundo and fully leased to Nexon America Inc., South Korea’s largest video game developer. A 10,400-square-foot warehouse at 7748 Industry Ave. in Pico Rivera. A 10,246-square-foot warehouse at 2901 Thornton Ave. in Burbank, which is fully leased to Reno Hardware. A 6,900-square-foot creative office building at 6368 Arizona Circle and an 8,100-square-foot creative office building, both in Los Angeles. A 12,620-square-foot warehouse located at 3539 Howard Way in Costa Mesa. A 175,000-square-foot distribution facility on 11.1 acres at 1 Viper Way in Vista.

September 23, 2022

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