Office

Tricera Capital, Merrimac Ventures Complete Renovation of L&C Office Tower in Downtown Nashville

by John Nelson April 21, 2023

NASHVILLE, TENN. — Tricera Capital and Merrimac Ventures have completed the renovation of L&C Tower, a 31-story office property located at 401 Church St. in downtown Nashville. Upgrades to the building, which was originally constructed in the 1950s and acquired by the partnership last year, included the creation of speculative suites and improvements to common areas. Tenants at the tower include Warby Parker, Drive Social Media, Motiv, Castlerock Asset Management, Deacons New South and Ophelia’s Lounge. Doug Ryan and Melanie Tigrett of Colliers handle leasing at the property.

April 21, 2023

Acquisitions Kentucky Office Southeast

NAI Isaac Arranges Sale of 21,384 SF Office Building in Lexington, Kentucky

by John Nelson April 21, 2023

LEXINGTON, KY. — NAI Isaac has arranged the sale of a 21,384-square-foot office building located at 1080 Export Road in Lexington. Comprising three stories, the property is within walking distance of the University of Kentucky campus. Jamie Adams and J.L. Cannady of NAI Isaac represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

April 21, 2023

Acquisitions California Office Western

Stivers Investment Sells Flex Office Building in Irvine, California for $11.8M

by Jeff Shaw April 21, 2023

IRVINE, CALIF. — Stivers Investment Co. has sold a two-story flex office building in Irvine for $11.8 million. The building is located at 8 Hughes. Built in 2000 in the Irvine Spectrum, it is situated on 2.3 acres with four spaces parking per 1,000 square feet. The capacity can be divided into a multitenant building. The building was 30 percent occupied at the time of sale. The new owner plans to occupy the vacant portion of the building, collect income from the existing lease and hold the asset long-term. J.R. Williamson with the Orange County office Investment Services Group of NAI Capital Commercial represented the seller in this transaction.

April 21, 2023

California Leasing Activity Office Western

Premier Workspaces Opens 14,500 SF Shared Office Property at Fox Plaza in Los Angeles

by Jeff Shaw April 21, 2023

LOS ANGELES — Premier Workspaces has signed a 10-year lease for 14,500 square feet of shared office space at 2121 Avenue of the Stars, also known as Fox Plaza, in Los Angeles’ Century City. Constructed in 1986, the 34-story, Class A trophy building has become a landmark due to its role as Nakatomi Plaza in Die Hard. It is also where former President Ronald Reagan had his offices for several years after leaving public office. The Irvine Co. owns the asset. Gary Weiss of LA Realty Partners represented Premier Workspaces, while Rick Buckley of the same firm represented the Irvine in the lease transaction.

April 21, 2023

California Leasing Activity Office Western

P3 Post Leases 11,359 SF Office Space in Burbank, California

by Jeff Shaw April 21, 2023

BURBANK, CALIF. — P3 Post, a full-service media post-production company, has leased 11,359 square feet of office space at 2921 W. Alameda Ave. in Burbank. The company will relocate to the new space on May 1. The two-story property was built in 1958. It is situated within the Burbank Media District and features 20 offices, a conference room, a kitchen and ample storage. CBRE’s Derek Newton represented the tenant in the lease negotiations.

April 21, 2023

Leasing Activity New York Northeast Office

Flexpoint Ford to Open 19,522 SF Office at One Vanderbilt in Midtown Manhattan

by Taylor Williams April 21, 2023

NEW YORK CITY — Investment and advisory firm Flexpoint Ford will open a 19,522-square-foot office at One Vanderbilt, a 77-story, 1.7 million-square-foot tower in Midtown Manhattan that was developed by locally based real estate giant SL Green. Architect SPECTOR Cos. designed Flexpoint Ford’s space. Cresa and Clune Construction Co. handled the build-out. The project is nearing completion, though a formal opening date was not disclosed.

April 21, 2023

Market Reports Nevada Office Western Western Market Reports

Local Business is Reno’s Primary Office Driver

by Jeff Shaw April 21, 2023

— By Melissa Molyneaux, Executive Vice President, Colliers — The Northern Nevada market has seen continued positive net absorption, slowed investment sales and a sizeable increase in available sublease space in recent months. Local tenants with smaller footprints have been the driving force behind leasing activity and the market’s positive net absorption, with most new leases signed in 2022 being 5,000 square feet and less. Meanwhile, national and corporate tenants reevaluating their space needs have brought much of the available sublease space to the market in significantly larger blocks. Uncertainty surrounding interest rates has slowed investment sales, although pricing remains healthy. With investors putting a pause on new acquisitions, owner-user purchase activity may increase as tenants seize new occupancy opportunities. New construction starts have been minimal, although redevelopment/renovation projects remain prevalent. Two new developments that have broken ground include the Kimpton, a premier Class A high rise in downtown Reno, and Renown South Meadows, a specialty care center with about 40,000 square feet available for third-party providers. Each development represents continued demand from client-facing occupiers and healthcare providers in the region. In 2022, there were 30 companies that either expanded in or relocated to Northern Nevada, according to the Economic Development Authority of Western …

April 21, 2023

Development Office Retail Texas

Triten Real Estate Completes Redevelopment of 216,500 SF Mixed-Use Complex in Dallas

by Taylor Williams April 20, 2023

DALLAS — Houston-based investment and development firm Triten Real Estate Partners has completed the redevelopment of Work/Shop, a mixed-use complex in Dallas that features 135,000 square feet of office space and 81,500 square feet of retail, restaurant and entertainment space. Work/Shop also houses 30,000 square feet of open and green space with views of the Prestonwood Country Club. The redevelopment involved major renovations to the south office building, including a redesign of the 65,000-square-foot building’s façade and common areas, as well as the addition of new amenities. Triten is also upgrading various components of the retail space. CBRE has been tapped to lease the renovated office space.

April 20, 2023

Acquisitions Content Partner Features Industrial Midwest Multifamily NAI Northeast Office Retail Southeast Texas Western

Tax-Efficient Investment Strategies Open New Opportunities Despite High Interest Rates

by Sarah Daniels April 20, 2023

The recent Silicon Valley Bank and Signature Bank collapses — and the takeover of First Republic Bank — have revived regulatory scrutiny on bank risk to a degree that is reminiscent of the financial crisis 15 years ago. Suddenly, it seems, everyone is concerned about the trillions of dollars in commercial real estate debt held at banks — and regional and community banks in particular — and whether it can be refinanced at higher interest rates as it matures over the next couple of years. The same holds for hundreds of billions of dollars of commercial mortgage-backed securities. The conditions are exacerbating a pullback in credit that started last year, which, along with the elevated interest rate environment, has depressed commercial real estate investment sales. In February, property sales dropped 51 percent, from $54.9 billion to $26.9 billion from a year earlier, according to MSCI Real Assets. Taken together, the wall of maturities, higher interest rates, bank collapses and a slumping economy have largely spooked the investment market, suggests Spencer Lund, chief investment officer with NAI Legacy in Minneapolis, Minn. (which also serves Chicago, Denver and Scottsdale, Ariz.) Still, it’s also the type of environment that breeds opportunity as prices …

April 20, 2023

Acquisitions New York Northeast Office

IAC Acquires Land Under Manhattan Headquarters Office for $80M

by Taylor Williams April 19, 2023

NEW YORK CITY — IAC, a holding company of media and digital assets whose brands include The Daily Beast and Investopedia, has acquired the land on which its 10-story headquarters office at 555 West 18th St. in Manhattan is situated. The sales price was $80 million. Designed by architect Frank Gehry, the building was completed in 2007. Eric Michael Anton and Steven Siegel of Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. The name of the entity that sold the land was not disclosed.

April 19, 2023

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