Office

Law Firm Signs 21,065 SF Lease at 1601 K Street Office Building in D.C.

by John Nelson October 13, 2022

WASHINGTON, D.C. — Law firm Cravath, Swaine & Moore LLP has signed a 21,065-square-foot office lease at 1601 K St. in Washington, D.C. The firm will occupy the entire third floor of the 11-story office building. The D.C. space will serve as the second domestic location for the law firm, which has offices in New York and London. Kyle Luby, Andy Eichberg and Matt Pacinelli of Stream Realty Partners represented the unnamed landlord in the transaction. Lou Christopher, Asher Inman, Jordan Brainard O’Neil, Lewis Miller, Andrew Sussman and Munish Viralam of CBRE represented the tenant in the lease negotiations. Stream also provides property management and construction management services for building ownership, which plans to debut two new speculative suites next year.

October 13, 2022

Company News Development Office Texas

Wells Fargo to Open 22-Acre Office Campus in Irving, Add 650 Jobs

by Taylor Williams October 12, 2022

IRVING, TEXAS — Wells Fargo (NYSE: WFC) will open a 22-acre campus in Irving, a move that is expected to add about 650 new jobs and $455 million in total capital investment to the local economy. The San Francisco-based banking giant’s build-to-suit campus will comprise two 10-story, 400,000-square-foot buildings and a connecting parking garage, as well as various open green spaces. According to The Dallas Morning News, Wells Fargo expects to eventually employ about 3,000 people at the campus. A construction timeline was not disclosed. Mirasol Capital sold the land on which the campus will be developed.

October 12, 2022

Acquisitions Florida Office Southeast

Colliers Brokers $51M Sale of South City Plaza Office Building in Boca Raton

by John Nelson October 12, 2022

BOCA RATON, FLA. — Colliers has brokered the $51 million sale of South City Plaza, a four-story, 179,837-square-foot office building located at 1515 S. Federal Highway in Boca Raton. Mark Rubin, Bastian Laggerbauer and Jake Stauber of the Colliers South Florida Investment Services team represented the seller, locally based Penn-Florida Cos., in the transaction. Maria Gomez of Powerful Real Estate represented the buyer, New York-based Renaissance Properties. The property is situated near another Penn-Florida project, Via Mizner, a $1.2 billion mixed-use development that features a Mandarin Oriental Hotel, luxury apartments, private condominium homes, retail space and a golf course spanning three towers that are all connected by a sky bridge.

October 12, 2022

Acquisitions Healthcare North Carolina Office Southeast

Insite Properties, BentallGreenOak Purchase 60,000 SF Medical Office Building in Kannapolis, North Carolina

by John Nelson October 12, 2022

KANNAPOLIS, N.C. — Insite Properties and partner BentallGreenOak have acquired a 60,000-square-foot medical office building located at 201 Dale Earnhardt Blvd. in downtown Kannapolis, a suburb of Charlotte. The multi-tenant property was 65 percent leased at the time of sale to tenants including Atrium Health and Duke University. Charlotte-based Insite Properties will be providing property management and leasing services for the property. The seller and sales price were not disclosed. Built in 2013, the three-story medical office building is located within the North Carolina Research Campus, a 350-acre medical research center that houses departments from eight universities including Duke and University of North Carolina at Chapel Hill, the David H. Murdock Research Institute, private companies and entrepreneurs that all focus on research-and-development for food and nutritional science.

October 12, 2022

Acquisitions Colorado Industrial Office Western

Ivy Realty Sells 32,926 SF Flex Office Building in Boulder, Colorado

by Amy Works October 12, 2022

BOULDER, COLO. — Ivy Realty has completed the disposition of 6707 Winchester Circle, a single-story office/industrial building in Boulder. Evermore Partners acquired the asset for $8.8 million. Situated on 3.6 acres within Gunbarrel Tech Center, 6707 Winchester features 33,296 square feet of flex office space. Fully renovated in 2016, the property offers 28,832 square feet of office and lab space and 4,000 square feet of warehouse and distribution space. The warehouse space features three dock-high doors and one roll-up door. On-site amenities include a fitness center with showers and locker rooms, an outdoor patio with barbecue space, and bike storage. At the time of sale, the property was fully leased to four tenants, with life sciences companies comprising 33 percent of the rent roll. Larry Thiel, Jason Schmidt and Rob Key of JLL Capital Markets represented the seller in the transaction.

October 12, 2022

Development Georgia Office Southeast

Lincoln Property Co. Tops Out 300,000 SF Office Building at Echo Street West in Atlanta

by John Nelson October 11, 2022

ATLANTA — Lincoln Property Co. has topped out 765 Echo, a four-story, 300,000-square-foot office building set within the 19-acre Echo Street West project in Atlanta’s West Midtown district. Upon completion, the mid-rise structure will feature 29,000 square feet of tenant balconies that can host outdoor conferences, fitness space and social gatherings. The mass timber building will also feature floor plates with 15- to 20-foot windows that offer unobstructed, 360-degree views. The office building will be located adjacent to a 3,500-square-foot amenity center that will provide office tenants with flexible meeting space, an outdoor patio and a full bar. Echo Street West’s first phase that includes 765 Echo, 25,000 square feet of retail space, the 292-unit Vibe apartments, Guardian Works, Guardian Studios and the Westside Motor Lounge is on target to be complete by spring 2023. Future phases will bring additional office, retail, residential and hotel components to the site. The project team includes capital partner Bridge Investment Group; general contractors DPR Construction, Juneau Construction Co. and Merit Construction; architects RIOS, Nelson Architects and Dwell Design Studio; and retail leasing brokerages SRS Real Estate Partners and Revel. Lincoln Property Co. manages the entire project and handles office leasing.

October 11, 2022

Leasing Activity New York Northeast Office

New York Life Insurance Signs 47,000 SF Office Sublease in Manhattan

by Taylor Williams October 11, 2022

NEW YORK CITY — New York Life Insurance Co. has signed a 47,000-square-foot office sublease at One World Trade Center in Manhattan. The company is subleasing the entire 39th floor of the 104-story skyscraper for 10 years from Advance Magazine Publishers Inc. One World Trade Center was built in 2013 and offers amenities such as a café, conference center and a sky lounge. Peter Riguardi, Steven Rotter, Joseph Messina, Jessica Berkey, Brett Harvey and Andrew Coe of JLL represented Advance Magazine Publishers in the sublease negotiations. Matthew Astrachan, Nicole Tiger, George Gemelos and Kristen Morgan, also with JLL, represented New York Life. The Port Authority of New York/New Jersey owns the building in partnership with The Durst Organization, whose internal agent Eric Engelhardt also worked on the deal. New York Life plans to relocate from 120 Broadway to the new space in May 2023.

October 11, 2022

Development Illinois Midwest Office

Skender Completes Construction of 200,000 SF Office, Retail Building in Chicago’s Fulton Market

by Kristin Harlow October 11, 2022

CHICAGO — Skender has completed construction of a new 200,000-square-foot office and retail building located at 345 N. Morgan St. in Chicago’s Fulton Market neighborhood. Sterling Bay was the developer. The building is 85 percent leased with tenants expected to start taking occupancy in March. The development features private outdoor terraces on each floor, a 5,000-square-foot roof deck, a bar and lounge, fitness center, coworking library and several conference spaces. Eckenhoff Saunders Architects was the project architect.

October 11, 2022

Acquisitions Michigan Midwest Office

L. Mason Capitani/CORFAC International Brokers Sale of Two Office Buildings in Auburn Hills

by Kristin Harlow October 11, 2022

AUBURN HILLS, MICH. — L. Mason Capitani/CORFAC International has brokered the sale of two office buildings totaling 275,000 square feet in Auburn Hills for an undisclosed price. The properties, Cambridge Court I and II, are situated near I-75 and University Drive. Mason L. Capitani of the brokerage represented the buyer, LREH Michigan LLC. L. Mason Capitani/CORFAC will oversee leasing at the properties and its property management arm, Liberty Property & Asset Management, will take over all management responsibilities. The new ownership plans to immediately make renovations.

October 11, 2022

Acquisitions California Office Western

Newmark Negotiates $30M Sale of Airport Plaza Office Park in Long Beach, California

by Amy Works October 11, 2022

LONG BEACH, CALIF. — Newmark has arranged the sale of Airport Plaza, a two-building office park in Long Beach. WCCP Airport Plaza L.B. LLC sold the asset to LB5000 LLC for $30 million. Located at 5000 and 5001 Airport Plaza Drive, the project features 126,219 square feet of multi-tenant office space. At the time of sale, Airport Plaza was fully leased to 19 tenants, including Federal Aviation Administration, Advanced Medical Management and NACA Logistics. The property is situated on a 2.7-acre plot, which has a 46-year ground lease in place with the City of Long Beach. Kevin Shannon, Ken White and Scott Schumacher of Newmark represented the seller in the deal.

October 11, 2022

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