Tuesday, May 27, 2025
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Leasing ActivityNorth CarolinaOfficeSoutheast

SouthState Banks Signs 40,000 SF Office Lease in Charlotte’s South End District

by John Nelson

CHARLOTTE, N.C. — Florida-based SouthState Bank has signed a 40,000-square-foot office lease at 110 East, a 23-story office tower located at the intersection of East and South boulevards in Charlotte’s South End district. Chris Schaaf and Jim Thorpe of JLL represented SouthState in the lease transaction. Rhea Greene, Jennifer Kurz and John Hannon of Trinity Partners represented the landlord, a partnership between Stiles and Shorenstein Properties. Other committed tenants at the 370,000-square-foot office tower include Humana, Patterson Pope and Iberian Pig, a Spanish tapas dining concept by Castellucci Hospitality that will occupy a 4,600-square-foot restaurant on the ground level. SouthState Bank plans to take occupancy at 110 East in second-quarter 2026 and staff around 100 employees for its regional office hub. Hastings Architecture designed the office tower, which opened last year.

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AcquisitionsOfficeTexas

Cresa Arranges Sale of 124,480 SF Office Building in North Houston

by Taylor Williams

HOUSTON — Cresa has arranged the sale of a 124,480-square-foot office building in North Houston. The building sits on a 10-acre site at 785 Greens Parkway in the city’s Greenspoint neighborhood. According to LoopNet Inc., the building was originally constructed in 2002 and recently underwent capital improvements that upgraded select areas and systems, such as lighting and restrooms. Brandon Wuntch and Drew Altmann of Cresa represented the seller, GK Investments Group LLC, in the transaction and procured the buyer, Leva Patidar Samaj.

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DevelopmentOfficeTexas

KDC Breaks Ground on 13,500 SF Headquarters, Training Facility in McKinney, Texas

by Taylor Williams

MCKINNEY, TEXAS — Locally based developer KDC has broken ground on a 13,500-square-foot headquarters and training facility in the northern Dallas suburb of McKinney. The project is a build-to-suit for Hugs Café, an organization dedicated to providing training and employment for adults with disabilities, and will feature a training kitchen, four classrooms, a rooftop deck and a patio. Corgan is the architect, and Brasfield & Gorrie is the general contractor. Completion is slated for next summer.

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219-E.-42nd-St.-Manhattan
DevelopmentLoansMultifamilyNew YorkNortheastOffice

Metro Loft, DWREI Receive $720M in Financing for Manhattan Office-to-Residential Conversion Project

by Taylor Williams

NEW YORK CITY — A joint venture between Metro Loft Management and David Werner Real Estate Investments (DWREI) has received $720 million in financing for an office-to-residential conversion project in Manhattan. The project will convert the 10-story, 290,000-square-foot office building at 219 E. 42nd St., which formerly served as the global headquarters for pharmaceutical giant Pfizer Inc., into a multifamily complex. When combined with the adjacent building at 235 E. 42nd St., the development will feature more than 1,600 apartments, 25 percent of which will be reserved as affordable housing, as well as 100,000 square feet of amenity space and 30,000 square feet of retail space. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of Institutional Property Advisors, a division of Marcus & Millichap, arranged the financing through Madison Realty Capital on behalf of the joint venture. Construction is slated for a late 2027 completion. The IPA team also arranged $75 million in bridge financing for the project last fall, with Northwind Group serving as the direct lender on that deal.

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DevelopmentGeorgiaLeasing ActivityOfficeSoutheast

TriNet Signs 150,000 SF Office Lease at High Street Mixed-Use Development in Atlanta

by John Nelson

ATLANTA — HR solutions company TriNet has signed a 150,000-square-foot office lease at High Street, a $2 billion mixed-use district located within the Central Perimeter neighborhood of Atlanta. TriNet’s move is expected to create 750 jobs over the next five years. Jeff Taylor and Adam Viente of JLL represented the landlord, while Tony Guglielmi, Rich Branning, Josh Hirsh, Dom Wyant, Terry McGuirk and Brennan Koslow of JLL represented the tenant in the lease negotiations. GID Development Group recently completed its $415 million Phase I at High Street, which includes two luxury apartment buildings, 320,000 square feet of office space, 150,000 square feet of retail, restaurant and entertainment space and a central lawn for residents, workers and visitors. Upon full buildout of High Street, the 36-acre development will feature 672,000 square feet of office space, a 400-room hotel, 400,000 square feet of retail, dining, fitness and entertainment space and 3,000 residential units.

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Leasing ActivityOfficeTexas

Law Firm Signs 25,024 SF Office Lease at Harwood District in Uptown Dallas

by Taylor Williams

DALLAS — McDermott Will & Emery has signed a 25,024-square-foot office lease at the 19-block Harwood District in Uptown Dallas. The international law firm is relocating within the district to the top floor of Harwood No. 14, which is the newest addition to the development. The space can accommodate about 65 lawyers and staff. No third-party brokers were involved in the lease negotiations.

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One-Congress-Boston
LoansMassachusettsNortheastOffice

JLL Arranges $650M Loan for Refinancing of Downtown Boston Office Tower

by Taylor Williams

BOSTON — JLL has arranged a $650 million loan for the refinancing of One Congress, a 43-story, 1 million-square-foot office tower in downtown Boston. Designed by Pelli Clarke & Partners, One Congress was completed in 2023 within Bulfinch Crossing, which is a redevelopment of the former Government Center Garage. The building offers amenities such as a full-floor center with food and beverage service, a 15,000-square-foot rooftop terrace, a 7,000-square-foot fitness center and a triple-height lobby with a coffee bar and seating. Financial services company State Street Corp. (510,000 square feet) and data management services provider InterSystems Corp. (42,000 square feet) are the anchor tenants. Riaz Cassum, Coleman Benedict, Jim Meisel, Mike Shepard and Hugh Doherty of JLL arranged the loan through Bank of America and Wells Fargo on behalf of the borrower, a partnership between Carr Properties and National Real Estate Advisors.

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AcquisitionsNew YorkNortheastOffice

RFR Sells 600,000 SF Office Building in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Locally based investment and development firm RFR has sold 522 Fifth Avenue, a 600,000-square-foot office building in Midtown Manhattan. The 23-story building was originally constructed in 1896 and has served as the corporate headquarters facility for both J.P. Morgan and Morgan Stanley at various points in time. RFR acquired 522 Fifth Avenue from Morgan Stanley for $350 million in 2020 and repositioned the building by acquiring the retail condominium, redeveloping the lobby, enlarging the windows and activating over 17,000 square feet of outdoor space. The undisclosed buyer also plans to occupy the building. No third-party brokers were involved in the sale.

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Leasing ActivityNew JerseyNortheastOffice

CBRE Negotiates 33,843 SF Lease at Newport Office Center in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — CBRE has arranged a 33,843-square-foot office lease at Newport Office Center in Jersey City. The tenant, Berkley Insurance, will occupy a portion of the ninth floor of Newport Office Center III, a 15-story, 620,000-square-foot building. Howard Fiddle, Benjamin Joseph, Greg Barkan and Erin Wenzler of CBRE, along with internal agents Meredith Jackness, Ray Kawas and Tim Johnson, represented the landlord, LeFrak, in the lease negotiations. The tenant representative was not disclosed.

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Leasing ActivityNew YorkNortheastOffice

Mudrick Capital Signs 26,600 SF Office Headquarters Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Mudrick Capital Management has signed a 12-year, 26,600-square-foot office headquarters lease in Midtown Manhattan. The investment management firm plans to relocate and expand from 527 Madison Avenue to the 16th floor of 31 West 52nd Street early next year. Patrick Heeg, Thomas Hines and Chase Gordon of Transwestern represented the tenant in the lease negotiations. Frank Doyle, David Kleiner and Andrew Coe of JLL, along with internal agents Peter Brindley, Doug Neye and Sean Kirk, represented the landlord, Paramount Group.

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