Office

Marcus & Millichap Brokers $19.7M Sale of Office, Retail Property in Lake Forest, Illinois

by Kristin Harlow February 28, 2022

LAKE FOREST, ILL. — Marcus & Millichap has brokered the $19.7 million sale of Forest Square in Lake Forest, about 30 miles north of Chicago. The 53,122-square-foot office and retail property is located at 840 S. Waukegan Road and was built in 2008. The building was nearly 90 percent occupied at the time of sale. Tenants include Lake Forest Family Dental, Envision Health, Physical Therapy of Lake Forest, The Hearing Lab, Abbott Laboratories, LoMastro Performing Arts Academy, Lou Malnati’s Pizzeria, Jimmy Johns and Starbucks. Stephen Lieberman of Marcus & Millichap represented the seller, GCP Forest Square LLC. Woodard Properties LLC was the buyer.

February 28, 2022

Leasing Activity Office Texas

NAI Partners Negotiates 43,230 SF Office Lease in Spring, Texas

by Taylor Williams February 28, 2022

SPRING, TEXAS — NAI Partners has negotiated a 43,230-square-foot office lease at Wildwood Corporate Centre I in the northern Houston suburb of Spring. Jon Silberman and Pierce Beyer of NAI Partners represented the tenant, locally based engineering and construction firm Strike Construction LLC, in the lease negotiations. Steve Rocher and Jason Presley of CBRE represented the undisclosed landlord.

February 28, 2022

Leasing Activity New York Northeast Office

CBRE Secures 16,624 SF Office Lease at 444 Madison Avenue in Midtown Manhattan

by Taylor Williams February 28, 2022

NEW YORK CITY — CBRE has negotiated a 16,624-square-foot office lease at 444 Madison Avenue in Midtown Manhattan. The tenant will occupy the entire 14th floor of the 42-story building, which was recently renovated. Paul Amrich, Meghan Allen, James Ackerson and Max Tarter of CBRE represented the landlord, Westbrook Partners, in the lease negotiations. Amrich also represented the tenant, EOS Investors LLC.

February 28, 2022

Leasing Activity New York Northeast Office

Reidy Contracting Group Signs 7,723 SF Office Lease in Manhattan

by Taylor Williams February 28, 2022

NEW YORK CITY — Reidy Contracting Group has signed a 7,723-square-foot office lease at The Banks Building, located at 58 W. 40th St. in Manhattan. Michael Nazarian and Matt Kashani of Norman Bobrow & Co. represented the tenant, which is expanding and relocating from a 4,000-square-foot space at 120 West 31st Street, in the lease negotiations. Laura Belt Ponomarev represented the landlord, an entity doing business as 58-64 40th St. Corp., on an internal basis.

February 28, 2022

Acquisitions California Office Western

Newmark Arranges $93M Sale of Netflix-Occupied Hollywood Media Campus in Los Angeles

by Amy Works February 28, 2022

LOS ANGELES — Newmark has arranged the sale of Hollywood Media Campus, a 3.5-acre site located at 1350 N. Western Ave. in the Hollywood neighborhood of Los Angeles. New York City-based The Georgetown Co. acquired the asset from Pasadena-based Gemdale USA for $93 million. The site features a fully leased, 75,593-square-foot office building and an adjacent development parcel. Netflix fully occupies the office building under a sublease from master lessee Zest Finance. The development parcel is a 1.7-acre site with the right to build in accordance with current zoning and the opportunity to increase density with a zoning change. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the deal.

February 28, 2022

Acquisitions Life Sciences Massachusetts Northeast Office

SVN | Parsons Arranges $8.8M Sale of Office/Flex Building in Burlington, Massachusetts

by Taylor Williams February 25, 2022

BURLINGTON, MASS. — SVN | Parsons Commercial Group | Boston has arranged the $8.8 million sale of a 40,000-square-foot office/flex building in Burlington, a northern suburb of Boston. The building sits on three acres just off Route 128 and across from the Burlington Mall. Marci Alvarado of SVN represented the seller, a partnership between two limited liability companies, in the transaction. Dean Blackey and Elizabeth Holmes of RW Holmes represented the buyer, ACCO Properties LLC.

February 25, 2022

Acquisitions Midwest Minnesota Office

JLL Brokers $23.5M Sale-Leaseback of Office Campus in Suburban Minneapolis

by Kristin Harlow February 25, 2022

EDEN PRAIRIE, MINN. — JLL Capital Markets has brokered the $23.5 million sale-leaseback of 11000 Viking Drive, a two-building office campus totaling 258,850 square feet in the Minneapolis suburb of Eden Prairie. Colin Ryan, David Berglund and Pat Williams of JLL represented the seller, photography company Shutterfly LLC, and the buyer, Tempus Real Estate Partners. Shutterfly will continue to occupy the east building, which rises five stories and was built in 2004. The City of Eden Prairie plans to tear down the vacant west building, which rises four stories and was constructed in 1997. The space will be utilized for native grasses, wildflowers and a paved trail.

February 25, 2022

Leasing Activity New York Northeast Office

CBRE Secures 20,293 SF Office Lease at 444 Madison Avenue in Midtown Manhattan

by Taylor Williams February 25, 2022

NEW YORK CITY — CBRE has negotiated a 20,293-square-foot office lease at 444 Madison Avenue in Midtown Manhattan. The tenant will occupy the entire 10th floor of the 42-story building, which was recently renovated. Paul Amrich, Meghan Allen, James Ackerson and Max Tarter of CBRE represented the landlord, Westbrook Partners, in the lease negotiations. The representative of the tenant, The Doris Duke Management Foundation, was not disclosed.

February 25, 2022

Development Healthcare Illinois Midwest Office

Hearn to Convert Portion of Iconic Chicago Office Tower into Medical Space

by Kristin Harlow February 24, 2022

CHICAGO — The Hearn Co. has unveiled plans to convert four floors of 875 North Michigan Avenue in Chicago into clinical and surgical space named the Mag Mile Medical Pavilion. Hearn has selected Cushman & Wakefield to lease the building-within-a-building concept. Hearn plans to invest more than $10 million into converting floors 28 through 30 and 33, totaling 130,000 square feet, into medical office space. There will be a dedicated valet entrance, patient drop-off and pickup on the north side and a dedicated elevator bank. Completion is slated for the second quarter of this year. The 100-story property was formerly known as the John Hancock Center. Karoline Eigel, Matt Sullivan, Lindsey Groom and Jack Seher of Cushman & Wakefield make up the leasing team.

February 24, 2022

Development Michigan Midwest Office

HED Completes Design of New Office for Warner Law Firm in Detroit

by Kristin Harlow February 24, 2022

DETROIT — National design firm HED has completed the design of the new Detroit office for Warner Norcross + Judd law firm. The tenant occupies the third floor of 2715 Woodward, a Class A building. The law firm’s office features open workspaces as well as 50 private offices as well as a law library, media room, kitchen and reception area. Warner maintains eight other offices throughout Michigan.

February 24, 2022

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