Tuesday, July 22, 2025
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13501-Katy-Freeway-Houston
Market ReportsOfficeTexasTexas Market Reports

Rising Oil Prices, Positive Quarterly Absorption Spell Hope for Houston Office Market

by Taylor Williams

By Blake Virgilio, SIOR, CCIM, vice president at Colliers The Houston office market continued its very gradual stabilization with 27,000 square feet of positive absorption in the  third quarter. While that volume of absorption only represents roughly one floor of office space in a typical Houston office building, it’s the first time the market has posted a quarter of positive net absorption in the last two years. The key activities of tenant tours and the return of employees to the office continued to increase throughout the third quarter. Nonetheless, the vacancy rate rose over the course of the quarter by 400 basis points from 22.9 to 23.3 percent, a historical high.  Also in the most recent quarter, Houston’s office inventory increased slightly, with approximately 1 million square feet of new product added. There is still 3.2 million square feet of office space under construction, and most of the new inventory, which is 47 percent preleased, is expected to deliver this year. Of that total new product, about 2.3 million square feet is spec development, of which 60 percent is preleased. Houston has one of the highest physical office occupancy rates in the country, though many larger corporations began phasing their …

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Leasing ActivityNew YorkNortheastOffice

Bloomberg Signs 191,207 SF Office Lease Expansion at 919 Third Avenue in Manhattan

by Taylor Williams

NEW YORK CITY — Bloomberg has signed a 191,207-square-foot office lease expansion at 919 Third Avenue in Manhattan. The media giant is taking an additional five floors, increasing its total footprint at the 47-story, 1.5 million-square-foot building to 748,415 square feet. Craig Reicher and Howard Fiddle of CBRE represented Bloomberg in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Chabrier and Alex D’Amario of CBRE represented the landlord, SL Green. The building is currently undergoing renovations.

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DevelopmentNortheastOfficePennsylvania

SomeraRoad Completes 77,000 SF Office Redevelopment Project in Pittsburgh

by Taylor Williams

PITTSBURGH — SomeraRoad Inc., a national development and investment firm, has completed The Box Office, a 77,000-square-foot office redevelopment project in Pittsburgh’s Southside neighborhood. HOK Architects designed the project, which converted a former movie theater into a Class A office building. The Box Office features a 7,000-square-foot lobby with a staircase and open verandas, as well as a 1,700-square-foot private outdoor patio. Construction began in summer 2020.

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100-Tice-Boulevard-Woodcliff-Lake-New-Jersey
Leasing ActivityNew JerseyNortheastOffice

Party City to Relocate Corporate Headquarters to Woodcliff Lake, New Jersey

by Taylor Williams

WOODCLIFF LAKE, N.J. — Accessories retailer Party City will relocate its corporate headquarters to 100 Tice Boulevard, a 208,911-square-foot office building located in the Northern New Jersey community of Woodcliff Lake. The company is consolidating its current headquarters offices in Rockaway and Elmsford, New York, into one location beginning next year. Ben Brenner of Cushman & Wakefield and Harlan Hollander of Savills represented Party City in the lease negotiations. Joe Sarno Sr., Jon Meisel and Jeff Babikian of CBRE represented the landlord, Signature Acquisitions.

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FloridaHealthcareLoansOfficeSoutheast

Parkview Financial Provides $45M Construction Loan for Medical Office Building in Aventura, Florida

by John Nelson

AVENTURA, FLA. — Los Angeles-based Parkview Financial has provided a $45 million construction loan for a speculative medical office building located in Aventura, approximately 19 miles north of Miami. The borrower was an entity of Gomez Development Group. The medical office project will have 142,000 square feet of space. Located at 21291 N.E. 28th Ave. on 1.6 acres, the property will include a seven-story building, as well as a four-level parking garage with 346 spaces. The site is adjacent to the Aventura Hospital and Medical Center. Caymares Martin Architectural & Engineering Design is the project’s architect. A general contractor has not yet been announced. The project will break ground in early 2022 with completion slated for November 2022.

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IllinoisMidwestOffice

AmTrust Realty to Invest $100M in Chicago Office Portfolio

by Kristin Harlow

CHICAGO — AmTrust Realty Corp. plans to invest approximately $100 million in its Chicago office portfolio over the next two years. The portfolio consists of 6 million square feet across seven buildings located in the Central and East Loop. AmTrust has selected JLL as the leasing agent for the properties. Newly appointed AmTrust President Jonathan Bennett will lead capital improvements efforts and oversee leasing for the portfolio, along with Anne Holker, who was recently promoted to AmTrust’s managing director of leasing and acquisitions. Citing the rise in downtown office vacancy rates and an increasingly competitive talent market, AmTrust says it has recognized the need to upgrade and reposition several of its Chicago properties to attract new tenants and bring employees back into the office. The first asset to receive improvements will be the nearly 1 million-square-foot building at 30 N. LaSalle St., which was built in 1975. Melissa Rubenstein, Joseph Gordon, Craig Coupe, Ellen Trager and Anna Panici of JLL are leading leasing efforts. AmTrust’s portfolio spans 12 million square feet across New York, Illinois and Ohio.

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IllinoisLeasing ActivityMidwestOffice

The Motion Agency Signs 19,681 SF Office Lease in Chicago

by Kristin Harlow

CHICAGO — The Motion Agency has signed a 19,681-square-foot office lease at the Reid Murdoch Building located at 325 N. LaSalle Drive in Chicago’s River North neighborhood. The creative communications agency had been a subtenant in the space since summer 2018. Built in 1913, the property spans 325,000 square feet. Dougal Jeppe of Colliers Chicago represented the tenant in the lease transaction. Landlord information was not provided.

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LoansNew YorkNortheastOfficeWalker & Dunlop

Walker & Dunlop Arranges $170M Loan for Refinancing of Manhattan Office Building

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged a $170 million loan for the refinancing of 122 Fifth Avenue, a 300,000-square-foot office building located near Manhattan’s Union Square neighborhood. The property was originally built in 1900 and includes retail space. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Bastian and Michael Ianno of Walker & Dunlop arranged the loan through PCCP LLC. The borrower, Bromley Cos., which has owned the building for more than 40 years, will use a portion of the proceeds to fund capital improvements.

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DevelopmentLeasing ActivityMixed-UseOfficeRetailSoutheastTennessee

KBS Signs Three Tenants, Completes Renovations at 175,262 SF McEwen Building in Metro Nashville

by John Nelson

FRANKLIN, TENN. — KBS has signed three new tenants at The McEwen Building, a 175,262-square-foot office and retail property in Franklin, about 21.5 miles south of Nashville. Together the three tenants occupy 66,611 square feet. One of the new tenants, Kaiser Aluminum Corp., a global aluminum supplier, has committed to 27,356 square feet of office space. Kaiser will be relocating its corporate functions from Foothill Ranch, Calif. American Renal Associates LLC, a Massachusetts-based dialysis clinic operator, signed a 26,695-square-foot lease. Lastly, an undisclosed financial institution based locally signed a lease for 12,560 square feet, which includes 1,290 square feet for retail and 11,270 square feet of first-floor office space. The lease transaction occurred after KBS made investments to the property, including the completion of 24,130 square feet of built-out spec suite space and upgrades to the first and second floor lobbies, restrooms, coffee bar and café. Blake Newton of Cushman & Wakefield represented KBS in the recent leasing transactions. Rick Sherburne, Wesley Sherburne and Taylor Hillenmeyer of CBRE represented Kaiser Aluminum Corp., Tom Hooper of JLL represented American Renal Associates and Shane Douglas of Colliers represented the local financial institution in the negotiation of the leases. KBS also completed a …

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2722-Michelson-Irvine-CA
AcquisitionsCaliforniaOfficeWestern

IRA Capital Buys Creative Office Building in Irvine for $103M

by Amy Works

IRVINE, CALIF. — IRA Capital has purchased 2722 Michelson, a Class A creative office building in Irvine, for $103 million. Situated on nine acres at the intersection of Jamboree Road and Michelson Drive, the building features 24-foot ceilings, a light-filled open plan to encourage collaboration, multiple meeting spaces, a fitness center, landscaped courtyards and a well-equipped kitchen and cafeteria. Anduril Industries fully occupies the building, which was renovated in 2019.

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