Office

Howard Hughes Corp. Sells Equity Stake in 110 North Wacker Office Tower in Chicago for $210M

by Kristin Harlow March 31, 2022

CHICAGO — The Howard Hughes Corp. (NYSE: HHC) has sold its equity interest in 110 North Wacker Drive, a 55-story office tower spanning 1.5 million square feet in Chicago. Callahan Capital Partners and Oak Hill Advisors purchased the stake for $210 million. Based on this sales price, the implied value of the office tower is more than $1 billion, representing the highest valuation for an office property in Chicago since the sale of Willis Tower in 2015, according to Howard Hughes. The Class A building, located along the Chicago River, opened in October 2020 and was co-developed by Howard Hughes and Riverside Investment and Development Co. The property is more than 82 percent leased by tenants such as Bank of America, Heitman, Lincoln International, Jones Day and Morgan Lewis. Eastdil Secured represented Howard Hughes in the sale.

March 31, 2022

Leasing Activity Office Texas

NAI Partners Negotiates 7,454 SF Office Lease in West Houston

by Taylor Williams March 31, 2022

HOUSTON — NAI Partners has negotiated a 7,454-square-foot office lease at Marathon Oil Tower, a 41-story building located at 5555 San Felipe St. in West Houston. Dan Boyles, Chris Haro and John Simons of NAI Partners represented the tenant, software developer Datagration, in the lease negotiations. Elliott Hirshfeld with CBRE represented the landlord, an entity doing business as MMP 5555 San Felipe LLC.

March 31, 2022

Acquisitions Florida Office Southeast

Franklin Street Brokers $9.3M Sale of Office Property in North Miami Beach, Florida

by Julia Sanders March 30, 2022

MIAMI BEACH, FLA. — Franklin Street has brokered the $9.3 million sale of North Miami Beach Financial Center, a two-story office building leased in North Miami Beach. Ivan Herrera of Florida Royalty Investments Group LLC acquired property from Alberto Lensi of Addi Properties. Adam Tiktin and Greg Matus of Franklin Street represented the seller in the transaction. Built in 1972, North Miami Beach Financial Center is located in an opportunity zone and features a two-story Regions Bank branch. The SAE Institute has also been a tenant of the building since 2002. The property features fundamentals including 675 feet of frontage along West Dixie Highway, easy access and parking. Located at 16051 W. Dixie Highway, the property is situated about 17 miles from Miami International Airport and downtown Miami.

March 30, 2022

Development Office Texas

BH Properties to Undertake $10M Renovation of Downtown San Antonio Office Building

by Taylor Williams March 30, 2022

SAN ANTONIO — Los Angeles-based investment firm BH Properties will undertake a $10 million project to renovate 146 Navarro, a 100,000-square-foot office building in downtown San Antonio. The building was originally constructed in 1987 as the headquarters of CPS Energy. Designed by Gensler, the project will revamp the suites, enhance the lobby and add about 20,000 square feet of ground-floor retail and restaurant space. BH Properties has tapped CBRE lease the building following completion of the project.

March 30, 2022

Acquisitions Midwest Nebraska Office

Triage Staffing Expands Omaha Headquarters, Purchases 100,000 SF Building

by Kristin Harlow March 30, 2022

OMAHA, NEB. — Triage Staffing, a healthcare staffing firm based in Omaha, is expanding its corporate headquarters to 100,000 square feet. John Maaske and Tyler Pieper, Triage’s founders, purchased the building at 13609 California St. along with a group of investors. The building more than triples Triage’s current space. Architect Leo A. Daly has started the design process and is planning a major overhaul of the building’s interior. Renovations will begin in August, with occupancy slated for February 2023. Triage was founded in 2006 with four employees. The company expects to hire its 500th employee sometime this year.

March 30, 2022

Leasing Activity New York Northeast Office

Red Bull Signs 17,585 SF Office Lease in Manhattan for East Coast Headquarters

by Taylor Williams March 30, 2022

NEW YORK CITY — Red Bull has signed a 17,585-square-foot office lease at 5 Little West 12th St. in Manhattan’s Meatpacking District for its new East Coast headquarters. The energy drink provider plans to relocate from 218 West 18th Street to the 82,000-square-foot building in the third quarter. David Falk, Daniel Levine and Jason Greenstein of Newmark represented the landlord, British investment firm EPIC, in the lease negotiations. Cushman & Wakefield’s David Mainthow represented Red Bull.

March 30, 2022

Acquisitions California Office Western

Majestic Asset Management Divests of 88,334 SF Office Building in Westlake Village, California

by Amy Works March 29, 2022

WESTLAKE VILLAGE, CALIF. — Majestic Asset Management has completed the sale of 2829 Townsgate, a multi-tenant office building in Westlake Village. California Commercial Investment Cos. acquired the property for $27 million. Located at 2829 Townsgate Road, the property features 88,334 square feet of office space, occupied by 10 tenants. Kevin Shannon, Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark represented the seller in the deal.

March 29, 2022

Leasing Activity Office Texas

ALT + Co. Negotiates 101,080 SF Office Lease in Dallas’ Deep Ellum District

by Taylor Williams March 29, 2022

DALLAS — Locally based brokerage firm Altschuler & Co. (ALT + Co.) has negotiated a 101,080-square-foot office lease at The Stack, a newly constructed office building in the Deep Ellum area of Dallas. ALT + Co. represented the landlord, a partnership between Westdale Real Estate Investment and Management, Ivanhoé Cambridge and Hines, in the lease negotiations. Robert Blount and Andy Leatherman of JLL represented the tenant, marketing and advertising agency TRG. With this transaction, which follows the signing of life insurance software provider Bestow to a 42,000-square-foot deal, The Stack is now fully leased.

March 29, 2022

Leasing Activity Office Texas

Tricentis Signs 42,019 SF Office Lease at Uplands Corporate Center in North Austin

by Taylor Williams March 28, 2022

AUSTIN, TEXAS — Tricentis, a provider of automated software testing services, has signed a 42,019-square-foot office lease at Uplands Corporate Center, a recently expanded office campus in North Austin. Russell Young of JLL represented the tenant, which plans to hire about 100 new employees, in the lease negotiations. Kevin Granger and Matt Frizzell of Cushman & Wakefield represented the landlord, Drawbridge Realty.

March 28, 2022

Loans New Jersey Northeast Office

MMCC Arranges $6M Loan for Refinancing of Office Building in Manahawkin, New Jersey

by Taylor Williams March 28, 2022

MANAHAWKIN, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6 million loan for the refinancing of a 24,900-square-foot office building in the Northern New Jersey community of Manahawkin. The two-building property was constructed in 2008. Joseph Belgiovine off MMCC originated the 12-year, nonrecourse loan, which carried an interest rate of roughly 3.6 percent, a 70 percent loan-to-value ratio and a 30-year amortization schedule. The borrower was not disclosed.

March 28, 2022

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