Tuesday, November 26, 2024
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1760-Market-St.-Philadelphia
AcquisitionsNortheastOfficePennsylvania

Stockton Real Estate Negotiates Sale of 126,000 SF Office Building in Downtown Philadelphia

by Taylor Williams

PHILADELPHIA — Stockton Real Estate Advisors has negotiated the sale of 1760 Market Street, a 126,000-square-foot office building in downtown Philadelphia. The building offers a tenant lounge and conference center, as well as indoor bike storage space. Stockton previously co-owned the building and repositioned the asset for sale in 2018 via renovation of the penthouse suite, which now features private rooftop decks and mezzanine space, as well as the introduction of new building systems. The buyer and seller were not disclosed.

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AcquisitionsNew YorkNortheastOfficeRetail

Marcus & Millichap Brokers $9M Sale of Manhattan Commercial Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $9 million sale of a five-story, 17,645-square-foot commercial building located at 216 E. 49th St. in Manhattan’s Turtle Bay area. The building currently houses office space on the upper floors but is zoned to accommodate residential conversion. The building also features a 3,800-square-foot ground-floor space that is vented for a restaurant with a fully built-out basement. Peter Dodge, Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap represented the seller, a family office that owned and operated the property for 25 years, in the transaction. The buyer was a local restaurateur that plans to occupy the space.

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Leasing ActivityNew YorkNortheastOffice

Harvey Signs 17,050 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Harvey, a San Francisco-based generative AI platform for professional services, has signed a 17,050-square-foot office lease in Midtown Manhattan. The space spans the entire fifth floor of 315 Park Avenue S., a 20-story building in the Flatiron District. Todd Stracci and Hugh Scott of JLL represented the tenant in the lease negotiations. David Falk, Peter Shimkin and Jonathan Fanuzzi of Newmark, in conjunction with internal agents Maria Blake and Ted Koltis, represented the landlord, Columbia Property Trust.

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Leasing ActivityNew YorkNortheastOffice

CBRE Arranges 15,379 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — CBRE has arranged a 15,379-square-foot office lease renewal in Midtown Manhattan. The tenant, Kenneth Park Architects, will continue to occupy the entire seventh floor at 360 Lexington Avenue, a 24-story, 268,383-square-foot building. Steve Eynon of CBRE represented the tenant in the lease negotiations. Locally based investment firm Savanna owns the building.

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Foothill-Centre-Santa-Barbara-CA
CaliforniaHealthcareLoansOfficeWestern

PSRS Arranges $16.3M Refinancing for Foothill Centre Medical Office Campus in Santa Barbara, California

by Amy Works

SANTA BARBARA, CALIF. — Seth Ludwick of PSRS has arranged $16.3 million in refinancing for Foothill Centre, a medical office campus in Santa Barbara, approximately 115 miles northwest of Los Angeles. The single-tenant campus offers 61,664 square feet of medical office space and 225 parking spaces. Financed with a bank extension, PSRS provided the undisclosed borrower with a non-recourse, 10-year loan with 30-year amortization and no reserves.

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Leasing ActivityOfficeTexas

Savills Signs 10,000 SF Office Lease Expansion in Uptown Dallas

by Taylor Williams

DALLAS — Savills has signed a 10,000-square-foot office lease expansion in Uptown Dallas. The commercial real estate advisory firm will relocate to the 14th floor of 23Springs, a 626,215-square-foot building in Uptown that is under construction, next spring. The deal represents a 25 percent expansion over Savills’ current space at Dallas Arts Tower. Granite Properties is developing 23Springs, which is now 56 percent preleased.

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AcquisitionsIllinoisMidwestOffice

SVN Chicago Commercial Arranges $1.4M Sale of Office Building in Carol Stream, Illinois

by Kristin Harlow

CAROL STREAM, ILL. — SVN Chicago Commercial has arranged the $1.4 million sale of a 34,536-square-foot office building in the Chicago suburb of Carol Stream. The Class C, multi-tenant property is located at 455 Kehoe Blvd. Jennifer Hopkins, Olivia Czyzynski and Caitlin Crawford of SVN represented the buyer, an out-of-state investment group that plans to lease the suites out as office and flex spaces.

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Leasing ActivityMichiganMidwestOffice

Mid-State Advisors to Open Office in Downtown Birmingham, Michigan

by Kristin Harlow

BIRMINGHAM, MICH. — Mid-States Advisors Inc. has signed a five-year lease to open an office at 260 E. Brown St. in downtown Birmingham. Detroit-based Broder Sachse Real Estate owns the property. The tenant is a family-owned boutique financial and business advisory firm specializing in assisting middle-market businesses with mergers and acquisitions, debt placement and fractional CFO services.

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Leasing ActivityOfficeTexas

Abilene Christian University Signs 25,426 SF Office Lease Renewal in Metro Dallas

by Taylor Williams

ADDISON, TEXAS — Abilene Christian University has signed a 25,426-square-foot office lease renewal in the northern Dallas metro of Addison, about 190 miles east of the private institution’s main campus. The 195,754-square-foot One Hanover Park building offers a conference room, tenant lounge, minimart and onsite banking and car wash services. Tyler Howarth of Holt Lunsford Commercial represented the tenant in the lease negotiations. J.J. Leonard and Chase Lopez of Stream Realty Partners represented the landlord, New York Life Insurance Co.

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DevelopmentIndianaMidwestOffice

Bradford Allen, Clark Construction Top Out Phase I of New Global Headquarters for Andretti in Fishers, Indiana

by Kristin Harlow

FISHERS, IND. — Developer Bradford Allen and Clark Construction Group have topped out the new headquarters for Andretti Global in the Indianapolis suburb of Fishers. The nearly 400,000-square-foot facility, part of a larger 90-acre campus, more than quadruples the size of Andretti’s current headquarters. In addition to housing day-to-day operations for the auto racing team, the building will be home to the advanced research and development of Andretti Technologies. The facility is slated to include a fitness center, walking trails, amphitheaters, employee gathering areas and dining options. The development will continue through a phased approach. The design team included U.K-based motorsport design consultants Ridge and Partners and Indianapolis-based international design firm RATIO. Michael Andretti, son of racing legend Mario Andretti, launched Andretti Global in the early 2000s.

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