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.
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.
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.
BOSTON — The Chiofaro Co., a locally based investment and development firm, has begun the second of three phases of the $100 million transformation of International Place, a 1.8 million-square-foot office complex in downtown Boston. Phase II includes the renovation of the “IP Commons” central gathering space, as well as the Fort Hill Plaza and grand entrance, which link the downtown area to the Seaport District. The new central gathering space will feature increased seating, a new 55-foot signature water feature, raised planting beds and an expanded events program. The Fort Hill entrance, which has often been viewed as the project’s “front door,” will be replaced with a modern 32-foot-tall and 80-foot-wide glass portal connecting the updated plaza to the interior IP Commons venue. Built in phases between 1987 and 1992, International Place consists of a 46-story tower and a 35-story building that are home to more than 90 tenants. Global architecture firm Gensler is leading the design of the project, Phase I of which centered on the development of a 16,000-square-foot amenity center known as The Aries Club. Phase I began in October 2023, and the entire redevelopment is expected to take about two years to complete.
NEW YORK CITY — Ingka Investments, the investment arm of Ingka Group, which owns and operates a majority of IKEA stores globally, has purchased a one-third stake in the development of a 1 million-square-foot mixed-use tower underway in Manhattan. As part of the arrangement, IKEA will open a two-level store at the base of 570 Fifth Avenue, which will include a corner entrance along Fifth Avenue. Extell Development Co. is the master developer of 570 Fifth Avenue, which will feature Class A retail space and offices at the intersection of Manhattan’s Plaza and Grand Central districts. The project marks the largest development on Fifth Avenue in more than 60 years, according to Ingka Investments. “We have been working on assembling this project for almost two decades, and Ingka Investments’ substantial commitment allows us to move forward with the construction and leasing of the best new office building in New York,” says Gary Barnett, founder and chairman of Extell Development, which will retain a two-thirds ownership stake in the development. Ingka Investments’ stake in the tower includes the planned IKEA store. IKEA will open a “customer meeting point,” the retailer’s small-format store prototype, within the tower’s 80,000 square feet of planned …
DALLAS — Santander Consumer USA has signed a 211,087-square-foot office lease renewal at 1601 Elm St. in downtown Dallas. Under the terms of the renewal, the financial services company will retain naming rights to the 50-story, 1.4 million-square-foot building and will continue to utilize the space as its headquarters office. Robbie Baty and Travis Boothe of Cushman & Wakefield represented the tenant in the lease negotiations. Sara Terry and Reegan Busby represented the landlord, Pacific Elm Properties, on an internal basis.
HOUSTON — Newmark has brokered the sale of One & Two Westway, a 193,854-square-foot office campus in West Houston. Developed by Wolff Cos., the 15-acre complex is located within the 150-acre Westway master-planned development and was 95 percent leased at the time of sale to four tenants in the healthcare, education, energy and homebuilding sectors. Gary Carr, Robert Hill and Chris Murphy of Newmark represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
CHICAGO — Lamar Johnson Collaborative (LJC) has revealed the first renderings of The LaSalle Residences, an office-to-multifamily adaptive reuse project at 208 S. LaSalle St. in Chicago’s Loop. The project is part of the city’s LaSalle Corridor Revitalization initiative. Led by Chicago-based developer The Prime Group Inc., the project calls for the repurposing of 222,500 square feet of office space on floors 13 to 16 into 226 apartment units in studio, one- and two-bedroom floor plans. The development will feature a new ground-floor lobby as well as amenities such as a fitness facility; tenant lounge spaces for coworking, meetings and social events; and penthouse-level community terraces with an outdoor pool and gathering areas overlooking the central atrium. The project will also upgrade all older mechanical systems with energy-efficient equipment and replace the existing single-pane windows with high-performance insulated glass. Of the 226 units, 30 percent will be set aside for residents earning an average of 60 percent of the area median income. Completed in 1914, the 1.2 million-square-foot, 22-story building was initially designed by Chicago architect D.H. Burnham & Co. in the classical revival style for the Continental and Commercial National Bank. The property was listed on the National Register …
SEATTLE — King County has purchased the Dexter Horton Building, an office building in downtown Seattle, for $36.6 million. The county worked with ING Group, a lender to the original property owner, to create a deal to transfer ownership. CIM Group acquired the asset in 2019 for $151 million. King County’s Department of Public Defense is one of nine tenants in the building and will now expand its presence at the property. The deal will save King County nearly $2 million per year in leasing costs and has the potential to be a future source of additional revenue to the county when new tenants fill the vacant space currently available in the building.
FREMONT, CALIF. — Marcus & Millichap has arranged the sale of two buildings with a combined size of 7,200 square feet in the Bay Area city of Fremont. A private investor sold the medical office assets to an undisclosed buyer for $3.7 million. Western Dental occupies the assets, located at 3055 Mowry Ave. and 38780 Paseo Padre Parkway, on a net-lease basis. Yuri Sergunin, J.J. Taughinbaugh and Eric Carrillo of Marcus & Millichap’s Palo Alto office represented the seller in the deal.