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DevelopmentOfficeTexas

Billingsley Co. Begins Construction on 250,000 SF Office Building in Plano

by Taylor Williams

PLANO, TEXAS — Locally based developer Billingsley Co. has begun construction on a 250,000-square-foot office building that will be located within International Business Park, a 300-acre campus in Plano. The project includes the development of a 584-space parking garage. The five-story building will be located adjacent to a 187,100-square-foot office building and a 9,000-square-foot amenity center that houses a fitness room, conference facilities, tenant lounge and a convenience mart. GFF Architects is designing the project, and Adolfson & Peterson Construction is the general contractor. JLL is the leasing agent. Completion is slated for spring 2023.

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DevelopmentFloridaOfficeSoutheast

Bansi Properties to Develop 140,000 SF Office Building in Sunrise, Florida

by Julia Sanders

SUNRISE, FLA. — Bansi Properties has plans to develop a new 140,000-square-foot, four-story office building in Sunrise. The facility is slated for completion by 2023. Located on 22 acres within Sawgrass International Corporate Park, the new office building is part of Bansi’s newly established office campus that currently includes two office facilities available for lease, including 1500 Concord Terrace, a 180,000-square-foot property that Bansi recently acquired. Designed by architectural firm FSMY, the building will feature ample natural light, large floor plates and Energy Star- and LEED-certified materials and designs. The building will be located right off the Sawgrass Expressway, as well as near Sawgrass Mills Mall. Jay Adams of Newmark is managing leasing on behalf of Bansi.

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AcquisitionsIllinoisMidwestOffice

JLL Brokers $21.7M Sale of Oakmont Point Office Building in Westmont, Illinois

by Kristin Harlow

WESTMONT, ILL. — JLL Capital Markets has brokered the sale of Oakmont Point in the western Chicago suburb of Westmont for $21.7 million. The Class A office building spans 92,553 square feet and rises three stories. Completed in 2019, Oakmont Point is 91 percent leased to two tenants, JLL and Ryan Cos. US Inc. Sam DiFrancesca, Patrick Shields, Jaime Fink, Jeffrey Bramson and Bruce Miller of JLL represented the seller, Ryan Cos. Sidra Capital, which previously owned the property in a joint venture partnership with Ryan Cos., was the buyer. Lucas Borges, Claudio Sgobba and Christopher Carroll of JLL arranged a 10-year, fixed-rate acquisition loan through a multinational investment bank.

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IllinoisLeasing ActivityMidwestOffice

One Six Solutions Inks Lease as First Tenant at Mural Park Redevelopment in Chicago

by Kristin Harlow

CHICAGO — One Six Solutions, a full-service IT consulting firm, has signed a lease for 4,647 square feet on the second floor of Mural Park, a creative office and commercial redevelopment at 924 W. 19th Place in Chicago’s Pilsen neighborhood. One Six Solutions is the first tenant at the two-building, 100,000-square-foot project. Konstantine Sepsis, Danny Nikitas, Matt Ward and Melissa Hemberger of Avison Young represented the tenant.

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AcquisitionsNew JerseyNortheastOffice

Wellington Negotiates Sale of 75,000 SF Office Building in Northern New Jersey

by Taylor Williams

UPPER SADDLE RIVER, N.J. — New Jersey-based brokerage firm Wellington Real Estate has negotiated the sale of Sherbrooke Office Center, a 75,000-square-foot building in Upper Saddle River, located near the New York-New Jersey border. The four-story building is located at 600 E. Crescent Ave. Wellington represented the seller, Sherbrooke Holding Co. LLC, in the transaction. Additional terms of sale were not disclosed.

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Leasing ActivityNew YorkNortheastOffice

Compass Group Signs 8,000 SF Office Lease at 590 Madison Avenue in Manhattan

by Taylor Williams

NEW YORK CITY — Compass Group, an asset management firm focused on Latin American markets, has signed an 8,000-square-foot office lease at 590 Madison Avenue in Manhattan’s Midtown Plaza District. The 43-story, 1 million-square-foot building offers a gym, golf simulator and onsite parking and houses users such as IBM, Morgan Stanley and Aspen Insurance. David Kaplansky of Colliers represented the tenant in the lease negotiations. Stephen Siegel, Evan Haskell, James Ackerson, Taylor Scheinman and Brett Shannon of CBRE, along with internal agent Jeff Sussman, represented the landlord, Edward J. Minskoff Equities Inc.

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GeorgiaLeasing ActivityOfficeSoutheast

Logistics Firm Signs 127,000 SF Lease at Three Ravinia Office Building in Atlanta

by Julia Sanders

ATLANTA — Hapag-Lloyd, a liner shipping company, has signed a lease for 127,000 square feet at Three Ravinia office building in Atlanta’s Central Perimeter submarket. Locally-based Preferred Apartment Communities Inc. (PAC) is the landlord. Hamburg, Germany-based Hapag-Lloyd will occupy approximately five floors at Three Ravinia. The lease is for a 15-year term, and the company is using the new location as its new North American headquarters, which was originally in Piscataway, N.J. With this lease, the property is now approximately 94 percent leased. Hapag-Lloyd is expected to create approximately 250 new jobs in the region over the next several years. The new tenant is expected to occupy Three Ravinia by the third quarter of 2022. Built in 1991, Three Ravinia is a 32-floor, 816,748-square-foot office building that features a fitness center, conference center, 24/7 onsite security, onsite café, coffee counter, onsite car detailing, full-service dry cleaner and cobbler, MARTA access with shuttle service and walking trails. Located at 3 Ravinia Drive, the office building is 15 miles from downtown Atlanta and 3.2 miles from Sandy Springs. The other tenants include IHG, Zillow and Lease Query. Kyle Kenyon of CBRE represented PAC in the lease transaction, and Ellen Stern, Sam Holmes, …

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Wesley Drive
AcquisitionsOfficeSouth CarolinaSoutheast

CBRE Arranges $12.6M Sale of Medical Office Building in Charleston

by Julia Sanders

CHARLESTON, S.C. — CBRE has arranged the sale of a 30,677-square-foot medical office building in Charleston. An entity doing business as JEMO – Wesley LLC purchased the property from an entity known as 615 Wesley Drive LLC for $12.6 million. Charles Carmody and Ryan Carmody of CBRE represented the seller in the transaction. Built in 2002, the three-story property provides free onsite parking. Located at 615 Wesley Drive, the property is situated at the intersection of Highway 17, Highway 61 and Wesley Drive. The property is roughly three miles from downtown Charleston and 11 miles from Charleston International Airport.

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AcquisitionsMidwestMinnesotaOffice

Noteworthy Purchase: Schmitt Music Acquires 92,000 SF Office Building in Bloomington, Minnesota

by Kristin Harlow

BLOOMINGTON, MINN. — Schmitt Music has acquired a 92,000-square-foot office building in Bloomington for its new headquarters. The purchase price was undisclosed. Located at 7800 Picture Drive, about 12 miles south of Minneapolis, the property offers office, showroom and training space as well as an area for a repair center. Schmitt Music was formerly headquartered in Brooklyn Center. Dan Larew and Chris Hickok of JLL represented the seller, Shutterfly/Lifetouch.

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Leasing ActivityLee & AssociatesMidwestOfficeOhio

Lee & Associates Signs 13,904 SF Office Lease in Metro Cincinnati

by Kristin Harlow

BLUE ASH, OHIO — Lee & Associates | Cincinnati has signed a 13,904-square-foot office lease to occupy the entire second floor of 10260 Alliance Road in Blue Ash, a southern suburb of Cincinnati. Ohio National owns the property. Todd Pease and Michelle Klingenberg of JLL represented ownership in the lease transaction. Bill Schneller and Dan McDonald of Lee & Associates represented the tenant, which is relocating from 10123 Alliance Road and is expected to take occupancy of the new space in January.

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