NEW YORK CITY — Locally based investment and development firm RFR has sold 522 Fifth Avenue, a 600,000-square-foot office building in Midtown Manhattan. The 23-story building was originally constructed in 1896 and has served as the corporate headquarters facility for both J.P. Morgan and Morgan Stanley at various points in time. RFR acquired 522 Fifth Avenue from Morgan Stanley for $350 million in 2020 and repositioned the building by acquiring the retail condominium, redeveloping the lobby, enlarging the windows and activating over 17,000 square feet of outdoor space. The undisclosed buyer also plans to occupy the building. No third-party brokers were involved in the sale.
JERSEY CITY, N.J. — CBRE has arranged a 33,843-square-foot office lease at Newport Office Center in Jersey City. The tenant, Berkley Insurance, will occupy a portion of the ninth floor of Newport Office Center III, a 15-story, 620,000-square-foot building. Howard Fiddle, Benjamin Joseph, Greg Barkan and Erin Wenzler of CBRE, along with internal agents Meredith Jackness, Ray Kawas and Tim Johnson, represented the landlord, LeFrak, in the lease negotiations. The tenant representative was not disclosed.
NEW YORK CITY — Mudrick Capital Management has signed a 12-year, 26,600-square-foot office headquarters lease in Midtown Manhattan. The investment management firm plans to relocate and expand from 527 Madison Avenue to the 16th floor of 31 West 52nd Street early next year. Patrick Heeg, Thomas Hines and Chase Gordon of Transwestern represented the tenant in the lease negotiations. Frank Doyle, David Kleiner and Andrew Coe of JLL, along with internal agents Peter Brindley, Doug Neye and Sean Kirk, represented the landlord, Paramount Group.
SAN MARCOS, CALIF. — Lee & Associates has arranged the sale of a showroom and flex building located at 307 Carmel St. in San Marcos. Creative Carmel LLC, an owner-user, acquired the asset from 307 E Carmel LLC for $6 million. Situated on 1.8 acres, the 18,452-square-foot single-tenant building offers 40 percent showroom, 25 percent office and 35 percent warehouse space. Marko Dragovic, Isaac Little and Olivia Baffert of the Little Dragovic Team at Lee & Associates – North San Diego County represented the seller, while Russ Jabara and Shawn Espino of San Diego Commercial Realty represented the buyer in the deal.
CLAYTON, MO. — 3650 Capital has originated a $55 million loan to refinance Shaw Park Plaza, a 15-story, 278,000-square-foot office building in Clayton near St. Louis. The loan carries a five-year term. The borrower, Tryperion Holdings, has owned the property since July 2021. Since that time, the firm has executed a value-add business plan, investing $12.6 million in leasing expenditures and resulting in a 125 percent increase in net operating income. The building’s occupancy sits at nearly 97 percent. Proceeds from the loan were used to refinance the existing $52.7 million floating-rate debt and fund closing costs.
KENTWOOD, MICH. — Mercantile Bank has acquired a 31,500-square-foot office building in Kentwood near Grand Rapids. The two-story, fully remodeled building offers a mix of private offices, conference rooms, open workspaces, a large break room, training room and onsite parking. Significant capital improvements include renovations in 2017 and 2020 as well as upgraded HVAC systems and a refreshed parking lot. Kurt Kunst of NAI Wisinski of West Michigan represented Mercantile Bank, while Doug Taatjes and Hillary Taatjes Woznick of NAI Wisinski of West Michigan represented the undisclosed seller. Mercantile is one of the largest Michigan-based banks with assets of approximately $6.1 billion.
CLARENDON, VA. — Carr Properties has received site plan approval for the redevelopment of 3033 Wilson Blvd. in the Washington, D.C., suburb of Clarendon. Situated across from the Clarendon Metro Station, the former 160,000-square-foot office building will be transformed into a 309-unit multifamily complex with 6,000 square feet of ground level retail space. Carr Properties will participate in Arlington’s Green Building Incentive Program while also aiming for LEED Gold certification for 3033 Wilson. Architecture firm SK+I and interior design firm Edit Lab by Streetsense will design the redeveloped property, which will include a fitness center, coworking lounge, rooftop pool deck, clubroom, landscaped courtyard and 324 underground parking spaces with 13 electric vehicle charging stations. The project team also includes landscape architect ParkerRodriguez, civil engineer Bohler DC and McGuireWoods as land-use counsel. 3033 Wilson is anticipated to break ground in early 2026, with completion slated for 2027.
CHARLOTTE, N.C. — Deriva Energy, formerly known as Duke Energy Renewables, has relocated to a 33,606-square-foot office space at One South on the Plaza, a 40-story office tower located in Uptown Charlotte. The new office will serve as the headquarters for Deriva, which plans to move in by late fall. Chris Schaaf and Jamie Boast of JLL represented Deriva Energy in the lease negotiations, while Rhea Greene of Trinity Partners represented the undisclosed landlord. One South on the Plaza totals 850,000 square feet and features a 22,000-square-foot tenant amenity level on the third floor, street-level retail space housing tenants such as Tupelo Honey and Eddie V’s and a connection to the Overstreet Mall. Since 2015, ownership has invested $100 million to renovate the building’s lobby, plaza and exterior. More than 92,000 square feet of office leases have been executed at One South on the Plaza, including Dole Food’s U.S. headquarters, Shumaker, Robert Half, Protiviti, Huntington National Bank, The Siegfried Group, Krazy Curry, Ace No. 3 and Pet Wants.
DENVER — Platinum Commercial Real Estate has arranged the sale of 76 N. Broadway, a retail and office property in Denver. The mixed-use property includes two buildings with long-term tenants in place. The main building features 13,000 square feet with The Hornet and Lucky Noodles restaurant on the ground floor and 18 fully leased office suites on the second floor. The properties also offer off-street parking with 21 spaces for the buildings. Paul Cattin of Platinum CRE represented the buyer, 76 N Broadway LLC, while Todd Snyder of Kentwood Commercial represented the seller in the deal.
NEW YORK CITY — Law firm Benesch, Friedlander, Coplan & Aronoff LLP has signed a 121,000-square-foot office lease at 1301 Avenue of the Americas, a 45-story, 1.8 million-square-foot building in Midtown Manhattan. The lease term is 16.5 years, and approximately 30,000 square feet is short-term space. Frank Doyle, David Kleiner and Andrew Coe of JLL represented the landlord, New York City-based Paramount Group, in the lease negotiations. Mark Weiss of Cushman & Wakefield represented the tenant.