Tuesday, May 6, 2025
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Machine-Works-Portland-OR
AcquisitionsOfficeOregonRetailWestern

AEW Capital Management Disposes of Machine Works Mixed-Use Property in Portland

by Amy Works

PORTLAND, ORE. — AEW Capital Management has completed the disposition of Machine Works, a Class A mixed-use asset in Portland. Melvin Mark Investors and Orion Investment Partners acquired the property for an undisclosed price. Located at 1414 NW Northrup St. in Portland’s Pearl District, the nine-story property offers 115,138 square feet of retail and office space, as well as three levels of parking. Built in 2009, the property is fully leased to a variety of tenants in the engineering, medical, government services and fitness industries, with LA Fitness occupying space on the ground floor. Buzz Ellis, Mark Katz, Zach Kersten and David Williams of JLL Capital Markets Investment Sales and Advisory team represented the seller and procured the buyer in the deal.

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LoansMassachusettsNortheastOfficeRetail

Colliers Arranges $34.3M Loan for Refinancing of Historic Buildings in Boston Seaport District

by Taylor Williams

BOSTON — Colliers has arranged a $34.3 million loan for the refinancing of the Custom House Block and Gardiner Building at Long Wharf, a pair of historic buildings totaling 83,824 square feet in Boston’s Seaport District. The Custom House Block was originally completed in 1848 and totals 74,783 square feet, while the 9,041-square-foot Gardiner Building was originally constructed in 1760 and once functioned as John Hancock’s counting house. Today, both buildings house office and retail uses and were 94 percent occupied at the time of the loan closing. Patrick Boyle and Kevin Phelan of Colliers arranged the fixed-rate loan through Grant Street Funding on behalf of the owner, Capital Street Properties, which completed the adaptive reuse of the buildings in 2021.

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DevelopmentKansasMidwestOfficeTop Stories

Fiserv Unveils Plans for $175M Fintech Headquarters in Metro Kansas City

by John Nelson

OVERLAND PARK, KAN. — Fiserv Inc. (NYSE: FI), a global technology company specializing in financial services and payments, has unveiled plans for the development of a $175 million fintech headquarters in the Kansas City suburb of Overland Park. The company will renovate two buildings on the Aspiria corporate campus — formerly the headquarters of telecom company Sprint that is now owned by Occidental Management — which houses 3.9 million square feet of office space across 20 buildings. The new office will join a growing list of innovation centers across the country for Fiserv, including locations in Alpharetta, Ga.; Milwaukee; Omaha, Neb.; Berkeley Heights, N.J.; and New York City. “The greater Kansas City metro area offers a dynamic environment with a growing population of tech talent, making it the ideal location for Fiserv’s next strategic fintech hub,” says Frank Bisignano, chairman and CEO of Fiserv. Situated at 6500 and 6550 Sprint Parkway, Fiserv’s new headquarters will span 427,000 square feet, marking the largest office recruitment in Kansas history, according to the office of Kansas Gov. Laura Kelly. Fiserv picked Overland Park for its central U.S. location, in addition to its proximity to the company’s Midwestern clients and the region’s affordability. The new …

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FloridaLoansOfficeSoutheast

JLL Arranges $51.5M Refinancing for Dadeland Centre Office Buildings in Metro Miami

by John Nelson

DADELAND, FLA. — JLL has arranged $51.5 million for the refinancing of Dadeland Centre I and II, two office buildings within the Dadeland Centre complex in metro Miami. Paul Stasaitis led the JLL team in arranging the 10-year, fixed-rate loan through Goldman Sachs on behalf of the borrowers, The Green Cos. and an entity doing business as Dadeland Centre. Built in 2003 and 2008 by The Green Cos., the office properties span 242,598 square feet, with Dadeland Centre I rising 18 stories and Dadeland Centre II rising 15 stories. The office buildings are subject to long-term ground leases with Miami-Dade County and each include multiple levels of structured parking. The properties were 93 percent leased at the time of financing to tenants including Cole Scott & Kissane, Steel Group LLC and Field & Howell.

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DevelopmentLeasing ActivityNorth CarolinaOfficeRestaurantRetailSoutheast

Parkside, MDH Add Tenants at Oakhurst Commons Redevelopment Project in East Charlotte

by John Nelson

CHARLOTTE, N.C. — Co-owners Parkside Partners and MDH Partners have opened or signed a new round of office and retail tenants at Oakhurst Commons, a 10-acre mixed-use redevelopment underway in Charlotte’s Oakhurst neighborhood on the city’s east side. Thrift Commercial Real Estate Services is leading the leasing assignment for both the office and retail components at Oakhurst Commons. The new concepts joining include Brunches (opening in August), The Health Club (open), Ilios Crafted Greek (open), DreamMaker Bath & Kitchen (no opening date announced), Wildlands Engineering (no opening date announced), Switchyards (open), Made2Move (open) and Moodhouse (open).

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Leasing ActivityNew YorkNortheastOffice

GRSM Signs 22,409 SF Office Lease Renewal in Lower Manhattan

by Taylor Williams

NEW YORK CITY — Gordon Rees Scully Mansukhani (GRSM) has signed an 11-year, 22,409-square-foot office lease renewal in Lower Manhattan. The law firm will remain on the 28th floor at One Battery Park Plaza, a 35-story, 870,000-square-foot building that was originally constructed in 1971. Chris Mongeluzo, Hal Stein and Adam Weinblatt of Newmark represented GRSM in the lease negotiations. Thomas Keating and Kevin Daly represented the landlord, Rudin, on an internal basis.

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AcquisitionsMichiganMidwestOffice

Friedman Real Estate Completes $9.2M Auction Sale of Renaissance Center’s 600 Tower in Detroit

by Kristin Harlow

DETROIT — Friedman Real Estate has brokered the $9.2 million auction sale of the 600 Tower of the Renaissance Center in Detroit. The 21-story office building totals 334,000 square feet. Friedman utilized auction partner Ten-X. The buyer was Dr. Mahmoud Al-Hadidi, an internal medicine specialist that also runs a real estate investment firm, according to Crain’s Detroit Business. The news outlet reports that the 600 Tower had been owned by a joint venture between F&F Capital Group and Friedman Real Estate. The building is one of the shorter RenCen towers and is not owned by General Motors Co., which is working on a redevelopment plan for the five towers it owns.

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DevelopmentMidwestMissouriOffice

MAP Property Holdings Plans Renovation of US Bank Tower in Downtown St. Louis

by Kristin Harlow

ST. LOUIS — MAP Property Holdings has unveiled plans for the renovation of key common areas as part of a reintroduction to the market of One US Bank Plaza, a 36-story, 658,000-square-foot office building in downtown St. Louis. Renovations will begin this spring, with Greiner Construction as general contractor and Trivers as architect. Plans call for updated finishes throughout the common areas on the first and second floor, an in-building lunchtime food operator, two outdoor patio options, varied third workspace options, an enhanced security focus and a refresh of outdoor plaza areas. MAP’s $8.7 million investment stimulated more than 210,000 square feet of lease renewals. Additionally, US Bank recently relocated 300 employees from another location to the downtown office tower. Minneapolis-based MAP acquired the building in 2021. Cushman & Wakefield provides leasing and property management services at US Bank Tower, with Danielle Grubbs and Jim Mosby leading leasing efforts.

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404-Wyman-St.-Waltham
DevelopmentLife SciencesMassachusettsNortheastOffice

Hobbs Brook Underway on Renovation of 384,841 SF Office, Life Sciences Facility in Waltham, Massachusetts

by Taylor Williams

WALTHAM, MASS. — Locally based owner-operator Hobbs Brook Real Estate is underway on the renovation of a 384,841-square-foot office and life sciences facility located at 404 Wyman St. in the western Boston suburb of Waltham. The building is part of an 11-building campus that is home to tenants such as Dassault Systems, FM Global, Commonwealth Financial Network and ZoomInfo. Renovations will include the addition of a new fitness center, a remodeling of lobby and upgrading of the conference center and café. In addition, Hobbs Brook will develop expansive outdoor spaces with seating areas, fire pits and new landscaping. Completion is slated for early next year.

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Leasing ActivityNew YorkNortheastOffice

Skarzynski Marick & Black Signs 28,307 SF Office Lease Renewal in Lower Manhattan

by Taylor Williams

NEW YORK CITY — Skarzynski Marick & Black has signed a five-year, 28,307-square-foot office lease renewal in Lower Manhattan. The insurance law firm will remain the sole occupant of the 32nd floor at One Battery Park Plaza, a 35-story, 870,000-square-foot building that was originally constructed in 1971. Andrew Peretz of Newmark represented the tenant in the lease negotiations. Thomas Keating and Kevin Daly represented the landlord, Rudin, on an internal basis.

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