Office

Irvine Co. Opens Innovation Office Park in Irvine Spectrum Business District

by Amy Works April 16, 2021

IRVINE, CALIF. — Irvine Company has opened Innovation Office Park, an open-air office village in the Irvine Spectrum business district. Offering more than 1.1 million square feet of creative and flexible workspace on 73 acres, the property features 28 loft-style buildings naturally connected by a center pedestrian path line. The property features expansive indoor and outdoor space; an indoor/outdoor café with rotating cuisine and walk-up artisan coffee bar; an event-ready pavilion; a private fitness center with spin/yoga studio; and tech-enabled conference and event space. Located at the confluence of interstates 5 and 133, Innovation Office Park’s first eight buildings, totaling 300,000 square feet, are now available for lease. The workplace community offers buildings ranging from 20,000 square feet to 40,000 square feet with suites as small as 2,000 square feet. Companies are able to customize spaces through branded super-graphics on the building exterior and select from a curated menu of private patio furniture and tailored interiors. The buildings also feature oversized roll-up doors, private patios, operable windows for fresh air, MERV-13 air filtration for healthier air circulation and Viracon glass and skylights for maximum energy-efficient daylighting. LPA served as architect and Burton Studio served as landscape architect.

April 16, 2021

Acquisitions Florida Loans Office Southeast

Ready Capital Closes $30.1M Acquisition Financing for Office Property in Tampa

by Julia Sanders April 15, 2021

TAMPA, FLA. — Ready Capital has closed a $30.1 million loan for the acquisition, renovation and lease-up of an approximately 250,000-square-foot, Class B office property in Tampa. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. The name of the borrower and property were not disclosed. The non-recourse, interest-only loan features a 36-month term, floating interest rate, two extension options and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Planned property improvements include new signage, HVAC upgrades, curb replacements and the buildout of rent-ready speculative suites.

April 15, 2021

2445-Technology-Forest-Blvd.-The-Woodlands

Healthcare Leasing Activity Life Sciences Office Texas

NAI Partners Negotiates 25,288 SF Life Sciences Lease in Metro Houston

by Taylor Williams April 15, 2021

THE WOODLANDS, TEXAS — NAI Partners has negotiated a 25,288-square-foot life sciences lease for biotechnology firm Lexicon Pharmaceuticals at 2445 Technology Forest Blvd. in The Woodlands, about 30 miles north of Houston. Dan Boyles and Jon Silberman of NAI Partners represented the tenant in the lease negotiations. The duo also recently arranged the sale of Lexicon Pharmaceuticals’ former headquarters building in The Woodlands.

April 15, 2021

Leasing Activity Office Texas

American Honda Finance Signs 23,142 SF Office Lease Expansion in Irving

by Taylor Williams April 15, 2021

IRVING, TEXAS — American Honda Finance Corp., the leasing and financing solutions arm of the Japanese automaker, has signed a 23,142-square-foot office lease expansion at the 500,000-square-foot Royal Ridge complex in Irving. Timothy Vaughan of CBRE represented the tenant in the lease negotiations. John Brownlee and Michael Williams of JLL represented the landlord, Florida-based Accesso. Honda’s total footprint at Royal Ridge now encompasses nearly 100,000 square feet.

April 15, 2021

Leasing Activity Northeast Office Pennsylvania

GRB Law Signs 17,160 SF Office Lease in Pittsburgh

by Taylor Williams April 15, 2021

PITTSBURGH — GRB Law, a Pittsburgh-based firm, has signed a 17,160-square-foot office lease for its new headquarters at 525 William Penn Place. The firm has operated out of the historic Frick Building as one of its original tenants dating back to the early 20th century. GRB Law plans to take occupancy of its new space in the fourth quarter. Dan Adamski and Reid Mauro of JLL represented the firm in its site selection and lease negotiations.

April 15, 2021

Features Healthcare Office

Medical Coworking Space Can Bolster Office Occupancy

by Taylor Williams April 15, 2021

By Sunny Somaiya, co-founder, WellnessSpace As we navigate what working life and office spaces will look like in a post-pandemic world, one thing is certain — they will not be the same as before. With many companies realizing during the pandemic that their employees can be just as or even more productive working from home, demand for office space may remain low for the foreseeable future. Remote work should thus continue to be a popular option. However, for businesses that require office space but face unprecedented uncertainty about their futures, renting traditional office space may not be the best solution. This is particularly true for private medical and wellness practices, and that is where coworking spaces come in. Coworking spaces have been around for many years and are undergoing a transformation of their own. They provide a great middle-ground choice for businesses that are looking for spaces but want to increase flexibility and avoid signing long-term leases. While traditional coworking spaces appeal to entrepreneurs and business owners, niche coworking spaces have risen in popularity in recent years to meet the demands of specific individuals. Medical and wellness coworking spaces represent a new breed that satisfy an unmet demand for flexible …

April 15, 2021

Colorado Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

Brue Baukol Capital Breaks Ground on 36-Acre Mixed-Use Community in Centennial, Colorado

by Amy Works April 14, 2021

CENTENNIAL, COLO. — Colorado-based Brue Baukol Capital Partners has broken ground on The District, a 36-acre mixed-use community adjacent to the Dry Creek rail station in Centennial. The walkable community will feature more than 2.5 million square feet of office space, a 200-key hotel, 1,800 residential units and over 30,000 square feet of retail space. Previously named the Jones District before rebranding to The District, the development will offer space for a range of flexible office spaces from small-scale co-working to multiple-building corporate headquarters. The project team includes Tryba Architects, Design Workshop, Martin/Martin Consulting Engineers and JHL Constructors. Completion for infrastructure work is slated for May 2021, with vertical construction on several planned projects scheduled to begin during the second half of 2021.

April 14, 2021

Acquisitions California Office Western

Davenport Partners Buys Office Building in Corona, California for $6.9M

by Amy Works April 14, 2021

CORONA, CALIF. — Davenport Partners has purchased 1101 California Avenue, a two-story office property located at the corner of California and Rimpau avenues in Corona. An undisclosed seller sold the asset for $6.9 million. Built in 1990, the 40,000-square-foot property was 91 percent leased at the time of purchase.

April 14, 2021

Acquisitions Massachusetts Northeast Office

Newmark Arranges $105M Sale of Office Campus Near Boston

by Taylor Williams April 14, 2021

NORWOOD, MASS. — Newmark has arranged the $105 million sale of One Investors Way, a 54-acre office campus in Norwood, located southwest of Boston. The site houses a 236,566-square-foot office building that is primed for repositioning, as well as land for new development. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Will Sleeper of Newmark represented the seller, a partnership between U.S. Realty Advisors and Bain Capital Real Estate, in the transaction. The buyer was not disclosed.

April 14, 2021

Acquisitions Michigan Midwest Office

Gerdom Negotiates Sale of 10,772 SF Office Asset in Howell, Michigan

by Kristin Harlow April 14, 2021

HOWELL, MICH. — Gerdom Realty & Investment has negotiated the sale of Bankers Square in Howell, about 55 miles northwest of Detroit, for an undisclosed price. The 10,772-square-foot office building is situated on the northeast corner of Michigan Avenue and Clinton Street. Howell Orthodontics and KNE Realty will occupy a portion of the property. Additional space remains available for lease. Bill McLeod of Gerdom represented the undisclosed buyer.

April 14, 2021

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