Office

Phoenix’s Office Market Remains Questionable

by Jeff Shaw October 26, 2021

By Laurel Lewis, Senior Vice President, NAI Horizon The office market is in uncharted territory, like going “Down the Great Unknown.” When John Wesley Powell navigated through the Grand Canyon, he did not know what lay ahead. Perhaps if he did, he might have chosen to leave it uncharted. Yet here we are in the midst of the proverbial river, wondering what lies ahead. The advent of a pandemic is changing minds about how and where we work. The work-from-home model may have started a decade ago, but the pandemic and new technology have exacerbated the trend. How will this affect the office market and, more specifically, the office market in Phoenix? The long-term effects remain to be seen, but we know Phoenix continues to attract new residents and new businesses. The Central Business District, for instance, is experiencing renewed interest. This is enhanced by the City of Phoenix’s efforts to offer a pedestrian-friendly environment, more entertainment and access to the light rail. The investment is paying off. Companies in bioscience, education, technology and financial services are taking an interest in the area’s vibrancy. To top it off, the second quarter came to a close with the Phoenix Suns making …

October 26, 2021

Acquisitions Office Texas

KBS Sells 199,000 SF Office Building in Houston’s Energy Corridor

by Taylor Williams October 25, 2021

HOUSTON — California-based investment firm KBS has sold Ten West Corporate Center, a 199,000-square-foot office building located in the Energy Corridor area of West Houston. The four-story building, which was built in 1988 and fully leased at the time of sale, is located within the 500-acre Park Ten office development. Kevin McConn and Marty Hogan of JLL represented KBS in the transaction. Susan Hill, also with JLL, arranged acquisition financing on behalf of the buyer, a joint venture between New York City-based Ellingstone Group and an undisclosed institutional investor.

October 25, 2021

Lee & Associates Office Texas

TaskUs Signs 80,000 SF Office Lease Renewal, Expansion Near San Antonio

by Taylor Williams October 25, 2021

NEW BRAUNFELS, TEXAS — TaskUs, a provider of digital technology solutions, has signed a lease renewal and expansion to occupy more than 80,000 square feet of office space at Heritage Plaza in the San Antonio suburb of New Braunfels. Wills Bauer and Randy Cooper of Stream Realty Partners represented TaskUs in the lease negotiations. Shawn Gulley represented the landlord, Worth & Associates, on an internal basis. TaskUs will modify its space to include a gaming lounge, meditation room and a break room.

October 25, 2021

Leasing Activity New York Northeast Office

Robotics Software Provider Signs 54,000 SF Office Lease at 1900 Broadway in Manhattan

by Taylor Williams October 25, 2021

NEW YORK CITY — Robotics software provider Viam has signed a 10-year, 54,000-square-foot lease to occupy the entire sixth floor of 1900 Broadway, a 321,000-square-foot office building that overlooks Lincoln Center in Manhattan. The eight-story building features a new lobby, multiple conference rooms, café and a wellness room. Frank Doyle, Mitchell Konsker, Barbara Winterm and Carlee Palmer of JLL represented the locally based landlord, Ogden CAP Properties, in the lease negotiations. Ephraim Setton and Troy Gordon with R New York represented Viam.

October 25, 2021

Healthcare Leasing Activity Life Sciences New York Northeast Office

Feil Organization Negotiates 24,814 SF Life Sciences Lease in Manhattan

by Taylor Williams October 25, 2021

NEW YORK CITY — The Feil Organization has negotiated a 24,814-square-foot life sciences lease at Seven Penn Plaza, a 411,000-square-foot building located adjacent to Madison Square Garden in Manhattan’s Chelsea neighborhood. The lease term is 10 years. David Turino handled lease negotiations on an internal basis for The Feil Organization, which owns and manages the building. Eva Shih of T3 Advisors represented the tenant, SOSV, a venture capital firm that runs the IndieBio development program for life sciences startups.

October 25, 2021

Acquisitions Massachusetts Northeast Office

FoxRock Properties Acquires Office Building in Downtown Boston for $43.5M

by Taylor Williams October 22, 2021

BOSTON — Commercial investment firm FoxRock Properties has acquired a 76,698-square-foot, Class A office building located at 176 Federal St. in downtown Boston for $43.5 million. According to LoopNet Inc., the eight-story building was originally constructed in 1901 and renovated in 1986. At the time of sale, the property was 80 percent leased, with law firm Rich May and financial advisory group Capstone Partners being the largest tenants at roughly 20,000 and 11,000 square feet, respectively. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, Federal Street 176 Holdings Inc., in the deal.

October 22, 2021

Loans Office Texas

Howard Hughes Corp. Receives $250M in Financing for Metro Houston Office Building

by Taylor Williams October 21, 2021

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has received $250 million in new financing for 1201 Lake Robbins, an approximately 806,000-square-foot Class A office tower in The Woodlands, about 30 miles north of Houston. The building, which at the time of the loan closing was fully leased to Occidental Petroleum (NYSE: OXY) through the end of 2032, represents half of The Woodlands Towers at the Waterway development. An undisclosed lender provided the nonrecourse, 10-year loan, which bears interest at a rate of roughly 3.8 percent and is interest-only for the full loan term. Howard Hughes Corp. CEO David O’Reilly stated that receipt of the new financing would free up capital proceeds for redeployment in other development opportunities. To that end, the company announced earlier this week that it had purchased 37,000 acres in Phoenix for the development of the Douglas Ranch master-planned community.

October 21, 2021

Acquisitions Office Texas

Group RMC Acquires 491,092 SF Office Building in Houston’s Galleria District

by Taylor Williams October 21, 2021

HOUSTON — Group RMC, a New York City-based investment firm focused on the office sector, has acquired a 491,092-square-foot building located at 5718 Westheimer Road in Houston’s Galleria District. The 22-story building was renovated in 2017 and offers a fitness center and a full-service café. Kevin McConn and Rick Goings of JLL represented the undisclosed seller in the transaction. John Ream, also with JLL, arranged an undisclosed amount of floating-rate acquisition financing through Sound Point Capital Management on behalf of Group RMC. At the time of sale, 5718 Westheimer was approximately 68 percent leased.

October 21, 2021

Leasing Activity Office Texas

Energy Consulting Firm Signs 62,535 SF Office Lease Renewal, Expansion in Downtown Houston

by Taylor Williams October 21, 2021

HOUSTON — Global energy consulting firm Opportune has signed a 62,535-square-foot office lease renewal and expansion at Pennzoil Place, a 1.4 million-square-foot office complex located at 711 Louisiana St. in downtown Houston. The firm will now occupy floors 31 through 34 at Pennzoil Place, which also houses a Starbucks Coffee and a Chick-fil-A. Tyler Garrett and Eric Anderson of Transwestern represented the landlord, Metropolis Investment Holdings Inc., in the lease negotiations. Lucian Bukowski of CBRE represented Opportune, which has been a tenant at Pennzoil Place since 2005.

October 21, 2021

Company News New York Northeast Office

BowX Acquisition Corp. Completes Purchase of WeWork, Will Launch IPO on Oct. 21

by Taylor Williams October 21, 2021

MENLO PARK, CALIF. AND NEW YORK CITY — BowX Acquisition Corp. (NASDAQ: BOWX), a special purpose acquisition company (SPAC) has completed its purchase of WeWork and will take the company public with an initial public offering (IPO) on Thursday, Oct. 21. Silicon Valley-based BowX originally announced its plan to acquire WeWork, which will trade on the New York Stock Exchange under the ticker symbol “WE” in March of this year in a deal that was then valued at $9 billion. “With a strong leadership team in place and new platform offerings that will leverage WeWork’s decade of expertise and proprietary technology, we can’t imagine a business better equipped to lead continued growth in the flexible space market,” said Vivek Ranadive, the CEO and chairman of BowX Acquisition Corp. who also owns the NBA’s Sacramento Kings. “While the pandemic has created many uncertainties, flexibility is here to stay and WeWork has the space and technology to power this global shift.” WeWork opened its first concept more than a decade ago in New York City, where the pioneering coworking office firm is also headquartered, and first announced its intent to go public in August 2019. Subsequent investigation into the company’s financials revealed …

October 21, 2021

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