Office

Sublease Space Stagnates, but 2021 Shows Promise for Las Vegas Office Market

by Jeff Shaw February 9, 2021

By Dan Palmeri, Senior Director, Tenant Advisory Group, Cushman & Wakefield As with most of the country, Las Vegas’ office market has been significantly impacted since COVID-19 restrictions started back in March. While many businesses have been allowed to operate at limited capacities, we’ve also seen many larger office users elect to work from home over the past nine months. This increase in work from home scenarios has naturally created a large increase in sublease availabilities in the market. Prior to March 17, 2020, we were tracking 24 subleases consisting of 555,000 square feet, with two of those spaces being 257,000 square feet and 61,000 square feet, or roughly 57 percent of the overall inventory. Since March, we’ve seen the number of availabilities increase to 70 with a total of more than 1.2 million square feet of space. This represents an increase of 118 percent. We’re tracking an additional 313,000 square feet of pending subleases that have yet to hit the market. This will bring the total to 78 options, with six of the availabilities being 50,000 square feet or larger. Large tenant activity was minimal over the past nine months. The most significant transaction was NYU Grossman School of …

February 9, 2021

Leasing Activity NAI Office Texas

NAI Partners Negotiates 16,000 SF Office Sublease for Ring Energy in Metro Houston

by Taylor Williams February 8, 2021

THE WOODLANDS, TEXAS — NAI Partners has negotiated a 16,000-square-foot office headquarters sublease for exploration firm Ring Energy at 1725 Hughes Landing Blvd. in The Woodlands, about 30 miles north of Houston. Charlie Neuhaus and Harry Holmes of NAI Partners represented the tenant, which is relocating from Midland, in the lease negotiations. Jerrod McQuain of JLL represented the sublandlord.

February 8, 2021

Development Healthcare Life Sciences Loans Massachusetts Multifamily Northeast Office

Joint Venture to Develop 194,000 SF Life Sciences Facility, 450-Unit Apartment Building in Boston

by Taylor Williams February 8, 2021

BOSTON — A joint venture between affiliates of Magellan Development Group, RAS Development, Cypress Equity Investments and USAA Real Estate will develop a 194,000-square-foot life sciences facility and a 450-unit apartment building in the Somerville area of Boston. The development represents the first phase of the master plan for the revitalization of Union Square, a project that will ultimately span 2.4 million square feet of commercial and residential space. The project also includes the addition of an MBTA Green Line station. Daniel Kaufman, Frederic Wittmann and Brett Paulsrud of JLL arranged construction financing through Bank OZK for both the life sciences and the multifamily components of the project.

February 8, 2021

Illinois Leasing Activity Midwest Office

Workbox Signs 15,295 SF Lease for Coworking Space in Chicago

by Kristin Harlow February 8, 2021

CHICAGO — Workbox Coworking Co. has signed a 15,295-square-foot, full-floor lease at 306 West Erie in Chicago. Workbox expects to occupy its space in mid-2021. North Wells Capital and Urban Innovations recently completed the expansion and redevelopment of the office and retail property. Additionally, the developers have commenced construction on the street-level buildout for Fairgrounds Coffee & Tea, which is slated to open in mid-2021. The location will be the brand’s sixth in the Chicagoland area. The building is part of Verso, a three-building collection in Chicago’s River North. JLL is the leasing agent for 306 West Erie and the entire Verso portfolio.

February 8, 2021

Acquisitions California Office Western

EverWest Sells Linq Creative Office Campus Near Los Angeles to Harkwood Ventures for $24M

by Amy Works February 8, 2021

REDONDO BEACH, CALIF. — Hawkwood Ventures has purchased Linq, a two-building creative office campus located at 2400 Marine Ave. in the Los Angeles suburb of Redondo Beach. EverWest Real Estate Investors sold the property for $24 million. Developed in 1964 and renovated in 2018, Linq features a total of 50,000 square feet of office space with private tenant entrances, glass roll-up doors, skylights and a wrap-around boardwalk, as well as new power, landscaping, lobby, restrooms and signage. At the time of sale, the property was fully leased to multiple tenants. Steve Solomon, Kristen Bowman and Andrew Harper of JLL represented the seller, while the buyer was self-represented in the transaction.

February 8, 2021

Development Illinois Midwest Office

J.C. Anderson Completes 108,723 SF Office Buildout for Bosch in Suburban Chicago

by Kristin Harlow February 5, 2021

OAKBROOK TERRACE, ILL. — J.C. Anderson has completed a 108,723-square-foot office buildout for Bosch at One Tower Lane in Oakbrook Terrace. The project scope included a 92,840-square-foot space on the top five floors of the office building as well as a 15,883-square-foot separate space known as “the annex,” which will serve as a testing and lab facility. Bosch is relocating approximately 350 employees from its Automotive Aftermarket Division at 2800 S. 25th Ave. in Broadview, Ill. The new space includes conference and training rooms, private offices and open seating areas. The top floor boasts a 360-degree view of the Chicago skyline. Whitney Architects provided architectural services and Cushman & Wakefield provided project management services. Bosch, a supplier of technology and services, operates in four different business sectors: mobility solutions; industrial technology; consumer goods; and energy and building technology.

February 5, 2021

California Loans Office Western

CIM Group Provides $121.3M Bridge Loan for AMP&RSAND Office Complex in San Diego

by Amy Works February 5, 2021

SAN DIEGO — CIM Group has closed a $121.3 million bridge loan to refinance and provide future leasing capital to an affiliate of Westbrook Partners and The Casey Brown Co. The funds will be used toward AMP&RSAND, a 342,742-square-foot office complex in San Diego. Situated on 13 acres in the Mission Valley submarket, AMP&RSAND comprises two Class A creative office buildings with average floor plates of 37,852 square feet, 14-foot ceilings and floor-to-ceiling windows. The property, which is the former San Diego Union Tribune headquarters, features an on-site café, fitness studio and 1,371 parking spaces. The recently renovated complex is currently leased to two full-floor tenants that use the space as regional and corporate headquarters. Rob Rubano of Cushman & Wakefield arranged the financing for the borrower.

February 5, 2021

NorthCreek-Office-Complex-Colorado-Springs-CO

Acquisitions Colorado Office Western

Alturas Real Estate Fund Acquires NorthCreek Office Complex in Colorado Springs for $46.6M

by Amy Works February 5, 2021

COLORADO SPRINGS, COLO. — Alturas Real Estate Fund has purchased NorthCreek Office Complex, located at 5725, 5755 and 5775 Mark Dabling Blvd. in Colorado Springs. NorthCreek Complex LLC sold the asset for $46.6 million. James Brady, Patrick Devereaux and Campbell Davis of CBRE Capital Markets represented the seller in the deal, which closed on Jan. 29, 2021. Built between 1984 and 1989, NorthCreek offers a total of 325,208 rentable square feet spread across three buildings situated on 16.6 acres. Building amenities include atrium spaces with seating, a full-service café, abundant parking with covered spaces, a fitness center with locker rooms and showers, and a 58-person conference/training center. The sellers invested more than $3.6 million in capital improvements to the property, including major roof, lobby and common area renovations, parking lot and garage repairs, and HVAC upgrades. At the time of sale, the property was 98 percent leased to a mix of tenants, including CSAA Insurance, First Source Group and Pima Medical Institute.

February 5, 2021

Acquisitions Northeast Office Pennsylvania

Commonwealth Charter Academy Buys 140,000 SF Office Building Near Pittsburgh

by Taylor Williams February 5, 2021

HOMESTEAD, PA. — Commonwealth Charter Academy, an online education platform, has purchased Waterfront Technology Center, a 140,000-square-foot office building in Homestead, an eastern suburb of Pittsburgh. The building, which was 94 percent leased at the time of sale, was originally a Macy’s department store. The sellers, Chicago-based M&J Wilkow and BIG Shopping Centers, purchased the property from Macy’s in 2018 and converted it to an office use. Commonwealth Charter is currently a tenant in the building.

February 5, 2021

Company News Office South Carolina Southeast

United Community Bank to Relocate Corporate Headquarters to Greenville

by John Nelson February 4, 2021

GREENVILLE, S.C. — United Community Bank, a retail and commercial bank, plans to relocate its corporate headquarters from Blairsville, Ga., to Greenville and expand operations in the Upstate area. The $24.8 million investment will create 227 new jobs in the Palmetto State. By establishing Greenville as its corporate headquarters, United Community Bank will be the largest bank headquartered in South Carolina. The bank has 160 branches in Florida, Georgia, North Carolina, South Carolina and Tennessee and nearly 290 employees. United Community Bank was founded in 1950 in Blairsville. In 2012, the bank began building its presence in Greenville County and now has three office locations in downtown Greenville apart from its branch network. United Community Bank’s new downtown office will be located at 200 E. Camperdown Way and will house a retail branch. The new office will be located near Falls Park and the Reedy River, as well as the upcoming Camperdown mixed-use development downtown. United’s new headquarters is expected to be completed by 2024.

February 4, 2021

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