MOUNT LAUREL, N.J. — Newmark has brokered the sale of an 87,460-square-foot office building located at 250 Century Parkway in the Southern New Jersey community of Mount Laurel. According to LoopNet Inc., the four-story building was originally constructed in 2000. David Dolan, Angelo Brutico and John Cook of Newmark represented the seller, Four Springs Capital Trust, in the transaction. The buyer was a partnership between an entity doing business as 250 Century Parkway LLC and the Needleman Management Co.
LANHAM, MD. — DSC Partners, in partnership with Harbert Management Corp. (HMC), has purchased Forbes Center, a 17-property, 785,000-square-foot portfolio comprising industrial, flex and office buildings in Lanham, about 12 miles northeast of Washington, D.C. The seller was not disclosed. Tenants at the property include distribution companies, government contractors, local and national service providers and medical groups. Rob Pugh, Ken Fellows, Keiry Martinez and Aaron Carroll of KLNB will lease the properties on behalf of the buyers, and Transwestern will provide property management services.
By Blima Ehrentreu, founder and CEO, The Designers Group The urban real estate landscape is undergoing a remarkable transformation. With shifting work patterns and changing societal needs, design and development teams are working to convert underutilized office buildings into vibrant residential spaces. As office vacancy rates rise in cities like New York, San Francisco and Chicago, this challenge drives creative solutions that blend design innovation, virtual planning and sustainability. This dynamic landscape provides an exciting platform to reimagine urban living and meet the evolving demands of residents. At The Designers Group (TDG), we embrace the concept of adaptive reuse. Rather than tearing down old buildings and starting from scratch, we see value in maintaining existing structures and repurposing them in innovative ways. This approach not only aligns with our commitment to sustainability but also offers a chance to preserve the character and history of urban landscapes. Industrial elements such as exposed brick, concrete pillars and high ceilings can be integrated into residential designs, creating unique and compelling aesthetics. This focus on adaptive reuse means less waste and smaller carbon footprints, which is critical in today’s environmentally conscious world. By working with what already exists, we minimize the need for new …
DETROIT — Following a six-year renovation by Ford Motor Co. (NYSE: F), Michigan Central Station is scheduled to officially open on Thursday, June 6. Ford embarked on the preservation project after acquiring the abandoned train station in 2018 to serve as the centerpiece of Michigan Central, a 30-acre technology and cultural hub in Detroit’s Corktown neighborhood. According to multiple media outlets, the rehabilitation of Michigan Central Station totaled $950 million and included the restoration of the 18-story train station, which is now dubbed The Station. The rehabilitation also included an adjacent 270,000-square-foot former book depository building and other supporting facilities. CNBC reports the project’s funding includes $300 million in state, local and historic rehabilitation tax incentives. Christman-Brinker, a joint venture between Detroit-based firms The Christman Co. and L.S. Brinker, A Brinker Co., led the restoration work of The Station along with Ford. Key collaborators in Michigan Central include Ford, Google, the State of Michigan, the City of Detroit and Newlab, which operates the former book depository building. The Station will provide 640,000 square feet of cultural, technology, community and convening spaces designed for use by established companies such as Ford, as well as universities, growing startups, youth initiatives and students. …
DULUTH, GA. — Newmark has brokered the $36.3 million sale of a four-building portfolio within Satellite Place in Duluth, a northeast suburb of Atlanta. Situated near I-85, the portfolio spans nearly 290,000 square feet and includes three industrial buildings at 2405, 2425 and 2450 Commerce Ave. and one single-story office building at 2400 Commerce Ave. Casey Keitchen and Collin BeVier of Newmark represented the sellers, two entities doing business as Satellite Place Property LLC and Satellite Commercial Property LLC, in the transaction. The buyer was an undisclosed industrial fund.
SAN ANTONIO — Amegy Bank has signed a 44,207-square-foot office lease at 300 Convent, a 28-story, 545,426-square-foot building in downtown San Antonio. The space spans the entire 21st and 22nd floors and a portion of the first floor. Russell Noll of Transwestern represented Amegy Bank in the lease negotiations. Mark Krenger and Lisa Mittel of JLL, along with Dennis Tarro and Phillip Moore of Patrinely, which manages the building, represented the landlord, Affinius Capital.
NEW YORK CITY — A partnership between locally based investment firm Waterman Interests and global asset manager HPS Investment Partners will redevelop 850 Third Avenue, a 605,000-square-foot office building in Midtown Manhattan. The 21-story building was originally constructed in 1961. According to the partnership, 850 Third Avenue offers the largest block of available space in Midtown East — more than 400,000 square feet — and will be repositioned to support build-to-suit headquarters deals. A construction timeline was not disclosed.
ALISO VIEJO, CALIF. — MicroVention, a neuroendovascular medical device company, has purchased 45 Enterprise, a nine-story office building in the Orange County city of Aliso Viejo. An undisclosed seller sold the asset for $42.2 million, or $183 per square foot. Built in 2007 and renovated in 2022, the 242,706-square-foot building was vacant at the time of sale. The property features open floorplates, an onsite cafeteria, conference and meeting rooms, premier building signage and a parking ratio of 4.6 spaces to every 1,000 rentable square feet. Carol Trapani and Allison Kelly of CBRE represented the buyer in the deal.
DAKOTA DUNES, S.D. — Architecture, engineering, environmental and planning firm ISG has opened a new office in Dakota Dunes within southeast South Dakota. Months after establishing a presence in Pierre, ISG says the expansion enhances its ability to serve communities across the state and the broader Siouxland region encompassing Iowa and Nebraska. ISG is currently engaged in several projects and partnerships in Dakota Dunes while the local team enhances the firm’s expertise in refrigeration and industrial food. A ribbon cutting and open house for the new office will take place Thursday, Aug. 22. ISG maintains offices in Iowa, Minnesota, Wisconsin, South Dakota and Arkansas.
METAIRIE, LA. — Seven new tenants have signed leases totaling 35,589 square feet at Lakeway Center, a 1.2 million-square-foot office development located in Metairie, roughly six miles outside downtown New Orleans. Expeditors International, Elliot Bay Design Group and Fleur de Lis Event Designs will join the One Lakeway building occupying 3,473; 2,274; and 1,254 square feet, respectively. Ardurra Group, Sisun and Guilbault Capital have signed leases for 6,144; 6,874; and 1,703 square feet at Two Lakeway, respectively. At Three Lakeway, Array Petroleum has signed a 12,867-square-foot lease. The Feil Organization is the landlord of Lakeway Center, which features amenities including a health club, restaurant, café, coffee shop, copy shop, conference center and a sundry shop. A Marriott hotel is also located at the property. Bruce Sossaman of Corporate Realty represented the landlord in all seven lease transactions.