FORT WAYNE, IND. — Sturges Property Group has brokered the sale of a 4,296-square-foot office building located at 608 Union Chapel Road in Fort Wayne. The sales price was undisclosed. Neal Bowman and Phil Hagee of Sturges represented the seller, Nolan Commercial Property, as well as the buyer, Professional Emergency Physicians.
ALTAMONTE SPRINGS, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $28 million sale of North Lake Business Park, a 15-building office campus in Altamonte Springs. The property comprises 270,000 square feet and was 90 percent leased at the time of sale to a mix of technology, real estate and healthcare tenants. North Lake Business Park is situated on 29 acres at 600 Northlake Blvd., 11 miles north of downtown Orlando. Douglas Mandel of IPA represented the seller, Real Capital Solutions, in the transaction. Mandel also procured the buyer, Taurus Investment Holdings LLC.
AUSTIN, TEXAS — Auctane, a subsidiary of stamps.com and a provider of software for the e-commerce industry, has signed a 105,385-square-foot office lease at The Grove at Shoal Creek, a mixed-use development located at 4301 Bull Creek Road in Austin. Developed by a joint venture between MileStone Community Builders and Castletop Capital, The Grove at Shoal Creek is a 76-acre destination with office, retail and residential uses. John Gump and Kelly Woodruff of CBRE represented Auctane in the lease negotiations. Travis Dunaway of Endeavor Real Estate Group represented the landlord.
HOUSTON — Energy firm Momentum Midstream has renewed its 22,575-square-foot office lease renewal at 600 Travis St. in downtown Houston. Mark Russell of Newmark Knight Frank represented the tenant in the lease negotiations. Michael Anderson, Diana Bridger, Margaret Elkins and Brad Beasley of Cushman & Wakefield represented the landlord, a partnership between Hines and Cerberus Capital Management. At 75 stories, 600 Travis is the tallest building in Texas and offers a 7,000-square-foot fitness center, a 280-seat auditorium and 12 floors of parking.
GREENVILLE, EASLEY AND SIMPSONVILLE, S.C. — Stan Johnson Co. has arranged the $30.5 million sale-leaseback of a four-property medical office portfolio in Upstate South Carolina. The properties are situated at 5 Stevens St. and 601 Halton Road in Greenville, 220 S. Pendleton St. in Easley and 1 Colony Centre Way in Simpsonville. Teresa Lovely and Jeff Matulis of Stan Johnson Co. represented the seller and tenant, Jervey Eye Group, which executed long-term leases at the time of sale. Indiana-based Cornerstone Cos. Inc. acquired the portfolio, which was built between 2000 and 2018.
ATLANTA — Firmspace will open a new 27,000-square-foot “proworking” space in Atlanta’s Buckhead district. Different from traditional coworking space, Firmspace Atlanta will offer members more privacy in the form of private offices, floor-to-ceiling walls and sound-masking technology. Firmspace is targeting individuals who aren’t satisfied working from home or with traditional coworking spaces. Firmspace Atlanta is equipped to address COVID-19 concerns, with common areas being electrostatically disinfected and members being required to wear masks. The space is located within the Sovereign Building at 3344 Peachtree Road NE, 10 miles north of downtown Atlanta. The office’s soft opening to members will be Tuesday, Sept. 8.
SCOTTSDALE, ARIZ. — CBRE has brokered the sale of Perimeter Parkview Corporate Center in Scottsdale for an undisclosed price. The 24,154-square-foot Class A office building is located at 8355 E. Hartford Drive within the 260-acre Perimeter Center development. It is fully leased to six tenants across various industries. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller, Canada-based Melcor Developments. Newport Beach, Calif.-based Mark IV Capital Inc. purchased the building.
PORTLAND, ORE. — Norris & Stevens Inc. has arranged the sale of a 9,048-square-foot office and building in Portland for $2.6 million. Located at 12923 NW Cornell Road, the two-story property is fully leased to seven tenants, including Next Home Realty, Edward Jones, The Foot Spa, American Family Insurance, Cedar Mils Chiropractic, Bridgetown Optometric Associates and Loft 202 Hair Studio. Todd VanDomelen and Charles Conrow of Norris & Stevens represented the buyers, L&N Fifth LLC and L&N Second LLC. Will Stone and Scott Logan of Marcus & Millichap represented the undisclosed seller. Norris & Stevens will manage the property on behalf of the buyer.
By Tom Weitzel, managing director, JLL The Philadelphia office market at the moment is running in place, which is to say that there is certainly energy being expended, but it is going nowhere fast. Tenants and landlords alike are partnering with real estate experts to navigate this challenging time. However, while office users evaluate businesses and study workforces, the benefit of making a decision has not yet outweighed the downside of making a wrong decision, so most users are adopting a “wait-and-see” approach. Tenant Perspective Tenants are finding it challenging to make long-term decisions about their office spaces given the lack of clarity in the future. Business leaders and executives are tasked with considering factors such as health and safety, productivity, profitability and overall employee morale on a daily basis as they evaluate their physical office space usage during COVID-19. Throughout the region, executives continue to balance health and safety concerns with operational needs as they advance office re-entry plans. They are also assessing the current productivity of their employees compared to that at the beginning of the pandemic. Many companies that we have spoken with have cited declining productivity and creativity from their employees. At the same time, these …
NEW YORK CITY — New York City-based investment firm RFR has purchased 522 Fifth Avenue, a 23-story office tower in Midtown Manhattan. Morgan Stanley, which currently occupies the building, sold the property for $350 million. The office building neighbors Bryant Park and is situated near Grand Central Terminal and Rockefeller Center. RFR is hoping to find a single tenant to fully occupy the 575,000-square-foot property when Morgan Stanley moves out in 2024. Morgan Stanley’s CEO James Gorman told Bloomberg TV that the firm will need much less real estate going forward and that 90 percent of the company’s workforce is working from home during the COVID-19 pandemic. Aby Rosen, co-founder and CEO of RFR, and A.J. Camhi, executive vice president and head of RFR’s internal leasing team, are leading the leasing efforts for 522 Fifth Avenue. “We acquired 522 Fifth Avenue with the vision of working with a single user to create a custom, marquee headquarters in the premier midtown location,” says Rosen. “The vacancy is a remarkable blank canvas, well-positioned to respond to the requirements of a forward-thinking company looking for the prestige and exclusivity of a full building and New York City presence.” In 2014, Morgan Stanley sold …