HOUSTON — Dow Jones has opened a 10,890-square-foot office at Town Centre One in West Houston. The space will serve as the hub for chemical markets analysis and will feature 64 workstations, nine meeting rooms and a collaborative breakout space. Shannon Unsicker and Brian Sapp of Fischer Corporate Real Estate represented Dow Jones in its site selection and lease negotiations. The opening is slated for this summer. The Instant Group handled the build-out of the space.
MARIETTA, GA. — Major League Soccer (MLS) club Atlanta United has announced plans for a $23 million expansion to its Children’s Healthcare of Atlanta Training Ground headquarters facility in Marietta, roughly 20 miles northwest of Atlanta. The two-story, 20,000-square-foot addition will connect to the east wing of the existing facility and feature 4,000 square feed designated for its second team (ATL UTD 2) and the club’s five Academy teams. The space will also feature a dedicated gym, locker room and office space for Atlanta United’s six development teams and 20-plus staff members, as well as a dedicated classroom, two new digital content studios, a new podcast and esports studio and a press conference room. The expansion will bring the total footprint of the facilities to 50,000 square feet, with a total investment of $85 million. Completion of the project is scheduled for summer 2025.
FREDERICK, MD. — St. John Properties has signed a lease extension and expansion with Precision for Medicine at Riverside Tech Park, a 70-acre business and research and development (R&D) property in Frederick. Precision for Medicine, a clinical research organization, has occupied space at the park since 2006. Precision for Medicine currently occupies 75,000 square feet at 8425 Precision Way. With the new agreement, the tenant will occupy an additional 41,040 square feet at 8440 Broadband Drive, a new 52,080-square-foot flex R&D building at the development, utilizing the building for office and laboratory space. St. John Properties recently completed construction at Riverside Tech Park, which comprises more than 750,000 square feet across 14 buildings. The development is located adjacent to the National Cancer Institute (NCI) and is within a mile of the Frederick Municipal Airport.
CLEVELAND — Namdar Realty Group and Mason Asset Management have acquired 200 Public Square, a 1.3 million-square-foot office tower in Cleveland. Originally built for BP America in 1985, the building has undergone recent improvements. The buyers aim to enhance the property’s appearance, amenities, atrium and aging infrastructure. The building currently has 357,767 square feet of available office space being marketed for lease by Colliers. Chase Johnson and Caleb Riebe of Cushman & Wakefield arranged $45.7 million in acquisition financing through a life insurance company.
NASHVILLE, TENN. — Video game developer Iron Galaxy Studios has signed a 25,000-square-foot office lease at 333 Commerce in Nashville. The company, which has studios in Chicago and Orlando, will be relocating from UBS Tower, where it occupied space on a temporary basis. Kevin Ziomek, Corey Siegrist and Jim Rose of JLL represented the tenant in the lease negotiations. Amenities at the building include an 8,000-square-foot fitness center, outdoor courtyards and recently renovated lobby and common areas.
GREENWICH, CONN. — Financial services firm Kensico Capital Management has signed an 11,016-square-foot office lease at 55 Railroad Ave., a 139,000-square-foot building in the southern coastal Connecticut city of Greenwich. According to LoopNet Inc., the property was built in 1975 and renovated in 2006. Jay Hruska of Cushman & Wakefield represented the landlord, an affiliate of Houston-based Hines, in the lease negotiations. Ed Tonnessen of JLL represented the tenant.
SPARKS AND RENO, NEV. — Dornin Investment Group has acquired a 20-building portfolio in Sparks and Reno for approximately $70 million. Totaling 413,172 square feet, the portfolio includes light industrial, retail and medical office properties. The majority of the buildings were constructed between 1977 and 1991, with retail assets built in 2005 to 2006. The portfolio collectively has more than 180 total tenants with a median size of 1,640 square feet. The office buildout of the warehouse units is 21.7 percent. The industrial buildings offer clear heights ranging from 12 feet to 16 feet. Mark Nicoletti, Maxwell Shapiro and Julia Lewitt of Allen Matkins provided legal expertise in the transaction. Bill Bernard and Tami Haworth of Stewart Title provided title and escrow services.
— By Jason Hallahan, associate, Colliers — Northern Nevada’s office market remained resilient throughout last year in the face of strong headwinds. Reno’s office market saw a blend of market fundamentals as net absorption declined, investment activity slowed and available sublease space shrunk. Negative net absorption in three out of four quarters brought the annual total to nearly 23,000 square feet of negative absorption — the lowest the market has seen since 2020. Vacancy ticked up 100 basis points year over year to 11 percent by the end of 2023, though it is well below the pandemic peak of 13.4 percent of mid-2020. Average direct asking rents also softened slightly this year, though tenant demand and asking rates both remain strong among Class A office product. A combination of growing vacancy, heightened interest rates and continued uncertainty in office space needs have curbed investor appetite this year. Demand for Reno office product fell sharply at the beginning of 2023 when first-quarter sales shrank to less than 20 percent of the average quarterly sale totals from the past three years. Buyers and sellers struggled to reach a middle ground as elevated vacancies weakened sale prices and increased borrowing costs discouraged investors. There …
AUSTIN, TEXAS — Newmark has brokered the sale of Plaza on the Lake, a 120,789-square-foot office building in southwest Austin. The three-story building was originally constructed on 4.6 acres in 1985 and underwent a $5 million renovation in 2021. Chris Murphy, Robert Hill and Gary Carr of Newmark represented the seller, an undisclosed institutional investment firm, in the transaction. The buyer was an affiliate of Austin-based Endeavor Real Estate Group.
WESTLAKE, TEXAS — Weider Fitness & Health has signed a 5,500-square-foot office lease in the North Texas city of Westlake. The space is located within The Terraces, an eight-building, 1.1 million-square-foot development that was originally constructed as a campus for IBM and recently underwent a $25 million repositioning. Haley Hullett of JLL represented the landlord, Chicago-based Glenstar, which bought the property in 2019, in the lease negotiations.