Thursday, November 28, 2024
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AcquisitionsMidwestMissouriOfficeRetail

AXSYS Capital Sells Office, Retail Property in Des Peres, Missouri, for $3.4M

by Kristin Harlow

DES PERES, MO. — AXSYS Capital has sold a 17,190-square-foot office and retail property in Des Peres, a western suburb of St. Louis, for $3.4 million. Built in 1986, the two-story building is located at 11780 Manchester Road. John Shuff of Pace Properties and Ted Green of Avison Young represented the buyer, CommunityAmerica Credit Union (CACU). Mark Dorsey of Avison Young, along with Luke Grant and Jason Riegelsberger of Skyline Missouri Realty, represented the seller, Des Peres Plaza Partners LLC on behalf of AXSYS Capital. The seller had purchased the asset in late 2016 for $2.1 million with a cap rate of approximately 8 percent financed by Carrollton Bank. CACU is evaluating plans to redevelop the property for a new CACU location, according to the seller.

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LoansNew YorkNortheastOffice

Williams Equities Receives $155M CMBS Loan for Refinancing of Manhattan Mixed-Use Property

by Taylor Williams

NEW YORK CITY — Locally based investment firm Williams Equities has received a $155 million CMBS loan for the refinancing of 28-40 West 23rd Street, a 578,105-square-foot mixed-use property in Manhattan. The two-building complex, which originally housed the Ladies Mile department store, is located between Fifth and Sixth avenues in the Flatiron District. Home Depot serves as the property’s longtime retail anchor tenant and recently signed a renewal. Office tenants include digital credit card company Ramp and Estee Lauder brand Aramis. Citi Real Estate Funding provided the five-year loan, and Williams Equities will use a portion of the proceeds to fund capital improvements.

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51-West-52nd-St.-Manhattan
DevelopmentNew YorkNortheastOffice

Harbor Group International Completes $128M Renovation of Midtown Manhattan Office Building

by Taylor Williams

NEW YORK CITY — Harbor Group International has completed the $128 million renovation of an office building located at 51 W. 52nd Ave. in Midtown Manhattan. The building now features updated lobbies and tenant amenities, including a fitness center, lounges and conference facilities, as well as new elevators and furniture. Vocon and MdeAS Architects served as the project architects. Harbor Group acquired the 38-story, 900,000-square-foot building, which houses the headquarters of CBS, in late 2021. The owner also has its 25,000-square-foot headquarters office on the 19th floor of the building.

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Leasing ActivityMidwestMinnesotaOffice

Saint Paul & Minnesota Foundation Signs 10,700 SF Office Lease in Downtown St. Paul

by Kristin Harlow

ST. PAUL, MINN. — The Saint Paul & Minnesota Foundation has signed a 10,700-square-foot office lease at Osborn370 in downtown St. Paul. The foundation will occupy the entire third floor of the building and expects to take occupancy in early 2025. Osborn370 features ample outdoor space, shared common areas, onsite catering and locally owned Hepcat Coffee housed in the lobby. Transwestern Real Estate Services handled the lease negotiations.

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AcquisitionsHealthcareNorth CarolinaOfficeSoutheast

Highwoods Sells 338,000 SF Rexwoods Medical Office Campus in West Raleigh

by John Nelson

RALEIGH, N.C. — Highwoods Properties Inc. has sold Rexwoods, a medical office campus in west Raleigh spanning 380,000 square feet. The eight-building park is located across from University of North Carolina REX Hospital. Highwoods sold the campus to two separate buyers, one of which acquired seven buildings with plans to continue to operate them as clinics while the other buyer bought a building with plans to redevelop the asset. The buyers and sales price were not disclosed. The seven properties were built or acquired by Highwoods between 1982 and 1998, and three of them were recently renovated. Mindy Berman, Ryan Clutter, Daniel Flynn, Teddy Hobbs, Woody Flythe and Landon Weaver of JLL represented Highwoods and procured the buyers in the two transactions. Anthony Sardo and Ward Smith of JLL arranged acquisition financing for one of the buyers.

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Leasing ActivityNorth CarolinaOfficeSoutheast

Asana Partners Signs 23,000 SF Office Lease at The Line in Charlotte

by John Nelson

CHARLOTTE, N.C. — Locally based investment firm Asana Partners has signed a lease to occupy more than 23,000 square feet of office space at The Line, a 16-story office and retail tower located at 2151 Hawkins St. in Charlotte’s South End neighborhood. The lease brings The Line’s 290,000 square feet of office space to 70 percent leased, with other tenants including TTX, Northeastern University, Society Awards, Foundry Commercial, Leerink Partners, Experi and SignatureFD. Meredith Ball and Claiborne Dandridge of Foundry Commercial represented the landlord, a joint venture between CBRE Investment Management and Portman, in the lease negotiations. In addition to office tenants, The Line’s retail component houses Sycamore Brewing, Savi Provisions, Grit Box Fitness and Chapter 6 by Jon Dressler. The Line opened in 2022.

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Leasing ActivityMidwestOfficeWisconsin

Common Ground Healthcare Cooperative Leases 19,675 SF of Office Space in Suburban Milwaukee

by Kristin Harlow

BROOKFIELD, WIS. — Common Ground Healthcare Cooperative has leased 19,675 square feet of office space at Executive Center V in the Milwaukee suburb of Brookfield. The property is located at 300 N. Executive Drive. Ned Purtell and Andy Hess of Founders 3 Real Estate Services represented the tenant, which expects to take occupancy June 1.

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Leasing ActivityNew YorkNortheastOffice

ESKW/Architects Signs 8,447 SF Office Lease in Downtown Manhattan

by Taylor Williams

NEW YORK CITY — ESKW/Architects, which specializes in the design of civic projects, has signed an 8,447-square-foot office lease at 52 Duane St. in downtown Manhattan. The firm is relocating from 100 Lafayette St. to the fifth floor of the 10-story, 100,000-square-foot building, which was originally constructed in 1935. Brad Gerla, Jonathan Cope and Masha Dudelzak of CBRE represented the landlord, an entity doing business as 52 Duane Associates, in the lease negotiations. Elizabeth Martin of E.L. Martin Partners represented the tenant.

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DevelopmentGeorgiaMixed-UseOfficeRestaurantRetailSoutheast

CP Group Rebrands 1.2 MSF CNN Center in Downtown Atlanta to The Center

by John Nelson

ATLANTA — CP Group has rebranded CNN Center, an iconic 1.2 million-square-foot office and retail building in downtown Atlanta, to The Center. The property has served as the headquarters for CNN for over 40 years and also features a large food court on the ground level that connects to State Farm Arena, home arena of the NBA’s Atlanta Hawks. The site also includes the Omni Atlanta Hotel at Centennial Park. CP Group plans to overhaul the former CNN Center to become a hub of world-class retail, dining, content creation and entertainment uses. CP Group has tapped Coleman Weatherholtz of Healey Weatherholtz Properties as The Center’s retail leasing agent and Jeff Keppen and Nicole Goldsmith of CBRE to handle office leasing. In 2021, CP Group purchased CNN Center from AT&T, the former parent company of CNN, in a sale-leaseback transaction that expires this year.

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DevelopmentGeorgiaLeasing ActivityOfficeSoutheast

PrizePicks to Move Corporate Headquarters to Star Metals Offices in Atlanta

by John Nelson

ATLANTA – PrizePicks, a daily fantasy sports operator based in Atlanta, has selected the Star Metals Offices at 1055 Howell Mill Road for its new corporate headquarters. The owner and office landlord of the building in Atlanta’s West Midtown district is Coral Gables, Fla.-based Allen Morris Co. PrizePicks will occupy 33,000 square feet at Star Metals and will invest $25 million in its new headquarters space. The company estimates it will expand its workforce at the new space by 1,000 employees over the next seven years. Organizations involved in the site selection process for the PrizePicks headquarters include the Georgia Department of Economic Development, the Metro Atlanta Chamber, Invest Atlanta, Select Fulton and Georgia Power.

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