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FeaturesLeasing ActivityOffice

Savills: US Office Market Sees Post-Pandemic Record Levels of Leasing Activity

by John Nelson

LONDON — The U.S. office market is in need of time and sustained levels of leasing activity to overcome the robust amount of space given back since the COVID-19 pandemic, concludes Savills’ third-quarter “State of the U.S. Office Market” report. If the third quarter is any indication, the U.S. office market is beginning its long road to recovery. According to Savills, the market recorded 57.7 million square feet of leasing activity this past quarter, which is a nearly 19 percent increase from 48.6 million square feet in second-quarter 2024 and a 25.4 percent increase from 46 million square feet in third-quarter 2023. The third-quarter 2024 total represents the largest quarterly leasing volume since the pandemic, according to Savills. The firm also projects that this year is on track to have the most office leasing activity since 2019, surpassing the previous post-pandemic high of 205.8 million square feet recorded in 2022. Additionally, the amount of available sublease space is on the decline. Sublease space on the market totaled 164.7 million square feet at the end of the third quarter, a 6.6 percent decrease from 176.4 million square feet in third-quarter 2023. Savills reports that sublease availability has declined for four consecutive quarters. …

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DevelopmentFloridaMixed-UseMultifamilyOfficeRetailSoutheast

Related Group, Rockpoint Deliver Mixed-Use Highley House in Miami’s Wynwood District

by John Nelson

MIAMI — A partnership between development firm Related Group and Boston-based private equity firm Rockpoint has delivered The Highley House, a mixed-use project in Miami. Situated at 2150 N. Miami Ave. in the city’s Wynwood district, the development features two towers comprising 304 rental apartments, approximately 72,000 square feet of Class A offices and 18,000 square feet of retail space. The co-developers named the project after Locke Highleyman, a developer behind local projects like Hibiscus and Palm Islands and the judge responsible for christening the area as “Wyndwood” in 1917, which was later streamlined to “Wynwood.” Amenities at The Highley House include a rooftop with a swimming pool, summer kitchen, bar and sky lounge. Other amenities include a private dining and wine room, private cinema and lounge, podcast suites, game room, art murals throughout, electric vehicle charging stations, coworking spaces, package services, storage and a wellness center with a gym, yoga room, spa, steam room, cold plunge and treatment suites. The Highley House’s apartments feature studio to three-bedroom layouts with monthly rental rates ranging from $2,389 to $5,657, according to Apartments.com.

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ArizonaDevelopmentHealthcareOfficeWestern

Okland Capital Breaks Ground on 68,000 SF Celebration Medical Center in Gilbert, Arizona

by Amy Works

GILBERT, ARIZ. — Okland Capital has started construction for Celebration Medical Center, a medical office project in Gilbert. CBRE is marketing the facility for lease. Located at 3275 S. Mercy Road, the three-story building will offer 68,000 square feet of Class A medical office space divided into eight suites. The property is more than 30 percent pre-leased, with two undisclosed tenants.

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Leasing ActivityNew YorkNortheastOffice

Kauff McGuire & Margolis Signs 17,320 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Kauff McGuire & Margolis LLP has signed a 17,320-square-foot office lease in Midtown Manhattan. The law firm has committed to the 33rd floor of the building at 810 Seventh Ave. for a term of 10 years. Peter Trivelas, Justin Royce and Justin Sodokoff of Cushman & Wakefield represented the tenant in the lease negotiations. Harry Blair, Tara Stacom, Barry Zeller and Pierce Hance, also with Cushman & Wakefield, represented the landlord, SL Green.

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LoansMidwestMissouriOfficeWalker & Dunlop

Walker & Dunlop Arranges $65M Loan for Refinancing of Plaza Vista Offices in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Walker & Dunlop has arranged a $65 million loan for the refinancing of Plaza Vista Offices in Kansas City. Located at 900 W. 48th St. on the west side of the Country Club Plaza, the property serves as the headquarters of Polsinelli PC. The development features a 10-story building totaling 253,736 square feet situated above a 950-space underground parking garage. Joseph Platt of Walker & Dunlop arranged the fixed-rate loan through Bank of America on behalf of the borrower, Platform Ventures LLC.

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Leasing ActivityMidwestMinnesotaOffice

Kipsu Signs 38,000 SF Office Lease at Butler Square in Downtown Minneapolis

by Kristin Harlow

MINNEAPOLIS — Kipsu has signed a 38,000-square-foot office lease at Butler Square, a historic office building totaling 367,717 square feet in downtown Minneapolis. The Frontline Customer Experience (FCX) software company will move into its new space on the seventh floor in January. Ann Rinde of CBRE represented the landlord, Butler Properties LLC. Brandon Megal of CBRE represented Kipsu. Butler Square is located within the Warehouse District at 100 N. 6th St. Built in 1906 and extensively renovated in 2020-2021, the nine-story building features amenities such as bike storage, new shower rooms, onsite childcare, a tenant lounge, Skyway access and a conference room.

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District of ColumbiaLeasing ActivityOfficeSoutheast

Milbank Signs 65,000 SF Office Lease at 1101 New York Avenue in DC

by John Nelson

WASHINGTON, D.C. — Milbank, an international law firm, has signed a 65,000-square-foot lease at 1101 New York Avenue, a 388,000-square-foot office building in Washington, D.C.’s East End. The office building is now 94 percent leased to firms including A&O Shearman, National Retail Federation, EY and Bloomberg. Dale Schlather, Malcolm Marshall and Alson Offutt of Cushman & Wakefield represented Milbank in the lease deal. Kyle Luby, Matt Pacinelli, John Klinke and Tim McCarty of Stream Realty Partners represented the landlord, a partnership between Oxford Properties Group and Norges Bank Investment Management. Jim Potocki of Oxford Properties was also part of the leasing team at 1101 New York Avenue, which has 28,000 square feet of availability.

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DevelopmentFloridaLoansOfficeRetailSoutheastTop Stories

Hall of Fame Partners Obtains Financing for Phase I of $200M Aquatics Complex Redevelopment in Fort Lauderdale, Florida

by Kristin Harlow

FORT LAUDERDALE, FLA. — Hall of Fame Partners has obtained a $54 million credit-tenant lease loan for the construction and permanent financing of Phase I of the International Swimming Hall of Fame (ISHOF) complex. ISHOF is the planned $200 million redevelopment of the Ft. Lauderdale Aquatics facility, which was originally built in Fort Lauderdale in 1965. Phase I of the ISHOF complex will include the reconstruction of a foundational sea wall, as well as the development of a new building that will serve as the headquarters for the city’s Ocean Rescue department. The ground level of the 10,000-square-foot building will serve as storage for Ocean Rescue equipment such as paddleboards and jet skis. The second floor will consist of offices for the chief and lieutenants, a conference room, showers and locker rooms. According to Miami-based architect Arquitectonica, which designed the facility, subsequent phases will include the construction of two buildings that will house the museum, an aquatic facility with a covered teaching pool, restrooms and an administrative office, as well as restaurant and retail space. The ISHOF Museum will include a 20,000-square-foot museum space, along with ballrooms, event spaces and a rooftop restaurant. The building will also include parking facilities …

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AlabamaDevelopmentMixed-UseMultifamilyOfficeRestaurantRetailSoutheast

Emergent Properties, RNGD Break Ground on $50M Adaptive Reuse Project in Downtown Huntsville

by John Nelson

HUNTSVILLE, ALA. — Emergent Properties and RNGD have broken ground on The Lewter District, a $50 million adaptive reuse project in downtown Huntsville. Situated on 1.5 acres, the mixed-use development is a conversion and restoration of the historic Lewter Hardware Co. store that closed in 2022 after nearly a century of operation. Phase I of the development will feature 14 luxury residences along Washington Street called Lewter District Townhomes. Sanders Pace Architecture designed the residential community, which is expected to be completed by late 2025. Phase II comprises a renovation of the original hardware store building. The restored building will house farm-to-table restaurant Brick & Tin on the ground level and outdoor patio spaces as well as offices for RNGD on the second floor. Phase III calls for a ground-up, five-story office building. National law firm Maybard Nexsen has committed to occupying the top two floors of the office building, which will also feature ground-level retail space. EskewDumezRipple is the architect for the second and third phases of The Lewter District. Phases I and II are underway and Phase III is slated to break ground before the end of the year.

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Ryan-Tower-Plano
DevelopmentOfficeTexas

Ryan Cos. Completes 23-Story Office Project at Legacy West in Plano

by Taylor Williams

PLANO, TEXAS — Minneapolis-based developer Ryan Cos. has completed a 23-story, 409,000-square-foot office building within the Legacy West mixed-use development in Plano. Global tax firm Ryan LLC plans to occupy about half of the building as its new headquarters, and JLL is marketing the remaining space for lease. The developer and tenant are not affiliated. ACORE Capital provided construction financing for the project, which Ryan Cos. developed in a joint venture with the real estate investment arm of Kansas-based conglomerate Koch. Amenities include a fitness center, multiple conference rooms, tenant lounge, pickleball courts and a café. Gensler served as the project architect. Construction began in summer 2022 and topped out last fall.

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