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AcquisitionsCaliforniaMarket ReportsOfficeWesternWestern Market Reports

San Francisco Office Sales Expected to Reach $1B

by Jeff Shaw

— By Colin Yasukochi, executive director, Tech Insights Center, CBRE — An increasing supply of distressed properties for sale has been met with enthusiasm by a growing number of opportunistic buyers in San Francisco. Prices up to 70 percent lower than the seller’s cost basis, combined with improving fundamentals, has given investors confidence to make property purchases ahead of substantial leasing market recovery. About $1 billion of office sales volume could be reached by year-end 2024. There are 27 properties totaling 3.6 million square feet that have sold (totaling $338 million), are under contract (totaling $193 million) or being marketed ($453 million). If this occurs, it would be the highest number of properties sold since 2019 and the highest square footage and dollar volume since 2021. The years 2022 and 2023 combined had a total sales volume of $945 million. Stabilization in the office leasing market has emerged with vacancy and rents little changed and much higher space demand. Second-quarter 2024 vacancy ticked up to 36.8 percent (+0.1 percent), while average asking rents ticked down to $68.43 (-$0.12) compared to the previous quarter. Demand indicators strengthened with leasing activity and tenants in the market rising in the second quarter of …

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District of ColumbiaLeasing ActivityOfficeSoutheast

ArentFox Schiff Signs 120,999 SF Office Lease in Downtown DC

by John Nelson

WASHINGTON, D.C.— Law firm ArentFox Schiff has signed a 120,999-square foot lease at Midtown Center, an office building located in downtown Washington, D.C. The firm will relocate its D.C. headquarters to the 14-story property, occupying the entirety of three floors. Fannie Mae also recently signed a 340,000-square-foot lease at the building, which is owned by Carr Properties. The developer completed Midtown Center, which features two towers connected by three pedestrian buildings, in 2017. SHoP Architects designed the property.

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Leasing ActivityOfficeTexas

SiriusXM Signs 58,350 SF Office Lease Renewal in Irving

by Taylor Williams

IRVING, TEXAS — SiriusXM has signed a 58,350-square-foot office lease renewal in Irving. The Manhattan-based auditory broadcasting giant will remain the sole tenant at Building III of Freeport Business Center, which according to LoopNet Inc. was originally constructed in 1999, for an unspecified period of time. Tim Terrell and Rhett Miller with Stream Realty Partners represented the undisclosed landlord in the lease negotiations. Ryan Buchanan of CBRE represented SiriusXM.

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DevelopmentNew YorkNortheastOffice

JT Magen Completes 180,000 SF Office Build-Out at 3 World Trade Center in Lower Manhattan

by Taylor Williams

NEW YORK CITY — National general contractor JT Magen has completed the 180,000-square-foot office build-out for law firm Freshfields Bruckhaus Deringer at 3 World Trade Center in Lower Manhattan. The space spans four levels and features a kitchen and cafeteria with food service, a dedicated barista and grab-and-go coffee station, as well as several breakout and meeting spaces that encourage collaborative interactions. Gensler designed the space, and Robert Derector Associates handled engineering initiatives.

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Leasing ActivityNew YorkNortheastOffice

Weaver & Tidwell Signs 36,500 SF Office Lease Expansion in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Weaver & Tidwell LLP has signed a 36,500-square-foot office lease expansion at PENN 1, a newly redeveloped office building in Midtown Manhattan. The accounting firm is expanding from an 8,000-square-foot space on the second floor to the entire 28th floor of the 55-story building. Neil Goldmacher and Michael Horn of Newmark represented the tenant in the lease negotiations. Josh Glick, Jared Silverman and Anthony Cugini represented the landlord, Vornado Realty Trust, on an internal basis.

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Medline Signs 214,560 SF Office Lease in Northbrook, Illinois

by Kristin Harlow

NORTHBROOK, ILL. — Medline Industries LP has signed a long-term office lease for 214,560 square feet at 2375 Waterview Drive in the Chicago suburb of Northbrook. The privately held medical-surgical product manufacturer and supplier plans to move into its new space in mid-2025 and will occupy the north building of the campus. Kyle Robbins, Andrew Davidson and David Burkards of Transwestern Real Estate Services represented the owner of the 432,000-square-foot property. Of the two buildings at the campus, there is approximately 80,000 square feet of available space remaining inside the south building. Tenants have access to a cafeteria, 400-person multi-purpose meeting space, fitness center and outdoor terraces. A new tenant lounge is set to open next year. James Otto, Jon Milonas, Paul Diederich and Peter Livaditis of CBRE represented Medline.

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IllinoisLeasing ActivityMidwestOffice

Workbox Moves Corporate Headquarters to Chicago’s Fulton Market District

by Kristin Harlow

CHICAGO — Workbox, a national workspace operator founded in 2019, has moved its corporate headquarters to Chicago’s Fulton Market neighborhood. In less than three years, the company has grown from nine employees to over 35 nationwide and is relocating a majority of its Chicago-based team to 220 N. Green St. At over 60,000 square feet, Workbox Chicago – Fulton Market is the company’s sixth and largest workspace in Chicago. The Workbox team will share its new corporate space with its member base.

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Lone Star PACE Arranges $3.5M in C-PACE Financing for North Dallas Office Tower

by Taylor Williams

DALLAS — Lone Star PACE has arranged $3.5 million in C-PACE financing for Meadow Park Tower, a 263,000-square-foot office building in North Dallas. The 15-story building was originally constructed in 1986 and last renovated in 2016. Bayview PACE provided the nonrecourse, fixed-rate financing, proceeds of which will be used to install sustainable energy-efficient windows and walls, LED lighting, improved HVAC systems and low-flow plumbing. Bradford Cos. owns the building, which was 90 percent leased at the time of the loan closing.

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Leasing ActivityOfficeTexas

Hicks Johnson Signs 21,000 SF Office Lease in Downtown Houston

by Taylor Williams

HOUSTON — Hicks Johnson PLLC has signed a 13-year, 21,000-square-foot office lease in downtown Houston. The litigation and arbitration law firm is taking space at 1550 on the Green, a 28-story, 375,000-square-foot building that the owner, international developer Skanska, completed earlier this year. Tyler Garrett and Chrissy Wilson of JLL represented Skanska in the lease negotiations. The deal brings the building to 54 percent occupancy. Hicks Johnson plans to take occupancy in late 2025.

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Leasing ActivityNorth CarolinaOfficeSoutheast

Burns & McDonnell Expands Office Footprint at Fenton in Cary, North Carolina

by John Nelson

CARY, N.C. — Burns & McDonnell, a global engineering, construction and architecture firm, has expanded its office footprint to 17,000 square feet at Fenton, a 92-acre mixed-use development in the Raleigh suburb of Cary. Matt Winters and Ashley Ingram of JLL represented Burns & McDonnell in the lease transaction, nearly doubling the tenant’s square footage. The office is located at 25 Fenton Main and features an outdoor terrace overlooking the project’s Central Plaza. The owners of Fenton include Hines, Columbia Development and Affinius Capital.

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