Office

Glenstar, Private Investor Acquire 200 South Wacker Office Tower in Chicago, Plan $30M Renovation

by Kristin Harlow January 30, 2025

CHICAGO — Glenstar and a high-net-worth private investor have acquired 200 South Wacker, a 40-story office tower in Chicago’s West Loop. According to Crain’s Chicago Business, the duo bought a non-performing $151 million loan backed by the property from lender Bank of China and simultaneously took control of the building from Toronto-based owner Manulife Financial via a deed-in-lieu of foreclosure. The news outlet also reports that the purchase price was close to $68 million. Designed by Harry Weese Associates and constructed in 1981, the building totals 761,775 square feet. Glenstar has taken over as the building’s asset and property manager, and The Telos Group will serve as the leasing agent. Glenstar and its equity partner are allocating approximately $30 million to build fully furnished move-in ready spec suites, modernize common areas, enhance amenities and fund other capital improvements. Current amenities include a rooftop deck, tenant lounge, conference center, fitness facility and a Mojo Coffee shop in the lobby.

January 30, 2025

Illinois Leasing Activity Midwest Office

Colliers Negotiates 35,000 SF Headquarters Lease for Arjo at Bell Works Chicagoland

by Kristin Harlow January 30, 2025

HOFFMAN ESTATES, ILL. — Colliers has negotiated a 35,000-square-foot headquarters lease for Arjo North America, a supplier of medical devices, at Bell Works Chicagoland in Hoffman Estates. Arjo will relocate from 62,000 square feet at 2349 W. Lake St. in Addison when it moves in the fourth quarter. David Burden, Tom Beraducci and Andy Gooliak of Colliers represented the tenant, while Darryl Silverman and Steve Kling of Colliers represented ownership. Bell Works Chicagoland is the redevelopment of the former AT&T headquarters property, which totals 1.6 million square feet and was built in 1990. AT&T vacated the asset in 2016.

January 30, 2025

Leasing Activity New York Northeast Office

Cookware Co. Signs 17,368 SF Office Lease in Tarrytown, New York

by Taylor Williams January 30, 2025

TARRYTOWN, N.Y. — The Cookware Co. has signed a 17,368-square-foot office lease in Tarrytown, a northern suburb of New York City. The space is located at 560-580 White Plains Road, a two-building, 306,475-square-foot development. Matthew Lisk, Tara Long and Steve Baker of Cushman & Wakefield represented the undisclosed landlord in the lease negotiations. Craig Ruoff of Colliers represented the tenant.

January 30, 2025

Market Reports New York Northeast Northeast Market Reports Office

Seizing Opportunity: Office Demand, Conversions Offer Bright Spots as NYC Market Stabilizes

by Taylor Williams January 30, 2025

By Maya Khan, managing director, CBIZ Between the pandemic and the advent of hybrid work, it’s been a challenging stretch for the New York City office market. But savvy investors see skies clearing as interest rates come down and more employers call workers back to the office. The stabilizing market also offers new opportunities for office-to-residential conversions, thanks to recently enacted state and city incentives. In fact, office buildings sold for such purposes accounted for 50 percent of all development sales in Manhattan in the first half of 2024, according to data from Ariel Property Advisors. In what follows, we’ll take a deeper dive into those trends and look at how some New York real estate leaders who spoke at CBIZ’s “Manhattan to Main Street” panel are taking advantage of the current environment. The event, held in the fall of 2024, focused on the more than $2 trillion in commercial real estate debt that is set to mature before 2028 and broader economic factors influencing the New York real estate market; it drew 85 attendees from the local real estate community. Opportunity on the Upswing It’s no secret that the Big Apple’s office sector has taken a beating in the …

January 30, 2025

Acquisitions Office Texas

KBS Sells 179,932 SF Fountainhead Tower Office Building in Northwest San Antonio

by Taylor Williams January 29, 2025

SAN ANTONIO — California-based investment firm KBS has sold Fountainhead Tower, a 179,932-square-foot office building in San Antonio. The building sits on a 5.6-acre site about 10 miles northwest of the downtown area. Amenities include a fitness center, conference facility, deli, outdoor gathering spaces and an onsite bank branch. Todd Mills of Cushman & Wakefield represented KBS, which implemented a multimillion-dollar capital improvement program at Fountainhead Tower in 2017, in the transaction. The buyer was a partnership led by Austin-based SynerMark Properties.

January 29, 2025

Development Louisiana Office Southeast

Feil Organization Completes $4M Overhaul at One Lakeway Office Building in Metairie, Louisiana

by John Nelson January 28, 2025

METAIRIE, LA. — The Feil Organization has completed a $4 million renovation of the common areas at One Lakeway, an office building within the 1.2 million Lakeway office complex in Metairie. Feil partnered with AGL Commercial Interiors and AECOM Tishman on the project. The renovation included new art installations, furniture and finishes in the lobby, as well as landscaping improvements for the courtyard between One and Two Lakeway. Additionally, the overhaul included renovations to the café, rebranded now as Lakeway Café, and the installation of outdoor dining areas. Feil is underway on the lobby renovations at Two Lakeway and expects to complete construction by the end of the year.

January 28, 2025

Acquisitions Office Texas

JLL Brokers Sale of 186,747 SF Lockton Place Office Building in Houston

by Taylor Williams January 28, 2025

HOUSTON — JLL has brokered the sale of Lockton Place, a 186,747-square-foot office building in Houston’s Westchase area. The eight-story building was constructed in 1986 and was 96 percent leased at the time of sale, with insurance brokerage firm Lockton serving as the anchor tenant. Amenities include a tenant lounge, café and a fitness center. Rick Goings, Marty Hogan and Kevin McConn of JLL represented the seller, a partnership between Triten Real Estate Partners and Affinius Capital, in the transaction. Florida-based investment firm Galium Capital purchased Lockton Place for an undisclosed price.

January 28, 2025

Leasing Activity Office Texas

Horace Mann Signs 50,033 SF Office Lease in Plano

by Taylor Williams January 28, 2025

PLANO, TEXAS — Horace Mann, a provider of insurance and financial advisory services for teachers and public servants, has signed a 50,033-square-foot office lease in Plano. Horace Mann will relocate from Addison and occupy the entire third floor of the building at 6275 W. Plano Parkway, which is located within the 300-acre International Business Park development. Ryan Buchanan and Josh White with CBRE represented the tenant in the lease negotiations. Trevor Franke and Gini Rounsaville of JLL represented the landlord, Billingsley Co.

January 28, 2025

Leasing Activity New York Northeast Office

Rockella Signs 16,243 SF Office Lease in Midtown Manhattan

by Taylor Williams January 28, 2025

NEW YORK CITY — Rockella has signed a 15-year, 16,243-square-foot office lease at 520 Eighth Ave. in Midtown Manhattan. The provider of creative office and artistic workspaces will move into its space on the 24th floor of the 26-story, 860,000-square-foot building, which was originally constructed in 1926, later this spring. Matthew Mandell represented the landlord, GFP Real Estate, in the lease negotiations on an internal basis. Michael Joseph and Aidan Campbell of Colliers represented the tenant.

January 28, 2025

Development Illinois Industrial Midwest Office

PREMIER Design + Build Group Completes 113,000 SF Headquarters for Heathrow Scientific in Metro Chicago

by Kristin Harlow January 28, 2025

VERNON HILLS, ILL. — PREMIER Design + Build Group has completed the new headquarters for Heathrow Scientific, a producer of laboratory supplies and instruments. The 113,000-square-foot facility in the Chicago suburb of Vernon Hills will serve as the central hub for the company’s manufacturing, laboratory and office operations. Following the demolition of an existing structure, PREMIER constructed the two-story building that features a large laboratory space dedicated to product design and quality control as well as an outdoor dining area. The project also includes 12 dock positions and two drive-in doors.

January 28, 2025

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