NEW YORK CITY — CBRE has negotiated a 17-year, 128,749-square-foot office lease renewal and expansion at 55 Water Street, a 4 million-square-foot complex in Lower Manhattan. The tenant, financial services provider GFI Group Inc., has renewed its lease for 63,756 square feet across the entire 10th floor and committed to an additional 64,993 square feet across the entire 11th floor. Howard Fiddle, Bradley Gerla, Evan Haskell and William Hooks of CBRE represented the owner, New Water Street Corp., in the lease negotiations. Jared Horowitz and Hal Stein of Newmark represented GFI Group, which has been a tenant at the complex since 2007.
NEWARK, N.J. — Data security firm Sphere Technology Solutions will open a 17,000-square-foot office in Newark. The space is located at 3 Gateway, a 500,000-square-foot, newly repositioned building that is one of four within a 2.3 million-square-foot campus known as The Junction. Jamie Ragucci and Hope Brodsky of Newmark represented the tenant in the lease negotiations. Curtis Foster, Jerry Shifrin and Matt Zaplin of Cushman & Wakefield represented the landlord, Rugby Realty.
SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the sale of Hayden Corporate Center, a two-story office building located at 8283 N. Hayden Road in Scottsdale. Hayden Corporate Center LLC sold the asset to Revelation RE, with Bret Anderson as principal, for $10 million. The multi-tenant property consists of two wings adjoined by a two-story central lobby. Hayden Corporate Center features floor plates of 27,500 square feet, narrow bay depths and ample window lines. The new ownership plans to renovate the exterior and interior, as well as upgrading several major building systems.
MINNEAPOLIS — Pioneer Acquisitions, a Rye, N.Y.-based real estate investment firm, has purchased two office towers in downtown Minneapolis along with an 870-stall parking ramp. The buildings, 100 Washington and 111 Washington, total 913,501 square feet and are situated in the city’s Gateway District, bridging the central business district and the North Loop. The transaction marks Pioneer’s first investment in the Twin Cities market. Pioneer plans to refresh and modernize existing amenity areas, including the tenant lounge and ground-level terrace at 100 Washington. The firm has engaged Cushman & Wakefield to handle leasing and property management services. The buildings were 80 percent occupied at the time of sale. Ryan Watts of CBRE represented the undisclosed seller.
HONOLULU — A joint venture formed by locally based MW Group Ltd. and funds affiliated with Blackstone Real Estate (NYSE: BX) and DivcoWest has entered into a definite merger agreement with Alexander & Baldwin Inc. (NYSE: ALEX), a Honolulu-based owner-operator of shopping centers and other commercial real estate properties. The deal is valued at $2.3 billion, inclusive of outstanding debt, and would take Alexander & Baldwin private. The joint venture plans to acquire all outstanding shares of Alexander & Baldwin for $21.20 per share in an all-cash transaction. The company’s stock price closed last week at $15.22 per share, giving the acquisition price a nearly 40 percent premium. Alexander & Baldwin is the largest owner of grocery-anchored shopping centers in Hawaii. The firm’s overall portfolio spans approximately 4 million square feet and includes 21 retail centers, 14 industrial assets and four office properties, as well as fee interests in 146 acres of ground lease assets. Upon closing of the deal, which is scheduled for the first quarter of 2026, Alexander & Baldwin will become a privately held company but will retain its Honolulu headquarters and maintain its name and brand. The new investment group has announced it will invest $100 million …
HOUSTON — JLL has arranged a loan for the refinancing of a 4411 San Felipe, a 94,825-square-foot office building located in the River Oaks neighborhood of West Houston. Park House Houston, a private social club, anchors the seven-story building, which was built in 2021 and was fully leased at the time of the loan closing. John Ream and Cassie McIntosh of JLL originated the three-year, floating-rate loan, which has an initial financing of $33 million with additional future funding available, through Tannenbaum Capital Group. The borrower was an entity doing business as PH 4411 Houston RE Holdings.
ADDISON, TEXAS — Avison Young has brokered the sale of Midway Office Park, a 53,673-square-foot office building located in the northern Dallas metro of Addison. Built on 2.7 acres in 1977 and renovated in 1998, the building was roughly 40 percent leased at the time of sale. Bruce Butler, Susan Gwin Burks and John Bowles of Avison Young represented the seller in the transaction. Taylor Stell of Lee & Associates represented the buyer, Urban Infraconstruction, which also plans to occupy a portion of the building.
HOUSTON — CUBExec has opened a 12,520-square-foot coworking space in Uptown Houston. The space spans the sixth floor of the building at 1700 Post Oak Blvd., which is known locally as BLVD Place., and features 50 private workspaces and collaborative meeting spaces that can accommodate up to 15 people. Houston-based Whitestone REIT owns BLVD Place.
IRVINE, CALIF. — NAI Capital has directed the purchase of a creative office building located at 18012 Cowan in Irvine. A private investor acquired the asset from an undisclosed seller for $9.2 million, or $345 per square foot. John Manion of NAI Capital represented the buyer, while Brian Garbutt and Alejandro Sherratt of Lee & Associates represented the seller in the transaction. The freestanding, two-story building offers 26,481 square feet of creative office space. The property was originally built in 1985 and underwent extensive renovations in 2020. The asset features high-image creative office space with exposed ceilings, an open-concept kitchen and an elevator serving the subterranean parking garage to the first and second floors. Additionally, the building features second-floor outdoor patios and prominent building-top signage.
NEW YORK CITY — Electra USA has signed a 10-year, 25,331-square-foot office lease in Midtown Manhattan. The electrical contractor will occupy the entire fourth and 31st floors at 10 E. 53rd St., a 37-story building that recently underwent a capital improvement program that upgraded the lobby, façade and outdoor plazas. Joseph Cirone, Patrick Dugan and Zachary Price of CBRE represented the tenant in the lease negotiations. The landlord, SL Green, was self-represented.
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