CHICAGO — Skyline Construction has signed a 9,630-square-foot office lease at One East Wacker in Chicago. AmTrust RE owns the 41-story, 560,000-square-foot building. Jon Milonas and Kyle Kamin of CBRE represented the tenant in the lease. Skyline’s new Chicago office will be nearly three times larger than its existing space. In 2023, AmTrust selected Skyline to lead a major capital improvements program for the office tower, upgrading the building’s exterior and conducting comprehensive interior renovations. In addition to a redeveloped lobby, the property features a new full-floor amenity space with a fitness area, event space, lounge, bar and various workspaces.
— By Nadia Letey, senior vice president, CBRE — The global office landscape has markedly changed post-pandemic. Now, amidst economic headwinds and the ongoing stabilization of return-to-office mandates, U.S. office markets like Salt Lake City are undergoing various shifts that are set to shape real estate dynamics in 2024. At the same time, Utah’s economy remains a highly desirable location to do business, in large part bolstered by an exceptionally strong talent pool. What’s Changing: Development Slowdown Poised to Ease Supply Demand Imbalances Salt Lake City saw a 42 percent year-over-year decrease in total office space under construction in fourth-quarter 2023, marking an all-time low. High interest rates, along with record-high vacancies, will continue to deter developers from breaking ground in the near term without significant pre-lease activity. This thinning construction pipeline will likely reduce supply side risks over the next several years as demand can be placed within second-generation space with elevated vacancy. Existing properties — especially in amenity-rich locations — will do well to attract tenants. The emphasis on creating a collaborative and inviting workspace will continue to be important to bring employees into the office. Projects that are moving from planned to under construction are hedging their risk by …
NASHVILLE, TENN. — Oracle Corp. (NYSE: ORCL), an IT company known for its cloud-based products and services, has announced it is moving its global headquarters from Austin to Nashville in a move to focus on the healthcare sector, according to multiple media outlets. Oracle chairman and chief technology officer Larry Ellison announced the move at the Oracle Health Summit earlier this week, citing the Music City as a “health center.” In 2020, Oracle announced it was moving its longtime headquarters from Redwood City, Calif., to the Texas capital. In 2021, the company purchased a 60-acre riverfront site in downtown Nashville for more than $250 million with plans to develop a corporate campus. In 2022, Oracle bolstered its healthcare portfolio when it acquired electronic medical records company Cerner in a deal valued at more than $28 billion. Oracle also expanded its office presence in Nashville by leasing more than 100,000 square feet at Radius, a nine-story office building in the city’s Gulch district. According to The Tennessean, Ellison says that the riverfront campus underway in Nashville will resemble a city within a city with office buildings, a park, hotel, concert venue, restaurants and a community clinic.
ELMHURST, ILL. — Hummingbird Pediatric Therapies has signed a 10,523-square-foot office lease at 501 W. Lake St. in the Chicago suburb of Elmhurst. The transaction marks the third location for Hummingbird in suburban Chicago. Renovation of the space is underway. Named the Hummingbird Therapy & Enrichment Elmhurst Center, the facility is slated to open this summer. Aubrey Englund of NAI Hiffman represented Hummingbird, while Norm Murdoch of Bradford Allen represented the undisclosed landlord. Hummingbird offers a wide variety of speech, feeding, occupational, physical and developmental therapies.
YONKERS, N.Y. — Simone Development Cos. will redevelop One Executive Boulevard, a 133,768-square-foot office building in Yonkers, located north of New York City. The redevelopment will position the building to attract healthcare users, and renovations will include upgrades to the lobby, parking area, landscaping, bathrooms, façade and signage. Simone Development acquired the building last fall and subsequently signed SightMD, a provider of ophthalmology services, to a 9,049-square-foot lease.
NEW YORK CITY — Holding company Tide Rock has signed a two-year, 4,123-square-foot office lease at 340 Madison Avenue in Manhattan. The company is taking space on the 22nd floor of the 750,000-square-foot building. Jack Cohen of Spaces CRE represented the tenant in the lease negotiations. William Elder and Andrew Ackerman represented the landlord, RXR, in an internal basis.
HOUSTON — JLL has brokered the sale of 777 Post Oak Boulevard, a 176,779-square-foot office building located in the Galleria/Uptown area of West Houston. The nine-story building, which was 70 percent leased at the time of sale, was most recently renovated in 2021. Kevin McConn and Marty Hogan of JLL represented the undisclosed seller in the transaction. Fertitta Entertainment Inc., which is owned by Houston Rockets owner Tillman Fertitta, purchased the asset for an undisclosed price.
CHICAGO — NAMI Chicago, a mental health services provider, has signed a 10,058-square-foot office lease at Old Town Park, which is located at 224 W. Hill St. in Chicago. The tenant will relocate from its current 6,500-square-foot space at 1801 W. Warner Ave. this fall. Built in 2021, Old Town Park features 80,000 square feet of office space with ground-floor retail. The property is situated where the Old Town and River North neighborhoods meet. Ryan Foran and Jonathan Zeitler of Cresa represented the tenant. Abby McFayden of Madison Rose represented the owner, Onni Group.
NEW YORK CITY — Northampton Capital Partners has signed a 5,542-square-foot office lease at 340 Madison Avenue in Manhattan. The alternative asset management firm is taking space on the 10th floor of the 750,000-square-foot building. David Mainthow and Steven Langton of Cushman & Wakefield represented the tenant in the lease negotiations. Paul Glickman, Matt Astrachan, Cynthia Wasserberger, Dan Turkewitz and Harrison Potter of JLL, along with internal agents William Elder and Andrew Ackerman, represented the landlord, RXR.
WASHINGTON, D.C. — Marx Realty has completed renovations at One Glover, a 110,000-square-foot office building located at 2121 Wisconsin Ave. in Washington, D.C.’s Georgetown/Glover Park neighborhood. Additionally, the firm has signed a 10-year, 6,650-square-foot retail lease with Water Street Gym, a boutique fitness concept. John Schlagel of Transwestern represented Water Street Gym in the lease negotiations, and Mark Wooters and James Collins of Cushman & Wakefield represented Marx Realty. Updates to One Glover included an overhaul of the façade and the addition of an outdoor gathering area with seating options, lobby lounge and a garden room. Other updates include a uniform doorman and atmospheric music and scents throughout the building’s common areas. Marx Realty’s in-house design team partnered with Studios Architecture for the One Glover project. Office tenants of the building include Nexstar Media Group, George Sexton and Associates and DispatchHealth. Language immersion preschool CommuniKids occupies nearly 9,000 square feet on the ground level.
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