Sunday, June 29, 2025
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FloridaLeasing ActivityOfficeSoutheast

CP Group, DRA Advisors Execute 40,000 SF of Office Leases at Miami Tower

by John Nelson

MIAMI — CP Group and DRA Advisors have executed nearly 40,000 square feet of office lease transactions at Miami Tower, a 47-story, Class A office tower located at 100 S.E. 2nd St. in downtown Miami. The executed deals include two lease renewals (H&R Block and Transwestern), one expansion (law firm Assouline & Berlowe) and seven new leases, all of which were for Miami Tower’s newly completed spec suites. The seven new tenants include Two Chairs, a behavioral healthcare company; GTS Group, a financial services company with locations in New York and Chicago; Shubin Law Group, a law firm specializing in land use and zoning entitlement litigation; Weisberg Kainen Mark PL, a tax law and criminal defense law firm; Latin Securities, an investment advisory firm; NormanMax Insurance Group, a reinsurance group; and Mamone & Villalon, a litigation and business law firm.

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Leasing ActivityNew YorkNortheastOffice

Studio Museum in Harlem Signs 26,000 SF Office Lease

by Taylor Williams

NEW YORK CITY — Studio Museum in Harlem has signed a 26,000-square-foot office lease at 121 W. 125th St. The building, which is known as the Urban Empowerment Center and is located across from the actual museum, will also soon be home to the National Urban League headquarters as the organization returns to Harlem. Taconic Partners is leading the office component of the development. No third-party brokers were involved in the lease negotiations.

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DevelopmentMidwestMissouriOffice

Brinkmann Constructors Completes 87,000 SF Headquarters for First Bank in Creve Coeur, Missouri

by Kristin Harlow

CREVE COEUR, MO. — Brinkmann Constructors has completed an 87,000-square-foot headquarters for First Bank in Creve Coeur, a suburb of St. Louis. The four-story building features multiple outdoor workspaces and a multipurpose “innovation hub” for team collaboration and social events. In addition to the headquarters building, the project includes a two-story, 82,000-square-foot parking garage for employee and visitor use.

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AcquisitionsOfficeTexas

Reports: Pinnacle Bank Buys Back 40-Story Office Tower in Fort Worth via $12.3M Auction Sale

by Taylor Williams

FORT WORTH, TEXAS — Pinnacle Bank has taken back the keys at Burnett Plaza, a 40-story office tower in Fort Worth, via a $12.3 million auction sale, according to reports from multiple news outlets including the Dallas Business Journal and Fox Business. The former publication reports that the previous owner, an affiliate of New York-based investment firm Opal Holdings, bought the building for $137.5 million in 2021 and recently defaulted on a $13 million loan. Fox Business reports that Burnett Plaza, which spans more than 1 million square feet and was originally built in 1983, had a 22 percent vacancy rate as of the first quarter of this year.

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AcquisitionsOfficeTexas

DZMI Acquires 245,846 SF Office Building in Northwest Houston

by Taylor Williams

HOUSTON — David Z Mafrige Interests (DZMI) has acquired The Tower at 290, a 12-story, 245,846-square-foot office building located near the junction of U.S. Highway 290 and Loop 610 in northwest Houston. The new ownership plans to implement a value-add program and has tapped Stream Realty Partners as the leasing agent. A renovation of the lobby is already underway, and enhancements of various common and amenity spaces are also forthcoming. The seller and sales price were not disclosed.

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DevelopmentFloridaMixed-UseMultifamilyOfficeRetailSoutheast

Suffolk to Construct Gasworx Mixed-Use Development in Tampa’s Ybor City

by John Nelson

TAMPA, FLA. — Suffolk plans to construct Gasworx, a mixed-use development in Tampa’s Ybor City, on behalf of the co-developers, Darryl Shaw and Kettler. The project will feature up to 5,000 residences, 500,000 square feet of office space and 140,000 square feet of shops, restaurants and service retailers. Suffolk will deliver multiple projects within the Gasworx development, including a 100-000-square-foot office building and a more than 500-space parking structure wrapped with a five-story residential building. Suffolk and the development team plan to break ground this summer.

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DevelopmentLife SciencesNew JerseyNortheastOfficeTop Stories

MetLife to Reposition 197-Acre New Jersey Office Campus into Bedminster Technology Center

by Kristin Harlow

BEDMINSTER, N.J. — MetLife Investment Management has unveiled plans to reposition its 197-acre office campus in Bedminster, about 45 miles west of New York City, into a life sciences development named Bedminster Technology Center. MetLife has retained JLL to lead the repositioning of the property. Formerly home of AT&T and long known as One AT&T Way, the property consists of four interconnected buildings totaling 939,795 square feet. The campus includes a global network operations center, heliport and 15 acres of covered and surface parking. AT&T built the campus for its own use in 1975. MetLife acquired the property, which is now fully vacant, in 2006. The Township of Bedminster has rezoned the property to accommodate up to 2 million square feet of total development targeted toward biotech research and development and advanced manufacturing uses. Additionally, about 300,000 square feet is available for a conference center, hotel and amenities that could include a fitness center, restaurants and/or retail. Dan Loughlin is leading a JLL team that will market the property for single or multi-tenant lease, sale or site redevelopment with acreage for sale. According to JLL, Bedminster Technology Center presents an opportunity to create the first life sciences development in the …

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CaliforniaLeasing ActivityMarket ReportsOfficeWesternWestern Market Reports

LA Office Market’s Leasing Challenges Continue as Debt Matures 

by Jeff Shaw

— By Taylor Stokes, Market Intelligence Analyst, Avison Young — The Los Angeles office market continues to struggle with a 24.7 percent vacancy rate at the end of the first quarter of 2024, according to Avison Young’s first-quarter Los Angeles office market report. Leasing activity picked up slightly in the first quarter of 2024 with 951 leases recorded. This equated to 3.5 million square feet, up 5.4 percent from the fourth quarter of 2023 when there were 902 leases signed.  To put the decline of occupancy in perspective, the first quarter of 2022 ended with a 15.4 percent office vacancy rate, which was up from 15 percent at the end of 2021. It was also up from the previous high of 13.1 percent that was recorded in 2010. There were a couple lease transactions to highlight in the first quarter of 2024. Snap picked up 400,000 square feet in Santa Monica, while Bank of Tokyo Mitsubishi signed a nearly 62,000-square-foot lease in Downtown Los Angeles.  Downtown continues to struggle with the highest vacancy in the market at 28.6 percent. The anticipated return to office hasn’t happened, as many users see the hybrid work schedule continuing for the long-term. They, therefore, …

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Leasing ActivityNorth CarolinaOfficeSoutheast

Daye North America Signs 20,678 SF Office Lease at Adaptive Reuse Project in Charlotte

by John Nelson

CHARLOTTE, N.C. — Daye North America, a manufacturer of outdoor power equipment, has signed a full-building office lease at 901 Tuck, an adaptive reuse project located at 901 Tuckaseegee Road in Charlotte’s FreeMoreWest submarket. The company will utilize 901 Tuck as its new corporate office. Chase Merkel of Trinity Partners represented the undisclosed landlord in the lease negotiations, and Warren Snowdon of Foundry Commercial represented the tenant.

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Leasing ActivityOfficeTexas

Steelcase Opens 11,169 SF Showroom in Victory Park Area of Dallas

by Taylor Williams

DALLAS — Steelcase, a manufacturer of office furniture, has opened an 11,169-square-foot showroom in the Victory Park area of Dallas. The space is known as the WorkLife Center and is located within the 15-story, 352,000-square-foot Victory Commons One office building. Scott Hage of JLL represented Steelcase in the lease negotiations. Bill Brokaw and Karch Schreiner represented the landlord, Hillwood Urban, on an internal basis. BOKA Powell designed the WorkLife Center, and Balfour Beatty built out the showroom.

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