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10-Liberty -Square-12-Post-Office-Square
AcquisitionsMassachusettsNortheastOffice

Edge Property Buys 49,275 SF Office Complex in Downtown Boston

by Taylor Williams

BOSTON — Edge Property has purchased a 49,275-square-foot office complex in downtown Boston. Known as 10 Liberty Square and 12 Post Office Square, the property was 53 percent leased to 10 office and retail tenants at the time of sale. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark represented the undisclosed seller in the transaction. The quintet also collaborated with Newmark’s Michael Byrne, Thomas Greeley, Devlin Man, Casey Griffin, Joseph Alvarado and Casey Valente to procure the buyer.

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Leasing ActivityNew YorkNortheastOffice

Impact.com Signs 18,364 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Impact.com has signed an 18,364-square-foot office lease renewal in Midtown Manhattan. The digital marketing firm will continue to occupy the entire 10th floor at the 300,000-square-foot building at 136 Madison Ave. Alex Leopold of CBRE represented the tenant in the lease negotiations. Mac Roos of Colliers, along with internal agents Andrew Roos, Michael Cohen and Jessica Verdi, represented the landlord, Williams Equities.

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AcquisitionsIllinoisMidwestOffice

Greenstone Partners Negotiates $5.3M Sale of Creative Loft Office Building in Chicago

by Kristin Harlow

CHICAGO — Greenstone Partners has negotiated the $5.3 million sale of a creative loft office building located at 405 W. Superior St. in Chicago’s River North neighborhood. The value-add property features a diverse tenant mix, including one retail tenant as well as full-floor occupants spanning a variety of technology, energy and marketing companies. There are also more than two dozen tenants operating under short-term coworking agreements with the Expansive shared office brand. The floor plates are 7,200 square feet. Jason St. John and Danny Spitz of Greenstone represented the seller, Expansive. Mitchell Loveman and Jimena Sayavedra of Newmark represented the buyer, Self-Help Ventures Fund.

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9890-Irvine-Center-Dr-Irvine-CA
AcquisitionsCaliforniaOfficeWestern

CBRE Negotiates $2.6M Sale of Two-Story Office Building in Irvine, California

by Amy Works

IRVINE, CALIF. — CBRE has arranged the sale of an office building located at 9890 Irvine Center Drive in Irvine. Navigators Advisory Group acquired the property from ICD Equities for $2.6 million. Built in 2007, the two-story 4,950-square-foot building features a mix of open and private offices. Recent upgrades include a loft-style creative design that features open ceilings and exposed ducting. Jeff Carr and Jonathan Carr of CBRE represented the seller, while Blake Garrett of The Feed Group represented the buyer in the transaction.

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AcquisitionsMassachusettsNortheastOfficeRetail

Atlantic Capital Partners Negotiates $15.4M Sale of Massachusetts Retail, Office Portfolio

by Taylor Williams

BOSTON — Locally based brokerage firm Atlantic Capital Partners has negotiated the $15.4 million sale of The Trapelo Portfolio, a collection of four retail properties and one office building totaling roughly 70,000 square feet in Massachusetts. The retail component of the portfolio includes Duxbury Plaza, a 44,014-square-foot, grocery-anchored shopping center located south of Boston, as well as three freestanding buildings in Billerica, Burlington and Shrewsbury that are leased to the United States Postal Service. Justin Smith, Chris Peterson, Sam Koonce, Mary Powers and Matt Ericson of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

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Leasing ActivityOfficeTexas

Ezee Fiber Signs 94,179 SF Office Headquarters Lease in Southwest Houston

by Taylor Williams

HOUSTON — Ezee Fiber has signed a 94,179-square-foot office headquarters lease in southwest Houston. The internet service provider is consolidating its local operations within Houston Technology Center, a 300,000-square-foot complex located at 5959 Corporate Drive. The property offers amenities such as an onsite restaurant, conference rooms and a fitness center. Michelle Wogan and Paula Musa of Transwestern represented the landlord, Dallas-based Prescott Group, in the lease negotiations. The tenant was self-represented.

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AcquisitionsOfficeTexas

Cushman & Wakefield Arranges Sale of 17,550 SF Office Building in McKinney, Texas

by Taylor Williams

MCKINNEY, TEXAS — Cushman & Wakefield has arranged the sale of a 17,550-square-foot office building in the northern Dallas suburb of McKinney. The building at 230 E. Hunt St. was originally constructed in 2015, according to LoopNet Inc. Ryan Hoopes and Johnny Johnson of Cushman & Wakefield represented the buyer, Morrow Renewables, which is also a tenant at the building, in the transaction. The seller was an entity doing business as Tynas Texas LP.

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2600-Michelson-Dr-Irvine-CA
AcquisitionsCaliforniaOfficeWestern

CBRE IM Disposes of 310,925 SF Office Building in Irvine, California for $42M

by Amy Works

IRVINE, CALIF. — CBRE IM has completed the disposition of 2600 Michelson Drive, a 16-story office building in Irvine, to a Southern California-based private investor for $42 million. Anthony DeLorenzo, Todd Tydlaska, Sean Sullivan, Sammy Cemo, Bryan Johnson and Grant Goldman of CBRE Investment Properties represented the seller in the deal. Located on 4.6 acres in the Greater Airport submarket of Orange County, Calif., the 310,925-square-foot office property includes an adjacent five-level parking structure with 1,013 spaces. Built in 1986, the property has undergone extensive renovations. The asset features a two-story lobby and mezzanine, car charging stations, a conferencing facility, fitness center and MJ’s Café Irvine. Additionally, the building offers immediate access to Interstate 405 and State Routes 55 and 73. This year, the Jamboree-Michelson Pedestrian Bridge will be completed, connecting the building with walkable retail, residential and hospitality amenities.

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Market ReportsNevadaOfficeSoutheast Market ReportsWestern

Vegas’ Office Market Balances Growth, Resilience Amid Challenges

by John Nelson

— By Patti Dillon, Executive Vice President, Colliers — Las Vegas’ office market is at a critical juncture as shifting dynamics could shape its future for years to come. New developments like the anticipated 30-acre studios development project in discussion with Howard Hughes Corporation present opportunities, though second-generation office space is expected to dominate over the next three to five years. This shift is driven by cost efficiency, evolving tenant demands and the higher expenses tied to new construction. Though new builds offer state-of-the-art facilities, the adaptability and affordability of second-generation spaces make them a practical solution for many businesses. Las Vegas continues to attract high-profile corporate tenants from out of state. These companies are drawn to flexible office spaces that feature modern technology and proximity to mixed-use developments that support the evolving hybrid work model. The increasing demand for live-work-play environments has placed a premium on mixed-use developments that combine residential, office and retail spaces. Despite ongoing demand, the market faces significant challenges. Investor confidence has been impacted by broader economic factors, including the U.S. elections, geopolitical tensions and inflationary pressures. Supply chain disruptions, rising construction costs and higher interest rates also create barriers for developers and limit financing options …

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Industrious
AcquisitionsCompany NewsNew YorkOfficeTexasTop Stories

CBRE to Acquire Coworking Operator Industrious, Create New Business Segment

by Hayden Spiess

DALLAS AND NEW YORK CITY — CBRE Group Inc. (NYSE: CBRE) has announced plans to acquire Industrious National Management Co. LLC, a flexible workspace provider. Dallas-based CBRE, which has invested in Industrious since late 2020 through roughly 40 percent equity interest and a $100 million convertible note, will purchase the remaining 60 percent equity stake for approximately $400 million, giving Industrious an overall valuation of $800 million. Founded in 2012, New York City-based Industrious offers workplaces with private offices, suites, meeting rooms and desks. The current Industrious portfolio features approximately 200 properties across 65 cities globally. According to a press release issued by CBRE, Industrious’ revenue has grown at a compound annual rate of more than 50 percent since 2021.  In addition to the acquisition, CBRE will establish a new business segment. Dubbed Building Operations & Experience (BOE), the new segment will “unify building operations, workplace experience and property management, positioning CBRE to deliver scalable, future-ready solutions for offices, data centers, warehouses and other facilities,” according to CBRE.  Jamie Hodari, CEO and co-founder of Industrious, will lead CBRE’s BOE division, which will include CBRE’s Enterprise Facilities Management, Local Facilities Management and Property Management divisions, as well as Industrious. The new business …

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