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Freeport-Business-Center-Irving
AcquisitionsOfficeTexas

Hillwood Acquires 383,000 SF Office Park Near DFW Airport in Irving

by Taylor Williams

IRVING, TEXAS — Hillwood has acquired Freeport Business Center, a three-building, 383,000-square-foot office park located near Dallas-Fort Worth International Airport in Irving. The property spans 34 acres, and the buildings were 70 percent leased at the time of sale to tenants such as Northrop Grumman Corp., Yardi Systems, SiriusXM and Boeing. The undisclosed seller also recently invested $6.5 million in capital improvements to Freeport Business Center, including lobby renovations, window upgrades, fresh landscaping and updated building operation systems.

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63-Madison-Avenue-Manhattan
Leasing ActivityNew YorkNortheastOffice

American Eagle Signs 338,085 SF Office Lease at 63 Madison Avenue in Manhattan

by Taylor Williams

NEW YORK CITY — American Eagle Outfitters Inc. has signed a 338,085-square-foot office lease at 63 Madison Avenue, a 15-story building in Midtown Manhattan. The lease term is 20 years. The space encompasses 108,194 square feet across the entire 7th and 11th floors and the entire 66,597 square feet of one of the tower’s concourse areas. Additionally, a sublease arrangement totaling 162,291 square feet — approximately 54,097 square feet per floor — has been reached with CBS for the 8th, 9th and 10th floors. This sublease agreement will eventually convert into a direct lease. Mitti Liebersohn, David Goldstein, Anna Erickson, Nate Brzozowski and Will Demuth of Savills represented American Eagle in the direct lease and sublease negotiations. Mark Boisi of Cushman & Wakefield represented CBS in the sublease negotiations. Peter Duncan, Matt Coudert and Alex Bermingham represented the landlord, George Comfort & Sons, which owns the building in partnership with Jamestown and Loeb Partners Realty, on an internal basis.

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AcquisitionsColoradoOfficeWestern

Unique Properties / TCN Worldwide Brokers $4.7M Sale of Office Building in Denver

by Amy Works

DENVER — Unique Properties / TCN Worldwide has arranged the sale of an office building located at 1425 Market St. in Denver. The asset sold for $4.7 million. The names of the seller and buyer were not released. Renovated in 2015, the 17,700-square-foot building offers natural light and open floor plans. Sam Leger and Graham Trotter of Unique Properties / TCN represented the seller in the transaction.

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AcquisitionsData CentersMassachusettsNortheastOffice

JLL Arranges Sale of 56,324 SF Office, Data Center in Hopkinton, Massachusetts

by Taylor Williams

HOPKINTON, MASS. — JLL has arranged the sale of a 56,324-square-foot office and data center located in Hopkinton, about 30 miles west of Boston. According to LoopNet Inc., the two-story building at 117 South St. was built in 1981 and renovated in 1985. Mike Restivo and Scott Carpenter of JLL represented the undisclosed seller in the transaction. Brett Paulsrud and Tom Sullivan, also with JLL, arranged acquisition financing on behalf of the buyer, locally based investment firm Rhino Capital. The new ownership plans to implement a value-add program.

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DevelopmentGeorgiaMixed-UseOfficeRetailSoutheast

Jamestown Completes 115,000 SF Mass Timber Mixed-Use Building at Ponce City Market in Atlanta

by John Nelson

ATLANTA — Atlanta-based Jamestown has completed 619 Ponce, a 115,000-square-foot mass timber building located on the corner of Ponce de Leon Ave. and Glen Iris Drive within the Ponce City Market campus in Atlanta. Pottery Barn has opened within an 18,000-square-foot retail space on the ground floor, and business tech firm Sage has leased 57,000 square feet of office space within the building for its North America headquarters. Amenities at the property — which will target net-zero carbon operations, LEEDv4 Core & Shell certification and Fitwel certification — include onsite daycare and medical facilities, as well as direct access to the Atlanta BeltLine. The design-build team for the project included Handel Architects, JE Dunn and StructureCraft. Marking the first Georgia-grown mass timber building, the property features outdoor space on every level, natural wood columns and ceilings and floor-to-ceiling windows with operable panels. Jamestown owns and manages more than 100,000 acres of timberlands across Georgia, Alabama, South Carolina, New York, Pennsylvania and Indiana. 

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AcquisitionsOfficeTexas

Bradford Commercial Arranges Sale of 5,130 SF Office Building in Garland, Texas

by Taylor Williams

GARLAND, TEXAS — Locally based brokerage firm Bradford Commercial Real Estate Services has arranged the sale of a 5,130-square-foot office building in the northeastern Dallas suburb of Garland. The building at 1014 Main St. was constructed in 1985 and renovated in 2021. Kyle Espie and Brian Pafford of Bradford represented the seller, Exchange Resource Group LLC, in the transaction. Bob Charles of Texas Premier Realty represented the buyer, Involved for Life Inc., a Dallas-based women’s healthcare ministry.

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FM-Global-Norwood-Massachusetts
DevelopmentLife SciencesMassachusettsNortheastOffice

Hobbs Brook Breaks Ground on 320,000 SF Office, Life Sciences Project in Norwood, Massachusetts

by Taylor Williams

NORWOOD, MASS. — Hobbs Brook Real Estate has broken ground on a 320,000-square-foot office and life sciences project in Norwood, a southern suburb of Boston, that is a build-to-suit for commercial property insurance company FM Global. The project will replace a 1950s-era building with a four-story office, lab and research and development building, as well as add a new 930-space parking garage and outdoor amenity spaces. Payette is the project architect, and Shawmut Design & Construction is the general contractor. Completion is slated for 2026.

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LoansMultifamilyNew YorkNortheastOffice

Largo Capital Arranges $6M Bridge Loan for Multifamily Conversion Project in Buffalo

by Taylor Williams

BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged a $6 million bridge loan for a multifamily conversion project in Buffalo. The project will convert a 272,000-square-foot office complex in the downtown area that was formerly known as the Atrium Building into a residential building with an undetermined number of units. Kevin Coscia and Ned Perlman of Largo arranged the debt. The direct lender and borrower were not disclosed.

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IllinoisLeasing ActivityMidwestOffice

Skyline Construction Signs 9,630 SF Office Lease at One East Wacker in Chicago

by Kristin Harlow

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.  

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Market ReportsOfficeUtahWesternWestern Market Reports

As the Global Office Landscape Changes, Salt Lake City Responds with Resilience

by Jeff Shaw

— 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 …

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