Monday, February 24, 2025
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DevelopmentIndustrialOfficeSoutheastTennessee

FlexEtc Completes 91,380 SF Build-Out for New Co-Warehousing, Coworking Space in Nashville

by John Nelson

NASHVILLE, TENN. — FlexEtc, a hybrid office and industrial co-warehousing concept with a few locations out West and in Texas, has completed its build-out at 1133 Polk Ave. in Nashville. Architectural firm Ware Malcomb recently completed the design for the 91,380-square-foot tenant improvement project. DWC Construction was the general contractor, and Colliers served as the client manager. Situated outside of the downtown area, FlexEtc Nashville features contemporary warehouse spaces, with modular units ranging from 3,000 to 2,300 square feet that are suitable for uses ranging from logistics to content creation studios. The location also offers coworking features including private and shared offices, a front reception area, conference room, lounge, break room, kitchen, coffee bar and studio space for photographers and podcasters.

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AcquisitionsOfficeTexas

Marcus & Millichap Brokers Sale of 113,429 SF Office Building in Irving

by Taylor Williams

IRVING, TEXAS — Marcus & Millichap has brokered the sale of Corporate Park Place, a 113,429-square-foot office building in Irving. The building was constructed on 6.1 acres in 1980 and houses 52 suites. Ron Hebert and Joseph Jaques of Marcus & Millichap represented the undisclosed seller in the all-cash transaction. The duo also procured the buyer, a local investor who acquired the property via a 1031 exchange. The sales price was also not disclosed.

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16200-Ventura-Blvd-Encino-CA
AcquisitionsCaliforniaOfficeWestern

Soma Encino Sells 55,207 SF Office Building in Encino, California

by Amy Works

ENCINO, CALIF. — Soma Encino LLC has completed the disposition of an office building located at 16200 Ventura Blvd. in Encino to PS Country Club LLC for an undisclosed price. Built in 1974, the four-story building offers 55,207 square feet of office space that recently underwent extensive capital improvements, including upgrades to common areas and restrooms, a tenant lounge with a kitchen area, a new roof and an HVAC system. At the time of sale, the building was 86 percent occupied by 70 tenants, each occupying an average of 600 square feet.   Mark Shaffer, Michael Longo, Grant Goldman, Anthony DeLorenzo, Gerard Poutier and Dylan Rutigliano of CBRE Investment Properties represented the seller in the transaction.

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The Spiral in New York City
LoansOfficeTop Stories

Tishman Speyer Completes $2.9B CMBS Refinancing of The Spiral Office Tower in Midtown Manhattan

by Channing Hamilton

NEW YORK CITY — Tishman Speyer has received a $2.9 billion refinancing for The Spiral, a 66-story office tower in Midtown Manhattan. JPMorgan Chase provided the five-year, fixed-rate CMBS loan with Bank of America, Goldman Sachs and Wells Fargo serving as co-lenders. Tishman Speyer began developing the 2.8 million-square-foot tower, which was designed by BIG-Bjarke Ingels Group, in June 2018. The Spiral opened its doors in 2023 and is currently 94 percent leased, with the 23rd and 24th floors devoted to the firm’s co-working platform dubbed Studio. The building is anchored by biopharmaceutical company Pfizer and serves as the U.S. headquarters of HSBC, a British bank and financial services group. NewYork-Presbyterian’s Och Spine outpatient center and HSBC’s flagship wealth center occupy the base of the tower. Additional tenants include TPG Global, Debevoise & Plimpton LLP, AllianceBernstein, Turner Construction and Marshall Wace. The Spiral offers shared amenities including ZO Clubhouse, an amenity center and lounge on the top floor, a conference center and outdoor terraces with a green pathway that wraps around the façade of the building. The clubhouse features panoramic views of New York City, food and beverage services and multiple spaces for meetings, conferences and events. The Spiral also offers street-level …

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AcquisitionsNew YorkNortheastOffice

Newmark Brokers $360M Sale of Two Park Avenue Office Building in Manhattan

by Taylor Williams

NEW YORK CITY — Newmark has brokered the $360 million sale of Two Park Avenue, a 1 million-square-foot office building located in Manhattan’s Murray Hill neighborhood. The 29-story building was constructed in the mid-1920s and features a 27th-story penthouse lounge and outdoor terrace, a ground-floor lobby and conference center and bike parking space. Adam Spies, Doug Harmon, Adam Doneger, Marcella Fasulo, Josh King, Avery Silverstein and Willis Robbins of Newmark represented the seller, Morgan Stanley, in the transaction. The buyer, Haddad Brands, plans to occupy a portion of the property and lease the remainder.

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Leasing ActivityNew YorkNortheastOffice

Sciame Construction Signs 37,206 SF Office Lease Renewal in Lower Manhattan

by Taylor Williams

NEW YORK CITY — Sciame Construction LLC has signed a 37,206-square-foot office lease renewal in Lower Manhattan. The locally based firm will continue to occupy the entire 20th floor of 14 Wall Street, a building that was originally constructed in 1910 for the Bankers Trust Co., for the next 20 years. Bradley Gerla, Jon Cope, Mike Rizzo and Masha Dudelzak of CBRE represented the landlord in the lease negotiations. Adam Foster, Matt Bergey, Chris Mansfield and Ryan Luck, also with CBRE, represented the tenant.

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DevelopmentMidwestMissouriOffice

Revitalization Unlimited Invests $3.2M for Historic Garment House Office Building in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Revitalization Unlimited, a fund dedicated to preserving historically significant U.S. real estate and legacy industrial businesses, has unveiled plans to invest $3.2 million in the renovation of The Garment House, an historic office building in downtown Kansas City. Revitalization Unlimited is collaborating with property owner 10 Broadway LLC and Haith & Co. Inc. Revitalization Unlimited has committed $3.2 million to the restoration, with an additional $3 to $4 million allocated for renovations. Plans include modern upgrades and the creation of a diverse tenant mix featuring restaurants, bars, catering spaces and entertainment venues. Targeted rents are projected at $20 per square foot, with $1 million in tenant improvement allowances available for qualifying tenants.

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AcquisitionsHealthcareOfficeSoutheastVirginia

KLNB Brokers $9.2M Sale of Medical Office Building in Chantilly, Virginia

by John Nelson

CHANTILLY, VA. — KLNB’s capital markets team has brokered the $9.2 million sale of a 21,540-square-foot medical office building located at 24801 Pinebrook Road in Chantilly, about 34 miles west of Washington, D.C. Seattle-based Elliott Bay Capital Trust purchased the facility, which was fully leased to Inova Health System at the time of sale. Joe Friedman and Josh Norwitz of KLNB represented the seller in the transaction. Friedman also represented the previous owner when it purchased the property in 2008.

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AcquisitionsNew YorkNortheastOffice

Marcus & Millichap Brokers $16.1M Sale of Midtown Manhattan Office Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $16.1 million sale of a 106,642-square-foot office building in Midtown Manhattan. The 16-story building is located at 254-258 W. 35th St. and was originally constructed in 1924 as a garment manufacturing facility. Eric Anton and John Stewart of Marcus & Millichap represented the undisclosed seller in the transaction. The duo also procured the buyer, a local private investor that similarly requested anonymity,

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Television-City
CaliforniaDevelopmentMixed-UseOfficeRetailTop StoriesWestern

Report: Los Angeles City Council Approves $1B Redevelopment of Television City Studios 

by Katie Sloan

LOS ANGELES — The Los Angeles City Council approved plans for the $1 billion redevelopment of Television City studios at 7800 Beverly Blvd. on Tuesday, according to reports by the Los Angeles Times.  The landmark property was designed by architect William Pereira and developed in 1952. The studios have since been home to TV programs including “The Carol Burnett Show,” “The Ed Sullivan Show,” “Wheel of Fortune,” “Good Times” and “All in the Family.”  The redevelopment project is headed by Hackman Capital Partners, which acquired the property from CBS in 2018 for $750 million. Multiple plans for the site have been submitted over the course of the past two years due to pushback from the local community, according to the LA Times. Owners of nearby establishments including A.F. Gilmore Co. of the Original Farmers Market and Grove LLC — which owns The Grove shopping center developed by Rick Caruso — have sided with neighborhood groups against the project claiming it was too big and would make local traffic significantly worse, according to the newspaper.  In response to these requests, Hackman worked with the city council to produce the recently approved plans for the project, which include the removal of 15-story, 150,000-square-foot office tower …

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