Office

25-Market-Street-Elmwood-Park-New-Jersey

MLB Network Signs 207,000 SF Lease in Elmwood Park, New Jersey

by Taylor Williams March 6, 2025

ELMWOOD PARK, N.J. — MLB Network has signed a 207,000-square-foot, full-building lease in the Northern New Jersey community of Elmwood Park. The baseball broadcasting company will relocate its entire operation from nearby Secaucus, where it has operated for the past 16 years, to the newly constructed building at 25 Market Street, with plans to take occupancy before the 2028 season. Scott Gottlieb, Brendan Herlihy, Greg Barkan and Elliot Bok of CBRE represented MLB Network in the lease negotiations. Rob Kossar, David Knee, Ignatius Armenia, Chris Hile and Ryan Milanaik of JLL represented the owner, Crow Holdings Development.

March 6, 2025

Arizona Development Mixed-Use Office Restaurant Retail Western

Diversified Partners Opens 11-Acre Mixed-Use Development in Gilbert, Arizona

by Amy Works March 6, 2025

GILBERT, ARIZ. — Scottsdale, Arizona-based Diversified Partners has opened Mercy Center, an 11-acre mixed-use development in Gilbert, approximately 22 miles southeast of Phoenix. A mix of retail and office tenants — Galleria Nails, Prizm Dental, Honoré Skin Clinic, Beem Light Sauna, Brickhouse Dental and Willow Midwife — have already opened. Kolache Café and The Cabinet Design Studio are under construction and will soon join the tenant roster. Additionally, Arizona’s largest Starbucks Coffee is open at Mercy Center, which features a two-story design, a 23-car drive-thru, designated mobile order parking, an elevator and rooftop solar panels that supply 80 to 100 percent of the store’s energy needs. The center is designed to serve the needs of the growing medical and residential community surrounding Mercy Gilbert Medical Center and the soon-to-open Phoenix Children’s Hospital – East Valley.

March 6, 2025

Development Loans Mixed-Use Multifamily North Carolina Office Retail Southeast

Joint Venture Secures Financing for Office-to-Residential Conversion Project for Former Duke Energy Building in Charlotte

by John Nelson March 5, 2025

CHARLOTTE, N.C. — A joint venture between MRP Realty, Asana Partners and Rockefeller Group has received construction financing for Brooklyn & Church, an adaptive reuse project in Charlotte. The project will convert the former Duke Energy headquarters, located at 526 S. Church St., into a 460-unit apartment community with 57,000 square feet of retail space. The financing amount and construction timeline were not disclosed. The Duke Energy headquarters was originally built in 1975. MRP Realty and Asana Partners acquired the building in 2022. The building’s core and shell will be preserved, but the façade will be reskinned with new windows and balconies. Once converted, Brooklyn & Church will comprise 800,000 square feet across 13 stories, with amenities including a rooftop deck and pool with grilling stations, fitness center and spa space, coworking space, bike room and a dog run with pet spa. The property’s loft-style apartments will have 13.6-foot, exposed ceilings. In addition to the apartments and ground-floor retail space, the property will offer a new three-story, 30,000-square-foot retail building at the corner of Church Street and Brooklyn Village Avenue that will be connected to the main building via a 60-foot walkway.

March 5, 2025

California Loans Office Western

Gantry Secures $21M Loan to Refinance San Diego County Office Property

by Amy Works March 5, 2025

ESCONDIDO, CALIF. — Gantry has secured a $21 million permanent loan to refinance the San Diego County’s North Inland Live Well Center, located at 649 W. Mission Ave. in Escondido within the North County suburb of San Diego. The 111,000-square-foot, build-to-suit office facility was redeveloped for its current use in 2015 from a big box retail building formerly occupied by Office Depot and Albertsons. The fully leased property houses the County’s Health and Human Services Agency community-facing programs, as well as retail space occupied by restaurant tenants. Spencer Fisher of Gantry represented the borrower, a private real estate investor responsible for the property’s original redevelopment. The 10-year, CMBS loan was secured from one of Gantry’s conduit lending sources and features a 30-year amortization and nonrecourse terms.

March 5, 2025

Acquisitions Office Utah Western

Fort Street Partners, Cumming Capital Purchase Lehi Spectrum Office Buildings in Utah

by Amy Works March 5, 2025

LEHI, UTAH — Fort Street Partners has partnered with Cumming Capital Management to acquire Lehi Spectrum I and II, two Class A tech office properties in Lehi’s Silicon Slopes district. Terms of the transaction were not released. Built in 2018 and 2020, the buildings offer approximately 265,000 square feet of combined space. Onsite amenities at Lehi Spectrum include pickleball courts, a daycare, gym, locker rooms with showers, an open space auditorium and food services. Bryce Blanchard of Newmark, along with Woodley Real Estate, represented the undisclosed seller in the deal.

March 5, 2025

Development Indiana Leasing Activity Midwest Office

Bradford Allen Underway on Redevelopment of 245,783 SF Headquarters Space for Andretti Global in Indianapolis

by Kristin Harlow March 5, 2025

INDIANAPOLIS — Bradford Allen has negotiated a lease for TWG Motorsports, parent company of Andretti Global, at the former IndyStar Pulliam Production Center located at 8278 Georgetown Road in Indianapolis. The firm is redeveloping the 245,783-square-foot space to serve as the headquarters of Andretti Global’s INDYCAR, INDY NXT and Formula E teams. The renovated facility will have both office and industrial space and accommodate approximately 300 employees. Construction has begun and will be coordinated concurrently with the removal of several three-story printing presses from the building. The project is expected to be completed by this summer. The facility marks Bradford Allen’s second project for TWG Motorsports, the first being a nearly 400,000-square-foot motorsports facility under construction in Fishers, Ind. Built in 1995, 8278 Georgetown Road served as a production facility for the Indianapolis Star until 2024. Bradford Allen will modernize the building’s technology, introduce tailored workspaces and fabrication zones, and incorporate employee amenities such as a fitness center, dining space and pit-stop performance area. Additional project partners include ABEL Construction Co. and Merriman Schmitt Architects. Both firms have experience with motorsports facilities.

March 5, 2025

Illinois Leasing Activity Midwest Office

Lessen Opens New 76,932 SF Office in Downtown Chicago

by Kristin Harlow March 5, 2025

CHICAGO — Lessen, a tech-enabled solution for outsourced real estate property services, has opened its new 76,932-square-foot office at 203 North LaSalle Street in downtown Chicago. The 17-story building is situated in the city’s Central Loop tech district adjacent to Google’s forthcoming Chicago office in the Thompson Center. Lessen first entered the Chicago market in 2023 after its acquisition of technology company SMS Assist for $950 million, the largest proptech merger in U.S. history, according to the company. Lessen partners with residential and commercial owners and occupiers who collectively manage over 1 million locations.

March 5, 2025

Acquisitions Industrial Office Texas

BH Properties Buys 374,085 SF Legacy R&D Business Park in Plano, Plans Industrial Conversion

by Taylor Williams March 4, 2025

PLANO, TEXAS — California-based investment firm BH Properties, which also has two offices in Texas, has purchased Legacy R&D, a 374,085-square-foot business park in Plano that the company plans to convert to industrial use. The 40-acre property consists of seven buildings that were 58 percent leased at the time of sale. Elizabeth Malone and K.C. Scheipe of Eastdil Secured represented the undisclosed seller in the transaction. The new ownership has tapped Stream Realty Partners to lease the park, including to prospective life sciences users.

March 4, 2025

Acquisitions North Carolina Office Southeast

Highwoods Agrees to Purchase 20-Story Advance Auto Parts Tower in Raleigh

by John Nelson March 4, 2025

RALEIGH, N.C. — Highwoods Properties Inc. has agreed to purchase Advance Auto Parts Tower, a 20-story office building located in Raleigh’s North Hills district. The seller and sales price were not disclosed, but Triangle Business Journal reported that the 346,000-square-foot property was sold by Lionstone Investments, which delivered the tower in 2020 along with current property manager Kane Realty Corp. The deal is expected to close in the next 30 days, and Highwoods has contributed $20 million in earnest money deposits in advance of the closing. Advance Auto Parts Tower was fully leased as of year-end 2024, with retailer Advance Auto Parts anchoring the office building. The office tower is situated adjacent to Highwoods’ 16-story CAPTRUST Tower.

March 4, 2025

Development Office Southeast Tennessee

Swinerton Begins $4.5M Renovation of T-Mobile Call Center in Chattanooga

by John Nelson March 4, 2025

CHATTANOOGA, TENN. — Swinerton has begun the $4.5 million renovation of a T-Mobile call center in Chattanooga. The facility houses desks and offices for 936 T-Mobile employees and will remain open during construction. The overhaul of the 13,161-square-foot facility is expected to last about six months. Kansas City-based Perspective Architecture + Design is overseeing the design of the renovation, which will include upgrading the security desk and surrounding area with new doors, millwork, flooring and ceiling; transforming underutilized space into a mother’s room, wellness room and additional restroom; adding two restrooms and upgrading an existing restroom for all-gender use; installing audio/visual equipment and a security system featuring video monitoring; upgrading the lobby with new front doors, lighting, ceiling, furniture and branding elements; improving the cafeteria and kitchen by expanding the back-of-house, upgrading finishes and installing new culinary and ventilation equipment; adding new furniture, grills, fans and lounge area to the outdoor patio; and installing two parking lot EV chargers.

March 4, 2025

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