Office

DoorDash Signs 115,382 SF Office Lease Expansion at 200 Fifth Avenue in Manhattan

by Taylor Williams January 12, 2024

NEW YORK CITY — DoorDash has signed a 115,382-square-foot office lease expansion at 200 Fifth Avenue in Manhattan. The San Francisco-based online food delivery platform is expanding from a 57,691-square-foot space that it had previously subleased to the ninth floor of the 860,000-square-foot building. Bruce Mosler, Ethan Silverstein, Anthony LoPresti and Bianca Di Mauro of Cushman & Wakefield represented the landlord, Boston Properties (NYSE: BXP), in the lease negotiations. Adam Ardise and Greg Pickett, also with Cushman & Wakefield, represented DoorDash, which plans to take occupancy of the new space before the end of the year.

January 12, 2024

Acquisitions Arizona Healthcare Office Western

Regent Properties Sells 153,332 SF Talavi Corporate Center in Glendale, Arizona

by Amy Works January 11, 2024

GLENDALE, ARIZ. — Regent Properties has completed the disposition of Talavi Corporate Center, a three-story office and medical property in Glendale, to Texas-based Woodside for $9.3 million in an all-cash transaction. Situated on 11.4 acres at 5651 W. Talavi Blvd., Talavi Corporate Center offers 153,332 square feet of office and medical space. At the time of sale, the asset was 74 percent leased to five tenants. The center was built in 2002. Woodside plans to upgrade specific suites to speculative condition and enhance other areas of the property to attract new tenants and bring the property to greater stabilization. This transaction is Woodside’s first acquisition in Arizona. Barry Gabel, Chris Marchildon and CJ Osbrink of Newmark represented the seller in the deal.

January 11, 2024

Acquisitions California Office Retail Western

City Center Realty Partners Purchases 4,500 SF Retail, Office Building in San Francisco

by Amy Works January 11, 2024

SAN FRANCISCO — San Francisco-based City Center Realty Partners has acquired a freestanding, multi-tenant retail and office building in San Francisco’s Marina District for an undisclosed price. Tri Counties Bank currently occupies the ground-floor space of the two-story, 4,500-square-foot building, which is located at 2197 Chestnut St. and originally built in 1907. Kazuko Morgan and Heather Trimble of Cushman & Wakefield represented the buyer, while David Klein and Elijah Hodges of Lee & Associates represented the seller in the deal.

January 11, 2024

Leasing Activity New York Northeast Office

JLL Negotiates 5,084 SF Office Lease in Manhattan’s Financial District

by Taylor Williams January 11, 2024

NEW YORK CITY — JLL has negotiated a 5,084-square-foot office lease at 76 Trinity Place, a 26-story building in Manhattan’s Financial District that was completed in 2022. The lease term is five years. John Wheeler, Andrew Coe and Margaux Kelleher of JLL represented the landlord, Trinity Church Wall Street, in the lease negotiations. Jeff Szczapa, Ed DiTolla and Finley Burger, also with JLL, represented the tenant, Boston-based financial technology company Lendbuzz.

January 11, 2024

Acquisitions Office Texas

Novel Office Acquires 225,895 SF Office Building in Houston

by Taylor Williams January 10, 2024

HOUSTON — Dallas-based investment firm Novel Office has acquired 3555 Timmons, a 225,895-square-foot office building in Houston’s Greenway Plaza district. The 15-story building, which according to LoopNet Inc. was originally constructed in 1982, offers amenities such as a conference center, tenant lounge, training room and onsite food-and-beverage options. The seller and sales price were not disclosed. The new ownership has hired Transwestern to lease the building.

January 10, 2024

Acquisitions Midwest Office Wisconsin

JLL Negotiates $27.3M Sale of Office Building in Middleton, Wisconsin

by Kristin Harlow January 10, 2024

MIDDLETON, WIS. — JLL Capital Markets has negotiated the $27.3 million sale of a 200,000-square-foot office building in Middleton near Madison. The fully leased property is located at 7974 UW Health Court. UW Health occupies the four-story building and utilizes it for its administrative departments, including management, information services, compliance and patient billing services. Jaime Fink of JLL represented the seller, Investors Associated LLP. Fink also procured the buyer, AJC Investment Group, a family office located in Bloomfield Hills, Mich.

January 10, 2024

Acquisitions Arizona Healthcare Office Western

Vanbarton Group, Tramview Capital Acquire Three-Property Medical Office Portfolio in Tucson, Arizona

by Amy Works January 10, 2024

TUCSON, ARIZ. — A joint venture between Vanbarton Group and Tramview Capital Management has purchased a three-property medical office portfolio, totaling 57,600 square feet, in Tucson. Terms of the transaction were not released. The portfolio was acquired through a sale-leaseback transaction with Banner Health, which will continue to lease and occupy each building.

January 10, 2024

Acquisitions Florida Office Southeast

CBRE Arranges Sale of 141,246 SF Office Building at Doral Square in Metro Miami

by John Nelson January 10, 2024

DORAL, FLA. — CBRE has arranged the sale of The Offices at Doral Square, a 141,246-square-foot office building located at 8600 N.W. 36th St. in Doral, a suburb of Miami. The Class A property is the office component of Doral Square, a mixed-use development that also features 150,000 square feet of shops and restaurants. A partnership comprising “several Miami families” purchased the asset from the undisclosed seller. The sales price was also not disclosed. Christian Lee, Sean Kelly, Amy Julian, Andrew Chilgren, Marcos Minaya, Tom Rappa, James Carr and Matthew Lee of CBRE represented the seller in the transaction.

January 10, 2024

Features Multifamily Office

Developers Meet Renter Demands with Office-to-Residential Conversions

by Taylor Williams January 10, 2024

By Michael Brookshier, vice president of development, Keystone The COVID-19 pandemic sent renters flocking to spacious apartments in the suburbs. Now, in this post-pandemic world, just as companies revert to in-office work and homeownership becomes increasingly unattainable, renters are moving back to cities and seeking an urban lifestyle. This re-acceleration to urban centers drives another trend in commercial real estate: converting outdated and vacant office buildings into stylish, amenity-filled residential buildings. To keep up, developers must strategically identify the right building, location and amenities in order to meet renters’ demands. Philadelphia is a perfect example of an 18- to 24-hour city in which a large residential population in the central business district drives foot traffic outside of regular office hours. The Center City area also boasts an attractive downtown landscape of diverse uses such as office, residential, retail, award-winning restaurants and nightlife. Find the Right Building The ideal candidate for a successful office-to-residential conversion in an urban setting is often an office building constructed before World War II. These types of properties feature intricate designs, high-level finishes, ample natural light, outstanding views and beautiful and inviting lobbies that lend historical architectural details that are conducive and appealing to residential living. …

January 10, 2024

Leasing Activity Mixed-Use North Carolina Office Restaurant Retail Southeast

Seven New Tenants Join 92-Acre Fenton Development in Cary, North Carolina

by John Nelson January 9, 2024

CARY, N.C. — Two new retailers and five office users have signed on to join the tenant roster at Fenton, a 92-acre mixed-use development in the Raleigh suburb of Cary. The nearly $1 billion development is co-owned by Hines and Columbia Development. The new retailers, Brewery Bhavana and Vega Vitality, plan to open their locations at Fenton before the end of the year. Two other retailers opened in late 2023: Johnny Was and Rejuvenation. Bruce Koniver of Odyssey Retail Advisors is leading Fenton’s retail leasing, which is currently 94 percent committed. The five companies that signed office leases at Fenton include Cushman & Wakefield, IPS, Prologis, AIMA and Surety Systems. The property’s office component currently spans 200,000 square feet, with future phases allowing up to 1 million square feet.

January 9, 2024

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