KING OF PRUSSIA, PA. — Defense contractor Arcfield has signed a 36,000-square-foot office lease in King of Prussia, a northern suburb of Philadelphia. The space spans the entire third floor and partial first floor at 1400 Morris Drive, a newly renovated building within the 1.1 million-square-foot Chesterbrook development. Doug Newbert, Mike MacCrory and Whitney Hunter of JLL represented the landlord, Rubenstein Partners, in the lease negotiations. John Shelly and Gina Brennan of Cushman & Wakefield represented Arcfield.
ATLANTA — The Georgia Department of Agriculture (GDA), via the Georgia State Properties Commission, has signed an 11,129-square-foot lease at Science Square Labs in Atlanta. The 13-story, 368,258-square-foot life sciences building is an anchor of Georgia Tech’s Science Square innovation district, a mixed-use development that spans 18 acres near campus and will include retail space and The Grace Residences apartment tower. Trammell Crow Co. delivered Science Square Labs, the first speculative life sciences building in the city’s history, in April 2024. The GDA will occupy pre-built lab and office space on the building’s 11th floor. Eric Ross, Jessica Doyle and Graham Little of CBRE represented the landlord in the lease negotiations, while Erik Weiss and Kari Downing with Savills represented the tenant. The organization joins national life sciences incubator Portal Innovations, which leased 33,000 square feet at Science Square Labs this past summer.
NEW YORK CITY — Flexport has signed a 14,073-square-foot office lease in Manhattan’s Penn District. The freight and logistics services provider is relocating from 50 W. 23rd St. to the 11th floor of 31 Penn Plaza, an 18-story building that recently underwent a repositioning. Christine Colley, Daniel Turkewitz, Thomas Swartz and Mitch Konsker of JLL represented the landlord, Vanbarton Group, in the lease negotiations. Joseph D’Apice of CBRE represented Flexport.
LANHAM, MD. — KLNB has arranged more than 50,000 square feet of office leases at Forbes Center, a 17-building business park in Lanham, 13 miles northeast of Washington, D.C. The landlord, D.C.-based DSC Partners LLC, hired KLNB this summer to oversee leasing at Forbes Center. The brokerage firm opened an onsite leasing office at the property to help facilitate the process. The KLNB landlord advisory team for Forbes Center includes Ken Fellows, Robert Pugh, Keiry Martinez and Aaron Carroll. The tenants were not disclosed.
SAN JOSE, CALIF. — Nuveen Green Capital, on behalf of Jay Paul Co., has closed $220 million in C-PACE financing for 200 Park Avenue, an office building in San Jose. Commercial Property Assessed Clean Energy (C-PACE) provides flexible financing solutions for new, ongoing or recently completed commercial real estate projects. The financing was used to recapitalize the building’s sustainability and resiliency measures. Designed and developed by Jay Paul Co., the 19-story tower offers 965,000 square feet of Class A office space, including 24,300 square feet of outdoor terraces, four levels of underground parking and a 20,500-square-foot fitness and amenity center. Matt Cimino and Bruce Ganong of JLL Capital Market’s Debt Advisory represented the sponsor in the financing transaction.
REDWOOD CITY, CALIF. — Diamond Investment Properties has received a $37.7 million loan for the refinancing of 101 Redwood Shores, a Class A office building in Redwood City. Zuora, an enterprise software company, fully occupies the 100,000-square-foot office building and has approximately five years remaining on its lease. Mike Walker and Brad Zampa of CBRE’s Northern California Capital Markets Institutional Properties office represented arranged the loan on behalf of Diamond Investment Properties. A Chicago-based financial institution originated the loan.
CHARLOTTE, N.C. — Atlanta-based office REIT Cousins Properties is under contract to acquire Vantage South End, a lifestyle office development in Charlotte’s South End neighborhood spanning 639,000 square feet. The Spectrum Cos. and Invesco sold the two-tower property in an off-market transaction for $328.5 million. Built in 2021 and 2022, Vantage South End was 97 percent leased at the time of sale to tenants with a weighted average lease term (WALT) exceeding nine years. Tenants include CBRE, Lending Tree and Grant Thornton, among others.
WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations increased 59 percent in the third quarter of 2024 compared to a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The third-quarter volume also represents a 44 percent increase from the second quarter. There was a 510 percent year-over-year increase in the dollar volume of loans for healthcare properties, a 99 percent increase for hotel properties, 82 percent increase for retail properties, 57 percent increase for industrial properties and a 56 percent increase for multifamily properties. Office real estate originations decreased 3 percent from a year ago. Among investor types, the dollar volume of loans originated for commercial mortgage-backed securities (CMBS) increased by 260 percent year-over-year. There was a 69 percent increase for depository (i.e. bank) loans, a 62 percent increase for investor-driven lender loans, 31 percent increase in loans for life insurance companies and a 28 percent increase in loans from government-sponsored enterprises (GSEs, namely Fannie Mae and Freddie Mac). Jamie Woodwell, MBA’s head of commercial real estate research, says that lower interest rates due in part to the Federal Reserve’s 50-basis-point decrease in September were “a key driver” for the uptick …
HOUSTON — Colliers has brokered the sale of a 209,000-square-foot office building located at 4265 San Felipe St. in the River Oaks area of West Houston. According to LoopNet Inc., the 14-story building was originally constructed in 1984 and renovated in 2021. David Carter and Todd Moore of Colliers represented the undisclosed seller in the transaction. The buyer, DML Capital, has tapped Stream Realty Partners as the leasing agent.
HOUSTON — Three new tenants have signed leases at The Ion, a 266,000-square-foot office, life sciences and innovation hub in Midtown Houston. The tenants are energy giant Occidental Petroleum Corp. (6,500 square feet), venture capital group Fathom Fund (1,200 square feet) and tech firm Activate (2,000 square feet). Rice Management Co., the entity that acts as steward of Rice University’s endowment, owns The Ion District.