Office

MetLife Signs 400,000 SF Office Lease Extension at 200 Park Avenue in Manhattan

by Taylor Williams January 3, 2024

NEW YORK CITY — MetLife has signed a 400,000-square-foot office lease extension at 200 Park Avenue in Manhattan, a deal that keeps the insurance giant in its headquarters and namesake building through 2038. MetLife consolidated its New York City offices at the 58-story building in 2017 by occupying the entire third and sixth floors and parts of the fourth and fifth floors. Patrick Murphy and Peyton Horn of Cushman & Wakefield represented MetLife in the lease negotiations. Megan Sheehan and Sam Brodsky of Tishman Speyer, which owns the building in partnership with Irvine Co., represented the landlord on an internal basis.

January 3, 2024

Leasing Activity Michigan Midwest Office

Blue Cross Blue Shield of Michigan Renews 307,000 SF Office Lease in Downtown Detroit

by Kristin Harlow January 3, 2024

DETROIT — Blue Cross Blue Shield of Michigan has renewed its office lease at 500 River East Tower in downtown Detroit. The health insurance company remains the sole tenant within the 307,000-square-foot building, which has been part of the Blue Cross downtown campus since 2011 and is within close proximity to other Blue Cross and Blue Care Network facilities located on East Lafayette and Jefferson Avenue. According to Crain’s Detroit Business, Friedman Real Estate recently purchased both 500 River East Tower and 600 River East Tower from a New Jersey-based publicly traded utility company. Friedman is marketing 600 River East Tower for lease to prospective corporate users.

January 3, 2024

Acquisitions Midwest Minnesota Office

Colliers Arranges Sale of 31,780 SF Office Building in Plymouth, Minnesota

by Kristin Harlow January 2, 2024

PLYMOUTH, MINN. — Colliers has arranged the sale of a 31,780-square-foot office building in the Minneapolis suburb of Plymouth for an undisclosed price. The property at 13305 12th Ave. North includes 2,500 square feet of warehouse space. Nick Leviton and Laura Moore of Colliers represented the seller, a local partnership. Jason Sell of Cushman & Wakefield represented the undisclosed buyer. The property was occupied until the onset of the COVID-19 pandemic.

January 2, 2024

Acquisitions California Office Top Stories Western

Carolwood Equities Purchases 62-Story Office Tower in Downtown Los Angeles for $153.3M

by John Nelson January 2, 2024

LOS ANGELES — Carolwood Equities LP, a real estate private equity firm based in Beverly Hills, Calif., has purchased Aon Center, a 62-story office tower in downtown Los Angeles. The 1.1 million-square-foot skyscraper is located at 707 Wilshire Blvd. in the city’s Financial District. The $153.3 million sale of Aon Center represents the largest office sale in fourth-quarter 2023 in the Western United States, according to Newmark. The deal is also the largest purchase in downtown Los Angeles last year but sold for 45 percent less than its last purchase price, according to the Los Angeles Business Journal. The media outlet reports that the seller, San Francisco-based Shorenstein Properties, had previously purchased the tower in 2014 for $269 million. Private investors Daniel Abrams and Adam Tischer are part of the new ownership group alongside Carolwood Equities. Tischer, vice president of Colliers’ Los Angeles office, was also part of the brokerage team for the buyer that also included Sean Fulp, vice chair of Colliers. “The ownership group’s acquisition of the iconic Aon Center exemplifies the flow of private capital into Los Angeles, seizing the opportunity created by market dislocation,” says Fulp. “With a new low basis and a well-capitalized owner, Aon Center …

January 2, 2024

Acquisitions Florida Office Southeast

CBRE Facilitates Sale of 120,500 SF Sabal Pavilion Office Building in Tampa

by John Nelson December 22, 2023

TAMPA, FLA. — CBRE has facilitated the sale of Sabal Pavilion, a 120,500-square-foot office property located at 3620 Queen Palm Drive in Tampa. Situated on 11.8 acres, the building is located at the entrance of Sabal Park, a master-planned business development. Amenities at the building include a cafeteria, fitness center and a tenant courtyard with an outdoor basketball court and grilling stations. Dale Peterson, Joe Chick, Courtney Snell and Nick Sharpe of CBRE Capital Markets represented the seller, CTO Realty Growth Inc., in the transaction. A Virginia-based private real estate company acquired the building for an undisclosed price. Ford Motor Credit has fully occupied the property since 2000. Recently, Ford Motor Credit executed a 91,401-square-foot sublease agreement with Cirkul Inc., a reusable water bottle manufacturer.

December 22, 2023

Leasing Activity New York Northeast Office

JLL Negotiates 13,815 SF Office Lease at 860 Broadway in Midtown Manhattan

by Taylor Williams December 22, 2023

NEW YORK CITY — JLL has negotiated a 13,815-square-foot office lease at 860 Broadway in Midtown Manhattan. The six-story building was originally constructed in 1926 and underwent a capital improvement program in 2019. Seth Hecht and Thomas Swartz of JLL represented the landlord, Gordon Property Group, in the lease negotiations. Michael Movshovich and Troy Elias of Cushman & Wakefield represented the tenant, mortgage servicing platform Valon Technologies, which will occupy the entire fourth floor.

December 22, 2023

California Development Life Sciences Office Western

Healthpeak Properties Receives Entitlements for Additional 1.3 MSF Development at Vantage Lab Campus in San Francisco

by Amy Works December 21, 2023

SAN FRANCISCO — Healthpeak Properties has received approval of entitlements for Phases II and III of Vantage, a purpose-built lab development in South San Francisco. The new entitlements enable Healthpeak to deliver an additional 1.3 million square feet of lab space, bringing the campus to approximately 1.7 million square feet upon full build out. The 20-acre campus offers tenants a highly amenitized, world-class campus setting with access to multiple modes of transportation, including direct access to the Rails-to-Trails pathway. The new entitlements represent double the allowable density compared to when Healthpeak originally acquired the land. The long-term nature of the entitlements offers flexibility to deliver the balance of the development in phases to align with market demand. In 2022, Healthpeak started construction on Phase I of the Vantage campus, consisting of 343,000 rentable square feet across two buildings, as well as a 40,000-square-foot amenity building with multiple dining options, conferencing space and a fitness center. Phase I is currently 52 percent leased to Astellas Pharma, which took initial occupancy of its space in December 2023.

December 21, 2023

Acquisitions Colorado Office Retail Western

John Propp Commercial Brokers $2.3M Sale of Office Building in Denver

by Amy Works December 21, 2023

DENVER — John Propp Commercial Group has arranged the sale of an office building located at 15 E. Iowa Ave. in Denver. South Gate Masonic Building Association acquired the asset from 25W BKM LLC for $2.3 million. The two-story, 21,258-square-foot building features ground-floor retail space, second-story office space and a single apartment. The buyer plans to renovate and reposition the property both for its own business occupy and to retain existing retail tenants. Joshua Cohen of John Propp Commercial Group represented the seller in the deal.

December 21, 2023

Development Leasing Activity Mixed-Use North Carolina Office Southeast

Luxury Watchmaker Audemars Piguet Selects Raleigh Iron Works for Regional Service Center

by John Nelson December 20, 2023

RALEIGH, N.C. — Audemars Piguet, a luxury watchmaker based in Switzerland, plans to open a new regional headquarters office in Raleigh. The company plans to invest $22 million to build out its 63,000-square-foot office at Raleigh Iron Works, a $150 million mixed-use development in Raleigh by Jamestown and Grubb Ventures. The development will be the home of Audemars Piguet’s North American Service Center, which will create 105 new jobs. The watch manufacturer is joining other luxury tenants at Raleigh Iron Works that include Peter Millar, Johnnie O, Raleigh Denim Workshop and the Bal Harbour pop-up experience. The 19-acre development will also house 200 apartments and offices for Wasserman and FM Systems, as well as food-and-beverage options from Chef Scott Crawford, Robert Thompson, Ford Fry, Eastcut Sandwiches, Andia’s Ice Cream and Ponysaurus Brewing Co. Civic entities that were involved in bringing Audemars Piguet to the project include Wake County Economic Development, Raleigh Economic Development, the City of Raleigh, Wake County Board of Commissioners, Capital Area Workforce Development Board, North Carolina State University, Wake Technical Community College and the Economic Development Partnership of North Carolina.

December 20, 2023

Acquisitions Lee & Associates Office Texas

Lee & Associates Negotiates Sale of 29,979 SF Office Building in Allen, Texas

by Taylor Williams December 20, 2023

ALLEN, TEXAS — Lee & Associates has negotiated the sale of a 29,979-square-foot office building in the northeastern Dallas suburb of Allen. According to LoopNet Inc., the two-story building at 100 Allentown Parkway was constructed in 1985 and includes 142 parking spaces. Jessica Reinhardt and George Tanghongs of Lee & Associates brokered the deal. The buyer and seller were not disclosed.

December 20, 2023

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