Office

Workbox, Iron Galaxy Studios Sign Leases at The National Office Building in Chicago

by Kristin Harlow December 4, 2023

CHICAGO — Workbox, a coworking space provider, and Iron Galaxy Studios, a national video game studio based in Chicago, have signed leases at The National, a 600,830-square-foot office building located at 125 S. Clark St. in Chicago. Workbox signed a new lease for 29,033 square feet and expects to open its new space in January. Iron Galaxy Studios expanded its current lease from 32,865 square feet to 48,156 square feet. John Nelson, Kathleen Bertrand and Eric Myers of Transwestern Real Estate Services represented ownership, Commerz Real. The National features amenities such as a fitness center, lounge with bar, pool table and outdoor terrace. The 24,000-square-foot Revival Food Hall offers tenants access to a variety of local restaurants. The property was originally built in 1907. Michael Kloppenburg of Avison Young represented Workbox, while Corey Siegrist and Jim Rose of JLL represented Iron Galaxy Studios.

December 4, 2023

Acquisitions Office Southeast Tennessee

PNH Properties Acquires 211 Commerce Office Tower in Downtown Nashville for $75M

by John Nelson December 1, 2023

NASHVILLE, TENN. — PNH Properties has acquired 211 Commerce, an office tower located on the corner of Commerce Street and 3rd Avenue in downtown Nashville, for $75 million. Built in 2000, the property comprises 233,314 square feet of office space across 11 stories and features ground-floor restaurant and retail space. J. Roscoe High and Morgan Hillenmeyer of CBRE represented the buyer in the transaction. The seller, a joint venture between Velocis and Lincoln Property Co. doing business as Velocis Lincoln Commerce SPE LLC, recently implemented $16 million of capital improvements to the property. Renovations included the addition of a new conference center, fitness center and windows and updates to the lobby, tenant lounge, elevators, an outdoor plaza and building façade.

December 1, 2023

Leasing Activity Office Texas

The Malin to Open 12,123 SF Coworking Space in East Austin

by Taylor Williams December 1, 2023

AUSTIN, TEXAS — The Malin, a members-only coworking concept, will open a 12,123-square-foot space at 1515 E. Cesar Chavez St. in East Austin. The space, which is scheduled to open next summer, will feature 28 dedicated desks, 10 private offices and four meeting rooms. Brent Powdrill, Bethany Perez and Kevin Kimbrough of JLL represented the undisclosed landlord in the lease negotiations. Casey Casper and Kendall King of HPI Real Estate Services & Investments represented the tenant.

December 1, 2023

Acquisitions Arizona Leasing Activity Office Western

Cushman & Wakefield Brokers $10.5M Sale-Leaseback of CP North America Headquarters Building in Prescott, Arizona

by Amy Works December 1, 2023

PRESCOTT, ARIZ. — Cushman & Wakefield has arranged the sale-leaseback of a single-tenant corporate headquarters building in Prescott, approximately 100 miles north pf Phoenix. Sewell Trust, a Montana-based private investor, acquired the asset from CP North America for $10.5 million. The seller, a high-tech defense company wholly owned by Israel-based Rafael Defense Systems, will lease back the 50,135-square-foot property, which is located at 2620 Deep Well Ranch Drive. The building features reflective store-front windows, roll-up and dock-high loading doors, and a large, fenced yard. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital Group in Phoenix represented the seller in the deal.

December 1, 2023

Acquisitions Colorado Office Western

Asset Preservation Sells 9,168 SF Office Building in Denver for $8.1M

by Amy Works December 1, 2023

DENVER — Asset Preservation has completed the disposition of an office property located at 1321 N. Bannock St. in Denver. DAMF Realty acquired the asset for $8.1 million. Kittie Hood of Newmark represented the buyer in the transaction. Further details were not disclosed.

December 1, 2023

Acquisitions Florida Industrial Office Southeast Texas Top Stories

Basis Purchases Four Industrial/Office Parks in Florida, Texas for $160M

by Jeff Shaw December 1, 2023

BOCA RATON, FLA. — Basis Industrial, a privately held real estate owner and operator headquartered in Boca Raton, has acquired four commercial properties in Florida and Texas for a total of approximately $160 million. Bank United, Banesco and Thorofare provided roughly $110 million in financing for the transaction. Beach Point Capital Management provided a preferred equity/mezzanine loan of roughly $70 million, with the borrowers, Basis and NexPoint, providing the remaining funds. In addition to the acquisitions, the loans and equity will fund a $60 million refinancing for two of the borrowers’ existing commercial properties in Florida. The six properties, including those being refinanced, total over 1.3 million square feet. The four acquired properties include: The properties that Basis refinanced were Crystal Pointe and Gateway & Commercial Point. Crystal Pointe is a 96,888-square-foot property located at 4500-4870 North Powerline Road in Deerfield Beach, Florida. Crystal Pointe is currently 100 percent leased. Gateway & Commercial Point is a 253,701-square-foot asset located at 7550-7800 Southland Blvd. in Orlando. The property is currently 97.6 percent leased. “This is a huge step for Basis’ growth and my vision,” says Daniel Weinstein, founder and CEO of Basis Industrial. “We expect to add millions of square feet over the next few years in targeted …

December 1, 2023

Leasing Activity Midwest Missouri Office

CBRE Opens New 13,611 SF Office at The Plaza in Clayton, Missouri

by Kristin Harlow November 30, 2023

CLAYTON, MO. — CBRE has opened a new 13,611-square-foot office on the sixth floor of The Plaza in Clayton, a western suburb of St. Louis. The firm relocated from the 14th floor of the same building, which it has occupied since 2012. The new office is part of CBRE’s Workplace360 program, which showcases the company’s “Future of Work” space standards, including innovative technology and a wider variety of collaborative spaces designed to support hybrid working. There are two conference rooms, one living room, a library, a large communal gathering space and a café. A cornerstone of the Workplace360 model is its free-address approach of unassigned seating. Teams get access to various work areas where they can use any unoccupied seat. Amenities at The Plaza include an outdoor terrace, two tenant lounges, a fitness center, training room, golf simulator and game room.

November 30, 2023

Development Office Texas

Harwood International to Develop 23-Story Office Building in Uptown Dallas

by Taylor Williams November 30, 2023

DALLAS — Harwood International will develop Harwood No. 15, a 23-story, 340,000-square-foot office building that will be situated within the locally based developer’s 19-block namesake district in Uptown Dallas. Harwood No. 15 will feature spa-like amenities, including saunas, steam rooms and a cold plunge, as well as a conference center, fitness center and a 20,000-square-foot rooftop park. The design team includes Kengo Kuma & Associates and Corgan. Construction is set to begin in mid-2024 and to be complete in late 2026. Harwood most recently completed the 27-story Harwood No. 14, which is now 76 percent leased. The entire Harwood District currently has an occupancy rate of about 93 percent.

November 30, 2023

Leasing Activity New York Northeast Office

CBRE Negotiates 132,000 SF Office Lease at 295 Fifth Avenue in Midtown Manhattan

by Taylor Williams November 30, 2023

NEW YORK CITY — CBRE has negotiated a 132,000-square-foot office lease at 295 Fifth Avenue in Midtown Manhattan. The tenant, global law firm Quinn Emanuel Urquhart & Sullivan, will relocate to floors eight through 10 of the 17-story, 700,000-square-foot structure, which is known locally as The Textile Building. The owner, a partnership between Tribeca Investment Group, PGIM Real Estate and Meadow Partners, recently completed a $350 million capital improvement program at the property. David Hollander, Peter Turchin, Mary Ann Tighe, Brett Shannon, Liz Lash and Hayden Pascal of CBRE represented ownership in the lease negotiations. Lewis Miller, Greg Maurer-Hollaender and Cara Chayet, also with CBRE, represented the tenant.

November 30, 2023

Leasing Activity New York Northeast Office

Marcum Asia Signs 8,851 SF Office Lease Expansion in Midtown Manhattan

by Taylor Williams November 30, 2023

NEW YORK CITY — Accounting firm Marcum Asia has signed an 8,851-square-foot office lease expansion at 7 Penn Plaza in Midtown Manhattan. The tenant now occupies a total of 14,870 square feet on the eighth floor at the 18-story, 357,000-square-foot building. Steve Kaplan of Norman Bobrow & Co. represented Marcum Asia in the lease negotiations. Andrew Wiener and David Turino represented the landlord, The Feil Organization, on an internal basis.

November 30, 2023

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