TROY, MICH. — L. Mason Capitani/CORFAC International has negotiated the sale of a 70,000-square-foot office building in Troy for an undisclosed price. The three-story property is located at 950 Stephenson Highway with convenient access to I-75. Amenities include ample parking, onsite property management, day porter service, shared conference rooms, a shared common area kitchen and an auditorium on the first floor. Robert Gojcaj of L. Mason Capitani represented the buyer, which plans to undertake cosmetic improvements.
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MINNEAPOLIS — Meyer Borgman Johnson has signed a long-term office lease to occupy the 20th floor of RSM Plaza in Minneapolis. The multi-specialty structural design practice plans to move its corporate headquarters into the 12,277-square-foot space on June 1. Trinette Wacker and Reed Christianson of Transwestern Real Estate Services represented the owner, Golub & Co. Jeffrey LaFavre and Zach Synstegaard of IAG Commercial represented the tenant, which maintains seven offices across the U.S. and is relocating from 510 Marquette Ave. RSM Plaza, a 416,000-square-foot office tower, underwent a $10 million renovation in 2018 that revitalized the lobby and added amenities such has The Perch Lounge, The Pocket Park and conferencing and collaborative meeting spaces. The property is home to 801 Chophouse and 8th Street Grill & Taphouse.
Cosmetics Giant L’Oréal Completes $160M Research and Innovation Center in Clark, New Jersey
by John Nelson
CLARK, N.J. — French cosmetics company L’Oréal Groupe has announced the completion of its new North America Research & Innovation (R&I) Center located in Clark, roughly 13 miles outside Newark, N.J. The $160 million, 250,000-square-foot scientific research center is L’Oréal’s largest outside of France and will complement existing L’Oréal R&I hubs in Brazil, South Africa, India, China and Japan. “New Jersey has served as our scientific hub here in the United States for over six decades, and we are excited to expand our footprint in the state and bring all our scientific teams together in a beautiful and modern new research facility,” says David Greenberg, president and CEO of L’Oréal USA. The North America R&I Center broke ground in 2022 and comprises a 26,000-square-foot modular laboratory, a consumer center for product testing and co-creation (which accommodates up to 400 patrons) and an onsite mini factory to scale final formulations before full-scale productions. Sustainability attributes of the center include 10,000 solar panels, which meet 70 percent of the facility’s energy needs, an eco-retention pond for stormwater management and employee-led gardening and composting initiatives that create a green workspace. According to company representatives, the North America R&I Center will play a “pivotal …
By Andy Gutman, Farbman Group Detroit’s office market, like many other large cities across the Midwest, has experienced many shifts — specifically in the office sector. Despite the challenges Detroit has seen over the past few years, the city has also shown great resilience. As companies continue to reconsider and revise their office needs, and workspaces evolve, Detroit is well positioned to capitalize on office occupancy in 2025 thanks to its historical assets, as well as opportunities in the city that are ripe for redevelopment. Tech, transportation and tenacity One of the city’s strengths in the office sector is its potential to rebound faster than many other Midwest cities. Unlike other markets that are overbuilt with more pain coming in the form of downsizing, such as Chicago, Detroit has avoided oversupply and isn’t overburdened with soaring vacancy rates. The city’s office market vacancy rate has slowly declined over the last several quarters — a positive sign for the local market. Detroit has also benefitted from steady and incremental growth, particularly by incubation, innovation and technology-focused tenants. It’s these types of tenants who have assisted in revitalizing the city’s urban core. The market is also characterized by a higher proportion of …
One Alliance Brings 32,936 SF Johnsbury Square Mixed-Use Property in Metro Charlotte to Full Occupancy
by John Nelson
CORNELIUS, N.C. — One Alliance Cos. has fully leased Johnsbury Square, a mixed-use property located at 19901-19905 W. Catawba Ave. in Cornelius, about 20 miles north of Charlotte. RE/Max Executive leased the last remaining office suite at Johnsbury Square. Kasandra Brew Blum represented the landlord on an internal basis. Existing tenants include Fusion Bowl, FitFast20, Apotheca Canabis Dispensary and Coffee Republic & Bakery, among others.
Easterly Government ‘Remains Committed’ to Public-Private Partnership With Federal Government Amid DOGE Activity
by John Nelson
WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA), an office REIT that owns assets leased to the U.S. government and affiliates, has released its fourth-quarter 2024 results. The company exceeded its initial full-year guidance and achieved results at the upper end of raised guidance, with a net income of $20.6 million. In 2024 alone, Easterly purchased 10 properties either solely or in joint venture arrangements totaling $230 million. The company also expanded its investment strategy to include office properties leased to private sector government contractors and reduced its total portfolio energy consumption by 4 percent year-over-year. “We are pleased with the position of our portfolio,” said Darrell Crate, president and CEO of Easterly. Easterly has been directly affected by the recent activities of the Department of Government Efficiency (DOGE), a newly created federal department championed by Elon Musk, owner of Tesla, X (formerly Twitter) and SpaceX. According to multiple media outlets, DOGE has announced that it has terminated 2.3 million square feet of federal office leases and saved $145 million. DOGE is now targeting the termination or consolidation of nearly 100 more leases at government offices in several markets, most notably in the nation’s capital, according to The Wall Street Journal. …
FAIR LAWN, N.J. — Locally based development and investment firm Atkins Cos. has purchased a 150,000-square-foot office building in the Northern New Jersey community of Fair Lawn for $22 million. Summit Health anchors the three-story building via a 78,000-square-foot footprint. Jeff Dunne, Doug Rodio, Travis Langer, Dan Blumenkrantz, Brannan Knott and Chris Bodnar of CBRE represented the seller, metro Philadelphia-based Keystone Development + Investment, in the transaction. The team also procured Atkins Cos. as the buyer. Upon closing, the new ownership also secured leases with law firm Gottlieb & Greenspan (6,000 square feet) and SportsCare Physical Therapy (4,600 square feet), bringing the property to full occupancy.
IRVINE, CALIF. — J+R Group has completed the sale of 2525 Main Street, an office building in Irvine, to Pacific Tree Capital for $37.6 million, or $262 per square foot. Situated on 3.7 acres, 2525 Main Street offers 143,269 square feet of office space. At the time of sale, the property was 98 percent leased to nine tenants. Prior to sale, J+R Group invested significant capital into all aspects of the building, including all common areas, tenant spaces, a brand new six-story parking garage and approved residential entitlements on excess land. Jeffrey Cole, Nico Napolitano, Kevin Nolen, Jason Kimmel and Kristen Schottmiller of Cushman & Wakefield represented the seller in the transaction.
BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate has negotiated the sale of the historic Pantagraph building in downtown Bloomington. Lifelong Access, a provider of community health and support services, purchased the 54,000-square-foot building at 301 W. Washington St. that was formerly home to the Pantagraph newspaper. The acquisition was made possible through a $21.7 million grant from the Healthcare Transformation Capital Investment Grant program, administered by the Illinois Department of Healthcare and Family Services. Meghan O’Neal-Rogozinski and Michael O’Neal of AXIS 360 represented the seller, while Robbie Osenga of AXIS 360 represented the buyer. The property will serve as the home of a collaboration between Lifelong Access, Chestnut Health Systems, the Regional Office of Education and other local nonprofit organizations to provide a one-stop support services hub primarily focused on youth. Renovations are expected to begin this fall with plans to preserve elements of the building’s historic character.
ST. LOUIS — Three new tenants have signed leases at 500 N. Broadway, a 22-story office tower in downtown St. Louis totaling 416,777 square feet. St. Louis-based engineering consulting firm EDM signed a 9,430-square-foot lease to establish a new and upgraded workspace on the 12th floor. Newly formed law firm Moore, Skelton, Lindsey LLC signed a 2,543-square-foot lease and moved into its inaugural space on the 16th floor this month. Jovick Brothers, a fast casual restaurateur, inked an 1,800-square-foot lease on the ground floor. Operations for its first café began in the fourth quarter of 2024. CBRE’s Rick Messey represented the landlord in the leases. The property has undergone several renovations, including an updated lobby and common area finishes, a new larger conference facility and kitchen, full-service fitness room with new showers, lockers and equipment, a spin studio with elliptical equipment and spin bikes, and a micro-mart.