Friday, September 19, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Office

Leasing ActivityNew YorkNortheastOfficeTop Stories

Verizon Selects PENN 2 in Manhattan for New Corporate Headquarters, to Occupy Nearly 200,000 SF

by John Nelson

NEW YORK CITY — Telecommunications giant Verizon (NYSE: VZ) has selected the PENN 2 office tower in Midtown Manhattan for its new corporate headquarters. The company will staff approximately 1,000 employees at its new office. Verizon signed a 19-year lease with the landlord, Vornado Realty Trust (NYSE: VNO), to occupy approximately 200,000 square feet of space on floors eight through 10. The timeline for Verizon’s occupancy at PENN 2 was not released. Josh Kuriloff, Peyton Horn, Heather Thomas and Kyle Ernest of Cushman & Wakefield represented Verizon in the lease negotiations. Glen Weiss, Josh Glick, Jared Silverman and Anthony Cugini represented Vornado on an internal basis. Located directly above the Penn Station public transit hub, PENN 2 offers direct access to 15 subway lines, the Long Island Railroad, New Jersey Transit, PATH, Amtrak and the upcoming Metro-North Railroad, which is scheduled to debut in 2027. Other tenants at PENN 2 include Major League Soccer, MSG Entertainment Corp. (operator of nearby Madison Square Garden) and Universal Music Group, which recently signed an 88,000-square-foot lease at the tower. As part of the lease agreement, Verizon employees at PENN 2 will have exclusive access to more than 25,000 square feet of outdoor space at …

Continue Reading
FacebookTwitterLinkedinEmail
Leasing ActivityNew YorkNortheastOffice

WeWork to Open 60,000 SF Coworking Space at 250 Broadway in Lower Manhattan

by Taylor Williams

NEW YORK CITY — WeWork will open a 60,000-square-foot coworking space at 250 Broadway in Lower Manhattan. The space will encompass five of the 648,000-square-foot building’s 31 floors. Peter Riguardi, Clark Finney, Alexander Riguardi and Dana Goldman of JLL represented WeWork in the lease negotiations in conjunction with two of the company’s real estate leaders, Peter Greenspan and Whitney Anderson. Brad Gerla, Michael Rizzo and Alex Benisatto of CBRE, along with internal agent Anne Holker, represented the landlord, Am Trust RE. The opening is slated for December.

Continue Reading
FacebookTwitterLinkedinEmail
Leasing ActivityNew JerseyNortheastOffice

Hackensack Meridian Signs 50,000 SF Office Lease in Red Bank, New Jersey

by Taylor Williams

RED BANK, N.J. — Regional healthcare provider Hackensack Meridian Health has signed a 50,000-square-foot office lease in Red Bank, located near the Jersey Shore. The space is located within River Centre, a six-building, 668,107-square-foot campus. Jamie Drummond , Andrew Perrotti and Luke Reid of Newmark represented the landlord, Paramount Realty, in the lease negotiations. Suzanne Macnow of CBRE represented Hackensack Meridian.

Continue Reading
FacebookTwitterLinkedinEmail
Market ReportsNorth CarolinaOfficeSoutheastSoutheast Market Reports

Charlotte’s Office Market Shows a Shift Toward Expansion, Long-Term Leasing

by John Nelson

The momentum in Charlotte’s office market continues into 2025, showcasing a strong first quarter marked by positive net absorption and a surge in multi-market tenant prospects. We are currently seeing three times as many expansions as downsizing among tenants, indicating a psychological shift among decision-makers across various industries. Despite some large vacancies affecting the overall market rate, the narrative on the ground in Charlotte is one of optimism and urgency. A few factors contribute to this trend, including companies are increasingly bringing employees back to the office, and those that overcorrected their space needs post-pandemic are reassessing their strategies. Particularly interesting is the demand for Class A office space in Charlotte, a thriving Sun Belt market. The most sought-after buildings in prime locations are nearly full, leading to reduced concessions and rising rents. This stands in stark contrast to reports of distressed assets negatively impacting modern office investments.  Furthermore, the number of quality subleases are limited, and new construction is expected to come to a halt soon, particularly as remaining spaces in 110 East and Legacy Union are leased, most likely by year-end. If last year is any indication of a fundamental positive shift in the office sector, we can …

Continue Reading
FacebookTwitterLinkedinEmail
330-south-tyron
Leasing ActivityNorth CarolinaOfficeSoutheast

Ferncroft Capital Completes Renovations for 330 South Tryon Office Building in Uptown Charlotte

by Abby Cox

CHARLOTTE, N.C. — Ferncroft Capital has completed several renovations at 330 South Tryon, a 65,544-square-foot boutique office building in Uptown Charlotte. The property’s refresh includes new finishes throughout the building and enhanced features in the lobby, elevator cabs and parking garage; a modernized exterior with signage opportunities for prospective tenants; and flexible floorplates to accommodate a variety of users. Home to the Charlotte Regional Business Alliance, the five-story office building currently has 38,338 square feet of office space available for lease. Elizabeth McMillan, Emily Hill and Kennedy Fertitta of JLL are leading leasing efforts at the property on behalf of Ferncroft Capital.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsOfficeTexas

JLL Negotiates Sale of 106,310 SF Office Building in West Houston

by Taylor Williams

HOUSTON — JLL has negotiated the sale of Woodlake Plaza, a 106,310-square-foot office building located at 2600 S.Gessner Road in the Westchase area of West Houston. The six-story building was originally constructed on a 3.5-acre site in 1974 and includes a break room and a conference room, as well as parking for 292 vehicles. Marty Hogan led the JLL team that represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisMidwestOffice

Power Construction, Ware Malcomb Complete New Corporate Office for Medline Industries in Metro Chicago

by Kristin Harlow

NORTHBROOK, ILL. — Power Construction and architect Ware Malcomb have completed the new corporate office for Medline Industries LP in Northbrook within metro Chicago. Ware Malcomb’s Oak Brook office provided full interior architecture and design, furniture management and building measurement services for the seven-story, 214,560-square-foot project, which involved the repositioning of an existing office building. Medline provides medical-surgical products and supply chain solutions. Located four miles west of the company’s global headquarters in Northfield, the new Northbrook office brings together Medline’s operations, information services, quality and inventory management teams into a centralized location. There are individual workspaces as well as meeting, amenity and support spaces on each level. The upper floors include open collaboration areas. There are pantry spaces on each level, and additional elements include numerous focus rooms, flexible training rooms, conference rooms and huddle space for teams. Ware Malcomb worked with Medline to utilize existing furniture from other Medline locations where possible. The project team included RTM Engineering and owner’s representative Transwestern.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsGeorgiaLoansOfficeSoutheast

Peachtree Group Originates $42M Acquisition Loan for Atlanta Financial Center Office Campus in Buckhead

by John Nelson

ATLANTA — Peachtree Group has originated a $42 million loan for the acquisition and repositioning of Atlanta Financial Center, a 914,774-square-foot office campus in Atlanta’s Buckhead district. The borrower, Miami-based Banyan Street Capital, recently acquired the office campus, which comprises three interconnected towers situated on 13.1 acres atop Ga. Highway 400 with immediate access to a MARTA station. The floating-rate loan carries a 36-month initial term with a 12-month extension option. The loan is backed by completion, interest and carry guarantees from Banyan Street Capital. After being acquired in 2016 by a Sumitomo Corp. affiliate for $222.5 million, Atlanta Financial Center faced tenant departures, softening fundamentals and shifting capital priorities. Banyan Street Capital plans to reposition the campus, starting with the lease-up of the North Tower, which is being supported by capital expenditure reserves and funds for tenant improvements and leasing. The sponsor will also explore larger tenant opportunities and future redevelopment options.

Continue Reading
FacebookTwitterLinkedinEmail
The-Terraces_Dallas
AcquisitionsCompany NewsOfficeTexasTop Stories

City Office REIT Enters Into $1.1B Merger Agreement, Will Go Private

by Hayden Spiess

DALLAS AND VANCOUVER — City Office REIT (NYSE: CIO), a Canadian company focused on the acquisition, ownership and operation of office properties in Sun Belt markets in the United States, has entered into a merger agreement valued at $1.1 billion.  Under the terms of the agreement, MCME Carell Holdings LP and MCME Carell Holdings LLC — collectively a joint venture between South Florida-based firms Elliott Investment Management LP and Morning Calm Management LLC — will acquire all issued and outstanding shares of City Office REIT common stock for $7 per share in cash. The company’s stock price closed on Tuesday, July 23 at $5.56 per share, roughly the same as a year ago. City Office REIT’s current portfolio comprises 54 office buildings totaling roughly 5.4 million square feet of net rentable space in the Dallas, Denver, Orlando, Phoenix, Portland, Raleigh, San Diego, Seattle and Tampa markets. The company’s U.S. headquarters is located in Dallas.  Terms of the merger agreement include the sale of City Office’s Phoenix portfolio. Upon close, City Office will become a private company and its shares will no longer trade on the New York Stock Exchange.  “After conducting an extensive process to explore potential strategic alternatives, we …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsHealthcareMarylandOfficeSoutheast

IPA Brokers $27.5M Sale of Medical Office Building in Greenbelt, Maryland

by John Nelson

GREENBELT, MD. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $27.5 million sale of Maryland Trade Center III, a 192,000-square-foot medical office building in Greenbelt, a suburb of Washington, D.C. Robert Filley of IPA, along with Chez Eider of Marcus & Millichap, represented the seller, an entity doing business as Greenbelt Trade Center LLC. The duo also procured the buyer, CPF-HCRE – Greenbelt LLC, an affiliate of Chicago Pacific Founders. Brian Hosey served as Marcus & Millichap’s broker of record in Maryland for the transaction. Completed in 1989, Maryland Trade Center III is situated across from the Greenbelt Center shopping mall and within a half-mile of Luminis Health’s hospital and long-term recovery care center. Luminis Health recently selected the Class A building for its expansion of outpatient services. The property was 75 percent leased at the time of sale to tenants including Luminis Health, Greenbelt Oncology, Absolute Care of Maryland, LabCorp, Community Radiology Associates, Anne Arundel Dermatology and Health First Medical Group. Maryland Trade Center III has been upgraded in recent years with a new lobby and systems upgrades. Amenities include a two-story atrium lobby, tenant-only fitness center and a daycare facility.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts