Sunday, May 25, 2025
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IllinoisLeasing ActivityMidwestOffice

Gordon Rees Scully Masukhani Signs 29,839 SF Office Lease at One North Wacker in Chicago

by Kristin Harlow

CHICAGO — Law firm Gordon Rees Scully Masukhani (GRSM) has signed a 29,839-square-foot office lease at One North Wacker in Chicago. The company currently occupies 24,182 square feet at One North Franklin and plans to relocate in August 2024. Completed in 2002, One North Wacker is a 51-story, 1.4 million-square-foot office tower in the city’s West Loop. In December, ownership will launch a refresh of the building’s amenity floor. Tenants will enjoy an expanded lounge with private work/phone rooms, new meeting and event spaces, a state-of-the-art fitness center and a new craft coffee bar. Completion is slated for summer 2024. Dougal Jeppe of Colliers represented the tenant, while Maggy Brophy of Irvine Co. represented the owner on an internal basis.

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KentuckyMarket ReportsOfficeSoutheastSoutheast Market Reports

Office Tenants Are Seeking Class A Spaces in Downtown Louisville, Suburbs

by John Nelson

Like many regional peer cities, there is a clear bifurcation between office leasing activity in Louisville’s downtown and suburban office markets.  Downtown Louisville has been slower to recover from the double gut-punch of the COVID-19 pandemic and local social unrest that kept workers away from the office in 2020, with overall vacancy stubbornly exceeding 20 percent for most of this year. Much of the vacancy has been driven by health insurer Humana, by far the largest office occupier in downtown Louisville, which has let several large Class B office leases expire as it continues to consolidate its workforce into properties the company owns.  Year-to-date, downtown leasing activity totals 115,000 square feet, which is up 58 percent compared to this time last year, while overall absorption has swung sharply lower at negative 237,000 square feet.  The relative oversupply of available office space has created a very “tenant-friendly” dynamic downtown, with landlords becoming increasingly aggressive to court leasing activity. More so than their suburban counterparts, downtown landlords are offering outsized incentive packages to tenants, including rental concessions, turnkey construction delivery of new tenant space, termination options and rental abatement periods that in some cases extend beyond one year.  In exchange, downtown tenants …

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Leasing ActivityMidwestMissouriOffice

Academy Bank Moves into New Headquarters in Downtown Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Academy Bank has moved into its new headquarters at 1201 Walnut in downtown Kansas City. The bank occupies three contiguous floors of the building, which is owned by Copaken Brooks. Later this year, Academy Bank will open a retail banking center in the lobby of the building. Academy Bank is a full-service commercial and retail bank headquartered in Kansas City with more than 70 banking centers across Missouri, Kansas, Colorado and Arizona. Bryan Johnson of Colliers represented the tenant, while Jon Copaken represented the landlord on an internal basis. Rising 29 stories, 1201 Walnut features an attached parking garage and access to the amenities of 1111 Main.

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IllinoisLeasing ActivityMidwestOffice

BOMA/Chicago Signs Lease for New Headquarters on Chicago’s LaSalle Street

by Kristin Harlow

CHICAGO — The Building Owners and Managers Association of Chicago (BOMA/Chicago) has selected 190 S. LaSalle St. for its new headquarters. The organization signed a 6,257-square-foot lease. The relocation was precipitated by the sale of 115 N. LaSalle St., BOMA’s current home, to the State of Illinois last year. BOMA expects to take occupancy of its new office in February. MRSA Architects is the architect for the build-out of the space.

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Leasing ActivityNew YorkNortheastOffice

ECP Signs 26,292 SF Office Lease Expansion at One World Trade Center in Lower Manhattan

by Taylor Williams

NEW YORK CITY — Energy Capital Partners (ECP) has signed a 26,292-square-foot office lease expansion at One World Trade Center, a 3.1 million-square-foot tower in Lower Manhattan. David Falk, Peter Shimkin, Hal Stein, Jason Greenstein and Nathan Kropp of Newmark represented ECP, which is taking an additional 15,400 square feet, in the lease negotiations. Newmark’s Eric Zemachson and Corey Borg, along with internal agents Eric Engelhardt and Karen Rose, represented the landlord, a partnership between The Durst Organization and The Port Authority of New York & New Jersey.

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14350-N-87th-St-Scottsdale-AZ
AcquisitionsArizonaOfficeWestern

PREG Scottsdale Buys Scottsdale Northsight Office Building in Arizona for $26.5M

by Amy Works

SCOTTSDALE, ARIZ. — PREG Scottsdale LLC, a company formed by a private individual investor, has acquired Scottsdale Northsight, a Class A multi-tenant office building in Scottsdale. MIREF Northsight LLC sold the asset for $26.5 million. Located at 14350 N. 87th St., the three-story property features 138,693 square feet of office space. At the time of sale, the building was 69 percent leased. The asset offers suites ranging in size between 2,000 square feet and 8,000 square feet. Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s Capital Market and Private Capital Group teams in Phoenix represented the seller in the transaction.

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77-Corporate-Drive-Bridgewater-New-Jersey
DevelopmentFeaturesLife SciencesMultifamilyOfficeWestern Feature Archive

Converting Office to Life Sciences Offers Lucrative Alternative to Residential Reuse Projects

by Jeff Shaw

— By Julian Freeman, Dave Wensley and Gabe Pitassi — With steep vacancy rates impacting traditional office markets due to the headwinds of higher interest rates, short-term economic uncertainty and long-term remote/hybrid work uncertainties, underutilized traditional office buildings may become liabilities before the end of their anticipated economic life. Owners of these properties may consider a conversion — an adaptive reuse or repurposing — to access higher rents and occupancy rates.  In view of nationwide housing shortages, especially in California, converting office to multifamily has received much attention as a logical move. However, such a conversion is not always viable from a financial, structural, legal or location perspective. An alternative option may be to repurpose an office building for life sciences use. Such a conversion, while posing its own unique challenges, may provide more realistic options than a conversion to residential use for many owners and properties. Challenges in converting to residential Converting an office building to residential use presents challenges on multiple fronts. Zoning laws vary based on property location and usage, and the property may need to be rezoned to a different classification to allow multifamily uses. Rezoning requires local government approval and public hearings, which can take months …

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GeorgiaLeasing ActivityOfficeSoutheast

Banyan Street Capital Signs 109,963 SF of Office Leases at Satellite Place in Duluth, Georgia

by John Nelson

DULUTH, GA. — Banyan Street Capital has signed 109,963 square feet of office leases at Satellite Place, a 117-acre office park in Duluth, a northeast suburb of Atlanta. The 21 transactions include 13 new leases or expansions totaling 89,926 square feet and six renewals totaling 20,037 square feet. Eight of the leases (for 46,527 square feet) are tied to the electric vehicle (EV) industry, including a 17,808-square-foot lease with Hyundai Glovis. Situated near I-85, Satellite Place comprises 820,000 square feet of six-story office space. Banyan Street Capital has recently partnered with Greystar for a 328-unit multifamily development underway at Satellite Place. The property, known as Elan Satellite Place, is expected to deliver in early 2025.

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Market ReportsMidwestMidwest Market ReportsOfficeWisconsin

How Milwaukee’s Hottest Downtown Buildings Continue to Drive Leasing Activity

by Kristin Harlow

By David Pudlosky and Patrick Savoie, JLL Milwaukee remains a strong office market with leasing activity showing no sign of slowing. Post-pandemic, companies took a fresh look at their workplace strategies to adjust to hybrid working environments, and many rightsized their overall square footage while adding significant amenities and attractions that provide a rewarding office experience for returning workers.  Despite a smaller footprint, tenants are seeking updated, highly amenitized spaces in Class A buildings. While amenities have always been a focus for landlords, the buildings that stand out today are the ones that focus on quality amenities over quantity. For example, today’s tenant will likely not be as interested in a building lounge unless it has comfortable seating, a café, strong Wi-Fi and more. To be relevant to tenants, amenities must be high end and culture focused.  We’ve seen companies like Milwaukee Tool, Fiserv, Komatsu Mining Corp. and Northwestern Mutual invest in their downtown office spaces and make commitments to bring more employees downtown, and we expect this trend to continue. Building owners can learn from what Class A building landlords are doing to drive leasing activity, and learn how investing in quality, amenity-driven spaces will likely bring in new …

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skender-919-W-Fulton-Rendering
DevelopmentIllinoisMidwestOfficeTop Stories

Fulton Street, SNK Capital Break Ground on 409,000 SF Office Development in Chicago’s Fulton Market

by Katie Sloan

CHICAGO — A joint venture between Fulton Street Cos. and SNK Capital has broken ground on 919 W Fulton Street, a high-rise office development in Chicago’s Fulton Market neighborhood. The development, which will span 409,000 square feet at 919 W. Fulton St., is Chicago’s first major new office development to commence construction in over a year, according to the joint venture. The 11-story building will feature floor-to-ceiling windows; outdoor terraces on all sides; a rooftop lounge and bar; several co-working and conference spaces; and a fitness center.  Chicago-based real estate investor Harrison Street Real Estate Capital has signed on to occupy 170,000 square feet at the property, which will also feature a ground-floor restaurant by the locally based Gibsons Restaurant Group.  The development will also include a 65-stall parking deck on the building’s lower level, which will be connected to an existing lower-level parking structure at 210 N. Peoria St. The project is scheduled for completion in 2025 and will pursue WELL and LEED Silver certifications.  Bank of the Ozarks and Manulife provided financial backing for the property. The development team includes JDL Development, Skender, FitzGerald Associates Architects, Morris Adjimi Architects, Thornton Tomasetti, Eriksson, Syska Hennessy Group and site design group …

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