Office

KDC, Pacific Elm Break Ground on 500,000 SF Parkside Office Building in Uptown Dallas

by Katie Sloan November 9, 2023

DALLAS — A partnership between KDC and Pacific Elm Properties has broken ground on Parkside, a 500,000-square-foot office development located at the corner of North Harwood Street and Woodall Rodgers Freeway in Uptown Dallas. Bank of America has committed to be the building’s anchor tenant with a 238,000-square-foot lease, and upon move-in, the building will become known as Bank of America Tower at Parkside. The development will be home to 1,000 Bank of America employees upon completion, which is expected for the first half of 2027. Designed by New York-based architect Kohn Pedersen Fox, the 30-story tower will feature a conference center with a training room that seats 50; pre-function and lounge space; an executive board room; break-out chat rooms; a state-of-the-art fitness center; private outdoor terraces; and a 12th-floor sky lobby and lounge with a coffee and cocktail bar. The development is located across the street from the 5.2-acre Klyde Warren Park, which connects uptown and downtown Dallas. The tower also offers easy access to a variety of transportation options, including the M-Line Trolley, which connects to a nearby DART Rail System station. The full development team includes Miyama USA Texas, Kohn Pedersen Fox, Corgan and OJB. Andy Leatherman …

November 9, 2023

District of Columbia Leasing Activity Office Southeast

Newmark Arranges 27,581 SF Office Lease in D.C.

by John Nelson November 8, 2023

WASHINGTON, D.C. — Newmark has arranged a 27,581-square-foot office lease at 11 Dupont, a six-story, 153,228-square-foot office building in Washington, D.C.’s Dupont Circle district. The tenant is American Enterprise Institute (AEI), a public policy think tank. Brendan Owen, Ed Clark and Max Planning of Newmark represented the landlord, The RMR Group, in the lease transaction. Mark Wooters and Aaron Pomerantz of Cushman & Wakefield represented AEI. The RMR Group recently completed a multimillion-dollar renovation to 11 Dupont.

November 8, 2023

Leasing Activity Office Texas

Group 1 Automotive Signs 45,330 SF Office Lease in West Houston

by Taylor Williams November 8, 2023

HOUSTON — Car dealership Group 1 Automotive has signed a 45,330-square-foot office lease at Town Centre Two, a 167,141-square-foot building that is under construction in West Houston. Bob Cromwell and Kevin Nolan internally represented the landlord, Moody Rambin, in the lease negotiations. Andrew Iversen, Joshua Brown and Audrey Selber of Newmark represented the tenant. Town Centre Two, which is scheduled to be complete before the end of the year, is now 68 percent preleased.

November 8, 2023

Acquisitions California Office Western

Logos Missions Acquires 191,939 SF Plaza Tower Office Building in Cerritos, California

by Amy Works November 8, 2023

CERRITOS, CALIF. — Logos Missions has purchased Plaza Tower, a nine-story Class A office building located at 18000 Studebaker Road in Cerritos, approximately 20 miles southeast of downtown Los Angeles. An institutional seller sold the asset for an undisclosed price. Developed in 1986 and renovated in 2016, the elevator-served building features 191,939 rentable square feet. At the time of sale, the property was 84 percent leased. Current tenants include The Oncology Institute of Hope & Innovation, Thermal Engineering, Premier Workspaces and Fremont University. Kevin Shannon, Paul Jones, Ken White and Brandon White of Newmark represented the seller in the deal.

November 8, 2023

Leasing Activity New York Northeast Office

Kensington Vanguard Signs 13,394 SF Office Headquarters Lease in Midtown Manhattan

by Taylor Williams November 8, 2023

NEW YORK CITY — Kensington Vanguard National Land Services has signed a 13,394-square-foot office headquarters lease at 41 Madison Avenue in Midtown Manhattan’s Flatiron District. The title insurance agency and Truist Bank subsidiary plans to relocate from 39 West 37th Street to the entire 21st floor of the building in the second quarter of next year. Howard Hirsch and Brett Harvey of JLL represented the tenant in the lease negotiations. Robert Steinman represented the landlord, Rudin, on an internal basis.

November 8, 2023

Company News New York Northeast Office Top Stories

Flexible Workspace Pioneer WeWork Files for Bankruptcy, Plans to Renegotiate Leases

by John Nelson November 7, 2023

NEW YORK CITY — Coworking and office-sharing pioneer WeWork Inc. (NYSE: WE) has filed for Chapter 11 bankruptcy protection. WeWork also plans to file similar protectionary measures in Canada. WeWork has entered into a restructuring support agreement with its creditors representing approximately 92 percent of its secured notes to “drastically reduce” the company’s existing funded debt and expedite the restructuring process. Reuters reports the debt-for-equity swap deal with its creditors totals $3 billion. The New York City-based company plans to continue operations and “further rationalize its commercial office lease portfolio” with its network of office landlords. WeWork’s locations and franchisees outside of the United States and Canada are not part of this process. According to the company website, WeWork operates more than 320 locations globally across various workplace solutions platforms. As part of the filing, WeWork is requesting the ability to reject the leases of certain locations that are “non-operational,” all of which have affected members that have received advanced notice. The company has retained Hilco Real Estate, an Illinois-based real estate restructuring and advisory firm, to assist with lease renegotiations. “WeWork has a strong foundation, a dynamic business and a bright future,” says David Tolley, CEO of WeWork. “Now …

November 7, 2023

Leasing Activity Office South Carolina Southeast

Colliers Arranges 37,654 SF Office Lease Renewal in Downtown Greenville

by John Nelson November 7, 2023

GREENVILLE, S.C. — Colliers has arranged a 37,654-square-foot office lease renewal at 55 Beattie Place in downtown Greenville. The tenant, regional law firm Gallivan White & Boyd, is renewing its space within One Liberty Square. Bailey Tollison, Brantley Anderson and Taylor Allen of Colliers represented the tenant in the lease transaction. The landlord was not disclosed. In addition to the One Liberty Square renewal, the Colliers team recently represented Gallivan White & Boyd in other office leases in Columbia, S.C., and Charlotte.

November 7, 2023

Leasing Activity Office Texas

Meritage Homes Signs 17,899 SF Office Lease Renewal in Houston

by Taylor Williams November 7, 2023

HOUSTON — A subsidiary of national homebuilder Meritage Homes (NYSE: MTH) has signed a 17,899-square-foot office lease renewal at Reserve at Westchase, a 194,919-square-foot building in Houston’s Westchase District. Jack Scharnberg and John Heard of Transwestern represented the undisclosed landlord in the lease negotiations. Neil Elliott, Dustin Cruz and Lawson Martin of Cresa represented the tenant. Reserve at Westchase is currently undergoing a capital improvement program to upgrade the lobby and other common areas.

November 7, 2023

Development Midwest Missouri Office

Clayco to Relocate St. Louis-Area Offices to 230,000 SF Building in Berkeley, Missouri

by Kristin Harlow November 7, 2023

BERKELEY, MO. — Clayco, a full-service development, architecture, engineering and construction firm, is relocating its St. Louis offices and operations center to a redeveloped 230,000-square-foot building within NorthPark Development in Berkeley, a northwest suburb of St. Louis. Clayco currently maintains multiple offices in Overland and Clayton, Mo., and will relocate 580 St. Louis-based team members to the new facility, which is located at 8640 Evans Ave. The new office will be able to accommodate over 1,000 employees, as the company expects to expand in the coming years. While Clayco’s corporate headquarters will remain in Chicago, the Berkeley office will serve as the home of many of the company’s design-build functions, including operations, business unit leadership, architecture, process engineering, safety, IT, marketing, finance/accounting and talent management. Clayco subsidiaries, Concrete Strategies, Clayco Design & Engineering and Consolidated Distribution Co., will be headquartered in the new office. Clayco and its real estate development subsidiary, CRG, have partnered with Missouri’s Department of Economic Development and Missouri Development Finance Board as well as the City of Berkeley to facilitate the move. As part of an incentive proposal from the state, Clayco will retain its existing Missouri workforce and is committed to creating at least 400 …

November 7, 2023

Leasing Activity Midwest Office Ohio

Civil and Environmental Consultants Expands Office Lease in Toledo, Ohio, to 16,000 SF

by Kristin Harlow November 7, 2023

TOLEDO, OHIO — Civil and Environmental Consultants Inc. (CEC) has expanded its office lease at One Seagate in Toledo by an additional 4,000 square feet. The company now occupies 16,000 square feet at the 725,000-square-foot office building, which is owned by AmTrust RE. One Seagate features a lobby lounge, café, auditorium and shared conference space. CEC is an engineering and environmental consulting firm that provides services across various disciplines such as air quality, civil engineering, ecological science and waste management. Stephanie Kuhlman of NAI Harmon Group represented CEC. Anne Holker, Mike Abernathy and Jason Westendorf represented AmTrust RE on an internal basis along with Harlan Reichle of Reichle/Klein Group.

November 7, 2023

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