Office

Reno’s Household Growth Boosts its Office Sector

by Jeff Shaw November 3, 2023

— By Daniel A. Kapic, Vice President, Regional Manager, Marcus & Millichap — Reno continues to be one of the nation’s fastest-growing smaller markets, underpinning tenant demand in the office sector. While remote and hybrid work have impacted office use in the metro, market-wide vacancies have kept in decent shape. Entering July 2023, Reno’s 15.1 percent vacancy rate was below the pre-2017 average. Rapid household growth has backstopped space needs, with law, financial and health service providers executing expansions to capture share in a growing market. The local household count increased 2.2 percent year over year in September, which was the second fastest among metros with fewer than 600,000 households. South Reno is spearheading this growth with 14 consecutive quarters of positive apartment net absorption through June 2023, drawing consumer-facing office tenants to the highly developed Meadowood neighborhood. The Reno VA Medical Center — which serves patients as far as Alturas, Calif. — recently announced its relocation to the area, which should also elevate long-term needs for nearby medical office space. While household growth has shored up space demand, Reno’s office market is still recalibrating to a 20-year-high supply injection. Overall inventory expanded 2 percent in the first half of …

November 3, 2023

Florida Loans Office Southeast

New York Life Closes $45M Loan for Midtown West Office Building in Tampa

by John Nelson November 2, 2023

TAMPA, FLA. — New York Life Insurance Co. has provided a $45 million loan for Midtown West, an eight-story office building within the 22-acre Midtown Tampa development. Ed Coco, Matt Casey and Lee Weaver of JLL arranged the five-year loan through New York Life on behalf of the borrower, a joint venture between Highwoods Properties and The Bromley Cos. Built in 2021, the 152,000-square-foot Midtown West was fully leased at the time of financing to Prudential, Primo and Nestle.

November 2, 2023

Leasing Activity Office Oklahoma Texas

CBRE Opens 9,891 SF Office at Santa Fe Crossings in Downtown Tulsa

by Taylor Williams November 2, 2023

TULSA, OKLA. — CBRE has opened a 9,891-square-foot office at Santa Fe Crossings, a located at 521 E. 2nd St. in downtown Tulsa. The Dallas-based real estate giant is relocating its Tulsa office from 1437 South Boulder Ave. to the seventh floor of the 134,978-square-foot building. The office is part of CBRE’s WorkPlace360 program and features various social spaces, several individual and group workspaces and a boardroom for large-format internal meetings or presentations with clients and visitors.

November 2, 2023

Development Life Sciences Massachusetts Northeast Office

Boston Global Investors Tops Out 17-Story Life Sciences, Office Building in Seaport District

by Taylor Williams November 2, 2023

BOSTON — Boston Global Investors, in partnership with Cogsville Capital Group and Bastion Cos., has topped out 10 World Trade, a 17-story, 555,250-square-foot life sciences and office building in Boston’s Seaport District. The development team is targeting LEED Gold certification for the building and will also introduce other eco-friendly and wellness-based features, such as VIEW Smart Windows and a rooftop solar field. Other project partners include Suffolk Construction and H.J. Russell & Co. Construction began in March 2022 and is expected to be complete in late 2024.

November 2, 2023

Acquisitions Arizona Industrial Office Western

CBRE Negotiates $12.7M Sale of Arrowhead Ranch Business Park in Peoria, Arizona

by Amy Works November 1, 2023

PEORIA, ARIZ. — CBRE has arranged the $12.7 million sale of Arrowhead Ranch Business Park, located at 21461-21509 N. 78th Ave in the Phoenix suburb of Peoria. Pacifica Real Estate Group sold the asset to a California-based private buyer in a 1031 exchange. Situated on 9.5 acres, the six-building business park features 18 suites, each with its own private secured yard. The transaction included 11 of the 18 units within the park, totaling nearly 50,000 square feet. Geoffrey Turbow, Gary Cornish, Anthony DeLorenzo and Nick Williams of CBRE Investment Properties, alongside CBRE’s Evan Koplan and Serena Wedlich, represented the seller in the transaction.

November 1, 2023

Acquisitions Massachusetts Northeast Office

Newmark Brokers $11M Sale of Downtown Boston Office Building

by Taylor Williams November 1, 2023

BOSTON — Newmark has brokered the $11 million sale of a 73,000-square-foot office building located at 186 Lincoln St. in downtown Boston. The nine-story building recently underwent $5 million in capital improvements and was roughly 50 percent leased at the time of sale. Tenants include CozyKin, SmartSense by Digi, Full Contact Advertising and Mightier. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Joseph Alvarado of Newmark represented the undisclosed seller in the transaction and procured the buyer, locally based investment firm City Realty Group.

November 1, 2023

Development Illinois Midwest Office

Onni Group Nears Completion of 643,323 SF Office Building Renovation in Chicago

by Kristin Harlow November 1, 2023

CHICAGO — Onni Group is nearing completion of the renovation of 200 N LaSalle Street in Chicago. The owner expects to finish the project by the end of the year. Onni purchased the 643,323-square-foot office building in 2012. The third floor of the property is being transformed with a new tenant lounge and bar, refreshed conference center with seating for up to 150 people, private lounge for hosting events, café and bar seating, wine and whiskey lockers, an upgraded fitness center, massage and treatment room, and multiple wellness rooms. Additional features include a lobby-level lounge and game room, golf simulator, arcade games, seating areas, a catering kitchen, secure indoor bike parking and changing rooms. Mark Gunderson and Ben Cleveland of Stream Realty Partners handle leasing for the property. Since earlier this year, the duo has leased more than 60,000 square feet of office space at the property to companies such as Wasserman, CoxReps, The Planet Group and Everest Transportation Systems.

November 1, 2023

Leasing Activity Midwest Minnesota Office

US Bancorp Renews 447,000 SF Office Headquarters Lease at 800 Nicollet Mall in Minneapolis

by Kristin Harlow November 1, 2023

MINNEAPOLIS — U.S. Bancorp has renewed its 447,000-square-foot lease for its office headquarters at 800 Nicollet Mall in Minneapolis. Brent Erickson and Callie Ronkowski of Newmark represented the owner, Piedmont Office Realty Trust Inc., while JLL represented the tenant. U.S. Bancorp is the parent company of US Bank, the fifth-largest commercial bank in the country, according to Newmark. US Bank has occupied the property, which is also named U.S. Bancorp Center, since 2000. Piedmont acquired the building in 2003. Amenities include a 12,500-square-foot amenity space on the top floor with a fitness center and conference rooms. The property will soon welcome 801 Fish, a fine dining seafood restaurant, and undergo a two-story lobby renovation to include additional tenant collaboration lounges and an onsite coffee lounge.

November 1, 2023

Leasing Activity Midwest Minnesota Office

Law Firm Fafinski Mark & Johnson Signs 22,220 SF Office Lease in Eden Prairie, Minnesota

by Kristin Harlow November 1, 2023

EDEN PRAIRIE, MINN. — Law firm Fafinski Mark & Johnson (FMJ) has leased 22,220 square feet of office space at One Southwest Crossing in the Minneapolis suburb of Eden Prairie. Jaclyn May, Paul Donovan and Tom DeSautel of Cushman & Wakefield represented FMJ, while Eric Heltne of Avison Young represented the landlord, Eagle Ridge Partners. Jennifer Stumm of FMJ will lead the project management for the build-out of the new office. FMJ is relocating within Eden Prairie and plans to take occupancy at One Southwest Crossing in spring 2024. The property was recently renovated.

November 1, 2023

Acquisitions Office Texas

Formation Capital Acquires 147,135 SF Office Building in North Houston

by Taylor Williams October 31, 2023

HOUSTON — Atlanta-based investment firm Formation Capital has acquired a 147,135-square-foot office building that sits on a 3.1-acre site at 16666 Northchase Drive in North Houston. The building rises six stories and was constructed in 1985. David Carter of Colliers represented the seller, Geosam Capital Group, in the transaction. The sales price was not disclosed.

October 31, 2023

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