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17-17-Route-208-Fair-Lawn-New-Jersey
AcquisitionsNew JerseyNortheastOffice

Atkins Cos. Buys Northern New Jersey Office Building for $22M

by Taylor Williams

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.

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2525-Main-St-Irvine-CA
AcquisitionsCaliforniaOfficeWestern

J+R Group Divests of Office Property in Irvine, California for $37.6M

by Amy Works

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.

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AcquisitionsIllinoisMidwestOffice

AXIS 360 Negotiates Sale of Historic Pantagraph Building in Bloomington, Illinois

by Kristin Harlow

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.  

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Leasing ActivityMidwestMissouriOffice

Three New Tenants Sign Leases at 22-Story Office Tower in Downtown St. Louis

by Kristin Harlow

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.

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FloridaLeasing ActivityOfficeSoutheast

Blanca CRE Arranges 51,484 SF Office Lease in Miami for Verizon

by John Nelson

MIAMI — Blanca Commercial Real Estate (Blanca CRE) has arranged a 51,484-square-foot office lease for Verizon in Miami. Juan Ruiz, Andres del Corral, Jack Davidson, Tere Blanca and Jessy Aguila of Blanca CRE represented the property’s ownership, a joint venture between Nuveen Real Estate and PIMCO Prime Real Estate, which acts on behalf of Allianz insurance companies. John Marshall and Josh Kuriloff of Cushman & Wakefield represented Verizon in the lease negotiations. Verizon’s new space will be situated within Waterford Business District, a 250-acre campus that comprises more than 3 million square feet of office space.

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AcquisitionsIllinoisMidwestOffice

Special Olympics Illinois Purchases Flex Office Building in Chicago for $4.7M

by Kristin Harlow

CHICAGO — Special Olympics Illinois has purchased a 20,000-square-foot flex office building and event space at 2324 W. Fulton St. in Chicago for $4.7 million. Aubrey Englund of NAI Hiffman and Mike Lombard of Blue Star Properties represented the buyer in the transaction. Matt Cowie and Larry Goldwasser of CBRE represented the seller, a local private investment group. Special Olympics Illinois is expanding its Chicago regional office from 6,000 square feet of leased space at 820 W. Jackson Blvd. and will relocate this summer. Approximately 15 employees will work at the new office. Originally constructed as a foundry, the property was transformed by Helios Construction Services in 2014 into a modern building for its own offices. The building’s design was a collaborative effort with the late architect Brad Lynch of Brininstool + Lynch. In 2017, Helios executed another renovation at the building to expand the office space with the addition of four glass-enclosed offices, meeting rooms and amenities, including a gym, lounge and kitchen. Private event venue Ovation Chicago will remain a tenant at the property. The space opened in late 2014.

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Leasing ActivityNew JerseyNortheastOffice

Kelley Drye & Warren LLP Signs 17,260 SF Office Lease in Madison, New Jersey

by Taylor Williams

MADISON, N.J. — Kelley Drye & Warren LLP has signed a 17,260-square-foot office lease in the Northern New Jersey community of Madison. The law firm is relocating from nearby Parsippany to Giralda Farms, a 1.3 million-square-foot corporate campus. Nick Savage and Greg Barkan of CBRE represented the tenant in the lease negotiations. Joshua Cohen and Bill Brown of Cushman & Wakefield represented the landlord, a partnership between Bergman Real Estate Group and Eightfold Real Estate Capital.

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FeaturesOffice

Emerging Tech, Workplace Design Are Top Priorities for Office Executives, Says Envoy Survey

by John Nelson

SAN FRANCISCO — Employers around the country are monitoring modern office trends as the country’s return-to-office (RTO) movement gains some momentum. Envoy, a San Francisco-based tech company specializing in workplace solutions for office workers and their clients, has produced its annual Workplace Predictions report, which found that the U.S. office sector is a “workplace in flux.” The company surveyed nearly 500 executives from across various roles, including HR, IT and management, as well as across generations — from Gen Z to baby boomers — to collate the data. Envoy partnered with Hanover Research for the report. The Workplace Predictions survey found that participants expect for emerging technologies such as AI and machine learning to play a key role in reshaping office environments — both physical and virtual — moving forward. Another key finding is that different generations of office workers have different needs when it comes to how they value their physical office environments. Larry Gadea, founder and CEO at Envoy, said that modern workplaces are “rapidly evolving,” thus the findings from this report are “critical” for companies that are rethinking how to boost morale, work culture and employee engagement at the property level. “The conversation about the workplace of tomorrow …

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Leasing ActivityNew JerseyNortheastOffice

Saiber Law Signs 34,390 SF Office Lease in Madison, New Jersey

by Taylor Williams

MADISON, N.J. — Saiber Law has signed a 34,390-square-foot office lease in the Northern New Jersey community of Madison. The law firm is relocating from nearby Florham Park to Giralda Farms, a 1.3 million-square-foot corporate campus. Richard Baumstein and Edward Duenas of Cushman & Wakefield represented the tenant in the lease negotiations. Joshua Cohen and Bill Brown, also with Cushman & Wakefield, represented the landlord, a partnership between Bergman Real Estate Group and Eightfold Real Estate Capital.

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Market ReportsNorth CarolinaOfficeSoutheastSoutheast Market Reports

The Faucet Is Back On for Raleigh-Durham’s Office Market

by John Nelson

Raleigh-Durham’s office market entered the year on a positive note as 2024 ended strong. Vacancy was largely flat in the fourth quarter, net absorption neared 300,000 square feet and move-outs were sparse. After years of uncertainty and short-term renewals dominating the landscape, companies are now committing to longer leases. Clarity around business drivers, a growing labor pool and new market entrants are all contributing factors to this decisive turn. Firms are confidently making long-term real estate decisions, bringing lease terms back to the five- to 10-year range. While the vibrancy of the pre-pandemic era has not fully returned, data shows a steady recovery throughout 2024, and 2025 is poised to bring even stronger growth. In 2024, Raleigh-Durham welcomed several notable commitments from companies establishing a foothold in the market, like Jewelers Mutual, JTL and Amgen.  Leasing activity stayed strong through the fourth quarter, supporting the net absorption of nearly 160,000 square feet of office space over the course of the year. Rents have seen some downward corrections overall, but well-located, highly amenitized assets have retained rent stability. Recent recommitments from major companies like Nutanix and Hitachi highlight the area’s enduring appeal. Vacancy closed out December at 17.3 percent but was …

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