Sunday, November 24, 2024
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IllinoisLeasing ActivityMidwestOffice

Medline Signs 214,560 SF Office Lease in Northbrook, Illinois

by Kristin Harlow

NORTHBROOK, ILL. — Medline Industries LP has signed a long-term office lease for 214,560 square feet at 2375 Waterview Drive in the Chicago suburb of Northbrook. The privately held medical-surgical product manufacturer and supplier plans to move into its new space in mid-2025 and will occupy the north building of the campus. Kyle Robbins, Andrew Davidson and David Burkards of Transwestern Real Estate Services represented the owner of the 432,000-square-foot property. Of the two buildings at the campus, there is approximately 80,000 square feet of available space remaining inside the south building. Tenants have access to a cafeteria, 400-person multi-purpose meeting space, fitness center and outdoor terraces. A new tenant lounge is set to open next year. James Otto, Jon Milonas, Paul Diederich and Peter Livaditis of CBRE represented Medline.

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IllinoisLeasing ActivityMidwestOffice

Workbox Moves Corporate Headquarters to Chicago’s Fulton Market District

by Kristin Harlow

CHICAGO — Workbox, a national workspace operator founded in 2019, has moved its corporate headquarters to Chicago’s Fulton Market neighborhood. In less than three years, the company has grown from nine employees to over 35 nationwide and is relocating a majority of its Chicago-based team to 220 N. Green St. At over 60,000 square feet, Workbox Chicago – Fulton Market is the company’s sixth and largest workspace in Chicago. The Workbox team will share its new corporate space with its member base.

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LoansOfficeTexas

Lone Star PACE Arranges $3.5M in C-PACE Financing for North Dallas Office Tower

by Taylor Williams

DALLAS — Lone Star PACE has arranged $3.5 million in C-PACE financing for Meadow Park Tower, a 263,000-square-foot office building in North Dallas. The 15-story building was originally constructed in 1986 and last renovated in 2016. Bayview PACE provided the nonrecourse, fixed-rate financing, proceeds of which will be used to install sustainable energy-efficient windows and walls, LED lighting, improved HVAC systems and low-flow plumbing. Bradford Cos. owns the building, which was 90 percent leased at the time of the loan closing.

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Leasing ActivityOfficeTexas

Hicks Johnson Signs 21,000 SF Office Lease in Downtown Houston

by Taylor Williams

HOUSTON — Hicks Johnson PLLC has signed a 13-year, 21,000-square-foot office lease in downtown Houston. The litigation and arbitration law firm is taking space at 1550 on the Green, a 28-story, 375,000-square-foot building that the owner, international developer Skanska, completed earlier this year. Tyler Garrett and Chrissy Wilson of JLL represented Skanska in the lease negotiations. The deal brings the building to 54 percent occupancy. Hicks Johnson plans to take occupancy in late 2025.

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Leasing ActivityNorth CarolinaOfficeSoutheast

Burns & McDonnell Expands Office Footprint at Fenton in Cary, North Carolina

by John Nelson

CARY, N.C. — Burns & McDonnell, a global engineering, construction and architecture firm, has expanded its office footprint to 17,000 square feet at Fenton, a 92-acre mixed-use development in the Raleigh suburb of Cary. Matt Winters and Ashley Ingram of JLL represented Burns & McDonnell in the lease transaction, nearly doubling the tenant’s square footage. The office is located at 25 Fenton Main and features an outdoor terrace overlooking the project’s Central Plaza. The owners of Fenton include Hines, Columbia Development and Affinius Capital.

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ConnecticutLeasing ActivityNortheastOffice

Sterling Investment Partners Signs 15,000 SF Office Lease in Greenwich, Connecticut

by Taylor Williams

GREENWICH, CONN. — Sterling Investment Partners has signed a 15,000-square-foot office lease in the southern coastal Connecticut city of Greenwich. The private equity firm is taking space at 145 Mason Street, a newly renovated building located in the downtown area. James Ritman, Allan Murphy and Ben Goldstein of Newmark represented the landlord, Win Properties, in the lease negotiations. CBRE represented the tenant.

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ConnecticutLeasing ActivityNortheastOffice

Family Care Visiting Nurses Renews 10,124 SF Office Lease in Stratford, Connecticut

by Taylor Williams

STRATFORD, CONN. — Family Care Visiting Nurses has renewed its 10,124-square-foot office lease in the southern coastal Connecticut city of Stratford. The home-based health services provider will remain at the 42,000-square-foot building at 999 Oronoque Lane for an unspecified period of time. Bruce Wettenstein of locally based brokerage firm Vidal/Wettenstein represented the landlord in the lease negotiations.

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AcquisitionsMichiganMidwestOffice

NAI Farbman Brokers Sale of 114,397 SF Office Building in Southfield, Michigan

by Kristin Harlow

SOUTHFIELD, MICH. — NAI Farbman, the brokerage arm of Farbman Group, has brokered the sale of a 114,397-square-foot office building in Southfield. The H.N. and Frances C. Berger Foundation, a California-based nonprofit that supports established organizations promoting healthcare, social services and education, purchased the property in 2012 as an investment. Given the current state of the office industry, the foundation opted to gift the building to another nonprofit, Volunteers of America, a Virginia-based organization founded in 1896 that provides affordable housing and other assistance to low-income residents. David Haboian of REDICO and Edward Wujek of CBRE represented H.N. and Frances C. Berger Foundation, while Ron Goldstone of NAI Farbman represented Volunteers of America. Following the gifting of the asset, Volunteers of America executed an analysis on the building to determine if it could be converted into a multi-story thrift store, a common practice for the group, which operates dozens of thrift stores nationwide. But the conversion proved too difficult to execute. The property then traded to the Tamaroff Jeffrey Automotive Group, a local automotive dealer of new and used cars. As a result, Volunteers of America raised money for its charity by trading the asset. The property is situated adjacent …

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PV-Development
ArizonaDevelopmentMixed-UseMultifamilyOfficeRestaurantRetailTop StoriesWestern

RED Development Underway on $2B Redevelopment of Paradise Valley Mall in Phoenix

by Katie Sloan

PHOENIX — RED Development has begun construction on PV, the $2 billion redevelopment of a 100-acre site in Phoenix formerly occupied by Paradise Valley Mall.  Phase I of the project will include retail, dining and entertainment space anchored by Whole Foods Market; AVE Paradise Valley, a 400-unit multifamily community; and a 77,000-square-foot co-headquarters for Fender Musical Instruments Corp. Each component of the development will be linked via centrally located parks.  A groundbreaking was recently held for the office portion of the development — a three-story building designed by SmithGroup to be occupied solely by Fender. Scheduled for completion in fall 2025, the complex will feature a dedicated model shop for its guitar and amplifier designers, an upscale sound room, café, meeting rooms and flexible workspaces.  Openings began on the retail portion of the project last week and will continue through the end of this year. Tenants will include Flower Child, Blanco Cocina + Cantina, The Melt, Trevor’s Liquor, Wren House Brewing Co., Frost Gelato, Sephora, Hammer & Nails, SkinSpirit and European Wax Center. AVE Paradise Valley is currently preleasing with move-ins scheduled to begin in November. The mid-rise community offers studio, one-, two- and three-bedroom units with private patios or …

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AcquisitionsNew JerseyNortheastOffice

Town of Wallingford Buys 45,320 SF Office Building in Southern Connecticut

by Taylor Williams

WALLINGFORD, CONN. — The Town of Wallingford, located in southern Connecticut, has purchased a 45,320-square-foot office building located at 4 Fairfield Blvd. The sales price was $4.1 million. The municipality plans to use 25,565 square feet of the building to house the offices of its board of education. Frank Hird of locally based brokerage firm O,R&L Commercial represented the seller, an entity doing business as  CT Wallingford Realty Partners, in the transaction.

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