Office

Sage Realty Completes $53M Renovation Project at Manhattan Office Building

by Taylor Williams September 27, 2023

NEW YORK CITY — Locally based development and investment firm Sage Realty has completed a $53 million renovation project at 767 Third Avenue, a 40-story, 320,000-square-foot building in Manhattan’s Grand Central Business District. The renovation upgraded the lobby and seventh-floor amenity space, which includes a café/bar, lounge, library, boardroom, salon meeting room, catering kitchen and a sculpture garden. FXCollaborative handled the design of the lobby renovation, and Fogarty Finger led the revamp of the amenity floor.

September 27, 2023

Leasing Activity Office Texas

Moroch Partners Signs 24,000 SF Office Lease in Dallas Design District

by Taylor Williams September 26, 2023

DALLAS — Marketing and communications firm Moroch Partners has signed a 24,000-square-foot office lease at 147 Manufacturing Drive in the Dallas Design District. The firm is relocating from Hall Street at The Centrum and plans to move its employees into its new headquarters space in 2024. Paul Wittorf, Kim Brooks, Laney Delin and Collin Burwinkel of Transwestern represented the landlord, Dallas-based Quadrant Investment Properties, in the lease negotiations. Jihane Boury and Clay Vaughn of Savills represented the tenant.

September 26, 2023

Acquisitions New Jersey Northeast Office

JLL Brokers $14.7M Sale of Office Building in Montvale, New Jersey

by Taylor Williams September 26, 2023

MONTVALE, N.J. — JLL has brokered the $14.7 million sale of a 119,089-square-foot office building in the Northern New Jersey community of Montvale. The two-story building sits on a 16.5-acre site at 5 Paragon Drive and houses amenities such as a cafeteria and a fitness center. Jeremy Neuer, Jose Cruz and Kevin O’Hearn of JLL represented the seller, Dallas-based Nessel Development, in the transaction. The buyer was Exclusive Management, an investment firm based in New York’s Hudson Valley region. The building was 76 percent leased at the time of sale.

September 26, 2023

Acquisitions Industrial Office Texas

Extract Production Sells Industrial Flex Property in Midland for $10M

by Taylor Williams September 25, 2023

MIDLAND, TEXAS — Extract Production, an equipment manufacturer for the oil and gas industry, has sold a 50,000-square-foot industrial flex property in the West Texas city of Midland for $10 million. The property was built in phases on 14 acres between 2018 and 2022. Kyle Fant, Britt Raymond, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners represented Extract Production, which also occupies the building and will lease the space back for the next 15 years, in the all-cash transaction. The team also procured the buyer, an undisclosed, publicly traded REIT.

September 25, 2023

Acquisitions Arizona Healthcare Office Western

Plaza Cos., Ryan Cos. Sell Ironwood Medical Pavilion in Queen Creek, Arizona for $23.3M

by Amy Works September 25, 2023

QUEEN CREEK, ARIZ. — Plaza Cos. and Ryan Cos. have completed the disposition of Ironwood Medical Pavilion, located on the Banner Ironwood Medical Center campus in Queen Creek. Hammes Partners acquired the asset for $23.3 million. Plaza Cos. will remain a minority joint venture investor and will continue to provide leasing and property management services for the property. Completion in September 2019, the three-story Ironwood Medical Center features 60,000 square feet of medical office space. The facility is adjacent to the Banner Ironwood Medical Center, a 78-acre medical center campus at the southwest corner of Gantzel and Combs roads. Bill Cook and Margaret Lloyd of Plaza Cos. will lead leasing efforts, while Scott Rubin of Plaza Cos. will oversee property management of the facility.

September 25, 2023

Development Office Texas

Ryan Cos. Tops Out 23-Story Office Project at Legacy West in Plano

by Taylor Williams September 22, 2023

PLANO, TEXAS — Ryan Cos. has topped out a 23-story, 409,000-square-foot office building within the Legacy West mixed-use development in Plano. Global tax firm Ryan LLC plans to occupy about half of the building as its new headquarters, and JLL is marketing the remaining space for lease. ACORE Capital provided construction financing for the project, which Ryan Cos. is developing in a joint venture with the real estate investment arm of Kansas-based conglomerate Koch Industries. Amenities will include a fitness center, multiple conference rooms, tenant lounge, pickleball courts and a café. Gensler is the project architect. Construction began last summer and is slated for a late 2024 completion.

September 22, 2023

Acquisitions Industrial Office Texas

Pillar Commercial, OliveMill Buy 81,259 SF Flex Property in Southlake, Texas

by Taylor Williams September 22, 2023

SOUTHLAKE, TEXAS — A joint venture between two Dallas-based investment firms, Pillar Commercial and OliveMill Holdings, has purchased Pinnacle Point, an 81,259-square-foot flex property in Southlake, located in the northern-central region of the metroplex. Built in 2020, Pinnacle Point consists of three single-story buildings on a seven-acre site. Parker McCormack of JLL represented the undisclosed seller in the transaction. Security National Bank provided acquisition financing to the joint venture.

September 22, 2023

Acquisitions Arizona Office Western

LPC Desert West Sells Camelback Corridor Office Buildings in Phoenix for $72.1M

by Amy Works September 22, 2023

PHOENIX — LPC Desert West, Lincoln Property’s Co.’s (LPC) Southwest division, has completed the sale of 3131 and 3133 Camelback office buildings in Phoenix to an entity of Presson Corp., led by local investor Daryl Burton, for $72.1 million. Barry Gabel, Chris Marchildon and C.J. Osbrink of Newmark represented the seller in the deal. LPC will retain leasing and management duties for the Class A buildings. Totaling 295,401 square feet, the project spans two adjacent multi-story office buildings at 3131 and 3133 E. Camelback Road. 3131 Camelback is a four-story, 196,332-square-foot building, and 3133 Camelback is a three-story, 99,069-square-foot facility. The property also features an onsite parking garage.

September 22, 2023

Colorado Development Industrial Mixed-Use Office Restaurant Retail Western

St. John Properties Breaks Ground on 600,000 SF Simms Technology Park in Broomfield, Colorado

by Amy Works September 22, 2023

BROOMFIELD, COLO. — St. John Properties has started construction of Simms Technology Park, an 81-acre mixed-use business community in Broomfield. Upon completion, the project will feature nearly 600,000 square feet of single-story and multi-story office and flex/research-and-development (R&D) space, as well as complementary retail amenities. The first phase of the park includes a single-story 41,000-square-foot office building and two flex/R&D buildings offering a total of nearly 70,000 square feet of space. Totaling just over 110,000 square feet, the three buildings are designed to achieve LEED certification. Completion of the three buildings is slated for summer 2024. In summer 2022, Broomfield City Council granted approval for St. John Properties to begin development activities on Simms Technology Park, a $125 million project at the intersection of North Simms Street and West 112th Avenue in Broomfield County, approximately 20 miles northwest of Denver. The Baltimore-based developer acquired the development site from Brocade Communications Systems LLC in 2020. In addition to the initial three buildings, St. John Properties is currently marketing the sale or ground lease of four pad sites, ranging from 1.5 acres to two acres, that can support various uses, including restaurants, convenient stores/gas stations and fast food. The final development is expected …

September 22, 2023

Kansas Leasing Activity Midwest Office

TruHome Solutions Signs 36,000 SF Office Lease at Aspiria in Overland Park, Kansas

by Kristin Harlow September 22, 2023

OVERLAND PARK, KAN. — TruHome Solutions, a financial services company offering mortgage lending services, has signed a 36,000-square-foot office lease at the Aspiria campus in Overland Park. The company plans to move in the first quarter of 2024, bringing 220 employees. Michael VanBuskirk and Trey DeRousse of Newmark Zimmer represented the tenant. Hunter Johnson of Occidental Management represented the landlord on an internal basis.

September 22, 2023

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