Office

Tricera Capital Inks Office Leases Totaling 42,029 SF in South Florida

by John Nelson August 18, 2023

BOCA RATON AND WEST PALM BEACH, FLA. — Tricera Capital has secured one lease expansion and two new leases totaling 42,029 square feet in South Florida. The deals include Wells Fargo expanding its lease by 19,000 square feet at Tricera’s 1675 Midtown office building at 1675 N. Military Trail in Boca Raton, bringing the bank’s total footprint to 45,000 square feet. Built in 2008, the building totals roughly 70,000 square feet. The other deals include PMP Marketing Agency signing a 5,100-square-foot lease and Palm Beach Atlantic University leasing 17,929 square feet at Workspaces at the Press in West Palm Beach, which totals 120,000 square feet and is situated within the mixed-use The Press development. John Criddle, Joe Freitas and Christ Smith of CBRE manage leasing at 1675 Midtown, and Jon Blunk, Cristina Glaria, Connie Thomas and Laurel Oswald of TCRE overseeing leasing at Workspaces at The Press. Robert Anderson of Tortoise Realty Group represented the university in the lease negotiations.

August 18, 2023

Leasing Activity New York Northeast Office

Marshall Wace Signs 79,000 SF Office Lease at The Spiral in Midtown Manhattan

by Taylor Williams August 18, 2023

NEW YORK CITY — Global asset manager Marshall Wace has signed a 79,000-square-foot office lease at The Spiral, a 66-story, 2.8 million-square-foot tower in Midtown Manhattan. The tenant, which is relocating from 350 Park Avenue, has committed to the entire 32nd floor and part of the 33rd floor for 14 years. Andrew Sachs and Bill Levitsky of Newmark represented Marshall Wace in the lease negotiations. Greg Conen and Sam Brodsky represented the landlord, Tishman Speyer, on an internal basis. The build-out of the space will begin later this year.

August 18, 2023

Acquisitions Arizona Office Western

LPC Desert West Divests of Gainey Center Office Building in Scottsdale, Arizona for $26.5M

by Amy Works August 18, 2023

SCOTTSDALE, ARIZ. — LPC Desert West, Lincoln Property Company’s Southwest division, has completed the disposition of Gainey Center, a Class A office property in Scottsdale. Presson Cos., headed by long-time Phoenix commercial real estate investor Daryl Burton, acquired the asset for $26.5 million. Situated on 4.7 acres at 8501 N. Scottsdale Road, Gainey Center features 143,653 square feet of office space. The building offers functional floor plates, private tenant balconies, on-site security, a covered parking garage and views of Camelback Mountain, the McDowell Mountains and Mummy Mountain. During its ownership, LPC renovated the property. Upgrades included an extensive renovation of the lobby, which features a 22-foot atrium, upgraded seating and contemporary artwork. Improvements were also made to the building corridors, restrooms, elevator banks and mechanical systems. Barry Gabel and Chris Marchildon of Newmark represented LPC in the transaction.

August 18, 2023

Acquisitions California Office Western

CalCPA Sells Office Building in Burlingame, California for $15.1M

by Amy Works August 18, 2023

BURLINGAME, CALIF. — The California Society of Certified Public Accountants (CalCPA) has completed the disposition of a three-story office building located at 1710 Gilbreth in the Bay Area city of Burlingame. An undisclosed buyer acquired the asset for $15.1 million. Built in 1950, the 34,504-square-foot office building underwent significant renovations in 2017, including new exteriors, interiors and a structural retrofit. CalPAC recently relocated to and expanded its presence in Sacramento. Kyle Kovac, Mike Taquino, Joe Moriarty and Giancarlo Sangiacomo of CBRE’s San Francisco Capital Markets team represented the seller in the deal.

August 18, 2023

Acquisitions California Healthcare Office Western

Cushman & Wakefield Negotiates $9M Sale of Medical Office Building in San Jose, California

by Amy Works August 18, 2023

SAN JOSE, CALIF. — Cushman & Wakefield has arranged the sale of a freestanding medical office building located at 4850 Union Ave. in San Jose. LGTC Group acquired the asset from 4850 Union Avenue LLC for $9 million. LGTC Group, an outpatient mental health center, plans to occupy the two-story, 17,200-square-foot facility as its new clinic. Erik Hallgrimson and Clarke Steele of Cushman & Wakefield represented the seller in the transaction.

August 18, 2023

Market Reports Office Oregon Western Western Market Reports

Portland Office Market Looks to Reclaim its Vibrancy

by Jeff Shaw August 18, 2023

— By Samuel Hatcher, Field Research Manager, CBRE — Portland’s historically vibrant office market finds itself at a crossroads, striving to regain its footing in the wake of economic headwinds. The city’s unique blend of natural beauty, progressive culture and thriving tech scene has been a magnet for young professionals seeking an exceptional quality of life. However, recent shifting market dynamics have cast a shadow of uncertainty, compelling stakeholders to navigate a path to recovery with adaptability and resilience. Portland’s overall office market vacancy is currently 22 percent across the metro area. Downtown vacancy — which includes the Central Eastside, Northwest Close-in and Lloyd District — is at about 28 percent. Of that vacant space, 3.3 million square feet is Class A. Moreover, sublease availability across the overall office market is up 67 percent year over year and investment remains paused. Capital is waiting on the sidelines due to elevated interest rates and generally tighter financial conditions. Despite these stats, the market is showing some bright spots. The rate at which newly available sublease space is being put on the market has slowed compared to when this narrative was dominating headlines. There’s even a chance of a slight quarter-over-quarter decrease …

August 18, 2023

Leasing Activity Office Texas

Mohle Adams Signs 15,029 SF Office Lease in Houston’s Greenway Plaza District

by Taylor Williams August 17, 2023

HOUSTON — Accounting firm Mohle Adams has signed a 15,029-square-foot office lease at 3900 Essex Lane in Houston’s Greenway Plaza district. The 12-story, 235,620-square-foot building offers an onsite bank, fitness center and conference facilities, and the lobby and corridors were recently upgraded. Ryan Hartsell of Oxford Partners represented Mohle Adams in the lease negotiations. Robert LaCoure and Bryce Adams of Lee & Associates represented the landlord, Florida-based Accesso.

August 17, 2023

Pond-View-Corporate-Center-Farmington-Connecticut

Acquisitions Connecticut Northeast Office

CBRE Brokers Sale of 225,551 SF Office Campus in Farmington, Connecticut

by Taylor Williams August 17, 2023

FARMINGTON, CONN. — CBRE has brokered the sale of Pond View Corporate Center, a two-building, 225,551-square-foot office campus in Farmington, located west of Hartford. The sales price was $29.7 million. Jeffrey Dunne, Steven Bardsley, Travis Langer, Daniel Blumenkrantz and John McCormick of CBRE represented the seller, an affiliate of Sovereign Partners, in the transaction. CBRE also procured the buyer, an undisclosed family office. Pond View Corporate Center was 92 percent leased at the time of sale.

August 17, 2023

California Loans Office Western

GreenRock Provides $172M in C-PACE Financing for Office Tower in Oakland

by Amy Works August 17, 2023

OAKLAND, CALIF. — GreenRock Capital, in conjunction with KeyBanc Capital Markets, has provided $172 million in Commercial Property Assessed Clean Energy (C-PACE) financing for San Francisco-based TMG Partners. The company will use the loan proceeds to make energy efficiency and seismic upgrades at 300 Lakeside Drive, a 29-story office building in Oakland. The financing covers a range of improvements to the 910,000-square-foot building, which was constructed in 1961. The upgrades include a full HVAC system overhaul, envelope sealing to enhance energy efficiency, water conservation measures to reduce water consumption and a complete seismic retrofit. According to GreenRock, the transaction represents the largest C-PACE loan to date on an office property in the United States and the second largest C-PACE loan on a single property of any type in the United States.

August 17, 2023

Leasing Activity New York Northeast Office

TimesSquare Capital Management Signs 14,116 SF Office Lease in Midtown Manhattan

by Taylor Williams August 17, 2023

NEW YORK CITY — Financial services firm TimesSquare Capital Management has signed a 14,116-square-foot office lease at 75 Rockefeller Plaza in Midtown Manhattan. The tenant is relocating from 7 Times Square to the 30th floor of the building. Silvio Petriello of CBRE represented the tenant in the lease negotiations. Bruce Mosler of Cushman & Wakefield and internal agents Alexandra Budd and Daniel Birney represented the landlord, RXR.

August 17, 2023

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