PORTLAND, ORE. — Newmark has brokered the sale of Leland James, a multi-tenant office building in Portland’s Slabtown District. Spear Street Capital acquired the fully occupied asset. Terms of the transaction were not released. Located at 2175 NW Raleigh St., the four-story Leland James building features 118,104 square feet of office space. Formerly a corporate office building, the property was redeveloped in 2018. The redevelopment included seismic upgrades, a new brick façade and the addition of a heavy timber penthouse level with an eco-roof, as well as new mechanical, electrical and plumbing systems. Nick Kucha, James Childress and Jakob Nicholls of Newmark represented the undisclosed seller in the deal. Dave Squire and Josh Williams of Newmark served as leasing advisors on behalf of the seller and helped bring the property to 100 percent occupancy.
NEW YORK CITY — Newmark has secured a 31,916-square-foot office lease expansion and renewal at 1350 Avenue of the Americas, a 35-story, 601,330-square-foot building in Manhattan’s Plaza District. The footprint of the tenant, reinsurance brokerage firm Howden Tiger, now includes its currently occupied 13,287 square feet on the entire 33rd floor and the addition of 18,629 square feet on the entire 34th and penthouse floors. Leo Paytas of Newmark represented Howden Tiger in the lease negotiations. Howard Tenenbaum and Gary Rosen internally represented the landlord, SL Green.
RICHARDSON, TEXAS — Locally based brokerage firm Citadel Partners has negotiated an 80,000-square-foot office lease at 2360 Campbell Creek Blvd. in the northeastern Dallas suburb of Richardson. The site will serve as a temporary city hall and library for the City of Richardson while new facilities are built following an August 2022 fire. The city is also renovating existing space at the library via a bond program. Scott Jessen and Mac Morse of Citadel Partners represented the tenant in the lease negotiations. Chuck Sellers and Russell Podraza of Forge Commercial represented the landlord.
SANTA ANA, CALIF. — Terreno Realty Corp. has acquired a 4.9-acre site at 1720 E. Garry Ave. in Santa Ana from Greenlaw Partners for $14.8 million. The site consists of three multi-tenant office buildings leased on a short-term basis. Terreno plans to demolish the existing structures and construct an industrial project on the site. Slated for completion in first-quarter 2025, the 91,500-square-foot rear-load distribution facility will offer 10 dock-high and two grade-level loading positions. Terreno’s total expected investment in the project is $40.6 million. The industrial development is fully pre-leased to a provider of temperature-controlled life sciences supply chain solutions. Rick Ellison, Jeff Chiate, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s Capital Markets team in Orange County, Calif., represented the seller in the transaction.
TRENTON, N.J. — Chicago-based intermediary Maverick Commercial Mortgage Inc. has arranged a $4.5 million acquisition loan for a 240,000-square-foot office building located at 240 W. State St. in Trenton. The undisclosed, Maryland-based borrower plans to convert the 16-story building, which includes retail space and onsite parking, into a multifamily complex following the expiration of in-place leases at the end of the year. An undisclosed debt fund provided the 12-month, variable-rate loan.
CORAL GABLES, FLA. — Cushman & Wakefield has negotiated the sale of 355 Alhambra, a 222,757-square-foot office tower located along Alhambra Circle in Coral Gables, a suburb of Miami. Princeton International Properties Corp. purchased the 16-story property from PGIM Real Estate for an undisclosed price. Mike Davis, Dominic Montazemi, Miguel Alcivar, Rick Brugge, Rick Colon, Ryan Holtzman, Brian Gale, Jordan Spitzberg, Chloe Strada and Ryan Jenkins of Cushman & Wakefield represented the seller in the transaction. Built in 2001, 355 Alhambra comprises nine stories of offices, seven stories of structured parking and commercial space on the ground level.
ST. PAUL, MINN. — Redpath and Co. has signed a 33,690-square-foot office lease at 400 Roberts St. N. in St. Paul for its new headquarters. The locally based CPA firm is retaining its base in downtown St. Paul. Tom Stella and Eric King of Cushman & Wakefield represented the landlord, Securian Financial. Also known as Securian Center, the office building features amenities such as Skyway connectivity in four directions, a work café with outdoor seating, onsite childcare, and a conference and training center. Mike Salmen of Transwestern represented the tenant.
ATLANTA — CP Group has signed leases with two new tenants at its 220,000-square-foot office building located at 3225 Cumberland Blvd. in Atlanta. Steam Logistics and National Endovascular Associates will occupy 10,900 and 6,144 square feet at the nine-story property, respectively. Amenities at the building, which is located roughly one mile from Cobb Galleria Centre and two miles from Truist Park, include a fitness center, shared conference rooms, transportation lounge and 24-hour security. Paul Hanna of JLL represented Steam Logistics in the lease negotiations, and Bill Langley of DT Spade represented National Endovascular Associates. Kevin Driver and Parker Welton of Stream Realty Partners represented the Boca Raton, Fla.-based landlord in both transactions.
ATLANTA — The U.S. Soccer Federation has announced plans to develop a National Training Center in Atlanta, relocating the organization’s headquarters from Chicago. The center will be utilized by all of the 27 U.S. Soccer National Teams. Philanthropist and owner of the Atlanta Falcons and Atlanta United Arthur Blank has contributed $50 million to support the development of the center. Part of the contribution will be dedicated to the construction of facilities for U.S. Soccer’s nine Extended National Teams (ENTs), particularly the Cerebral Palsy, Deaf and Power Soccer teams. Support from the Arthur M. Blank Family Foundation will also provide community programming. Advised by Deloitte, J.T. Batson, CEO and secretary general of U.S. Soccer, is leading the search for a site in metro Atlanta. A final decision on the location for the development will be made in January.
JACKSONVILLE, FLA. — JLL has arranged a new lease at Riverplace Tower, a 470,000-square-foot office property located at 1301 Riverplace Blvd. in Jacksonville. Rogers Towers, a law firm, will occupy two floors at the tower through 2037, with the possibility of an extension. Acram Group is the landlord at the property, which is currently undergoing a $10 million capital improvement plan. Michael Loftin and Jesse Shimp of JLL represented Acram in the leasing lease negotiations. Jim Sebesta of Newmark Phoenix Realty Group represented the tenant.