DETROIT — Interior Environments has inked a 6,117-square-foot office lease at the Burns & Wilcox building, which is located at 119 State St. in Detroit. Steve Eisenshtadt, Andrew Bower and Jordan Friedman of Friedman Real Estate represented the undisclosed landlord. The tenant has launched the nation’s first minority-owned office furniture dealership, according to Friedman.
WASHINGTON, D.C. — Rockrose Development will complete the 245,000-square-foot renovation of three office properties located in Washington, D.C., this fall. Located within the Dupont Circle neighborhood, the project includes buildings located at 1900 M St. Northwest, 1146 19th St. and 1140 19th St. Together, the renovated properties will comprise “The Row on 19th.” John Skolnik and Michael Katcher of Cushman & Wakefield are exclusively leasing the project on behalf of Rockrose.
NEW YORK CITY — Regus, a provider of coworking and flexible workspace solutions, has signed a 37,031-square-foot office lease renewal at 14 Wall St. in Manhattan’s Financial District. Regus will continue to occupy the entire 20th floor of the 1.1 million-square-foot building, which was originally constructed in 1910 for the Bankers Trust Co. Bradley Gerla, Jon Cope, Mike Rizzo and Masha Dudelzak of CBRE represented the undisclosed landlord in the lease negotiations. Jon Pavone and Michael Cohen of Colliers represented Regus.
CARLSBAD, CALIF. — CBRE has arranged the sale of 1530 Faraday Avenue, an office building in Carlsbad, approximately 35 miles north of San Diego. Core Contracting acquired the asset from a private seller for $4.4 million. Matt Pourcho, Anthony DeLorenzo and Matt Harris of CBRE Investment Properties, alongside Nick Williams, Blake Williams and Roger Carlson of CBRE, represented the seller in the deal. Situated in Carlsbad Research Center, the single-story property features 13,093 square feet of office space. Built in 1998, the property recently underwent a renovation, including a new roof, complete interior remodel and new HVAC system. Additionally, the property has 53 parking stalls and a 555-square-foot space for a garage or storage area. The buyer will occupy the space. Chris Roth, Rusty Williams and Jake Rubendall of Lee & Associates represented the buyer in the deal.
In the second quarter of 2023, the Richmond office market posted more than 670,000 square feet of leasing volume, the highest total volume in more than four years. As transactions commence in future quarters, absorption will be impacted from occupancy shifts later in the year. Despite increased leasing activity, however, the market softened slightly as absorption has started to plateau. The second quarter represented the fourth consecutive quarter of negative net absorption as Richmond’s office market observed occupancy losses dipping to 21,489 square feet. Vacancy rates rose and settled at 12.6 percent, an 8-basis-point increase quarter-over-quarter. Pre-pandemic, overall asking rents saw stable upward rent growth. Since 2020, rental rates have continued to increase though at a leaner rate. Class A rents have flattened over the past 12 months, while Class B rents continued to rise. The Manchester and Scott’s Addition submarkets remain the hot spots for office development. Though there are currently no major office buildings underway at this time, most major office projects under construction in the last five years have either been build-to-suits or conversions. The only notable exception to this was The Current, a 70,000-square-foot spec office building that delivered in Manchester at the end of 2021. …
MIAMI — Monarch Alternative Capital, an investment firm with offices in New York City, London and South Florida, has purchased 801 Brickell, a 412,000-square-foot office building in Miami. The 28-story high rise is located just a block from Biscayne Bay in downtown Miami’s Brickell neighborhood, two blocks from a Metromover station. Monarch Alternative Capital will operate the transit-served property in partnership with Tourmaline Capital Partners. The seller and sales price were not disclosed. Originally constructed in 1985 within the Brickell district just south of the downtown area, the 28-story building was more than 90 percent leased at the time of sale. Tenants include U.S. Securities and Exchange Commission, Mastercard and Royal Bank of Canada. The building also houses a ground-floor restaurant, as well as a fitness center, tenant lounge, conference facilities and unobstructed views of Biscayne Bay. The previous ownership completed a capital improvement program at the property in 2022. According to the Colliers leasing webpage, BOMA awarded 801 Brickell the prestigious Office Building of the Year (TOBY) Award for excellence in environmentally sound office building management. The building boasts energy consumption 38 percent below the national median for similar buildings. Monarch cited the tenant quality and overall office trends in …
DALLAS — Lincoln Property Co. (LPC) has unveiled its new, 58,644-square-foot global headquarters at 8111 Douglas Ave., in the University Park neighborhood of Dallas. The site consists of two 13-story buildings, one of which houses 225,000 square feet of office and retail space and the other housing 128 multifamily units and 1,400 square feet of retail space. LPC delivered the property in 2023. Office and residential amenities include indoor and outdoor fitness spaces, a ground-floor park and an amenity deck with a putting green and pickleball and bocce ball courts. Including its Dallas headquarters, LPC now operates 35 offices worldwide.
NEW CANEY, TEXAS — Hope Media Group, a provider of religious content, will open its global headquarters office within Valley Ranch, a 1,400-acre master-planned development in the northeastern Houston suburb of New Caney. The facility will house video and podcast production space, studios with noise isolation features and modern collaborative spaces. Gensler is the project architect, and Houston-based Tellepsen is the general contractor. Construction is expected to begin before the end of the year. Signorelli Co. owns Valley Ranch.
CREVE COEUR, MO. — Brinkmann Constructors has topped out the new 87,000-square-foot headquarters for First Bank in Creve Coeur, a suburb of St. Louis. The four-story building will feature multiple outdoor workspaces and a multipurpose “innovation hub” for team collaboration and social events. The project also includes a two-story, 82,000-square-foot parking garage for both employees and visitors. The new headquarters is situated near the site of the bank’s original headquarters on Olive Boulevard. Completion is slated for the second quarter of 2024. First Bank, which maintains locations in Missouri, Illinois and California as well as mortgage offices in Kansas, is temporarily operating out of an office branch adjacent to the new headquarters.
HOUSTON — JLL has negotiated the sale of Memorial Pointe, a 226,586-square-foot office building in Houston’s Energy Corridor area. The 11-story building sits on 2.5 acres and has received multiple capital improvements since 2017, including a renovated lobby, and was 25 percent leased at the time of sale. Rick Goings, Tom Hall and Chad Coluccio of JLL represented the undisclosed seller in the transaction. The buyer was Interra Capital, a Houston-based private equity and financial advisory firm.
