Office

Urban Innovations Negotiates Seven Leases at Office Buildings in Chicago’s River North

by Kristin Harlow August 9, 2023

CHICAGO — Urban Innovations has negotiated seven office leases at its buildings in Chicago’s River North neighborhood. Altec Solutions Inc., a recruiter for manufacturing and engineering careers, signed a lease for 3,484 square feet at 325 W. Huron St. Michael Graham of CBRE represented the tenant. Aptus Architecture renewed a 2,394-square-foot lease at 325 W. Huron St. Jason Schulz of The J. Rich Co. represented the architecture firm. Blue Chip Marketing Worldwide signed a lease renewal for 6,784 square feet in 720 N. Franklin St. Chris Cummins of JLL represented the tenant. Challenger Logistics International Inc., a logistics and supply chain management firm, inked a 2,895-square-foot lease at 444 N. Wells St. Isabelle Montagne and Brian Means of JLL represented the tenant. Consulting firm Communication Research Associates Inc. leased a 1,500-square-foot space at 325 W. Huron St. Jaquis Covington of JLL represented the firm. Arts organization Ingenuity Incorporated Chicago renewed its lease at 440 N. Wells St. Michael Schneider of X10 Commercial represented the organization. NuHaus Corp. signed a 1,479-square-foot lease for a millwork showroom at 445 N. Wells St. Stephen Di Padua of Berkshire Hathaway represented the tenant. Aaron Zaretsky and Candice Marek represented ownership on an internal basis …

August 9, 2023

Leasing Activity Office Texas

Vard Marine Signs 6,694 SF Office Lease in Houston’s Energy Corridor

by Taylor Williams August 9, 2023

HOUSTON — Vard Marine Inc., a provider of naval architecture and marine engineering services, has signed a 6,694-square-foot office lease at 1311 Broadfield Blvd. in Houston’s Energy Corridor area. According to LoopNet Inc., the building was constructed in 2000 and totals 155,407 square feet. D.J. Hale of Oxford Partners represented the tenant in the lease negotiations. Jack Russo of JLL represented the landlord.

August 9, 2023

Leasing Activity New York Northeast Office

Empire State Development Signs 117,181 SF Office Headquarters Lease in Midtown Manhattan

by Taylor Williams August 9, 2023

NEW YORK CITY — Empire State Development has signed a 117,181-square-foot office headquarters lease at 655 Third Avenue in Midtown Manhattan. The state’s chief economic development agency will occupy five full floors of the 30-story, 425,000-square-foot building, which was originally constructed in 1958. Tom Bow, Ashlea Aaron and Bailey Caliban internally represented the landlord, The Durst Organization, in the lease negotiations. Moshe Sukenik and Brian Cohen of Newmark, along with Joan Brothers of Manhattan Boutique Real Estate, represented Empire State Development.

August 9, 2023

77-Corporate-Drive-Bridgewater-New-Jersey

Development Life Sciences New Jersey Northeast Office

Legacy Investing Completes 210,000 SF Life Sciences Conversion Project in Bridgewater, New Jersey

by Taylor Williams August 8, 2023

BRIDGEWATER, N.J. — Virginia-based Legacy Investing has completed a project in the Northern New Jersey community of Bridgewater that converted a 210,000-square-foot office building into a life sciences facility. The building at 77 Corporate Drive offers proximity to multiple interstates as well as Newark Liberty International Airport. A Fortune 500 global life sciences company recently signed a lease at the building, and Legacy Investing has engaged Cushman & Wakefield to market the remainder of the space for lease.

August 8, 2023

Acquisitions Hawaii Office Retail Western

SRS Brokers $7.5M Sale of Retail, Office Property in Hawaii

by Amy Works August 8, 2023

KAILUA-KONA, HAWAII — SRS Real Estate Partners has arranged the sale of the leasehold interest of a two-story, multi-tenant retail and office building in Kailua-Kona. A private partnership sold the asset to a Hawaii-based private investor for $7.5 million. Built in 1997 on 1.5 acres, the 30,503-square-foot is located at 75-1000 Henry St. At the time of sale, the property was 98 percent occupied by Planet Fitness, Anderson Wealth Planning, Fidelity National Title and ProService Hawaii. Nicholas Paulic, A.J. Cordero, Matthew Mousavi and Patrick Luther of SRS represented the seller in the deal.

August 8, 2023

California Market Reports Office Western Western Market Reports

Orange County’s Office Market Sees Stabilization Signs

by Jeff Shaw August 8, 2023

— By Brian C. Childs, Executive Managing Director, NAI Capital Commercial — Orange County office has historically been last in and first out of any recession or economic setback. That trend continues as an office recovery is in sight in this post-COVID marketplace. The challenge of encouraging workers to return to the office post-pandemic has slowed considerably. The rate of space being vacated in Orange County’s office market slowed to less than a 1 percent increase quarter over quarter in vacant space in the second quarter of 2023. This is compared to the 17 percent year-over-year rise, resulting in a total of 20.9 million square feet of vacant office space. Similarly, the growth rate of available sublease space also experienced a slower pace of 0.2 percent quarter over quarter, compared to a 23.4 percent year-over-year increase, reaching 4.6 million square feet. The second-quarter office vacancy rate sits at 13.3 percent, versus 13.2 percent in the first quarter. Overall office vacancy was at 11.5 percent a year ago. As the availability of office space has begun to stabilize, the average asking rent remained unchanged compared to the previous quarter. There was a minor decline of …

August 8, 2023

Leasing Activity Office Texas

Cushman & Wakefield Negotiates 90,609 SF Office Headquarters Lease in Uptown Dallas

by Taylor Williams August 4, 2023

DALLAS — Cushman & Wakefield has negotiated a 90,609-square-foot office headquarters lease at One Victory Park in Uptown Dallas. The tenant, energy company HF Sinclair Corp., will occupy three of the building’s 20 floors. Matt Schendle, Cynthia Cowen and Carrie Halbrooks of Cushman & Wakefield represented the landlord, New York-based Clarion Partners, in the lease negotiations. Phil Puckett and Harlan Davis of CBRE represented HF Sinclair.

August 4, 2023

Illinois Leasing Activity Midwest Office Retail

New Tenants to Open at Bell Works Chicagoland

by Kristin Harlow August 4, 2023

HOFFMAN ESTATES, ILL. — New tenants have signed leases totaling more than 80,000 square feet at Bell Works Chicagoland, the redevelopment of the former AT&T campus in Hoffman Estates undertaken by Inspired by Somerset Development. Nine new office and retail tenants have signed leases in recent weeks, bringing the campus to a total of 250,000 square feet leased to date. Cambium Networks, a global provider of networking solutions, is relocating its headquarters to Bell Works Chicagoland and will occupy 35,000 square feet. The company will maintain development and engineering labs on the first floor of the building, and its corporate offices and conference rooms on the fourth floor. Cambium Networks expects to take occupancy in March 2024. Digital advertising agency JumpFly will move its 60 employees to an 11,000-square-foot space in December. VIPAR Heavy Duty Inc., an independent aftermarket truck parts distributor and service provider, signed a long-term lease for 11,000 square feet. The company will relocate its global headquarters and 35 employees to the campus. The build-out of the company’s space is slated for completion this month. An unnamed electronic components and services company signed a lease for 9,000 square feet. Additionally, more than 9,000 square feet has been …

August 4, 2023

Acquisitions Office Southeast Virginia

JLL Brokers Sale of 120,031 SF Courthouse Square Office Building in Alexandria, Virginia

by John Nelson August 3, 2023

ALEXANDRIA, VA. — JLL has brokered the sale of Courthouse Square, a 120,031-square-foot office building located at 510 King St. in the Old Town Alexandria neighborhood. The historic, five-story property is situated near the Potomac River and a Metro station. Melrose Solomon Enterprises acquired Courthouse Square for an undisclosed price. The seller was also not disclosed, but Washington Business Journal reports that Brookfield Properties is the seller. Stephen Conley, Matt Nicholson, Kevin Byrd, Andrew Weir, Jim Meisel and Dave Baker of JLL represented the seller and procured the buyer in the transaction. Drake Greer of JLL arranged an undisclosed amount of acquisition financing on behalf of the buyer.

August 3, 2023

Leasing Activity Office Texas

IHI Energy Solutions Signs 17,816 SF Office Headquarters Lease in Houston

by Taylor Williams August 3, 2023

HOUSTON — IHI Energy Solutions, a provider of carbon reduction technologies, has signed a 17,816-square-foot office headquarters lease at Atrium at Park Ten in Houston’s Energy Corridor area. The deal brings the 140,000-square-foot building to 98 percent occupancy. Kim Shapiro and Mike Martin of Avison Young represented the landlord, Florida-based Accesso, in the lease negotiations. Jennifer Meehan of Savills represented the tenant.

August 3, 2023

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