Office

CBRE Arranges Two Lease Extensions at Oakland’s Rotunda Building

by Jeff Shaw July 18, 2023

OAKLAND, CALIF. — CBRE has arranged two lease extensions totaling 10,000 square feet at the Rotunda Building in Oakland. The extending tenants include East Bay Endoscopy Surgery Center, an outpatient endoscopic facility specializing in gastroenterology, and East Bay Center for Digestive Health, a provider of comprehensive gastroenterology and hepatology services. Rubicon Point Partners owns the 300,000-square-foot office and retail building, and is currently underway on upgrades to building systems, common areas and tenant amenities. CBRE’s Andy Schmitt, Trent Holsman and Alex Robertson represented the landlord. Michael Sharapata of JLL represented East Bay Endoscopy Surgery Center, while Russel Gallaway of Gallaway Commercial represented East Bay Center for Digestive Health.

July 18, 2023

Development Industrial Loans New York Northeast Office

First Citizens Bank Provides $42.2M Construction Loan for Film Production Studio in Yonkers, New York

by Taylor Williams July 18, 2023

YONKERS, N.Y. — First Citizens Bank has provided a $42.2 million construction loan for a film production studio in Yonkers, located north of New York City, that will be operated by MediaPro US, a Spanish language programming company. A joint venture between National Resources and Great Point Media is developing the 112,400-square-foot facility, which will house studio, office and warehouse space. A construction timeline was not disclosed.

July 18, 2023

Market Reports New Mexico Office Western Western Market Reports

Higher-Quality Properties, Downsizing Drive Strong Office Leasing Activity in New Mexico

by Jeff Shaw July 18, 2023

— By John Ransom, Senior Vice President and Principal, Colliers — Albuquerque MSA office users continue to closely evaluate real estate decisions post-pandemic. The leasing trend is pivoting toward quality properties with landlords upgrading their building systems, security and amenity offerings. Tenant improvement costs are central to lease negotiations, so matching a tenant with space that requires the least amount of renovations to meet their needs is critical for both the tenant and the landlord to make a deal. In any event, tenants often have to share in the TI costs with upfront capital or amortizing a portion of the construction expense into the rental rate. This leads to longer lease terms and additional lease securitization requirements. Beneficial occupancy and other creative incentives are also being offered by landlords in lieu of additional tenant improvement dollars. Companies looking to downsize are considering a trade up in building/space quality. The upgrade has little impact to overall real estate expense, while improving the working conditions for their employees and ability to recruit in a competitive hiring climate. The office vacancy rate has steadily decreased to about 12 percent from a high of 20 percent five years ago. The bulk of vacancies are …

July 18, 2023

Acquisitions California Office Western

Global Net Lease Sells Office Property in San Jose for $50M

by Jeff Shaw July 17, 2023

SAN JOSE, CALIF. — Global Net Lease. has agreed to sell an office property in San Jose for $50 million. The property, originally acquired by GNL in 2014 for $52.5 million, will be converted to residential use by a local developer. Further details were not disclosed.

July 17, 2023

Acquisitions Colorado Office Western

Ivy Realty Buys Junction 23 Creative Office Redevelopment in Denver

by Jeff Shaw July 17, 2023

DENVER — Ivy Realty has purchased Junction 23, a creative office property at 2323 Delgany St. in Denver’s River North (RiNo) District. The price was not disclosed. The project represents a 12-month renovation by EverWest, which converted a 1975-built industrial building into 86,127 square feet of creative workspace in 2019. Junction 23 features an open interior, indoor-outdoor concept with a 73,915-square-foot ground floor and 12,212-square-foot second floor. The project incorporates numerous flexible work areas including modern conference rooms, small-group breakout spaces and roll-up garage doors that connect to a center atrium and outdoor meeting areas. It features 16-foot windows, 25-foot exposed ceilings, more than two dozen skylights and energy-efficient LED lighting. John Jugl of Newmark represented the seller, EverWest, in the transaction.

July 17, 2023

Acquisitions California Office Western

American Plus Bank Acquires Two Office/Flex Buildings in Arcadia, California for $5.3M

by Jeff Shaw July 17, 2023

ARCADIA, CALIF. — American Plus Bank has acquired two office/flex buildings in Arcadia, just northeast of Los Angeles, for $5.3 million. The buyer plans to utilize a portion of the property for one of its retail bank locations. Built in 1968, the property includes 38 parking spaces and provides high visibility and easy access. The office suites feature kitchens, private restrooms, private offices/conference rooms, server rooms, reception areas and open work areas. Andrew Berk of Avison Young represented the seller, a local family trust, while Jennie Ching of KW Commercial represented the buyer.

July 17, 2023

Leasing Activity Michigan Midwest Office

West Michigan Transport to Open 10,000 SF Office in Grand Rapids

by Kristin Harlow July 17, 2023

GRAND RAPIDS, MICH. — West Michigan Transport, a freight brokerage headquartered in Holland, Mich., is opening a new office in Grand Rapids. The 10,000-square-foot office is scheduled to open in September. West Michigan Transport says the expansion to Grand Rapids comes in response to the increasing demand for logistics solutions. The company plans to hire 100 individuals, ranging from entry-level sales and operational roles to experienced account managers. Hillary Taatjes Woznick of NAI Wisinski of West Michigan represented the tenant, while colleagues Mary Anne Wisinski-Rosely and Jason Makowski represented the undisclosed landlord.

July 17, 2023

Leasing Activity Office Texas

REOC San Antonio Secures 5,300 SF Office Lease Extension

by Taylor Williams July 17, 2023

SAN ANTONIO — REOC San Antonio has secured a 5,300-square-foot office lease extension at 555 E. Ramsey Road in San Antonio. According to LoopNet Inc., the property was built in 1997 and totals 26,738 square feet. Blake Bonner of REOC San Antonio represented the landlord in the lease negotiations. Jamie Bracken of Cushman & Wakefield represented the tenant, Automated Logic Corp, a provider of automated building systems.

July 17, 2023

Leasing Activity New York Northeast Office

JLL Negotiates 19,326 SF Office Lease in Manhattan’s NoMad District

by Taylor Williams July 17, 2023

NEW YORK CITY — Lockton Re, a provider of reinsurance services, has signed a 19,326-square-foot office lease at 261 Fifth Avenue in Manhattan’s NoMad district. The company is relocating from 48 West 25th St. to the 10th floor of the 25-story, 450,000-square-foot building. Don Preate of JLL represented the tenant in the lease negotiations. Andrew Wiener, Tim Parlante and David Turino internally represented the landlord, The Feil Organization, which recently implemented a $20 million value-add program at the building.

July 17, 2023

Features Office

JLL Report: Central Business Districts Will Evolve in Light of Vacant Offices

by Jeff Shaw July 17, 2023

It will likely surprise no one, given the wealth of coverage on the issue of reduced office usage, that office vacancy is the top challenge currently facing central business districts (CBDs) worldwide, according to a recent report by JLL. Long and costly commutes, property obsolescence, competition from other submarkets and unstable demand are the other top hurdles for CBDs. Far from pessimistic though, the report — The Future of the Central Business District — says that CBDs can and will adapt to the new landscape, with government officials and commercial real estate players holding the power to “unlock the future potential of CBDs.” Hybrid work presents a hindrance According to research presented in the report, roughly 60 percent of workers “expect flexible arrangements” when it comes to their presence in their offices, with hybrid working arrangements (comprising schedules that are partly remote and partly in-office) becoming increasingly popular. Workers, the report states, now spend an average of 2.3 days of the week remotely, and office vacancy in the United States sits at 20.2 percent. Aside from the implications for the office sector, the woes of which are well documented, the absence of workers from offices translates to reduced foot traffic in retail …

July 17, 2023

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