MIAMI — Law firm Holland & Knight LLP has signed 121,032-square-foot office lease renewal at 701 Brickell in Miami’s Brickell financial district. The tenant will continue to occupy six floors of the building, which spans 33 stories and is currently 96 percent occupied. Brian Gale and Edward Quinon of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. Todd Lippman and Shay Pope of CBRE represented the tenant.
CHICAGO — Skender has completed an expansive renovation project at THE MART office building in Chicago. Owner Vornado Realty Trust coined the repositioning initiative as “Evolution of an Icon.” Skender made improvements to four key areas of the building’s second floor: a 29,000-square-foot circulation area, 21,000-square-foot conference center, 23,000-square-foot fitness center and 2,000-square-foot private tenant lounge. In the circulation area, Skender added new Terrazzo flooring and new lounge seating sourced from design showrooms at THE MART. The new conference center is comprised of 15 meeting rooms that accommodate up to 300 people. The area also features a workspace with phone booths, lounge seating, a pantry and satellite service area. The fitness center features a golf simulator, locker rooms, infrared saunas, a cycle room and mind-body room. Overlooking the river is the new tenant-exclusive, speakeasy-inspired lounge with a bar. Gensler was the architect and IMEG Corp. was the engineer.
ENGLEWOOD, COLO. — Remedy Medical Properties and Kayne Anderson Real Estate have acquired the Dry Creek Medical Campus in the Denver suburb of Englewood. The portfolio includes two buildings totaling 68,195 square feet. They are fully leased by healthcare providers. Services are centered around a full-service ambulatory surgery center leased to Orthopedic Centers of Colorado in partnership with SCA Health, which UnitedHealth Group owns. Dr. Metz Bariatric Surgery, which is also on the campus, recently became part of HealthOne, one of the leading health systems in Colorado. Other specialties housed in the properties include imaging, spine, orthopedics, anesthesia and dermatology. CBRE U.S. Healthcare & Life Sciences brokered the transaction.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has sold a 49.9 percent interest in 245 Park Avenue, a 1.8 million-square-foot office building in Midtown Manhattan, for $2 billion. The buyer was Tokyo-based Mori Trust Co. SL Green purchased its stake in the property, which is located between 46th and 47th streets, in September 2022 with the intent to reposition the asset with a partner. The company retained Kohn Pedersen Fox Associates to redesign the building to upgrade the façade, lobby, retail storefronts, amenity spaces and various infrastructural systems.
A wave of new-to-market office tenants — specifically legal tenants following the influx of financial firms and tech companies — continue to expand their presence in Miami. The trend further solidifies the city’s spot as a top destination for companies seeking reduced taxes, strong talent and vibrant communities. Looking back at the first quarter of 2023, net absorption totaled over 81,000 square feet (compared to 76,000 square feet in the first quarter of 2022), marking the third-highest quarterly total since 2020. Most leasing activity occurred in the Central Business District (CBD) and in Class A product in Wynwood and Coral Gables as tenants continue to lease high-quality space. However, the lack of availability in quality product, as well as the overall economic uncertainty, has led to a slowdown in leasing volume to start 2023 — particularly among new-to-market tenants. Leasing activity totaled 750,000 square feet in the first quarter compared to 1.5 million in fourth-quarter 2022. The quarter closed with a 16.3 percent vacancy rate, the lowest level since the onset of the pandemic in early 2020. Class A availability fell 260 basis points to 21.1 percent year-over-year with the largest drops recorded in downtown Miami, which fell 540 basis …
SALT LAKE CITY — Patrinely has announced a licensing and management agreement with Common Desk, a Texas-based coworking company. Common Desk will oversee a 31,828-square-foot coworking space at 650 Main, a new 10-story, Class A office and retail development at the corner of Main Street and 600 South in downtown Salt Lake City. This partnership marks the third location jointly established by Patrinely and Common Desk. The new space will provide users with a unique office environment that features amenities and abundant natural light. The property has obtained LEED Gold certification. CBRE’s Nadia Letey, Roman Bernardo and Dennis Tarro handle the office leasing assignment for 650 Main.
INDIANAPOLIS — Milhaus, an Indianapolis-based multifamily developer, owner and operator, has opened a new headquarters in downtown Indianapolis. The 48,000-square-foot building along Washington Street is situated in the historic Cole-Noble neighborhood. Milhaus will operate out of 28,000 square feet on two of the three floors. The building is located next to the firm’s first Qualified Opportunity Zone development, Grid. Housing 175 apartment units, Grid is home to a fraction of the 3,000 units that Milhaus has developed in central Indiana. More than half of those units are located downtown. To date, Milhaus has developed 48 projects with $1.9 billion in assets under management. The firm also maintains regional offices in Kansas City and Austin, Texas, with additional boots on the ground in Florida and Denver.
HOUSTON — Law firm Thompson, Coe, Cousins & Irons LLP has signed a 61,875-square-foot office lease at 5POP, a 28-story, 566,773-square-foot building in Houston’s Uptown neighborhood. The building was constructed in 1982 and is currently undergoing a $12 million capital improvement program. Transwestern represented the landlord, a partnership between national investment firm CP Group and Miami-based Rialto Capital that acquired the asset in 2021, in the lease negotiations. Kevin Saxe, Kevin Kushner and Harlan Davis of CBRE represented the tenant, which will occupy three full floors.
NEW YORK CITY — The Child Mind Institute, a nonprofit dedicated to helping children with mental illnesses and learning disorders, has signed an 81,810-square-foot at 825 Third Avenue in Midtown Manhattan. The tenant will occupy the entirety of the second through fifth floors and have a dedicated ground-floor entrance. The Durst Organization owns the 530,000-square-foot building, which is currently undergoing a $150 million capital improvement program. Lance Korman and Brian Waterman of Newmark represented Child Mind Institute in the lease negotiations. Tom Bow, Ashlea Aaron, Lauren Ferrentino and Bailey Caliban represented The Durst Organization on an internal basis.
HOBOKEN, N.J. — Locally based development and investment firm Maridian Properties has completed the majority of the renovations at 95 River Street, a historic building in Hoboken that comprises 22,500 square feet of office and retail space. Upgrades to common areas and office suites are complete, though a full remodel of the lobby remains ongoing. Maridian also rebranded the property as Lions Gate in homage to a decorative frieze on the building’s façade. Maridian acquired the building, which was originally constructed in 1910 for Steneck Trust Co. and last renovated in 1983, last December.
