Office

PREG Scottsdale Buys Scottsdale Northsight Office Building in Arizona for $26.5M

by Amy Works November 17, 2023

SCOTTSDALE, ARIZ. — PREG Scottsdale LLC, a company formed by a private individual investor, has acquired Scottsdale Northsight, a Class A multi-tenant office building in Scottsdale. MIREF Northsight LLC sold the asset for $26.5 million. Located at 14350 N. 87th St., the three-story property features 138,693 square feet of office space. At the time of sale, the building was 69 percent leased. The asset offers suites ranging in size between 2,000 square feet and 8,000 square feet. Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s Capital Market and Private Capital Group teams in Phoenix represented the seller in the transaction.

November 17, 2023

77-Corporate-Drive-Bridgewater-New-Jersey

Development Features Life Sciences Multifamily Office Western Feature Archive

Converting Office to Life Sciences Offers Lucrative Alternative to Residential Reuse Projects

by Jeff Shaw November 17, 2023

— By Julian Freeman, Dave Wensley and Gabe Pitassi — With steep vacancy rates impacting traditional office markets due to the headwinds of higher interest rates, short-term economic uncertainty and long-term remote/hybrid work uncertainties, underutilized traditional office buildings may become liabilities before the end of their anticipated economic life. Owners of these properties may consider a conversion — an adaptive reuse or repurposing — to access higher rents and occupancy rates. In view of nationwide housing shortages, especially in California, converting office to multifamily has received much attention as a logical move. However, such a conversion is not always viable from a financial, structural, legal or location perspective. An alternative option may be to repurpose an office building for life sciences use. Such a conversion, while posing its own unique challenges, may provide more realistic options than a conversion to residential use for many owners and properties. Challenges in converting to residential Converting an office building to residential use presents challenges on multiple fronts. Zoning laws vary based on property location and usage, and the property may need to be rezoned to a different classification to allow multifamily uses. Rezoning requires local government approval and public hearings, which can take months …

November 17, 2023

Georgia Leasing Activity Office Southeast

Banyan Street Capital Signs 109,963 SF of Office Leases at Satellite Place in Duluth, Georgia

by John Nelson November 16, 2023

DULUTH, GA. — Banyan Street Capital has signed 109,963 square feet of office leases at Satellite Place, a 117-acre office park in Duluth, a northeast suburb of Atlanta. The 21 transactions include 13 new leases or expansions totaling 89,926 square feet and six renewals totaling 20,037 square feet. Eight of the leases (for 46,527 square feet) are tied to the electric vehicle (EV) industry, including a 17,808-square-foot lease with Hyundai Glovis. Situated near I-85, Satellite Place comprises 820,000 square feet of six-story office space. Banyan Street Capital has recently partnered with Greystar for a 328-unit multifamily development underway at Satellite Place. The property, known as Elan Satellite Place, is expected to deliver in early 2025.

November 16, 2023

Market Reports Midwest Midwest Market Reports Office Wisconsin

How Milwaukee’s Hottest Downtown Buildings Continue to Drive Leasing Activity

by Kristin Harlow November 16, 2023

By David Pudlosky and Patrick Savoie, JLL Milwaukee remains a strong office market with leasing activity showing no sign of slowing. Post-pandemic, companies took a fresh look at their workplace strategies to adjust to hybrid working environments, and many rightsized their overall square footage while adding significant amenities and attractions that provide a rewarding office experience for returning workers. Despite a smaller footprint, tenants are seeking updated, highly amenitized spaces in Class A buildings. While amenities have always been a focus for landlords, the buildings that stand out today are the ones that focus on quality amenities over quantity. For example, today’s tenant will likely not be as interested in a building lounge unless it has comfortable seating, a café, strong Wi-Fi and more. To be relevant to tenants, amenities must be high end and culture focused. We’ve seen companies like Milwaukee Tool, Fiserv, Komatsu Mining Corp. and Northwestern Mutual invest in their downtown office spaces and make commitments to bring more employees downtown, and we expect this trend to continue. Building owners can learn from what Class A building landlords are doing to drive leasing activity, and learn how investing in quality, amenity-driven spaces will likely bring in new …

November 16, 2023

Development Illinois Midwest Office Top Stories

Fulton Street, SNK Capital Break Ground on 409,000 SF Office Development in Chicago’s Fulton Market

by Katie Sloan November 16, 2023

CHICAGO — A joint venture between Fulton Street Cos. and SNK Capital has broken ground on 919 W Fulton Street, a high-rise office development in Chicago’s Fulton Market neighborhood. The development, which will span 409,000 square feet at 919 W. Fulton St., is Chicago’s first major new office development to commence construction in over a year, according to the joint venture. The 11-story building will feature floor-to-ceiling windows; outdoor terraces on all sides; a rooftop lounge and bar; several co-working and conference spaces; and a fitness center. Chicago-based real estate investor Harrison Street Real Estate Capital has signed on to occupy 170,000 square feet at the property, which will also feature a ground-floor restaurant by the locally based Gibsons Restaurant Group. The development will also include a 65-stall parking deck on the building’s lower level, which will be connected to an existing lower-level parking structure at 210 N. Peoria St. The project is scheduled for completion in 2025 and will pursue WELL and LEED Silver certifications. Bank of the Ozarks and Manulife provided financial backing for the property. The development team includes JDL Development, Skender, FitzGerald Associates Architects, Morris Adjimi Architects, Thornton Tomasetti, Eriksson, Syska Hennessy Group and site design group …

November 16, 2023

Development Industrial North Carolina Office Southeast

Swinerton to Construct $21M Build-to-Suit Flex Facility in Metro Raleigh

by John Nelson November 15, 2023

RALEIGH, N.C. — Swinerton will serve as the design coordinator and general contractor for a $21 million build-to-suit office and industrial facility south of Raleigh. The location of the 75,000-square-foot development and name of the tenant, a Fortune 150 electrical utilities provider, were not disclosed. Set to open on a 33-acre site in spring 2025, the project will comprise a 45,000-square-foot, single-story mobile substation storage facility and a 30,000-square-foot command center that will feature eight office spaces and four large collaboration areas.

November 15, 2023

Alabama Leasing Activity Office Southeast

Beach Co. Signs Tech Firm to Office Lease at The Range in Huntsville, Alabama

by John Nelson November 14, 2023

HUNTSVILLE, ALA. — The Beach Co. has signed Arrow Electronics, a tech services provider, to an office lease at The Range, a new 49,229-square-foot office building along Governors Drive in Huntsville. The Range is connected via a new pedestrian sidewalk to Beach Co.’s sister property The Foundry, a new 342-unit multifamily development, and Stovehouse, a property with food-and-beverage options, offices and event space. Arrow Electronics will occupy the remaining space on The Range’s ground floor. Crunkleton Commercial Real Estate Group managed the leasing efforts. The Range has one 10,000-square-foot availability on the second floor, according to Beach Co.

November 14, 2023

Industrial Leasing Activity Office Texas

H20 Innovation Signs 24,500 SF Industrial Flex Lease in North Houston

by Taylor Williams November 14, 2023

HOUSTON — Canadian water treatment firm H20 Innovation has signed a 24,500-square-foot industrial flex lease in Houston. The company will relocate to Building 1 at Old Town Spring Business Park, a 196,000-square-foot development located on the city’s north side, later this month. Nathan Donahue of Transwestern represented the tenant in the lease negotiations. Todd Jurek of Keen Realty Group represented the undisclosed landlord.

November 14, 2023

Acquisitions Illinois Midwest Office

Marcus & Millichap Arranges $5M Sale of Office Property in Palatine, Illinois

by Kristin Harlow November 14, 2023

PALATINE, ILL. — Marcus & Millichap has arranged the $5 million sale of Palatine Center, a 46,095-square-foot office property in the Chicago suburb of Palatine. Located at 865-909 E. Wilmette Road, the three-building property was fully leased at the time of sale to five tenants. Roughly 85 percent of the tenants have occupied the building for 17 to 27 years. A specialized school occupies 69.6 percent of the space. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller, a private investor. The duo also secured the buyer, a Texas-based limited liability company.

November 14, 2023

Leasing Activity Office Texas

Fay Servicing Inks 47,951 SF Office Lease in Farmers Branch, Texas

by Taylor Williams November 13, 2023

FARMERS BRANCH, TEXAS — Fay Servicing Inc. has inked a 47,951-square-foot office lease in the northern Dallas metro of Farmers Branch. The provider of online financial management tools is taking space at Browning Place I, which was built in 1981 and totals 182,739 square feet, according to commercialcafé.com. Frank Puskarich and Louis Pascuzzi of Newmark represented the tenant in the lease negotiations. Duane Henley of Transwestern represented the landlord, an entity doing business as TCI Park West I Inc.

November 13, 2023

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