Office

Dynamic Star Receives Approval for 400,000 SF Office Redevelopment in Queens

by Taylor Williams June 9, 2023

NEW YORK CITY — Locally based developer Dynamic Star has received approval from the New York City Council for Opus Point, a redevelopment that will convert the former Eagle Electric manufacturing facility in Queens into a 400,000-square-foot office property. Designed by SLCE Architects and redeveloped on a speculative basis, the 26-story complex will offer a variety of flexible workspace suites and spaces. Amenities will include a basketball court, fitness center, landscaped rooftop deck and conference facilities. Completion is slated for the second quarter of 2025. CBRE will market Opus Point for lease.

June 9, 2023

Leasing Activity New York Northeast Office

Hart Howerton Signs 27,111 SF Office Lease Renewal, Expansion in Midtown Manhattan

by Taylor Williams June 9, 2023

NEW YORK CITY — Architecture firm Hart Howerton has signed a 27,111-square-foot office lease renewal and expansion at 10 E. 40th St. in Midtown Manhattan’s Bryant Park neighborhood. The 48-story, 442,000-square-foot building is currently being renovated and has been rebranded as Tower 40. Ethan Silverstein, Theodora Livadiotis and Caroline Collins of Cushman & Wakefield represented the landlord, a partnership between Madison International Realty and Joseph P. Day Realty, in the lease negotiations. Alexander Ryan and Time Freydberg of CBRE represented the tenant.

June 9, 2023

Acquisitions Healthcare North Carolina Office Southeast

CBRE Brokers $20.7M Sale of Medical Office Building in Durham

by John Nelson June 8, 2023

DURHAM, N.C. — CBRE has brokered the $20.7 million sale of Duke Medical Plaza, a 60,192-square-foot, Class A medical office building located at 4709 Creekstone Drive in Durham. Lee Asher, Zack Holderman, Jordan Selbiger, Trent Jemmett and Cole Reethof of CBRE’s U.S. Healthcare & Life Sciences Capital Markets practice represented the seller, Highwoods Properties, in the transaction. Ben Kilgore of CBRE | Raleigh and Patrick Gildea and Matt Smith of CBRE’s Charlotte office assisted in representing Highwoods. The buyer was not disclosed. Duke Medical Plaza was fully leased at the time of sale to Duke Health Integrated Practice, a subsidiary of Duke University Health System that recently signed a long-term lease extension. The facility serves as a full-service pediatric outpatient clinic offering 14 clinical pediatric services, including neurology, cardiology, endocrinology, gastroenterology, adolescent gynecology, oncology, rheumatology, nephrology, PT/OT/ST, pulmonary and onsite clinical laboratory and imaging.

June 8, 2023

Loans Midwest Office Ohio

KeyBank Provides $30M in Construction Financing for Midtown Collaboration Center in Cleveland

by Kristin Harlow June 8, 2023

CLEVELAND — KeyBank Institutional Advisors and KeyBank Community Development Lending and Investment (CDLI) have provided $30 million in financing to The Cleveland Foundation (TCF) for the construction of the 95,000-square-foot Midtown Collaboration Center in Cleveland. The center will be adjacent to TCF headquarters. KeyBank provided a $23.7 million loan, while KeyBank CDLI provided a $6.3 million equity investment in New Market Tax Credits. Partners in the project include Case Western Reserve University (CWRU), University Hospitals (UH), the Cleveland Institute of Art (CIA), Hyland Software and the Economic & Community Development Institute (ECDI). The center will house CRWU’s new Center for Population Health Research, UH’s new Diabetes Research and Wellness Center, CIA’s new interactive media lab, Hyland Software’s training center, ECDI’s small business administration lending center and women’s resource center, as well as a brewery and community-led music venue.

June 8, 2023

Kansas Leasing Activity Midwest Office

SnapIT Solutions Signs 5,894 SF Office Lease in Overland Park, Kansas

by Kristin Harlow June 8, 2023

OVERLAND PARK, KAN. — Technology solutions company SnapIT Solutions has signed a 5,894-square-foot office lease at Financial Plaza III in Overland Park. Owned by Group RMC and located at 6900 College Blvd., Financial Plaza III features amenities such as onsite food service, conferencing facilities, covered parking and more. Anné Erickson of JLL represented SnapIT.

June 8, 2023

Acquisitions Office Washington Western

Intracorp, HAL Real Estate Buy Vacant Office Building in Bellevue, Washington for $18M

by Jeff Shaw June 8, 2023

BELLEVUE, WASH. — A Intracorp and equity partner HAL Real Estate have purchased a site that houses a vacant, 60,423-square-foot office building in Bellevue for $18 million. The site is located at 3190 160th Ave. SE in the Eastgate neighborhood. The building was constructed in 1982 and was previously leased to Washington Department of Ecology for several decades. Official plans for the site have not yet been announced, but the buyer may execute shorter-term leases at the existing office building until a redevelopment strategy is finalized. Pat Mutzel of Cushman & Wakefield’s Private Capital Group, in collaboration with Jeffrey Cole, Jeff Chiate, Bryce Aberg, Mike Adey, Nico Napolitano and Zach Harman of the firm’s West Coast Capital Markets Group, represented the seller, a private, high-net-worth investment group. Mutzel also advised the sale of the property in December 2019 for a price of $16.3 million.

June 8, 2023

Acquisitions California Office Western

Cabrillo Credit Union Purchases Office Building in San Diego for $7.9M

by Jeff Shaw June 8, 2023

SAN DIEGO — Cabrillo Credit Union has acquired a 20,060-square-foot office building in the Kearny Mesa submarket of San Diego for $7.9 million. The building is located at 3710 Ruffin Road. It features solar panels, open ceilings, creative office space, private offices, conference rooms, and employee breakrooms and restrooms on each floor. The property was renovated in 2019. CBRE’s Phil Linton and Nick Bonner represented the seller, the Council of Community Clinics, which will lease back a quarter of the building.

June 8, 2023

Leasing Activity Office Texas

Simon Greenstone Panatier Signs 28,366 SF Office Lease in Downtown Dallas

by Taylor Williams June 8, 2023

DALLAS — Law firm Simon Greenstone Panatier has signed a 28,366-square-foot office lease at Bank of America Plaza in downtown Dallas. The 72-story, 1.8 million-square-foot complex offers a fitness center, conference facilities, tenant lounge, car wash services and multiple onsite dining options. Ryan Hoopes, Tom Sutherland and Dean Dahlsten of Cushman & Wakefield represented the tenant in the lease negotiations. Russ Johnson and Joel Pustmueller of JLL represented the landlord, Metropolis Investment Holdings Inc.

June 8, 2023

Leasing Activity New York Northeast Office

West Publishing Corp. Signs 46,105 SF Office Lease Extension in Midtown Manhattan

by Taylor Williams June 8, 2023

NEW YORK CITY — West Publishing Corp. has signed a five-year, 46,105-square-foot office lease extension at 3 Times Square in Midtown Manhattan. The company will occupy the entire 17th floor and a portion of the 18th floor at the 885,000-square-foot building, which was originally constructed in 2001 as the headquarters for Reuters and recently underwent a capital improvement program. Mitchell Konsker, Dan Turkewitz and Christine Tong of JLL represented the tenant in the lease negotiations. Tom Keating represented the landlord, locally based investment firm Rudin, on an internal basis.

June 8, 2023

Acquisitions Michigan Midwest Net Lease Office Top Stories

The Herrick Co. Acquires 21-Story Office Tower in Downtown Detroit for $150M

by Katie Sloan June 8, 2023

DETROIT — The Herrick Co. has acquired a 21-story office tower at 2025 Woodward Ave. in downtown Detroit for $150 million. Locally based architecture firm Neumann Smith designed the 421,481-square-foot building, which was delivered in fall 2022 and acts as a headquarters for Huntington National Bank’s (NASDAQ: HBAN) commercial division. The bank fully occupies the property on a triple-net-lease basis. The building features ground-floor retail space, including a Huntington Bank branch; 10 floors of structured parking; a cafe; and a rooftop terrace with space for movies or sporting events to be projected on the side of the tower. The deal is the largest building acquisition to close in Detroit since the start of the COVID-19 pandemic, according to Crain’s Detroit Business. The seller was not disclosed. Huntington acquired TCF Financial Corp. in 2020 for $22 billion. The combined company operates more than 1,000 branches in 11 states. The bank’s stock price closed at $11.42 per share on Wed. June 7, down from $13.10 one year ago. The Herrick Co. is a national real estate investment firm that has completed more than $6 billion in transactions. The company focuses on acquiring single-tenant buildings net leased to office, industrial and retail users, …

June 8, 2023

Newer Posts

Older Posts