Office

Central Ohio’s Office Market Shifts to Accommodate Changing Tenant Demands

by Kristin Harlow April 13, 2023

By Aaron Duncan, CBRE Describing Central Ohio’s current office market conditions is like a kid making the “little bit of everything” drink at the self-serve soda fountain: a lot of ingredients go in and the result is, surprisingly, okay. The office market is filled with polarizing headlines — from the growth and success of suburban Class A+ product versus newly vacated assets, to sublease space swarming the stat line, and everything in between. Moreover, the sector continues to provide pools of negative and positive market conditions. One’s perspective on the market largely depends on which way they’re standing in that month but overall, much like that childhood concoction, it’s okay. The good and the bad For nearly three years, tenants leaned on ownership groups to let them put temporary solutions in place while they fully vetted their return-to-work strategies. Today, the good news is that tenants have finally figured it out and are confident about what their current and future footprints will look like. A strong indicator of this is the volume of headquarters transactions in the market, five of which were completed by our team: • Vertiv: 75,000-square-foot, suburban headquarters lease at 505 N. Cleveland Ave. • Surge Staffing: …

April 13, 2023

Florida Leasing Activity Office Southeast

Law Firm Signs 37,000 SF Office Lease at Water Street Tampa

by John Nelson April 11, 2023

TAMPA, FLA. — Bradley Arant Boult Cummings LLP, a law firm based in Birmingham, Ala., has leased space on the 10th and 11th floors of Thousand & One, a trophy office tower within the $3.5 billion Water Street Tampa development. Master developer Strategic Property Partners LLC is the landlord of the office tower. The law firm will move into its 37,000-square-foot space from its current regional office on North Tampa Street in downtown Tampa before the end of the year. PEI Global Partners has also recently leased space at Thousand & One, which also houses Citadel, ReliaQuest, Sila Realty Trust, Northern Trust Corp., Weatherford Capital, Synovus Financial Corp., RSM, Suffolk Construction, USA Rare Earth and Walker & Dunlop, among other tenants. Thousand & One features a rooftop terrace, private landscaped terraces, open-air conference room, employee fitness center and town hall meeting space. On the ground level, the building features a landscaped plaza with public art and water features and several ground-floor retailers, including Naked Farmer, CAVA and the recently opened Boulon Brasserie.

April 11, 2023

Leasing Activity Office Texas

Mattress Firm Signs 55,855 SF Office Headquarters Lease in Houston’s Westchase District

by Taylor Williams April 11, 2023

HOUSTON — Mattress Firm has signed a 55,855-square-foot office headquarters lease in Houston’s Westchase District. The retailer will relocate to Reserve at Westchase, a 194,919-square-foot building, from 10201 S. Main St. Jack Scharnberg, David Baker and Kristen Baker of Transwestern represented the undisclosed landlord in the lease negotiations. Jon Lee and Brett Blanchard of CBRE represented Mattress Firm, which plans to take occupancy of its new space in the fourth quarter.

April 11, 2023

Connecticut Leasing Activity Northeast Office

Sono Bello Signs 14,968 SF Office Lease in Rocky Hill, Connecticut

by Taylor Williams April 11, 2023

ROCKY HILL, CONN. — Cosmetic surgery specialist Sono Bello has signed a 14,968-square-foot office lease at 175 Capital Blvd. in Rocky Hill, a southern suburb of Hartford. The building is located within the 506,500-square-foot Corporate Ridge development, which offers a fitness center, game room, outdoor gathering areas and a full-service cafeteria. Bob Kelly and Jon Putnam of Cushman & Wakefield represented the landlord, KS Partners LLC, in the lease negotiations. The representative of the tenant was not disclosed.

April 11, 2023

Leasing Activity New York Northeast Office

CBRE Negotiates 8,367 SF Office Lease in Manhattan’s Flatiron District

by Taylor Williams April 11, 2023

NEW YORK CITY — CBRE has negotiated an 8,367-square-foot office lease at 61 W. 23rd St. in Manhattan’s Flatiron District. The seven-story building was originally constructed in 1887 and most recently renovated in 2021. Paul Amrich, Neil King, Alexander Golod and Meghan Allen of CBRE represented the landlord, Taconic Partners, in the lease negotiations. The representative of the tenant, The Action Network, a media company that covers the business of sports gambling, was not disclosed.

April 11, 2023

Acquisitions Company News Healthcare Life Sciences Massachusetts Northeast Office Seniors Housing Top Stories

Office Properties Income Trust Agrees to Acquire Diversified Healthcare Trust in All-Share Transaction

by John Nelson April 11, 2023

NEWTON, MASS. — Office Properties Income Trust (NASDAQ: OPI) has entered into a definitive merger agreement whereby the office REIT will acquire all the outstanding common shares of Diversified Healthcare Trust (NASDAQ: DHC), a REIT that owns properties in the medical office, life sciences and seniors housing sectors. The combined company will have approximately $12.4 billion of total gross assets under management, representing 539 properties across 40 states and Washington, D.C. The portfolio comprises about 264 seniors housing communities, 10 triple-net-leased wellness centers and 265 medical office, traditional office and life sciences buildings. About 42 percent of the portfolio is located in the Sun Belt. The RMR Group (NASDAQ: RMR), an alternative asset management firm based in Newton, manages both REITs and acquires properties on behalf of the entities. RMR also makes acquisitions on behalf of Service Properties Trust and Industrial Logistics Properties Trust. RMR Group will continue to manage the new company, which will be rebranded as Diversified Properties Trust and trade publicly on the Nasdaq Stock Market exchange. OPI’s executive team will lead the new company and will keep the firm’s corporate headquarters in Newton. The boards of trustees for both REITs unanimously approved the merger, which is …

April 11, 2023

Acquisitions Colorado Office Western

NAI Negotiates $5.1M Sale of Denver Office Building

by Jeff Shaw April 10, 2023

DENVER — NAI Shames Makovsky has brokered the sale of a 38,852-square-foot office building in Denver. 2755 S. Locust LLC purchased the asset for $5.1 million. The space is located at 2755 S. Locust St. The building underwent a $1.4 million modernization in 2018 that included common areas, restrooms, HVAC, LED lighting and exterior painting. Todd Snyder with NAI Shames Makovsky represented the buyer, which intends to operate the office building as-is. Joshua Cohen and John V. Propp of John Propp Commercial Group represented the seller, Ironton Investments.

April 10, 2023

Acquisitions Florida Office Southeast

JLL Brokers Sale of 170,172 SF Cornerstone Corporate Center in Plantation, Florida

by Jeff Shaw April 10, 2023

PLANTATION, FLA. — JLL Capital Markets has arranged the sale of Cornerstone Corporate Center I, a 170,172-square-foot, multi-tenant office building in Plantation, just west of Fort Lauderdale. Situated on 9.1 acres, the property was 80 percent leased at the time of sale to tenants including Marriott International, Morgan Stanley and MetLife. Amenities at the building include a covered parking deck, gym, café and access to nearby restaurants. Hermen Rodriguez, Ike Ojala, Matthew McCormack, Max Lescano and Blake Koletic of JLL represented the seller, an entity doing business as The AFL-CIO Building Investment Trust, advised by PNC Realty Investors. PIR Corner LLC acquired the property for an undisclosed price.

April 10, 2023

Leasing Activity Office Texas

Goree Architects Signs 21,392 SF Office Lease Expansion at Sage Plaza in Houston

by Taylor Williams April 10, 2023

HOUSTON — Goree Architects has signed a 21,392-square-foot office lease expansion at Sage Plaza, a 25-story building in Houston’s Galleria district. Sage Plaza spans 530,977 square feet and offers a fitness center, auditorium, coffee bar and an outdoor lounge area. Jessica Ochoa of CBRE represented the landlord, institutional investment firm BlackRock, in the lease negotiations. Anthony Squillante and Collin Roach of Avison Young represented the tenant, which is doubling its space and will now occupy the entire 16th and 17th floors.

April 10, 2023

Development Midwest Missouri Office

Western Specialty Contractors Restores Parking Garage at 103,000 SF Office Building in Suburban St. Louis

by Kristin Harlow April 10, 2023

CREVE COEUR, MO. — Western Specialty Contractors is completing the final phases of restoration work on the parking garage at CityPlace Four, a 103,000-square-foot office building in the western St. Louis suburb of Creve Coeur. Constructed in 2001, the four-story office building features a 339-space parking garage. A lack of maintenance, poor drainage and leaking planter boxes on the garage’s street-level concrete topping slab and a suspended deck had resulted in severe deterioration and water seepage into a parking area below. The garage has remained open during the multi-phase project. Phase III, which focuses on the garage’s southwest corner, will be completed this year. Phase IV on the northwest corner will be completed next year. ABS Consulting is the project engineer.

April 10, 2023

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