NEW YORK CITY — New York Cancer & Blood Specialists (NYCBS) has signed a 35,469-square-foot office lease in The Bronx. The oncology practice will occupy three full floors at Radio Tower, a mixed-use building in the Washington Heights neighborhood. Marty Cottingham, Michael Gottlieb, Patrick Steffens, Joel Wechsler and Alexis Odgers of Avison Young represented the landlord, Youngwoo & Associates, in the lease negotiations. Arthur Mirante II of Savills and Ari Malul of Schuckman Realty represented NYCBS.
NEW YORK CITY — SharkNinja will open a 14,296-square-foot office in Midtown Manhattan. The Massachusetts-based product design and technology company plans to occupy an entire floor at 41 Madison Avenue, a 42-story, 560,000-square-foot building. Steven Jacobson of Hopkinson Associates represented SharkNinja in the negotiations for the 10-year lease. Robert Steinman represented the landlord, Rudin, on an internal basis.
SAN RAFAEL, CALIF. — Marcus & Millichap has arranged the sale-leaseback of a mixed-use building located at 2066 4th St. in San Rafael. A limited liability company sold the asset to an undisclosed buyer for $1.4 million. Built in 1946, the 5,739-square-foot property offers one retail unit, one office unit, six single-room occupancy units and a one-bedroom/one-bath residential unit. John Lee, Adam Levin and Robert Johnston of Marcus & Millichap represented the seller in the deal. The seller will remain as a commercial tenant at the property.
Chan Zuckerberg Initiative Signs 225,000 SF Lease to Anchor Elco Yards Development in Silicon Valley
REDWOOD CITY, CALIF. — The Chan Zuckerberg Initiative (CZI), one of the largest philanthropies supporting biomedical research and AI-driven science, has signed a 225,000-square-foot life sciences lease in Silicon Valley. The company will fully occupy one of four buildings at IQHQ Inc.’s Elco Yards mixed-use development underway in Redwood City, roughly 25 miles south of San Francisco. Situated along the Caltrain corridor on the San Francisco Peninsula, Elco Yards is a 670,000-square-foot mixed-use development that comprises four buildings offering lab, office and retail space. The project, which began construction in 2021, will deliver additional phases between mid-2025 and 2026. CZI is expected to officially occupy its newly leased space in 2027. The deal brings Elco Yards to 30 percent preleased, according to IQHQ. Founded by Dr. Priscilla Chan and Facebook founder Mark Zuckerberg in 2015, CZI’s purpose is to eradicate disease, improve education and address the needs of local communities, while building a more “inclusive, just and healthy future for everyone,” according to the company’s mission statement. “We are excited to continue to grow our roots in Redwood City with this new space for our biomedical research efforts,” says Marc Malandro, chief operating officer of CZI and the CZ Biohub …
MCKINNEY, TEXAS — Globe Life has agreed to purchase a new office building in McKinney, located north of Dallas, for the relocation of its corporate headquarters. The insurance giant will relocate from the Stonebridge Ranch master-planned development to the 200,000-square-foot building at 7677 Henneman Way, which Globe Life purchased along with two undeveloped adjacent tracts totaling 9.3 acres for future expansion. Southstate Bank sold the building, which was previously housed the headquarters of Independent Bank prior to that institution being acquired by Southstate. Campbell Puckett, Ryan Hoopes, Bill McClung, Tucker Hume, Zach Bean, and Chris Taylor of Cushman & Wakefield represented both Globe Life and Southstate Bank in the transaction.
FORT WORTH, TEXAS — Worth Commercial Real Estate has purchased Magnolia Centre, a 31,000-square-foot historic office building located in Fort Worth’s Near Southside District. According to LoopNet Inc., the six-story building was originally constructed in 1926 and renovated in 1990. Worth Commercial plans to occupy space on the building’s fourth floor for its new headquarters and to lease the remainder. The seller and sales price were not disclosed.
FORT WORTH, TEXAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 29,571-square-foot office lease renewal in Fort Worth. The space is located within Overton Centre, a two-building, 417,465-square-foot development on the city’s southwest side. Jake Neal and Matt Carthey of Holt Lunsford represented the landlord, an entity doing business as FLDR/TLC Overton Centre LP, in the lease negotiations. Jim Smith of Cushman & Wakefield represented the tenant, HCA Information Technology & Services.
FARMERS BRANCH AND DALLAS — Locally based financial intermediary ARZ Realty Capital has arranged the refinancing of two office buildings totaling roughly 400,000 square feet in the northern Dallas metro area. The Meridian is a 10-story, 227,000-square-foot building located along the LBJ Freeway in Farmers Branch. The other building is located at 12005 Ford Road in northwest Dallas and is known as NorthPointe Center. Ari Raskas of ARZ Realty Capital arranged the refinancings through two separate lenders on behalf of the buildings’ owner, Maitland Management.
MORRISTOWN, N.J. — Cushman & Wakefield has brokered the sale of a 439,059-square-foot office building in the Northern New Jersey community of Morristown. The building at 340 Mount Kemble Ave., which recently underwent a $50 million in capital improvement program, was 94.5 percent leased at the time of sale. David Bernhaut, Gary Gabriel, Andy Merin, Frank DiTommaso and Bill Baunach of Cushman & Wakefield represented the seller, a partnership between Onyx Equities and Los Angeles-based PCCP, in the transaction. Brad Domenico, also with Cushman & Wakefield, arranged an undisclosed amount of acquisition financing through Societe Generale on behalf of the buyer, First Mile Capital, an affiliate of Crown Acquisitions.
NEW YORK CITY — S Rothschild has signed a 47,000-square-foot office lease renewal in Midtown Manhattan. The apparel manufacturer will remain at 1407 Broadway, a 1.1 million-square-foot, 43-story building that was originally constructed in 1950, for another 10 years. Peter Sabesan and Matthew Feigen of Cresa represented the tenant in the lease negotiations. Bob Forman represented the landlord, Shorenstein Properties, on an internal basis.