Office

Peachtree Group Originates $42M Acquisition Loan for Atlanta Financial Center Office Campus in Buckhead

by John Nelson July 24, 2025

ATLANTA — Peachtree Group has originated a $42 million loan for the acquisition and repositioning of Atlanta Financial Center, a 914,774-square-foot office campus in Atlanta’s Buckhead district. The borrower, Miami-based Banyan Street Capital, recently acquired the office campus, which comprises three interconnected towers situated on 13.1 acres atop Ga. Highway 400 with immediate access to a MARTA station. The floating-rate loan carries a 36-month initial term with a 12-month extension option. The loan is backed by completion, interest and carry guarantees from Banyan Street Capital. After being acquired in 2016 by a Sumitomo Corp. affiliate for $222.5 million, Atlanta Financial Center faced tenant departures, softening fundamentals and shifting capital priorities. Banyan Street Capital plans to reposition the campus, starting with the lease-up of the North Tower, which is being supported by capital expenditure reserves and funds for tenant improvements and leasing. The sponsor will also explore larger tenant opportunities and future redevelopment options.

July 24, 2025

Acquisitions Company News Office Texas Top Stories

City Office REIT Enters Into $1.1B Merger Agreement, Will Go Private

by Hayden Spiess July 24, 2025

DALLAS AND VANCOUVER — City Office REIT (NYSE: CIO), a Canadian company focused on the acquisition, ownership and operation of office properties in Sun Belt markets in the United States, has entered into a merger agreement valued at $1.1 billion. Under the terms of the agreement, MCME Carell Holdings LP and MCME Carell Holdings LLC — collectively a joint venture between South Florida-based firms Elliott Investment Management LP and Morning Calm Management LLC — will acquire all issued and outstanding shares of City Office REIT common stock for $7 per share in cash. The company’s stock price closed on Tuesday, July 23 at $5.56 per share, roughly the same as a year ago. City Office REIT’s current portfolio comprises 54 office buildings totaling roughly 5.4 million square feet of net rentable space in the Dallas, Denver, Orlando, Phoenix, Portland, Raleigh, San Diego, Seattle and Tampa markets. The company’s U.S. headquarters is located in Dallas. Terms of the merger agreement include the sale of City Office’s Phoenix portfolio. Upon close, City Office will become a private company and its shares will no longer trade on the New York Stock Exchange. “After conducting an extensive process to explore potential strategic alternatives, we …

July 24, 2025

Acquisitions Healthcare Maryland Office Southeast

IPA Brokers $27.5M Sale of Medical Office Building in Greenbelt, Maryland

by John Nelson July 23, 2025

GREENBELT, MD. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $27.5 million sale of Maryland Trade Center III, a 192,000-square-foot medical office building in Greenbelt, a suburb of Washington, D.C. Robert Filley of IPA, along with Chez Eider of Marcus & Millichap, represented the seller, an entity doing business as Greenbelt Trade Center LLC. The duo also procured the buyer, CPF-HCRE – Greenbelt LLC, an affiliate of Chicago Pacific Founders. Brian Hosey served as Marcus & Millichap’s broker of record in Maryland for the transaction. Completed in 1989, Maryland Trade Center III is situated across from the Greenbelt Center shopping mall and within a half-mile of Luminis Health’s hospital and long-term recovery care center. Luminis Health recently selected the Class A building for its expansion of outpatient services. The property was 75 percent leased at the time of sale to tenants including Luminis Health, Greenbelt Oncology, Absolute Care of Maryland, LabCorp, Community Radiology Associates, Anne Arundel Dermatology and Health First Medical Group. Maryland Trade Center III has been upgraded in recent years with a new lobby and systems upgrades. Amenities include a two-story atrium lobby, tenant-only fitness center and a daycare facility.

July 23, 2025

Acquisitions District of Columbia Office Southeast

In-Rel Properties Acquires 130,000 SF Office Building in D.C.

by John Nelson July 23, 2025

WASHINGTON, D.C. — In-Rel Properties, a real estate investment and management firm based in Lake Worth Beach, Fla., has purchased a nearly 130,000-square-foot office building located at 2033 K St. NW in Washington, D.C.’s Golden Triangle district. The seller and sales price were not disclosed. In-Rel has tapped Carroll Cavanagh, Dimitri Hajimihalis and Emily Eppolito of CBRE to spearhead the leasing campaign at 2033 K Street. Renovated in 2019, the eight-story office building features a new lobby, fitness facility and conference center. In-Rel plans to install “town hall” speculative suites on the second and third floors to boost occupancy at the office building, which has a block of up to 60,000 square feet of contiguous space available for lease.

July 23, 2025

Leasing Activity Office Texas

Brightline Dealer Advisors Signs 10,601 SF Office Lease at HALL Park in Frisco

by Taylor Williams July 23, 2025

FRISCO, TEXAS — Brightline Dealer Advisors has signed a 10,601-square-foot office lease at HALL Park in Frisco. The automotive insurance brokerage firm is relocating from nearby Addison and has committed to The Tower at HALL Park, a 16-story building, for 10 years. Michael Griffin of Transwestern represented the tenant, which plans to take occupancy of its new space in November, in the lease negotiations. Kim Butler, Rena Padachy and Brad Gibson represented the landlord, HALL Group, on an internal basis.

July 23, 2025

Development Office Washington Western

Skanska Completes 799,933 SF The Eight Office Tower in Bellevue, Washington

by Amy Works July 23, 2025

BELLEVUE, WASH. — Skanska Commercial Development, with Pickard Chilton as architect, has completed The Eight, a 25-story office tower at 10770 NE 8th St. in Bellevue. The 799,933-square-foot tower features ground-floor retail space, an office lobby, publicly accessible lobby lounge, column-free floor plates, 14-foot ceilings and an independent pavilion. Project partners included Skanska USA as general contractor, Adamson Associates as architect of record, Magnusson Klemencic Associates as structural engineer and Michael Hsu Office of Architecture as interior designer.

July 23, 2025

Development Multifamily Office Southeast Virginia

Penzance Receives Approval for Office-to-Residential Conversion Project in Northern Virginia

by John Nelson July 22, 2025

ARLINGTON, VA. — Penzance has received approval from Arlington County for the proposed redevelopment of Ballston One, an office building located at 4601 N. Fairfax Drive in Arlington’s Ballston neighborhood. The approved plan will convert the existing seven-story office building into a new residential community totaling 328 multifamily units comprising studio, one- and two-bedroom apartments, as well as 13 two-story loft homes. The project will include the adaptive reuse of Ballston One’s underground parking garage. Penzance is targeting LEED Gold certification for the redevelopment, which will include new bird-friendly glass, dark-sky compliant lighting and a green roof, as well as 130 bicycle parking spaces and 65 electric vehicle-ready parking spaces. Planned amenities will include a landscaped courtyard with a pool, outdoor kitchen and lounge areas, as well as a rooftop terrace with grills and social spaces. Indoor amenities will include a fitness center, yoga studio, golf simulator, coworking lounge, makerspace, club room, playroom and 24/7 concierge service. As part of the agreement with Arlington County, Penzance is contributing approximately $3.2 million toward the county’s affordable housing program.

July 22, 2025

Leasing Activity Office Texas

Wounded Warrior Project Signs 18,559 SF Office Lease in San Antonio

by Taylor Williams July 22, 2025

SAN ANTONIO — Nonprofit organization Wounded Warrior Project has signed an 18,559-square-foot office lease in San Antonio. The space is located within Building 3 at University Heights Tech Center on the city’s northwest side and will be able to support about 70 employees. Brian Kates of JLL represented Wounded Warrior Project in the lease negotiations. Rob Gish represented the landlord, locally based owner-operator Worth & Associates, on an internal basis.

July 22, 2025

Nokia-Bell-Labs-Headquarters-New-Brunswick

Development Life Sciences New Jersey Northeast Office

SJP Properties Breaks Ground on 370,000 SF Office, Life Sciences Project in New Brunswick, New Jersey

by Taylor Williams July 22, 2025

NEW BRUNSWICK, N.J. — New York City-based developer SJP Properties has broken ground on a 370,000-square-foot office and life sciences project in the Central New Jersey community of New Brunswick. The 10-story building will be known as the Nokia Bell Labs Headquarters facility and represents Phase II of a larger development known as the HELIX NJ Innovation District (previously known as HELIX Health + Life Science Exchange). SJP is developing the HELIX project in partnership with the New Brunswick Development Corp. PNC Bank provided construction financing for the project, completion of which is slated for late 2027.

July 22, 2025

Leasing Activity Midwest Office Ohio

CBRE Opens 17,500 SF Office at Oswald Tower in Cleveland

by Kristin Harlow July 22, 2025

CLEVELAND — CBRE has opened its new 17,500-square-foot office on the eighth floor of Oswald Tower at 950 Main Ave. in Cleveland’s Flats neighborhood. The firm has relocated from the second floor of the same building, where it provides leasing and property management services. The new office is part of CBRE’s Workplace360 program, which features innovative technology and a variety of collaborative spaces designed to support hybrid working. CBRE has opened more than 100 Workplace360 offices across the globe. CBRE has been an anchor tenant at the Cleveland office tower since the property was built in 2013.

July 22, 2025

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