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One-NoMad-Manhattan
DevelopmentNew YorkNortheastOffice

Kaufman, Beacon Underway on Repositioning of 265,000 SF Manhattan Office Building

by Taylor Williams

NEW YORK CITY — A partnership between local owner-operator The Kaufman Organization and Beacon Capital Partners is underway on the repositioning of 875 Sixth Avenue in Manhattan’s NoMad district. The 26-story, 265,000-square-foot office building, which is known locally as One NoMad, was originally constructed in 1926. Designed by Olson Kundig, the repositioning will feature a redesigned street-level facade with a revised steel and aluminum curtain wall system with stone elements that complement the historic design of the upper floors. The project will also introduce a steel canopy at the main entry area on West 31st Street and deliver improved connectivity between the lobby and concourse-level space. The development team will also expand the property’s shared amenity spaces via the addition of flexible conference, hospitality and lounge spaces. Lastly, construction is underway on five new suites on the 18th and 19th floors of the building that range in size from 2,700 to 5,700 square feet. The full repositioning is expected to be complete before the end of the year.

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Leasing ActivityNew YorkNortheastOffice

Specialist Staffing Group Signs 13,715 SF Office Lease in Lower Manhattan

by Taylor Williams

NEW YORK CITY — Specialist Staffing Group, which coordinates talent placement within the STEM fields, has signed a 13,715-square-foot office lease in Lower Manhattan. The space is located on the 79th floor of One World Trade Center. Scott Bogetti and William Demuth of Savills represented the tenant in the lease negotiations. David Falk, Peter Shimkin, Hal Stein, Jason Greenstein and Nathan Krop of Newmark, along with internal agents Eric Engelhardt and Karen Rose, represented the landlord, a partnership between The Durst Organization and The Port Authority of New York & New Jersey.

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Leasing ActivityOfficeTexas

Anderson Merchandisers Signs 30,342 SF Office Headquarters Lease in Plano

by Taylor Williams

PLANO, TEXAS — Anderson Merchandisers, which provides both data analytics and supply chain solutions to the retail industry, has signed a 30,342-square-foot office headquarters lease in Plano. The company is relocating from Granite Park to the entire top floor of the 210,000-square-foot Apex at Legacy building. Conor McCarthy and Jayme Schutt of JLL represented the tenant in the lease negotiations. John Brownlee, Gini Rounsaville and Michael Williams, also with JLL, represented the landlord, a partnership between Monarch Alternative Capital and Tourmaline Capital Partners.

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FloridaLeasing ActivityOfficeSoutheast

Foot Locker Moves Corporate Headquarters to St. Petersburg, Florida

by John Nelson

ST. PETERSBURG, FLA. — Footwear and apparel retail giant Foot Locker Inc. has officially moved its corporate headquarters from New York City to the Tampa Bay city of St. Petersburg. The Feil Organization has signed the retailer to a 110,998-square-foot office lease at 570 Carillon Parkway, a Class A office building within Carillon Business Park. Feil recently renovated the office building’s lobby and common areas. Amenities at the five-story, 250,000-square-foot office building include a café and a fitness center. Lee Winter and Caleb Lewis of JLL represented Foot Locker in the lease negotiations. Barry Hanerfeld and Molly Molloy Catlett of CBRE represented Feil alongside in-house representative Andrew Wiener.

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2183-Fairview-Rd-Costa-Mesa-CA
AcquisitionsCaliforniaOfficeWestern

Royal Tulip Investments Buys Newport Victoria Plaza Office Building in Costa Mesa, California

by Amy Works

COSTA MESA, CALIF. — Royal Tulip Investments has acquired Newport Victoria Plaza, an office building located at 2183 Fairview Road in Costa Mesa. A Beverly Hills, Calif.-based private seller sold the asset for $7.1 million, or $165 per square foot. The buyer plans to relocate its offices to the 43,250-square-foot building and lease out the remaining space. At the time of sale, the property was 35 percent occupied. Eric Smith of Voit Real Estate Services represented the buyer, while Anthony DeLorenzo, Sammy Demo and Bryan Johnson of CBRE represented the seller in the deal.

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Leasing ActivityNortheastOfficePennsylvania

CBRE Negotiates 32,600 SF Office Lease in Wayne, Pennsylvania

by Taylor Williams

WAYNE, PA. — CBRE has negotiated a 32,600-square-foot office lease in Wayne, a western suburb of Philadelphia. The tenant is Comcast Cable Communications Management, and the space is located within the 200,000-square-foot, freshly renovated building at 1111 Old Eagle School Road. Scott Gabrielsen of CBRE represented the landlord, De Lage Landen Financial Services, in the lease negotiations. Jay Joyce of Savills represented Comcast.

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Leasing ActivityNew YorkNortheastOffice

Legal Aid Society Signs 29,467 SF Office Lease Renewal, Expansion on Staten Island

by Taylor Williams

NEW YORK CITY — The Legal Aid Society has signed a 29,467-square-foot office lease renewal and expansion on Staten Island. The expanded space includes suites on the second, third and eighth floors of the building at 60 Bay St. Christopher Mansfield, Craig Reicher, Greg Maurer-Hollaender and Julia Passantem of CBRE represented the tenant in the lease negotiations. Bill Bergman internally represented the landlord, Muss Development.

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The-Knox-Dallas
Market ReportsOfficeTexasTexas Market Reports

Tenants’ Flight to Quality Remains Entrenched Across Texas Office Markets

by Taylor Williams

The “flight to quality” trend has been ensconced in the embattled office sector for much of the post-pandemic era, and it’s showing little sign of slowing in the major markets of Texas.   With overall tenant demand depressed in the aftermath of COVID-19, opportunities existed in droves for office users to upgrade their spaces and move into buildings with desirable amenities and vibrant surrounding neighborhoods. In doing so, these companies sought to incentivize their employees to come back to the office. Simultaneously, owners that invested in wellness features and activation programs for their properties sought to gain a leg up on the competition — and make tough conversations with lenders a bit more palatable. Whether or not those initiatives worked as intended undoubtedly varies greatly from company to company and owner to owner. But after multiple years of stagnant occupancy and rent growth, the targeting of seemingly superior buildings and locations has come to represent more than just opportunistic decision-making by tenants. It’s a movement that has created visible delineation among winning and losing submarkets, a strategy that embodies basic financial prudence and perhaps a necessary evil — assuming that office usage is finally starting to rebound in a meaningful …

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5237-W-Jefferson-Blvd-Los-Angeles-CA
CaliforniaLoansOfficeWestern

PACE Loan Group Provides $22.4M C-PACE Refinancing for Creative Office Building in Los Angeles

by Amy Works

LOS ANGELES — Center Capital Partners and Abramson Investors have received a $22.4 million C-PACE loan from PACE Loan Group to refinance improvements completed on the borrowers’ newly constructed creative office development in Los Angeles. The C-PACE loan will amortize over 30 years, allowing payback for original investments during construction. The loan will be used to retroactively finance energy conservation improvements completed during the building’s construction, including building envelope, seismic retrofits, elevators, lighting, plumbing, HVAC, irrigation and stormwater mitigations. Located at 5237 W. Jefferson Blvd., the three-story, 72,000-square-foot property offers 9,700 square feet of of private terraces, a landscaped rooftop deck with seating and a barbecue area, 176 subterranean parking spaces and open-floor plans with wraparound windows.

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Leasing ActivityNortheastOfficePennsylvania

CBRE Negotiates 38,572 SF Office Headquarters Lease in Wayne, Pennsylvania

by Taylor Williams

WAYNE, PA. — CBRE has negotiated a 38,572-square-foot office headquarters lease in Wayne, a western suburb of Philadelphia. The tenant is iPipeline, a software provider for the financial services and life insurance industries, and the space is located within the 200,000-square-foot, freshly renovated building at 1111 Old Eagle School Road. Scott Gabrielsen of CBRE represented the landlord, De Lage Landen Financial Services, in the lease negotiations. Mitch Reading of Tactix Real Estate Advisors represented the tenant.

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