Office

Diamond Realty Holdings Buys Flex Property in El Segundo, California for $6M

by Jeff Shaw June 7, 2023

EL SEGUNDO, CALIF. — Diamond Realty Holdings has purchased an industrial flex/office building in El Segundo for $6 million. The property is located at the intersection of Lairport Street and East Mariposa Avenue. A long-term tenant currently occupies 2,400 square feet of the main, 14,400-square-foot structure. The remaining 12,000 square feet is available for lease and fully divisible. The new ownership plans to complete interior and exterior renovations to improve the façade and access to the site, as well as create open flex industrial space that can accommodate a variety of uses. CBRE’s Bob Healey, John Lane, Richard Melbye and Jane Healey represented both the buyer and the undisclosed seller in the transaction.

June 7, 2023

Leasing Activity Office Utah Western

CBRE Arranges Four New Leases at Office Building in Salt Lake City

by Jeff Shaw June 7, 2023

SALT LAKE CITY — CBRE has arranged leases for four new tenants at a 22-story, Class A office building in Salt Lake City. The building is located at 222 South Main St. and is now fully occupied. The new tenants include UMB Bank, global law firm Greenberg Traurig, CBRE itself and HKS Architects. CBRE’s Scott Wilmarth and Nadia Letey represented the landlord, KBS, in the lease transactions.

June 7, 2023

California Healthcare Leasing Activity Office Western

Pasadena Child Development Associates Leases 16,163 SF Medical Office Space in Pasadena, California

by Jeff Shaw June 7, 2023

PASADENA, CALIF. — Pasadena Child Development Associates (PCDA) has leased 16,163 square feet of office and medical office space in Pasadena. The lease encompasses two adjacent buildings, one located at 790 East Green St. and the other at 118 South Oak Knoll Ave. Both buildings are located in Pasadena’s Central Business District. The East Green space is an 8,027-square-foot office medical building. The Oak Knoll space is a two-story office building covering 8,136 square feet. Tina LaMonica of NAI Capital Commercial represented the tenant in the lease transactions.

June 7, 2023

Leasing Activity New York Northeast Office

First Look Media Signs 7,896 SF Office Lease at 853 Broadway in Manhattan

by Taylor Williams June 7, 2023

NEW YORK CITY — First Look Media, a nonprofit organization that offers streaming and production services, has signed a 7,896-square-foot office lease at 853 Broadway in Manhattan. The lease term is five years, and the space spans the entire 10th floor. The 21-story, 157,000-square-foot building is currently undergoing a multimillion-dollar renovation. Andrew Wiener and Rob Fisher internally represented the landlord, The Feil Organization, in the lease negotiations. Gary Stein, Ken Ruderman and Michael Bertini of Savills represented First Look Media.

June 7, 2023

Company News Development Idaho Office Western

Capstone Cos. Opens New Office in Boise

by Jeff Shaw June 6, 2023

BOISE, IDAHO — Capstone Cos. has expanded its brokerage firm with a new regional office in Boise. Colton Yasinski, who has transacted hundreds of units in the Idaho market, including affordable LIHTC product, value-add multifamily and Class A market rate assets, leads the new office. Expanding into Boise reinforces Capstone’s presence in the Western U.S. as the company seeks rapid growth and expansion in the multifamily sector. With the opening of this new office, Capstone continues its nationwide growth with a total of 21 offices and more than $12 billion in sales.

June 6, 2023

Leasing Activity Northeast Office Pennsylvania

CBRE Negotiates 40,000 SF Office Lease at Nova Place in Pittsburgh

by Taylor Williams June 6, 2023

PITTSBURGH — CBRE has negotiated a 40,000-square-foot office lease at Nova Place, a 32-acre campus located on Pittsburgh’s north side. The tenant, S&B USA Construction, plans to take occupancy of spaces on the eighth and ninth floors of Nova Tower 2 during the fourth quarter. Jeremy Kronman and Andrew Miller of CBRE represented the landlord, Faros Properties, in lease negotiations. The tenant representative was not disclosed.

June 6, 2023

California Market Reports Mixed-Use Office Western Western Market Reports

Office Leasing Remains Robust in California’s Mixed-Use Projects

by Jeff Shaw June 6, 2023

The pandemic has done a lot to the office sector, not the least of which is convince employees they don’t need to sit in a cubicle eight hours a day, five days a week. Turns out, unsurprisingly, many people appreciate the freedom and flexibility that comes with working from home. The average U.S. office vacancy rate was 18.6 percent in the first quarter of 2023, according to Cushman & Wakefield. This was 5.9 percentage points higher than fourth-quarter 2019. Three California regions are also listed on the “Bottom 10 Performers of 2022” list (according to vacancy rate) put out by the National Association of Realtors. These include San Rafael (19.3 percent vacancy), San Francisco (16.4 percent) and Los Angeles (14.4 percent). Yet, leases are still getting signed, particularly at urban mixed-use projects throughout the state. Sean Slater, senior principal in RDC’s San Diego office, thinks this type of environment is a no-brainer for companies looking to bring employees back to the office. “Office workers want choice, especially with the current work-from-anywhere trend,” he says. “For a long time, suburban office parks have lacked choice of food and beverage, a diverse population of tenants, and a meaningful connection to their community. …

June 6, 2023

Georgia Leasing Activity Office Southeast

Guardian Pharmacy Leases 25,282 SF at Galleria 300 Office Building in Atlanta’s Cumberland-Galleria District

by John Nelson June 5, 2023

ATLANTA — Guardian Pharmacy Services has leased 25,282 square feet at Galleria 300, a 20-story office building located in Atlanta’s Cumberland-Galleria office submarket. The long-term care pharmacy company is moving its headquarters to Cobb County from Midtown Atlanta. Guardian Pharmacy will occupy the entire eighth floor of Galleria 300, which is part of the 20-acre Galleria on the Park office campus. Sam Hollis and Steven Taylor of Cushman & Wakefield represented the tenant in the lease transaction. Adam Viente, Jeff Bellamy and Claire Ross of JLL represented the landlord, Piedmont Office Realty Trust.

June 5, 2023

Acquisitions California Office Western

CBRE Brokers $6.4M Sale of Office Complex in San Diego

by Jeff Shaw June 5, 2023

SAN DIEGO – Barron Team and CAPRO Network Financials have acquired a 22,532-square-foot office building in San Diego for $6.4 million. The building is located at 10085 Carroll Canyon Road in the Scripps Ranch submarket. The new buyers plan to occupy the building, which is currently 50 percent leased. The 11,339-square-foot second floor is fully leased to short-term tenants. The 11,193-square-foot bottom floor is available for the buyer to occupy. Chris Powers, Matt Pourcho, Anthony DeLorenzo, Nick Williams and Matt Harris of CBRE Investment Properties represented the seller, Rosner Law & Mansfield, in the transaction.

June 5, 2023

Lee & Associates Office Texas

Diamond Offshore Drilling Signs 62,584 SF Office Headquarters Lease in Houston

by Taylor Williams June 5, 2023

HOUSTON — Diamond Offshore Drilling has signed a 62,584-square-foot office headquarters lease in Houston’s Energy Corridor area. The energy firm will occupy the ninth, 11th and 12th floors of One Eldridge, a 245,315-square-foot building, with plans to move in during the fourth quarter. Lonna Jenks of JLL and Eric Anderson of Transwestern represented Diamond Offshore in the lease negotiations. Jon Dutton and Andrew Elliott represented the landlord, Granite Properties, on an internal basis.

June 5, 2023

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