Office

Cushman & Wakefield Negotiates Nearly 45,000 SF of Office Leases at The 15 Building in Minneapolis

by Kristin Harlow March 17, 2023

MINNEAPOLIS — Cushman & Wakefield has negotiated nearly 45,000 square feet in office leases at The 15 Building, a downtown Minneapolis office building known for its mural of Bob Dylan. R2 and Goldman Sachs Asset Management own the property, which is now 70 percent leased. The building rises 12 stories, totals 130,000 square feet and features new speculative suites. New tenants for the spec suites include Fjorge, which leased the entire fifth floor; Arux, which leased the entire 11th floor; and Inspire11, which inked a lease for the entire ninth floor. Channel Z renewed its lease for 6,000 square feet and Chobani renewed its lease for 2,500 square feet. Tom Tracy and Katie Tufford of Cushman & Wakefield have worked as the leasing agents for the property since February 2020.

March 17, 2023

California Development Life Sciences Office Western

CBRE Negotiates $17.7M Sale of Thousand Oaks Office Property for Life Sciences Conversion

by Jeff Shaw March 17, 2023

THOUSAND OAKS, CALIF. — CBRE has arranged the sale of a 98,776-square-foot office building in Thousand Oaks for $17.7 million. The firm also arranged $42 million in financing for the acquisition and speculative conversion to a life sciences campus. Located at 120 Via Merida and built in 1998, the two-story office building sits on 6.7 acres and was previously the corporate headquarters for Wellpoint Health Networks. The property’s existing infrastructure is well suited to be redeveloped for life sciences use, according to CBRE. It features 50,000-square-foot floor plates, steel frame construction, outdoor balconies, grade-high dock door and ample power supply. Gray Matter, the life sciences initiative of Graymark Capital, has engaged architect BAM Creative to develop a phased conversion plan. Upon completion, the property will feature 60 percent lab-ready space with upgraded mechanical, electrical and plumbing, and 40 percent newly built creative office space to support the lab. The property will also undergo exterior and site improvements to the power system, loading area, indoor/outdoor amenity areas, cosmetics, roof and parking lot. CBRE’s Mike Longo, Sean Sullivan and Todd Tydlaska represented the seller, a Los Angeles-based private equity firm, in the sale. CBRE’s Greg Grant arranged financing on behalf of the …

March 17, 2023

Acquisitions Colorado Loans Office Western

Essex Arranges $17M Acquisition Loan for Office Property in Lakewood, Colorado

by Jeff Shaw March 17, 2023

LAKEWOOD, COLO. — Essex Financial Group has arranged $17 million in bridge financing for the acquisition of 143 Union, a 191,564-square-foot, 10-story office property in the Union Boulevard Corridor of Lakewood. Essex worked on behalf of the buyer, Legacy Real Estate Investments, to source the five-year, fixed-rate loan that an insurance company provided. The Class A landmark building is just over 70 percent occupied.

March 17, 2023

California Development Mixed-Use Office Top Stories Western

Fox Corp. Plans $1.5B Expansion to Historic Fox Studio Lot in Los Angeles, Including New Office Towers

by John Nelson March 17, 2023

LOS ANGELES — Fox Corp. has submitted plans to the City of Los Angeles to expand the historic Fox Studio Lot as part of a project known as “The FOX FUTURE Studio Lot Project.” The plan is expected to cost approximately $1.5 billion and generate $9 million in annual tax revenues. The Fox Studio Lot currently comprises 1.8 million square feet across 96 buildings. The FOX FUTURE Studio Lot Project would add 1.6 million square feet of new development, including nine new soundstages, as well as production facilities and a 24-story media campus office building. The media campus office is intended to receive LEED Platinum certification and will feature shared and private offices designed for film and TV production. Fox is seeking a development partner to construct a 35-story building toward the northeast section of the Fox Studio lot that will directly connect to the studio lot and the Century City subway station, but will function as independent office space. This building will also be designed with LEED Platinum certification in mind. Plans also call for upgrades to existing facilities, a historic preservation plan for key buildings, seismic retrofits of older buildings and a renovation of Fox Sports Studio A. “The Fox …

March 17, 2023

Leasing Activity Maryland Mixed-Use Office Southeast

Logistics Firm Signs 64,000 SF Office Lease at Metro Center at Owings Mills in Metro Baltimore

by John Nelson March 16, 2023

OWINGS MILLS, MD. — Element Fleet Management Inc., a global fleet management firm for the automotive industry, has signed a 64,000-square-foot office lease at Metro Centre at Owings Mills, a mixed-use development in the Baltimore County city of Owings Mills. Kevin Keane of David S. Brown Enterprises negotiated the lease transaction. Element Fleet expects to occupy the space by the end of the year with 250 employees onsite. The new office is a relocation of the firm’s East Coast headquarters. In addition to Class A office space, Metro Centre features the Owings Mills Metro station, shops, restaurants, apartments and the newly opened Marriott Owings Mills Metro Centre Hotel & Conference Center. Other tenants at Metro Centre include The Tillery Restaurant and Bar, Baltimore County Public Library, World of Beer, Bee Inspired Honey House, Club Pilates, Eggspectation, Gannett Fleming, BDO, Myers & Stauffer and SB & Co.

March 16, 2023

Development Illinois Midwest Office

Sterling Bay Tops Out Construction of 24-Story Office Building in Chicago’s Fulton Market

by Kristin Harlow March 16, 2023

CHICAGO — Sterling Bay has topped out construction of 360 North Green, a 24-story office building in Chicago’s Fulton Market district. Boston Consulting Group will serve as the anchor tenant upon completion and has leased roughly 250,000 square feet. The firm plans to relocate nearly 1,000 employees from Chicago’s Loop. Totaling nearly 500,000 square feet, the development will include amenities such as private outdoor terraces. The project will also feature more than 5,000 square feet of ground-floor retail space. Gensler is the architect and Power Construction is the general contractor. Completion is slated for February 2024.

March 16, 2023

California Development Healthcare Office Western

Oasis Healthcare Center Opens in Tarzana, California

by Jeff Shaw March 16, 2023

TARZANA, CALIF. — Oasis Healthcare Center, a 45,000-square-foot open air complex, has opened in Tarzana at 19500 Ventura Blvd. It is one of the first medical structures to open in the San Fernando Valley post-pandemic. The building features filtration systems, open hallways, open-air walkways, valet parking and 4,000 square feet of available ground-floor space dedicated for restaurant use. HED designed the center. Scott Romick and Eugene Kim with Lee & Associates/LA North Ventura are handling leasing.

March 16, 2023

Leasing Activity New York Northeast Office

Brown Harris Stevens Signs 20,062 SF Office Lease in Manhattan’s Union Square

by Taylor Williams March 16, 2023

NEW YORK CITY — Property management firm Brown Harris Stevens has signed a 20,062-square-foot office lease at 100-104 Fifth Ave. in Manhattan’s Union Square neighborhood. The complex consists of 17- and 20-story buildings that were originally constructed between 1906 and 1911. Michael Kaufman and Grant Greenspan of The Kaufman Organization represented the landlord, Clarion Partners, in the lease negotiations. Paul Amrich and Alexander Golod of CBRE represented the tenant.

March 16, 2023

Leasing Activity Northeast Office Pennsylvania

EwingCole Signs 55,000 SF Office Lease Renewal in Downtown Philadelphia

by Taylor Williams March 15, 2023

PHILADELPHIA — Architecture and engineering firm EwingCole has signed a 55,000-square-foot office lease renewal at the Federal Reserve Bank of Philadelphia building. The eight-story, 775,000-square-foot building is located in the downtown area and houses a conference facility with a 180-seat auditorium, a café and a fitness center. Jeffrey Tertel of Newmark represented the landlord, The Federal Reserve Bank of Philadelphia, in the lease negotiations. The tenant representative was not disclosed.

March 15, 2023

Development Georgia Office Restaurant Retail Southeast

Ardent to Develop Food-and-Beverage District at Piedmont Center Office Campus in Atlanta

by John Nelson March 15, 2023

ATLANTA — Ardent Cos. plans to add a food-and-beverage destination within its Piedmont Center office campus in Atlanta’s Buckhead district. Dubbed Oxton, the project will transform 35,000 square feet of ground-level office space along Piedmont Road to a collection of eateries that will spill into Piedmont Center’s tree-lined courtyard. Atlanta-based Square Feet Studio Architects is leading the design that will span about an acre of the campus. Ardent plans to break ground in the third quarter. Piedmont Center comprises about 2 million square feet of offices and connects to PATH400, a greenway connecting various neighborhoods in the Buckhead area. Along with consulting on Oxton, Bridger Properties will handle the retail leasing assignment. Westbridge is also a consultant for the project.

March 15, 2023

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