Office

Memphis Office Market Remains Steady Despite Sector-Wide Challenges

by John Nelson August 28, 2023

The Memphis office market posted 271,828 square feet of positive absorption in 2022, and that momentum has carried into the first half of 2023. Like most markets, Class A properties accounted for the majority of positive absorption, at 218,851 square feet. This trend has already carried into 2023, as Class A properties lead net absorption totals to begin the year. As a result of a strong year, the vacancy rate has fallen to 12.4 percent market-wide, an 840-basis-point decrease from the height of the pandemic. Additionally, sublease availabilities are less prevalent in Memphis than other comparable office markets. Currently there is 257,681 square feet of sublease space available in the Memphis market, which has a total net rentable area of 21.7 million square feet. The average among similarly sized Southeast markets is 422,624 square feet. There haven’t been substantial space additions to outweigh the below-average leasing activity thus far in 2023. The Memphis unemployment rate continues to trend downward to 3.2 percent in April, slightly lower than Tennessee’s 3.3 percent unemployment rate and the national rate of 3.7 percent. The tight labor market has increased demand in East Memphis, as tenants demand high-quality, highly amenitized buildings to attract and retain …

August 28, 2023

Loans New York Northeast Office

Short Term Capital Funds $4.5M Acquisition Loan for Midtown Manhattan Office Building

by Taylor Williams August 25, 2023

NEW YORK CITY — Short Term Capital, a locally based family office, has funded a $4.5 million acquisition loan for a 13,000-square-foot, five-story office building located at 150 W. 36th St. in Midtown Manhattan. The borrower, an undisclosed private investor, is under contract to purchase the building, which includes ground-floor retail space, from Falcon Properties for $6.5 million.

August 25, 2023

Leasing Activity Midwest Missouri Office

USCD Completes Lease-up of Forsyth Pointe Office Building in Clayton, Missouri

by Kristin Harlow August 25, 2023

CLAYTON, MO. — U.S. Capital Development (USCD) has completed the lease-up of Forsyth Pointe, a 14-story office building totaling 226,000 square feet in the St. Louis suburb of Clayton. Emerson leased the remaining 105,000 square feet at the building as the new home for its global corporate headquarters. With the lease signing, the property will be renamed Emerson Tower. UMB Bank provided financing for the project. Amenities at Emerson Tower include a conference center and the Garden Terrace, which features one acre of green space, various seating areas, a putting green, fire pits and a 7,000-square-foot fitness center. USCD served as developer and Brentwood-Forsyth Partners 1 LLC is the owner.

August 25, 2023

Acquisitions Office Texas

CIM Group Sells 182,700 SF Office Building in East Austin

by Taylor Williams August 24, 2023

AUSTIN, TEXAS — Los Angeles-based investment firm CIM Group has sold Fifth + Tillery, a 182,700-square-foot office building in East Austin. Fifth + Tillery features outdoor balconies with heightened levels of natural light, as well as a landscaped courtyard with various outdoor amenities. CIM Group originally acquired the property in October 2019 shortly after construction began. According to multiple media outlets including The Austin American-Statesman, local transportation authority Capital Metro purchased the property for roughly $87 million.

August 24, 2023

Acquisitions Office Texas

Colliers Arranges Sale of 173,908 SF Office Building in North Houston

by Taylor Williams August 24, 2023

HOUSTON — Colliers has arranged the sale of a 173,908-square-foot, eight-story office building that sits on a 4.4-acre site at 12941 N. Freeway in Houston. The property, which is known as The Wells Fargo Bank Building and is located on the city’s north side, was built in 1982, according to LoopNet Inc. David Carter of Colliers represented the seller, an entity doing business as North Houston LP, in the deal. Additional terms of sale were not disclosed.

August 24, 2023

Leasing Activity Life Sciences Massachusetts Northeast Office

Spindrift Renews, Expands Headquarters Space in Newton, Massachusetts

by Taylor Williams August 24, 2023

NEWTON, MASS. — Spindrift, a provider of sparkling water, has renewed and expanded its headquarters space at Chapel Bridge Park, an office and life sciences development located in the western suburb of Boston of Newton. The tenant now occupies more than 20,000 square feet at the eight-building, 250,000-square-foot campus, which is owned by The Bulfinch Cos. Jared Pimm of CBRE represented Spindrift in the lease negotiations.

August 24, 2023

Leasing Activity Office Texas

Oxford Partners Negotiates 4,671 SF Office Lease in Houston

by Taylor Williams August 23, 2023

HOUSTON — Local brokerage firm Oxford Partners has negotiated a 4,671-square-foot office lease at 2929 Allen Parkway in Houston. The 43-story building, which is located just west of the downtown area, was originally constructed in 1982 and totals 952,080 square feet, according to LoopNet Inc. D.J. Hale of Oxford Partners represented the tenant, Nguyen Office PLLC, in the lease negotiations. Kristin Rabel of CBRE represented the landlord.

August 23, 2023

Development Midwest Office Ohio Restaurant Retail

Community of Zanesville Opens The Downtown Exchange in Ohio

by Kristin Harlow August 23, 2023

ZANESVILLE, OHIO — The Downtown Exchange, a revitalization project designed to foster small business growth and economic development, has opened in downtown Zanesville, about 55 miles east of Columbus. The Downtown Exchange business owners, in partnership with JobsOhio, Ohio Southeast Economic Development, the Zanesville-Muskingum County Port Authority and the Zanesville-Muskingum County Chamber of Commerce, hosted a ribbon-cutting ceremony Monday, Aug. 14. Over $1.1 million was invested to redevelop the historic building into a mixed-use marketplace and coworking space. A first-floor food hall features a variety of local eating, drinking and social gathering space, along with a bar and patio at the rear of the building. The second and third floors are coworking spaces featuring small and large conference rooms along with collaborative areas and open desk coworking. Formerly known as The Black-Elliot Block, The Downtown Exchange is a historic commercial building consisting of three contiguous structures on Main Street. The building dates back to 1876. The project was supported by a JobsOhio Vibrant Community grant of over $400,000.

August 23, 2023

Acquisitions Connecticut Northeast Office

CBRE Brokers $13.6M Sale of Office Portfolio in Greenwich, Darien, Connecticut

by Taylor Williams August 23, 2023

GREENWICH AND DARIEN CONN. — CBRE has brokered the $13.6 million sale of a portfolio of two office buildings totaling 42,794 square feet in Connecticut. The 17,081-square-foot building at 39 Lewis St. in Greenwich was 91 percent leased at the time of sale, and the 25,713-square-foot building at 23 Old Kings Highway in Darien was 86 percent leased at the time of sale. Jeffrey Dunne, Steven Bardsley, Travis Langer and Daniel Blumenkrantz of CBRE represented the seller in the transaction. CBRE also procured separate buyers for each building. All parties requested anonymity.

August 23, 2023

Leasing Activity New York Northeast Office

Vera Wang Signs 26,708 SF Office Lease at 500 Park Avenue in Manhattan

by Taylor Williams August 23, 2023

NEW YORK CITY — Vera Wang has signed a 26,708-square-foot office lease at 500 Park Avenue in Manhattan’s Plaza District. The fashion designer is relocating from 15 East 26th St. and will occupy the entire fifth floor and part of the seventh floor. The complex comprises the 11-story former Pepsi-Cola Building that was constructed in 1960 and the 40-story 500 Park Tower that was built in 1984. Cynthia Wasserberger, Frank Doyle and Michael Pallas of JLL represented the undisclosed landlord in the lease negotiations. Jeff Peck, Daniel Horowitz and Christopher Foerch of Savills represented Vera Wang.

August 23, 2023

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