Office

Vibrant Emotional Health Signs 59,550 SF Office Lease in Manhattan’s Financial District

by Taylor Williams March 2, 2023

NEW YORK CITY — Vibrant Emotional Health has signed a 59,550-square-foot office lease at 80 Pine Street in Manhattan’s Financial District. The 38-story, 1.2 million-square-foot building was originally constructed in 1960 and recently underwent a capital improvement program. The nonprofit provider of mental health services will relocate from a 31,000-square-foot space at 50 Broadway to the entire 18th and 19th floors later this year. Chris Mansfield, Gerry Miovski, Masha Dudelzak and Ali Gordon of CBRE represented the tenant in the lease negotiations. Kevin Daly and Tom Keating internally represented the landlord, Rudin.

March 2, 2023

Features Loans Office

‘Conference Season’ Is Underway and Early Feedback Shows Concern Over Low Deal Volume, Office Sector

by John Nelson March 2, 2023

By Brennen Degner of DB Capital Management The early part of the real estate industry’s “conference season” brings many quality catch-up conversations, and those talks have included concerns. The biggest takeaways from the expert exchanges regarding the broader market are stagnation in transaction volume, office becoming a four-letter word and, most worrying, the limited number of active deals getting re-traded as though it were the new industry standard. Regarding transaction volume, the majority of individuals I had the pleasure of connecting and reconnecting with maintain that the first quarter will be slow as all eyes are on the February and March moves to be made by the Federal Reserve. The consensus seems to be a couple additional 25 basis point rate increases — modest compared to what was seen through the second half of 2022 — and then some pricing stability while the Fed monitors the impact now making its way into the capital markets from its 2022 moves. Once that leveling off occurs, transaction volume should increase rather quickly as there is significant idle capital that needs to be put to work, along with sellers sitting on the sideline waiting for capital market stability. Regarding office real estate woes, …

March 2, 2023

Features Loans Office Uncategorized

‘Conference Season’ is Underway and Early Feedback Shows Concern Over Low Deal Volume, Office Sector

by John Nelson March 2, 2023

March 2, 2023

Development Multifamily Office Southeast Virginia

PRP Completes Office-to-Multifamily Conversion Project in Alexandria, Virginia

by John Nelson February 28, 2023

ALEXANDRIA, VA. — PRP has completed the conversion of an office building at 4900 Seminary Road in Alexandria into a 212-unit apartment tower. The high-rise, dubbed the Sinclaire on Seminary, features apartments averaging 850 square feet in size with ceilings exceeding 10 feet in height. Amenities include ground-level retail space, a dog park, individual storage spaces, indoor parking garage connected by a covered walkway and outdoor lounge areas with firepits, a bocce ball court and outdoor recreational opportunities. Kettler is the property manager of Sinclaire on Seminary. Monthly rental rates range from $1,770 to $3,500, according to the property website.

February 28, 2023

Development Midwest Missouri Mixed-Use Multifamily Office Restaurant Retail Top Stories Uncategorized

Brain Group, Mercier Street Begin $250M Mixed-Use Redevelopment Project at Former Middle and High School in Kansas City

by Jaime Lackey February 28, 2023

KANSAS CITY, MO. — Co-developers Brain Group and Mercier Street are underway on the conversion of the former Westport Middle and Westport High School campuses in Kansas City into Park 39, a $250 million mixed-use development. The live-work-play campus will be situated on 16 acres at 39th and McGee streets in the city’s Midtown district. Anchoring the project is The Residences at Park 39, a 138-unit apartment community within the four-story former Westport High School. Upon completion, The Residences will include flexible work areas, a fitness center and mailroom, auditorium transformed into modules, conference rooms and library and event spaces for groups large and small. Individual residences will have open floor plans with high ceilings and modern finishes for kitchens, bathrooms and living areas. Each unit will have its own washer and dryer and will range from 400 square feet to 1,600 square feet in size, with expected monthly rents ranging from $950 to $2,000. The building’s new infrastructure will include smart technology and updated electrical, plumbing and fire alarm and protection systems. The original brick-and-stone façade and the front entry of the high school’s original 1908-era building are being preserved and restored, as are the original hardwood floors and …

February 28, 2023

Development Multifamily Office Southeast Virginia

PRP Completes Office-to-Multifamily Conversion Project in Alexandria, Virginia

by John Nelson February 28, 2023

February 28, 2023

Acquisitions Office Texas

Adkisson Group Acquires 19,800 SF Office Building in Northwest Houston

by Taylor Williams February 27, 2023

HOUSTON — An affiliate of locally based development and investment firm Adkisson Group has acquired a 19,800-square-foot office building in northwest Houston. According to LoopNet Inc., the property at 4809 Westway Park Blvd was built in 2005 and rises two stories. Travis Land of Partners Real Estate represented the buyer, which also plans to occupy the building, in the transaction. Jude Filippone of Traswestern represented the undisclosed seller.

February 27, 2023

Acquisitions Lee & Associates New Jersey Northeast Office

Lee & Associates Brokers Sale of 26,295 SF Office Building in Jamesburg, New Jersey

by Taylor Williams February 27, 2023

JAMESBURG, N.J. — Lee & Associates has brokered the $4.4 million sale of Forsgate Commons, a 26,295-square-foot office building in Jamesburg, a northeastern suburb of Trenton. The building was originally constructed in 1930 as Jamesburg High School and converted to multi-tenant office use in the 1980s. Beth Chezmar of Lee & Associates represented the seller in the transaction, and Dan De Palma of North American Realty represented the buyer. Both parties requested anonymity.

February 27, 2023

Industrial Leasing Activity Office Southeast Virginia

Five New Tenants Sign Leases at 171,000 SF Merritt Business Park in Quantico, Virginia

by John Nelson February 27, 2023

QUANTICO, VA. — Five new tenants will join Merritt Business Park at Quantico Corporate Center, a light industrial campus located along I-95 in Quantico. Three of the businesses — Full Distance Brewing, The Nova Systems and Two Marines Moving — are veteran-owned companies. Full Distance Brewing and Nova Systems will occupy 8,000 and 7,000 square feet, respectively. Merritt Properties has also signed leases with Top Notch Moving Services and The Continuum Group. Top Notch will take over 15,000 square feet, and Continuum will lease 7,200 square feet at the property, which is comprised of two single-story flex buildings. Both buildings feature 18-foot clear heights, access to a fiber-optic network, loading docks and drive-in capabilities for warehouse users.

February 27, 2023

Leasing Activity New Jersey Northeast Office

Cushman & Wakefield Negotiates 18,603 SF Office Lease in Hoboken, New Jersey

by Taylor Williams February 27, 2023

HOBOKEN, N.J. — Cushman & Wakefield has negotiated an 18,603-square-foot office lease at Waterfront Corporate Center I in Hoboken. The 14-story, 566,215-square-foot building is located within a larger, 1.5 million-square-foot complex across the Hudson River from Manhattan. David DeMatteis and Mina Shehata of Cushman & Wakefield represented the tenant, industrial investment firm Faropoint, in the lease negotiations. A partnership between New York City-based developer SJP Properties and private investor David Werner owns Waterfront Corporate Center I.

February 27, 2023

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