NEW YORK CITY — Law firm Pollack, Pollack, Isaac & DeCicco has signed a 16,375-square-foot office lease at 250 Broadway in Lower Manhattan. The 648,000-square-foot building recently underwent a lobby remodel and expansion. Anne Holker, Charles Borrok, Jonathan Fales, Frank Cento, Jonathan Fein and Michelle Mean of Cushman & Wakefield represented the landlord, AmTrust RE, in the lease negotiations. Eric Zemachson of Newmark represented the tenant.
PLANO, TEXAS — Stream Realty Partners has arranged the sale of a two-story, vacant building in Plano that consists of 30,066 square feet of office space and a 7,640-square-foot basement showroom. Jamie Jennings and Ryan Evanich of Stream represented the seller, an entity doing business as Hacienda Care V LP, in the transaction. Pam Goodwin of Goodwin Advisors LLC represented the buyer, Peacock Point LLC, which also plans to occupy the building.
— By Andrew Cheney, Principal, Lee & Associates — The metro Phoenix office market continues a slow recovery as it battles the nation’s highest rates of both sublease growth and inflation. Starting off the fourth quarter at only 532,000 square feet (year-to-date), net absorption in Greater Phoenix remained well off the 20-year average mark of 1.6 million square feet. Direct office vacancy stands at a seemingly high figure of 17.6 percent. However, this is in line with the 20-year average of 18 percent. Currently, there are six key trends impacting Phoenix’s office market. Small tenants are back in the office. I imagine most brokers will report that the highest concentration of active, touring prospects are in the market for less than 10,000 square feet. These company sizes want to be in the office in metro Phoenix, and not just a few days a week. High-quality spec suites rule. Landlords recognize that smaller tenants are driving leasing activity — and that these small tenants will not wait for a build-out. Instead of holding one or two spec suites in inventory at any one time, landlords are building out large batches of five to seven spec suites at a time. And they’re spending money to build …
NASHVILLE, TENN. — Convexity Properties has broken ground on 5 City Blvd, a 15-story office tower within the ONEC1TY master-planned development in Nashville. The 300,000-square-foot building will be situated at the intersection of City and Charlotte avenues, roughly two miles outside of Nashville’s Central Business District and near I-40 and I-440. In addition to upscale offices, 5 City Blvd will feature 17,000 square feet of ground-level retail space, 900 parking spaces, electric vehicle charging stations and fiber optic connectivity. The design-build team includes architect Goettsch Partners and general contractor JE Dunn. Goldman Sachs provided an undisclosed amount of construction for the project. Convexity has tapped Frank Thomasson and Byran Fort of CBRE to lease 5 City Blvd, which is set for a fourth-quarter 2024 delivery.
MIAMI — Berkadia has arranged a $113 million loan to refinance Gateway at Wynwood, a 220,000-square-foot office building located at 2616 N. Miami Ave. in Miami that opened last year. Charles Foschini, Christopher Apone and Robert Iudice of Berkadia’s South Florida office arranged the loan through A10 Capital on behalf of the borrower and developer, New York-based Rose & Berg Realty Group LP. The three-year loan features two one-year extension options. Berkadia also secured the original construction loan for the project in early 2020 through lender 3650 REIT. Designed by Kobi Karp, Gateway at Wynwood features a private rooftop terrace, 512 onsite parking spaces and 24,000 square feet of ground-level retail space. Existing office tenants include BoConcept, OpenStore and Veru, among others.
PLANO, TEXAS — Lucid Private Offices, a provider of flexible workspace solutions formerly known as WorkSuites, will open a 31,000-square-foot space at International Tower in Plano. The company will occupy the fifth floor at the newly constructed office building. Trevor Franke and Gini Rounsaville of JLL represented the landlord, Billingsley Co., in the lease negotiations. John Pelletier and Austin Studebaker of Cresa represented Lucid Private Offices.
FRAMINGHAM, MASS. — Coworking concept Workbar will open a 21,460-square-foot space at 111 Speen St. in Framingham, a western suburb of Boston. According to LoopNet Inc., the property was built in 1985, rises five stories and totals 119,095 square feet. The property is also in the midst of a $5 million renovation. Philip DeSimone, Andrew Sherman, Todd Alexander and Ross Miner of Kelleher & Sadowsky represented the landlord, a partnership between Paradigm Partners and North Colony Asset Management, in the lease negotiations. Workbar expects to debut the space this spring.
MILWAUKIE, ORE. — Adult & Teen Challenge Pacific Northwest, an Oregon nonprofit corporation that operates addiction recover centers, has acquired an office building located at 18600 SE McLoughlin Blvd. in Milwaukie. Clackamas Community Federal Credit Union sold the asset for $3.5 million. Constructed in 1966, the two-story, 18,400-square-foot building features an elevator, T1 and CAT5 internet connections and 83 surface parking spaces. Adult & Teen Challenge focuses on a religious-centered model and has more than 220 recovery centers in the United States. The company plans to use the building as a medical and mental health services facility. Tim Pfeiffer and Camden Muller of Portland-based Norris & Stevens represented the seller, while Will Stone of Marcus & Millichap represented the buyer in the deal.
FRAMINGHAM, MASS. — Paradigm Properties and North Colony Asset Management are underway on a $5 million renovation of an office building located at 111 Speen St. in the western Boston suburb of Framingham. According to LoopNet Inc., the property was built in 1985, rises five stories and totals 119,095 square feet. The project will upgrade the entryway and landscaping as well as further activate indoor and outdoor amenity spaces, which include a fitness center, patio and café/lounge. Completion is slated for the end of the year.
NEW YORK CITY — Serendipity Labs, a provider of flexible workspace solutions, will open a 41,000-square-foot space at 205 East 42nd Street, a 532,000-square-foot building in Midtown Manhattan. The lease term is 10 years. The space encompasses three floors and can support up to 450 desks and 100 people. Robert Becker and Lauren Ferrentino internally represented the landlord, The Durst Organization, in the lease negotiations. Michael Berman of JLL represented Serendipity Labs. An opening date was not disclosed.