Office

Sony Pictures Leases 225,200 SF at Wilshire Courtyard Office Building in Los Angeles

by Amy Works February 7, 2023

LOS ANGELES — Sony Pictures Entertainment has signed a long-term, multi-floor lease to occupy 225,239 square feet of office space at Wilshire Courtyard, a two-building, Class A office campus on Los Angeles’ Miracle Mile. The company is relocating select divisions from Culver City to the new offices at 5750 Wilshire Blvd. Josh Bernstein, Peter Collins, Scott Menkus and Alexa Delahooke of Cushman & Wakefield represented the landlord, Onni Group, while Josh Gorin and Mike Catalano of Savills represented Sony in the lease negotiations. Neal Linthicum of Onni managed the transaction on the company’s behalf. Wilshire Courtyard comprises two six-story office buildings, located at 5700 and 5750 Wilshire Blvd., totaling 1 million square feet. The buildings were originally developed in the late 1980s and underwent significant interior and exterior renovations in 2015. The asset features 125 tiered outdoor balconies for indoor/outdoor work, an onsite Equinox Fitness, renovated common areas and plazas, and a park with jogging trails. Additionally, Onni is adding an amenity center to the property with a golf simulator, multi-screen entertainment center, tenant lounge and conference facility.

February 7, 2023

Acquisitions California Office Western

CBRE Negotiates $6M Sale of 23,524 SF Office Building in San Diego

by Amy Works February 7, 2023

SAN DIEGO — CBRE has arranged the sale of an office building located at 10200 Willow Creek in San Diego’s Scripps Ranch submarket. Espten Grinnell & Howell APC sold the asset to a private buyer, completing a 1031 exchange, for $6 million. Matt Pourcho, Jeb Bakke, Anthony DeLorenzo, Matt Harris and Nick Williams of CBRE Private Capital Partners represented the seller, while the buyer was self-represented in the transaction. Built in 1980 on 2.2 acres, the one-story property features 23,524 square feet of office space and 92 parking spaces. At the time of sale, the building was fully leased.

February 7, 2023

Development Leasing Activity Midwest Office Wisconsin

Mosaic Construction Completes Renovation of Workspace for Expansive in Downtown Milwaukee

by Kristin Harlow February 7, 2023

MILWAUKEE — Mosaic Construction LLC has completed a renovation project for flexible workspace provider Expansive at 790 N. Milwaukee St. in downtown Milwaukee. This latest project follows five other renovations that Mosaic has completed for Expansive in downtown Chicago. At Expansive Milwaukee, Cathedral Square, Mosaic converted a roughly 4,500-square-foot, second-floor office space into four individual Club Suites, which are speculative suites with private offices and glass-enclosed conference rooms. Mosaic also installed new HVAC, flooring, glass walls and lighting fixtures. The six-story office building is located between the Milwaukee River and Milwaukee Bay, adjacent to Cathedral Square Park.

February 7, 2023

Leasing Activity New Jersey Northeast Office

EXL Signs 17,712 SF Office Lease Renewal in Jersey City

by Taylor Williams February 7, 2023

JERSEY CITY, N.J. — Business management consulting firm EXL has signed a 17,712-square-foot office lease renewal at 10 Exchange Place, a 30-story, 740,354-square-foot building in Jersey City. David DeMatteis, Nicholas Dysenchuk and Robert Lowe of Cushman & Wakefield represented the landlord, an affiliate of Canadian insurance and financial services giant Manulife, in the lease negotiations. Scott Bogetti and Meghan Marchini of Savills represented the tenant.

February 7, 2023

Acquisitions Office Texas

CapRidge Partners Sells 109,473 SF Office Building in Houston’s Energy Corridor

by Taylor Williams February 6, 2023

HOUSTON — Austin-based investment firm CapRidge Partners has sold a 109,473-square-foot office building in Houston’s Energy Corridor. The six-story building, which was renovated in 2021 and was roughly 60 percent leased at the time of sale, sits on a 3.7-acre site at 12012 Wickchester Lane. Marty Hogan and Kevin McConn of JLL represented CapRidge Partners in the transaction and procured the undisclosed buyer. The sales price was also not disclosed.

February 6, 2023

Acquisitions Michigan Midwest Office Retail

Colliers Brokers Sale of 24,000 SF Historic Building in Detroit

by Kristin Harlow February 6, 2023

DETROIT — Colliers has brokered the sale of the historic Grand Army of the Republic (GAR) building in Detroit for an undisclosed price. The 24,000-square-foot property is located at 1942 Grand River Ave. Newgar LLC sold the asset to Joe Barbat of Barbat Holdings. Benji Rosenzweig and Ben Hubert of Colliers represented both parties in the transaction. The building currently houses a restaurant, office and event space. The buyer intends to convert the property into strictly event space with a new steakhouse on the ground floor to replace the old Parks & Rec Diner and Republic Tavern restaurants. The GAR building opened in 1901 as a place for the city’s Civil War veterans to gather. The GAR is a nationwide organization founded in 1866.

February 6, 2023

Leasing Activity Midwest Missouri Office

Kadean Construction to Relocate St. Louis Office to Sunset Hills, Missouri

by Kristin Harlow February 6, 2023

SUNSET HILLS, MO. — In April, Kadean Construction will move its St. Louis office from Fenton to Sunset Hills. The contractor will occupy roughly 10,500 square feet within Laumeier Office Park Building 4 after an approximately $1.2 million renovation and buildout is completed. Kadean’s architecture team is leading the design of the new space with assistance from eddy Design Group. The move comes as Kadean’s office staff has grown from 20 employees to 36 over the past 15 months. The new office will feature conference rooms, training areas and collaboration space. Kadean is also finalizing a lease for roughly 4,600 square feet of warehouse space in the Westport area to relocate and accommodate its expanding storage needs. Kadean also has an office in Kansas City. Total company employment now stands at 85. The construction firm has grown from $85.2 million in revenue in 2019 to an estimated $340 million in 2022.

February 6, 2023

Leasing Activity New York Northeast Office

CBS Broadcasting Signs 186,882 SF Office Lease Renewal in Manhattan

by Taylor Williams February 6, 2023

NEW YORK CITY — CBS Broadcasting has signed a five-year, 186,882-square-foot office lease renewal at 555 W. 57th St. in Manhattan’s Hell’s Kitchen neighborhood. The 20-story building, which was completed in 2005, was originally known as the Ford Motors Building due to the automotive giant’s showroom on the ground floor. BMW now occupies that space. Scott Gottlieb, Andrew Sussman and Rocco Laginestra of CBRE represented the tenant in the lease negotiations. The landlord, SL Green, was self-represented.

February 6, 2023

Acquisitions Colorado Healthcare Net Lease Office Western

Blue West Capital Arranges $5.6M Purchase of UCHealth-Occupied Medical Office Building in Erie, Colorado

by Amy Works February 6, 2023

ERIE, COLO. — Blue West Capital has negotiated the acquisition of a single-tenant medical office building located at 2970 Arapahoe Road in Erie, approximately 25 miles north of downtown Denver. An Arizona-based family in a 1031 exchange acquired the asset from a local developer for $5.6 million. UCHealth occupies the medical office building on a net-lease basis. Tom Ethington of Blue West Capital represented the buyer in the deal.

February 6, 2023

Development Florida Mixed-Use Office Southeast

Ryan Cos. Breaks Ground on 210,463 SF Feeding Tampa Bay Headquarters

by John Nelson February 3, 2023

TAMPA, FLA. — Ryan Cos. U.S. Inc. has broken ground on the new Tampa headquarters for Feeding Tampa Bay, a nonprofit organization. Upon completion, which is scheduled for 2024, the facility will comprise 210,463 square feet and serve as the primary distribution facility for the organization. The headquarters will include 41,000 square feet of cold storage warehouse space, offices, 11,000-square-foot kitchen and a mezzanine level. In addition to producing up to 6,000 meals per day, the kitchen will serve as a classroom to teach culinary skills. BDG is the architect of record for the project. Ryan is the design-build firm and is also making a financial contribution to Feeding Tampa Bay.

February 3, 2023

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