Office

Oracle Expands Footprint to 100,000 SF at Radius Office Building in Nashville’s Gulch District

by John Nelson January 26, 2023

NASHVILLE, TENN. — Tech giant Oracle has expanded its footprint at Radius, a nine-story office building located at 601 11th Ave. N in Nashville’s Gulch district. The company is expanding its footprint from 31,580 square feet to 100,000 square feet. Rubicon Equities, the landlord of Radius, also recently signed a new lease with CoreTrust, a locally based commercial sourcing agency. The company leased the entire seventh floor, totaling 31,580 square feet. In addition to offices, Radius features a fitness center with lockers and showers, café, onsite security, rooftop terrace, 18,500 square feet of ground-level retail space and a parking garage with 900 spaces. Stream Realty Partners is the property manager for the building and shares the leasing assignment with Sandeema Co. There is currently 125,000 square feet of space available for lease.

January 26, 2023

Acquisitions Florida Office Southeast

Joint Venture Acquires East Tampa Office Complex for $31M

by John Nelson January 26, 2023

TAMPA, FLA. — A joint venture between Torose Equities, Merrimac Ventures and Linkvest Capital has purchased Interstate Corporate Center, a 350,000-square-foot office complex on Tampa’s east side. The property is located on a 50-acre site at 6302 E. Dr. Martin Luther King Jr. Blvd., about six miles from downtown Tampa. An entity doing business as B&L Investments Interstate LLC sold the property for $31 million. Dale Peterson, Joe Chick, Kristen Hagen, Courtney Snell and Nick Sharpe of CBRE represented the seller in the transaction. Built in 1984 and renovated in 2018, Interstate Corporate Center was 80 percent leased at the time of sale to tenants such as Hillsborough County School Readiness Coalition Inc., Ashley Furniture Industries Inc., HealthPlanOne and the Florida Department of Revenue Child Support Services. The largest tenant, Concentrix CVG Customer Management Group Inc., occupies 81,134 square feet.

January 26, 2023

Acquisitions Midwest Office Ohio

JLL Brokers Sale of 303,130 SF Office Portfolio in Cincinnati

by Kristin Harlow January 26, 2023

CINCINNATI — JLL Capital Markets has brokered the sale of a two-building office portfolio totaling 303,130 square feet in Cincinnati for an undisclosed price. The first asset, 400 Oak St., rises seven stories and spans 156,000 square feet. Originally built in 1924, the building was renovated in 2011. The second property, 2905 Vernon Place, is a four-story, 147,130-square-foot building that was constructed in 2017. The two properties are fully leased to Cincinnati Children’s Hospital Medical Center for administrative functions and other nonclinical uses. Jaime Fink, Bruce Miller, Sam DiFrancesca and Patrick Shields of JLL represented the seller, 90 North Real Estate LLP, and procured the buyer, Azora Exan. Keith Largay and Lucas Borges of JLL arranged acquisition financing on behalf of the buyer.

January 26, 2023

Acquisitions Illinois Midwest Office

Marcus & Millichap Negotiates $3M Sale of Office Building in Plainfield, Illinois

by Kristin Harlow January 26, 2023

PLAINFIELD, ILL. — Marcus & Millichap has negotiated the $3 million sale of a 20,281-square-foot office building in Plainfield, about 40 miles southwest of Chicago. Located at 23909 W. Renwick Road, the property is fully occupied and features a new roof and parking lot. The seller, a Chicagoland limited liability company, purchased the building a little over a year ago and decided to sell it after marking repairs and adding tenants. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller. The buyer was undisclosed.

January 26, 2023

Loans Michigan Midwest Office

Bernard Financial Group Arranges $2M in Financing for Office Property in Auburn Hills, Michigan

by Kristin Harlow January 26, 2023

AUBURN HILLS, MICH. — Bernard Financial Group has arranged $2 million in permanent financing for a 21,256-square-foot office property in Auburn Hills. Dennis Bernard and Joshua Bernard arranged the loan on behalf of the borrower, Auburn Office Center LLC. StanCorp Life Insurance Co. provided the loan, terms of which were undisclosed.

January 26, 2023

Leasing Activity Office Texas

Dickies Signs 84,000 SF Office Headquarters Lease in Downtown Fort Worth

by Taylor Williams January 26, 2023

FORT WORTH, TEXAS — Apparel retailer Dickies has signed an 84,000-square-foot office headquarters lease at 500 Taylor St. in downtown Fort Worth. Chris Doggett and Cullen Donohue of Stream Realty Partners represented the landlord, Illinois-based SADA Capital Parnters, in the lease negotiations. Randy Cooper and Wills Bauer, also with Stream, represented Dickies. SADA Capital Partners purchased the six-story building in June 2022 and is in the process of launching a capital improvement program.

January 26, 2023

Leasing Activity New York Northeast Office

LargaVista Cos. Opens 23,784 SF Flexible Coworking Space in Queens

by Taylor Williams January 26, 2023

NEW YORK CITY — Locally based firm LargaVista Cos. has opened Gaseteria Works, a 23,784-square-foot coworking space in the Long Island City area of Queens. Gaseteria Works offers coworking memberships, fully furnished private suites, meeting rooms and virtual addresses, as well as an onsite team offering concierge and administrative services. JLL manages and leases the space via Flex by JLL, the real estate giant’s flexible office and coworking platform.

January 26, 2023

Leasing Activity New York Northeast Office

Novartis Signs 15,865 SF Office Lease at 452 Fifth Avenue in Midtown Manhattan

by Taylor Williams January 26, 2023

NEW YORK CITY — Novartis Inc. has signed a 15,865-square-foot office lease at 452 Fifth Avenue in Midtown Manhattan. The pharmaceutical corporation will occupy the entire 12th floor at the 30-story building. Paul Glickman, Ben Bass, Kristen Morgan and Kate Roush of JLL represented the landlord, Property & Building Corp. Ltd., in the lease negotiations. David Stockel and Christopher Menard of CBRE represented Novartis.

January 26, 2023

Development Midwest Nebraska Office Top Stories

Mutual of Omaha Breaks Ground on 44-Story Headquarters Building in Downtown Omaha

by Katie Sloan January 26, 2023

OMAHA, NEB. — Mutual of Omaha has broken ground on a 44-story office tower that will act as the company’s headquarters in downtown Omaha. At 677 feet, the building will rise 43 feet above the city’s current tallest building, First National Bank Tower. The 800,000-square-foot development will include a street-level lobby with conference space and an “experience center” spotlighting the company’s history, brand and impact on customers and the community; a sky lobby, welcoming associates from the planned 2,200-stall parking structure; food and wellness services, a fitness center and flexible meeting spaces on the 16th through 20th floors; and conference facilities with a two-story atrium on the 44th floor. Despite the skyscraper’s record-breaking height, the building will be less than half the square footage of the company’s current 1.7 million-square-foot headquarters in Omaha’s Midtown neighborhood. This shift in design is to support flexible work arrangements, including in-person, remote and hybrid models. “As a customer-focused company, we worked closely with our design team to create a headquarters that is appropriately sized, adaptable to ways of working that may emerge in the future and able to serve our policyholders in an effective and efficient manner,” says CEO James Blackledge. Mutual of Omaha’s …

January 26, 2023

Features Office

Work-from-Home Trend Leads to Property Tax Turmoil in Office Sector

by Jeff Shaw January 26, 2023

The ‘work from home’ revolution has devastated office building values. By Jason Penighetti Of all the property types, office buildings may wrestle with the pandemic’s damaging consequences the longest. The fallout from COVID-19 will clearly have a lasting economic impact. During the government-mandated shutdowns, businesses — including brick-and-mortar retail stores, restaurants, movie theaters and gyms — suffered tremendous losses. With everyone except first responders and essential workers stuck at home, office occupancy rates plummeted as business districts, commercial developments, roads and public gathering places emptied. Many companies could not survive the shutdowns and were forced to lay off employees or permanently close their doors. During the throes of the pandemic, companies that remained in business were compelled to adapt and learn how to effectively put their employees to work from home. Virtual meetings eventually became commonplace and routine. Then as the pandemic waned, companies began to demand that employees return to the office. While some workers ventured back to the workplace, many expressed a desire to continue to work from home. This widespread sentiment has persisted. In fact, nearly 40 percent of workers would rather quit their jobs than return to the office full-time, and more than half would take …

January 26, 2023

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