BOISE, IDAHO — Capstone Cos. has expanded its brokerage firm with a new regional office in Boise. Colton Yasinski, who has transacted hundreds of units in the Idaho market, including affordable LIHTC product, value-add multifamily and Class A market rate assets, leads the new office. Expanding into Boise reinforces Capstone’s presence in the Western U.S. as the company seeks rapid growth and expansion in the multifamily sector. With the opening of this new office, Capstone continues its nationwide growth with a total of 21 offices and more than $12 billion in sales.
PITTSBURGH — CBRE has negotiated a 40,000-square-foot office lease at Nova Place, a 32-acre campus located on Pittsburgh’s north side. The tenant, S&B USA Construction, plans to take occupancy of spaces on the eighth and ninth floors of Nova Tower 2 during the fourth quarter. Jeremy Kronman and Andrew Miller of CBRE represented the landlord, Faros Properties, in lease negotiations. The tenant representative was not disclosed.
The pandemic has done a lot to the office sector, not the least of which is convince employees they don’t need to sit in a cubicle eight hours a day, five days a week. Turns out, unsurprisingly, many people appreciate the freedom and flexibility that comes with working from home. The average U.S. office vacancy rate was 18.6 percent in the first quarter of 2023, according to Cushman & Wakefield. This was 5.9 percentage points higher than fourth-quarter 2019. Three California regions are also listed on the “Bottom 10 Performers of 2022” list (according to vacancy rate) put out by the National Association of Realtors. These include San Rafael (19.3 percent vacancy), San Francisco (16.4 percent) and Los Angeles (14.4 percent). Yet, leases are still getting signed, particularly at urban mixed-use projects throughout the state. Sean Slater, senior principal in RDC’s San Diego office, thinks this type of environment is a no-brainer for companies looking to bring employees back to the office. “Office workers want choice, especially with the current work-from-anywhere trend,” he says. “For a long time, suburban office parks have lacked choice of food and beverage, a diverse population of tenants, and a meaningful connection to their community. …
ATLANTA — Guardian Pharmacy Services has leased 25,282 square feet at Galleria 300, a 20-story office building located in Atlanta’s Cumberland-Galleria office submarket. The long-term care pharmacy company is moving its headquarters to Cobb County from Midtown Atlanta. Guardian Pharmacy will occupy the entire eighth floor of Galleria 300, which is part of the 20-acre Galleria on the Park office campus. Sam Hollis and Steven Taylor of Cushman & Wakefield represented the tenant in the lease transaction. Adam Viente, Jeff Bellamy and Claire Ross of JLL represented the landlord, Piedmont Office Realty Trust.
SAN DIEGO – Barron Team and CAPRO Network Financials have acquired a 22,532-square-foot office building in San Diego for $6.4 million. The building is located at 10085 Carroll Canyon Road in the Scripps Ranch submarket. The new buyers plan to occupy the building, which is currently 50 percent leased. The 11,339-square-foot second floor is fully leased to short-term tenants. The 11,193-square-foot bottom floor is available for the buyer to occupy. Chris Powers, Matt Pourcho, Anthony DeLorenzo, Nick Williams and Matt Harris of CBRE Investment Properties represented the seller, Rosner Law & Mansfield, in the transaction.
HOUSTON — Diamond Offshore Drilling has signed a 62,584-square-foot office headquarters lease in Houston’s Energy Corridor area. The energy firm will occupy the ninth, 11th and 12th floors of One Eldridge, a 245,315-square-foot building, with plans to move in during the fourth quarter. Lonna Jenks of JLL and Eric Anderson of Transwestern represented Diamond Offshore in the lease negotiations. Jon Dutton and Andrew Elliott represented the landlord, Granite Properties, on an internal basis.
NEW YORK CITY — Savills has negotiated a 41,613-square-foot office sublease at 1345 Avenue of the Americas in Midtown Manhattan. The tenant, law firm Greenspoon Marder, plans to take occupancy of the entire 22nd floor of the building by the end of the year. Jeffrey Peck, Daniel Horowitz, Thomas Capocefalo and Jacob Stern of Savills represented Greenspoon Marder in the negotiations for the eight-year sublease. Bryan Boisi and Paul Ferraro from Cushman & Wakefield represented the sublandlord, CBS Broadcasting. Fisher Brothers owns the building.
ELGIN, ILL. — Colliers has brokered the sale of an 80,878-square-foot office building located at 2250 Point Blvd. in Elgin for an undisclosed price. Originally built by PanCor Construction & Development in 1999, the four-story property is located within Randall Point Executive Center. The building was 30 percent leased at the time of sale. Alissa Adler and John Homsher of Colliers, in partnership with the Ten-X Commercial Real Estate auction platform, represented the undisclosed seller. An entity doing business as Elgin Square Property LLC was the buyer.
TAMPA, FLA. — CBRE has brokered the sale of One Independence Park, a 115,740-square-foot office property located at 4110 George Road in Tampa. Situated on 9.2 acres, the building comprises three stories and was fully leased at the time of sale. Tenants at the property include WiPro LLC and HealthPlan Services Inc. Dale Peterson, Joe Chick, Kristen Hagen, Courtney Snell, Nick Sharpe and Jimmy Garvey of CBRE represented the seller, Raleigh-based Highwoods Properties, in the transaction. The buyer and price were not disclosed.
RANCHO CUCAMONGA, CALIF. — San Antonio Regional Hospital has acquired a 127,000-square-foot office building in Rancho Cucamonga for $22.2 million. The building is located at 11000 Eucalyptus St. San Antonio Regional Hospital is an Upland-based regional healthcare provider that will convert the asset into medical office space. Graham Gilles of the Hoffman Company represented the buyer in the transaction. Gary Goodgame, Jeremy Dee and Max Browne of Kennedy Wilson Brokerage represented the seller, Mercury Casualty Co.