HOUSTON — Method Architecture will open an 8,612-square-foot office at East River, a 150-acre mixed-use development in Houston’s Historic Fifth Ward. The tenant is relocating from a space on the east side of downtown Houston and expects to open this fall. About 60 employees will work in the office, which features an open layout with hotel-style workstations. Employees also have access to a nine-hole, par-three golf course that opened at East River in fall 2022, as well as pickleball courts, a restaurant and 15,000-square-foot music venue designed by Method. Midway owns East River.
By Anthony Armbruster, Colliers Although converting former office buildings to multifamily properties is by no means a new practice, conversions have been on the rise in recent years due to the changing work environment and office landscape. While the COVID-19 pandemic has started to fade away in many peoples’ minds, several of the changes in the work environment during that time have not. Many formerly in-office employees continue to work from home or have hybrid schedules post-pandemic. Additionally, tenants who are moving into new office spaces have shown a preference for smaller, more efficiently laid out, amenity-rich and suburban Class A office spaces. These changing consumer preferences have resulted in higher vacancies and fewer new tenants for older downtown office buildings than before the pandemic. Consequently, many of these older buildings are being converted into residential spaces, exemplifying the trend. An office building may be considered for a residential conversion when it is no longer economically feasible to continue running the building as such. However, not every office building at the end of its economically useful life is a suitable candidate for a residential conversion. Factors such as a building’s layout, location, age and cost of conversion play the most …
SAN DIEGO — McCarthy Building Cos. is strengthening its presence in the San Diego market with a 30,000-square-foot lease at One Paseo, a newly developed mixed-use campus. McCarthy, known for its construction projects in the area, has chosen a prime location surrounded by retail and dining options for its new office. McCarthy’s new office space features modern design and amenities to support its construction and preconstruction services. JLL’s Nicole Winters, Shawn Lorentzen and Scott Wetzel represented McCarthy in the transaction.
WASHINGTON, D.C. — Texas A&M University has signed a 23,000-square-foot office lease expansion at 1620 L Street, a 171,000-square-foot office building in Washington, D.C. The university, which first signed on at the building in 2020, now occupies approximately 70,500 square feet. Doug Mueller, Evan Behr, Nathan Beach and Thomas Myers of JLL represented the landlord, DivcoWest, in the lease negotiations. Doug Damron and Chris Lucey of Newmark represented Texas A&M. Texas A&M uses 1620 L Street as a “beachhead” location for students in the D.C. area. The building houses the university’s Bush School of Government and Public Service and includes classrooms, conference rooms, study lounges, collaborative/huddle rooms, an admissions center, catering kitchen, snack and beverage stations and a 150-seat theater/lecture hall.
HOUSTON — Broadshore Capital Partners will renovate Eldridge Oaks, a 14-story, 349,190-square-foot office building in Houston’s Energy Corridor area. The renovation will update outdoor amenities to further enhance the tenant experience and upgrade the first- and second-floor lobbies, conference center and on-site food services. The project team also plans to add a tenant lounge space and enhance other common spaces. IA Interior Architects and OJB designed the project. Stream Realty Partners is the leasing agent.
HOUSTON — The Southeast Texas Regional Advisory Council, a nonprofit that serves the healthcare industry, has signed a 10,196-square-fooot office lease renewal at 1111 N. Loop W in Houston. Ryan Hand, Harry Holmes and Charlie Neuhaus of Partners Real Estate represented the tenant in the lease negotiations. Guy Brown of Texas Overland represented the landlord, Nitya Capital.
NEW YORK CITY — An unspecified, New York City agency has signed a 640,000-square-foot office lease at 110 William St. in downtown Manhattan. The 20-year lease essentially brings the 32-story, 928,000-square-foot building, which was originally constructed in 1960, to full occupancy. Hal Stein and Daniel Appel of Newmark, along with Todd Stracci of JLL, represented the landlord, a joint venture between Pacific Oak Capital Advisors and Savanna, in the lease negotiations. Robert Giglio of Cushman & Wakefield and Ellen Israel of JRT Realty Group represented the tenant.
Ashkenaz Purchases 61,702 SF Beachway Professional Center Office Building in Bonita Springs, Florida
BONITA SPRINGS, FLA. — Ashkenaz USA has purchased Beachway Professional Center, a 61,702-square-foot office building located on Bonita Beach Road Southwest in Bonita Springs. Rainer Filthaut of International Realty Corp. represented Ashkenaz in the $14.4 million transaction. Dave Wallace and David Wallace of CRE Consultants represented the undisclosed seller and will continue to manage leasing at the property, which was fully occupied at the time of sale.
MESA, ARIZ. — Arizona Gynecology Associates (AZGYN) is renovating a former Banner urgent care facility in Mesa. The 4,307-square-foot medical office building will undergo exterior and interior upgrades, including the addition of an X-ray suite and a dedicated women’s urgent care center. The expanded location will triple AZGYN’s footprint in Mesa and provide enhanced healthcare services to the community. Renovations are underway for completion by the end of the year. JLL’s Mari Lederman and Katie McIntyre represented AZGYN in the acquisition. Chad Shipley and Rommie Mojahed of SVN represented the building seller, Summit Properties Group LLC.
LOVELAND, COLO. — Tepuy Properties has sold a 28,396-square-foot office/industrial space in Loveland for $4.7 million. The building, situated off highway 287, offers versatile spaces suitable for different businesses. The property, originally purchased by Tepuy in 2017, is fully occupied. The buyer was Wing Seven Capital LLC. The sale of this property allows Tepuy to reposition another asset in its portfolio.