NEW YORK CITY — NewsCorp. has signed a 486,000-square-foot office lease extension at 1211 Avenue of the Americas in Midtown Manhattan. Under the terms of the new lease, which goes into effect in December 2027, the media giant will remain at the 44-story, 2.2 million-square-foot building through 2042, with further extension options available thereafter. Timothy Dempsey, Mary Ann Tighe, Ken Rapp, Christopher Mansfield and Ariel Ball of CBRE represented NewsCorp. in the lease negotiations. Josh Kuriloff, Ethan Silverstein, Mitch Arkin and Heather Thomas of Cushman & Wakefield represented the landlord, Ivanhoe Cambridge, which plans to begin a capital improvement program later this year. The deal coincides with a 670,000-square-foot extension with Fox Corp., which is also part of the Murdoch family media empire, at 1211 Avenue of the Americas.
HOUSTON — Callon Petroleum has signed a 107,171-square-foot office headquarters lease in Houston’s Memorial City District. The energy firm will occupy five floors at 9753 Katy Freeway, a 190,000-square-foot building, beginning in the second half of 2024. Brad MacDougall and Warren Alexander represented the landlord, MetroNational, in the lease negotiations on an internal basis. Joseph Peddie and Morgan Relyea Colt of Cushman & Wakefield represented the tenant.
NEW YORK CITY — Fox Corp. has signed a 670,000-square-foot office lease extension at 1211 Avenue of the Americas in Midtown Manhattan. Under the terms of the new lease, which goes into effect in December 2025, the media giant will remain at the 44-story, 2.2 million-square-foot building through 2042, with further extension options available thereafter. Timothy Dempsey, Mary Ann Tighe, Ken Rapp, Christopher Mansfield and Ariel Ball of CBRE represented Fox in the lease negotiations. Josh Kuriloff, Ethan Silverstein, Mitch Arkin and Heather Thomas of Cushman & Wakefield represented the landlord, Ivanhoe Cambridge, which plans to begin a capital improvement program later this year.
NEW YORK CITY — Hudson Square Properties, a joint venture between Trinity Church Wall Street, Norges Bank Investment Management and Hines, is nearing completion of 555 Greenwich, a 270,000-square-foot speculative office project in Manhattan’s Hudson Square neighborhood. Office suites are expected to be available for occupancy in the first quarter, with full completion scheduled for later in the year. COOKFOX Architects designed the 16-story building, and AECOM Tishman served as the general contractor. CBRE is the leasing agent. According to the development team, 555 Greenwich is the first speculative office building to be developed in New York City in the wake of the pandemic.
BLOOMFIELD, N.J. — Newmark has negotiated a 15,186-square-foot office lease in the Northern New Jersey community of Bloomfield. The tenant, Technogym, a provider of equipment and digital technologies for the fitness industry, will occupy space at the 400,000-square-foot Broadacres Office Park. Jeff Schotz, Dan Reider and Peter Kasparian of Newmark represented the landlord, ERCT Capital Group, in the lease negotiations.
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) projects that total commercial and multifamily mortgage borrowing and lending is expected to fall to $700 billion in 2023, a 5 percent decline from an expected volume of $740 billion in 2022. Multifamily lending volume alone is expected to drop to $393 billion in 2023, an 11 percent decline from an expected total of $439 billion in 2022. The projected drop in borrowing and lending reflects current market conditions. Jamie Woodwell, head of commercial real estate research for MBA, which is based in Washington, D.C., underlined that the forecast matched what the association had been hearing from commercial and multifamily mortgage finance professionals, with many indicating the Federal Reserve’s multiple interest rate increases in rapid succession have been a key factor in the projected decline in lending and borrowing activity. At its December meeting, the Federal Reserve raised the benchmark federal funds rate by half a percentage point, a smaller increase than the four consecutive three-quarter-point hikes earlier in 2022. The Fed is showing no sign of slowing rate hikes in 2023, with Chairman Jerome Powell announcing after the meeting that the central bank will continue to raise rates for quite some …
DOWNERS GROVE, ILL. — Skender has completed a comprehensive renovation of 3500 Lacey, a 622,600-square-foot office building in the Chicago suburb of Downers Grove. Built in 1992, the property formerly served as the headquarters of bread company Sara Lee. KORE Investments purchased the building in 2019. Skender worked with OKW Architects on the renovation project, which upgraded the building’s lower lobby, main lobby and fitness center. The property is also home to Esplanade Lakes Ballroom, a wedding venue operated by DoubleTree.
MARLTON, N.J. — Impulse Dynamics, a provider of medical devices, has signed a 53,736-square-foot office lease at 50 Lake Center, an 88,895-square-foot building located in the Southern New Jersey community of Marlton. JLL represented the landlord, Crown Properties, in the lease negotiations. The representative of the tenant was not disclosed. Crown Properties purchased the building, which is now 73 percent leased, in early 2022 and implemented a value-add program.
IRVINE, CALIF. — Irvine Co. has completed the third and final phase of Spectrum Terrace, a 1.1 million-square-foot office campus at the intersection of Interstate 405 and Highway 133 in Irvine. The fully walkable campus features nine buildings with private patios, open-air resort-style amenities, including an Olympic-length pool, and outdoor collaboration spaces. The asset is located adjacent to Irvine Spectrum Center, a massive mixed-use development centered on dining and entertainment. The final phase features three four-story buildings, totaling more than 345,000 square feet, as well as the completion of Terrace Pool, which features gathering areas with meeting-ready cabanas and poolside refreshments. Spectrum Terrace customers have access to The Commons, an outdoor gathering area with shaded workspaces; Kinetic fitness center offering a resort-style approach to workplace wellness; Terrace Kitchen + Bar; and Venue, a fully equipped meeting and events space with folding glass walls that open up the conference room to the outdoors and attached catering kitchen, coffee bar and grab-and-go counter. Spectrum Terrace is currently 80 percent leased to a variety to tenants, including Alteryx, Coca-Cola Co., CoStar Group, iHerb and RSM.
CHICAGO AND BOCA RATON, FLA. — A joint venture between Remedy Medical Properties and Kayne Anderson Real Estate has acquired a 13-property medical office portfolio for $131 million. The portfolio spans 300,328 square feet across eight states, including a medical building in Clarksville, Tenn.; a two-story, 28,218-square-foot building leased to Precision Spine Care in Tyler, Texas; a building occupied by Optum-Marsh in Indianapolis; a property occupied by an orthopedic practice named the Jordan Young Institute in Virginia Beach, Va.; and a 14,170-square-foot, two-story building leased to Halo Chico Breast Center in Chico, Calif. JLL brokered the acquisition of the portfolio from an undisclosed seller. Each of the buildings is fully leased on a long-term basis to medical practices including orthopedics, gastroenterology, radiology, imaging and surgery. “The properties in the portfolio are ideally located in strong, growing markets with excellent demographics,” says Peter Westmeyer, founder and CEO of Remedy. “The Clarksville medical building, for example, is located in close proximity to Nashville — an area experiencing significant growth. The Precision Spine practice in Tyler is one of the few spine and pain management practices in the area, enabling it to garner significant market share. All of this bodes well for the …