Office

Old National Bank Expands Office Lease in Suburban Indianapolis to 45,077 SF

by Kristin Harlow December 16, 2022

CARMEL, IND. — Old National Bank has expanded its office lease at Parkwood Crossing in the Indianapolis suburb of Carmel from 25,531 square feet to 45,077 square feet. The financial services firm is also consolidating its regional office space by moving an existing downtown Indianapolis office to the newly expanded space at Parkwood Crossing. Rubenstein Partners LP owns Parkwood Crossing, which spans eight buildings and 1.2 million square feet. Rubenstein acquired the property in 2016 and implemented a comprehensive renovation of the campus, including the addition of a 14,000-square-foot amenity center equipped with dining facilities, a fitness center, cybercafe, conference rooms and collaborative spaces. Traci Kapsalis, John Robinson and Brittany Shuler of JLL represented Rubenstein in the lease. Jeff Harris of Cressy Commercial Real Estate represented the tenant.

December 16, 2022

Leasing Activity New York Northeast Office

New York Life Signs 20,000 SF Office Lease in Queens

by Taylor Williams December 16, 2022

NEW YORK CITY — Insurance giant New York Life has signed a 20,000-square-foot office lease at 97-77 Queens Blvd. in the borough’s Rego Park neighborhood. JLL represented the tenant in the lease negotiations. Roy Chipkin of CBRE, along with internal agents Marylou Berk, Meredith Jackness and Michael Leary, represented the landlord, LeFrak.

December 16, 2022

Acquisitions Arizona Industrial Office Retail Western

Citywide Commercial Brokers $7M Acquisition of Thunderbird Business Park in Phoenix

by Amy Works December 15, 2022

PHOENIX — Phoenix-based Citywide Commercial Real Estate has arranged the purchase of a five-building mixed-use portfolio located at the southeast corner of Indian School Road and 31st Avenue in Phoenix. Northgate – 72 LLC sold the business park to EL Camino Investment Co. for $7 million. Totaling 86,268 square feet, Thunderbird Business Park features five single-story, multi-tenant office, retail and industrial buildings. The property includes 35 individual suites that are fully occupied. The tenants are mostly small business owners and long-term tenants. El Camino Investment Co. plans to complete improvements to modernize the portfolio and enhance its presence in the community. Adam Shteir, Todd Hamilton and Chad Kirkorsky at Citywide represented the buyer in the acquisition.

December 15, 2022

Development Hospitality Loans Louisiana Multifamily Office Southeast

Cronheim Mortgage Secures Financing for Condo Conversion Project in Downtown New Orleans

by John Nelson December 15, 2022

NEW ORLEANS — Cronheim Mortgage has secured an undisclosed amount of acquisition financing for The California Building in downtown New Orleans. Originally an office building, the property has been converted to Class A multifamily, with units leased as a combination of both multifamily and short-term rentals due to the building’s advantage of holding a hotel license. The sponsor, Servio Capital, plans to convert the building to condos and sell units to both short-term rental investors and owner-occupants. An undisclosed lender provided the loan, which was underwritten at 75 percent loan-to-cost. The California Building is located adjacent to the French Quarter, Superdome and Tulane Medical Center.

December 15, 2022

Leasing Activity Office Texas

Cushman & Wakefield Signs 30,000 SF Office Lease Renewal in Houston’s Galleria District

by Taylor Williams December 15, 2022

HOUSTON — Cushman & Wakefield has signed a 30,000-square-foot office lease renewal at Four Oaks Place in Houston’s Galleria district. The global commercial real estate services firm has occupied space on the 26th and 27th floors of the building since 2004 and will undertake a renovation of its space next year. Cushman & Wakefield is also opening a 6,500-square-foot office at Texas Tower, a 47-story building in downtown Houston, in the first quarter of 2023. Global investment management firm Nuveen owns Four Oaks Place.

December 15, 2022

Loans New York Northeast Office

Sapir Organization Receives $326M Refinancing for Midtown Manhattan Office Buildings

by Taylor Williams December 15, 2022

NEW YORK CITY — Locally based development and investment firm The Sapir Organization has received $326 million for the refinancing of 260 and 261 Madison Avenue, a pair of office buildings located across the street from one another in Midtown Manhattan. Combined, the buildings total more than 1 million square feet and are home to tenants such as Hanesbrands, Epix, Regus, Marcus & Millichap and McLaughlin & Stern LLP. James Millon, Tom Traynor and Lawrence Britvan of CBRE arranged the debt, which was structured with a 65 percent loan-to-value ratio. According to Bloomberg, J.P. Morgan and Mack Real Estate Group provided the financing. The Sapir Organization, which also operates its headquarters out of 261 Madison Avenue, acquired the buildings in 1997.

December 15, 2022

Leasing Activity Midwest Office Wisconsin

Silvercrest Signs 11,194 SF Lease to Open Milwaukee Office at BMO Tower

by Kristin Harlow December 15, 2022

MILWAUKEE — Silvercrest Asset Management Group has signed an 11,194-square-foot lease to open a Milwaukee office at BMO Tower. The company will occupy space on the 22nd floor and expects to open in May. Silvercrest, founded in 2002, is an employee-owned investment adviser with more than $27 billion in assets under management. The Milwaukee office joins the company’s other locations in New York, Massachusetts, California, Virginia and New Jersey. Adam Leshowitz and Nick Becker of CBRE represented the tenant in the lease negotiations. Irgens is the owner. Current tenants at BMO Tower include BMO Harris Bank, Michael Best & Friedrich, B.C. Ziegler & Co., Heartland Advisors, Kahler Slater and Andrus Intellectual Property Law LLP.

December 15, 2022

Leasing Activity Northeast Office Pennsylvania

CBIZ Inc. Signs 50,850 SF Office Lease in Metro Philadelphia

by Taylor Williams December 15, 2022

WEST CONSHOHOCKEN, PA. — Financial advisory firm CBIZ Inc. has signed a 50,850-square-foot office lease in West Conshohocken, located on the northwestern outskirts of Philadelphia. Seamus Byrne, Eric Galanti and Bill Main of CBIZ Gibraltar Real Estate Services, along with Ryan Conner of Tactix, represented the tenant in the lease negotiations. Rich Jones and Tom Sklow internally represented the landlord, Keystone Development + Investment. CBIZ plans to take occupancy in the third quarter of 2023.

December 15, 2022

Acquisitions Civic Connecticut Northeast Office

Choyce Peterson Negotiates Sale of 30,000 SF Office Building in Bridgeport, Connecticut

by Taylor Williams December 15, 2022

BRIDGEPORT, CONN. — Locally based brokerage firm Choyce Peterson has negotiated the sale of a 30,000-square-foot office building in Bridgeport, located in the southern coastal part of the state. An entity doing business as Courtland Street Partners LLC sold the freestanding building to an affiliate of Adam J. Lewis Academy for an undisclosed price. Scott Peterson and Charlene O’Connell of Choyce Peterson brokered the deal. The new ownership plans to convert the building into an expansionary facility for its main school.

December 15, 2022

Industrial Leasing Activity Office Texas

Dental Supplier Signs 12,488 SF Lease Renewal for Industrial Flex Space in Arlington

by Taylor Williams December 14, 2022

ARLINGTON, TEXAS — Dental supply company Henry Schein Inc. has signed a 12,488-square-foot lease renewal at Randol Mill Service Center, a 96,124-square-foot industrial flex property in Arlington. Michael Spain of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Patrick Reis of Property Advisers Realty represented the landlord, an entity doing business as PHP RMSC Venture LP.

December 14, 2022

Newer Posts

Older Posts