Office

CalCPA Sells Office Building in Burlingame, California for $15.1M

by Amy Works August 18, 2023

BURLINGAME, CALIF. — The California Society of Certified Public Accountants (CalCPA) has completed the disposition of a three-story office building located at 1710 Gilbreth in the Bay Area city of Burlingame. An undisclosed buyer acquired the asset for $15.1 million. Built in 1950, the 34,504-square-foot office building underwent significant renovations in 2017, including new exteriors, interiors and a structural retrofit. CalPAC recently relocated to and expanded its presence in Sacramento. Kyle Kovac, Mike Taquino, Joe Moriarty and Giancarlo Sangiacomo of CBRE’s San Francisco Capital Markets team represented the seller in the deal.

August 18, 2023

Acquisitions California Healthcare Office Western

Cushman & Wakefield Negotiates $9M Sale of Medical Office Building in San Jose, California

by Amy Works August 18, 2023

SAN JOSE, CALIF. — Cushman & Wakefield has arranged the sale of a freestanding medical office building located at 4850 Union Ave. in San Jose. LGTC Group acquired the asset from 4850 Union Avenue LLC for $9 million. LGTC Group, an outpatient mental health center, plans to occupy the two-story, 17,200-square-foot facility as its new clinic. Erik Hallgrimson and Clarke Steele of Cushman & Wakefield represented the seller in the transaction.

August 18, 2023

Market Reports Office Oregon Western Western Market Reports

Portland Office Market Looks to Reclaim its Vibrancy

by Jeff Shaw August 18, 2023

— By Samuel Hatcher, Field Research Manager, CBRE — Portland’s historically vibrant office market finds itself at a crossroads, striving to regain its footing in the wake of economic headwinds. The city’s unique blend of natural beauty, progressive culture and thriving tech scene has been a magnet for young professionals seeking an exceptional quality of life. However, recent shifting market dynamics have cast a shadow of uncertainty, compelling stakeholders to navigate a path to recovery with adaptability and resilience. Portland’s overall office market vacancy is currently 22 percent across the metro area. Downtown vacancy — which includes the Central Eastside, Northwest Close-in and Lloyd District — is at about 28 percent. Of that vacant space, 3.3 million square feet is Class A. Moreover, sublease availability across the overall office market is up 67 percent year over year and investment remains paused. Capital is waiting on the sidelines due to elevated interest rates and generally tighter financial conditions. Despite these stats, the market is showing some bright spots. The rate at which newly available sublease space is being put on the market has slowed compared to when this narrative was dominating headlines. There’s even a chance of a slight quarter-over-quarter decrease …

August 18, 2023

Leasing Activity Office Texas

Mohle Adams Signs 15,029 SF Office Lease in Houston’s Greenway Plaza District

by Taylor Williams August 17, 2023

HOUSTON — Accounting firm Mohle Adams has signed a 15,029-square-foot office lease at 3900 Essex Lane in Houston’s Greenway Plaza district. The 12-story, 235,620-square-foot building offers an onsite bank, fitness center and conference facilities, and the lobby and corridors were recently upgraded. Ryan Hartsell of Oxford Partners represented Mohle Adams in the lease negotiations. Robert LaCoure and Bryce Adams of Lee & Associates represented the landlord, Florida-based Accesso.

August 17, 2023

Pond-View-Corporate-Center-Farmington-Connecticut

Acquisitions Connecticut Northeast Office

CBRE Brokers Sale of 225,551 SF Office Campus in Farmington, Connecticut

by Taylor Williams August 17, 2023

FARMINGTON, CONN. — CBRE has brokered the sale of Pond View Corporate Center, a two-building, 225,551-square-foot office campus in Farmington, located west of Hartford. The sales price was $29.7 million. Jeffrey Dunne, Steven Bardsley, Travis Langer, Daniel Blumenkrantz and John McCormick of CBRE represented the seller, an affiliate of Sovereign Partners, in the transaction. CBRE also procured the buyer, an undisclosed family office. Pond View Corporate Center was 92 percent leased at the time of sale.

August 17, 2023

California Loans Office Western

GreenRock Provides $172M in C-PACE Financing for Office Tower in Oakland

by Amy Works August 17, 2023

OAKLAND, CALIF. — GreenRock Capital, in conjunction with KeyBanc Capital Markets, has provided $172 million in Commercial Property Assessed Clean Energy (C-PACE) financing for San Francisco-based TMG Partners. The company will use the loan proceeds to make energy efficiency and seismic upgrades at 300 Lakeside Drive, a 29-story office building in Oakland. The financing covers a range of improvements to the 910,000-square-foot building, which was constructed in 1961. The upgrades include a full HVAC system overhaul, envelope sealing to enhance energy efficiency, water conservation measures to reduce water consumption and a complete seismic retrofit. According to GreenRock, the transaction represents the largest C-PACE loan to date on an office property in the United States and the second largest C-PACE loan on a single property of any type in the United States.

August 17, 2023

Leasing Activity New York Northeast Office

TimesSquare Capital Management Signs 14,116 SF Office Lease in Midtown Manhattan

by Taylor Williams August 17, 2023

NEW YORK CITY — Financial services firm TimesSquare Capital Management has signed a 14,116-square-foot office lease at 75 Rockefeller Plaza in Midtown Manhattan. The tenant is relocating from 7 Times Square to the 30th floor of the building. Silvio Petriello of CBRE represented the tenant in the lease negotiations. Bruce Mosler of Cushman & Wakefield and internal agents Alexandra Budd and Daniel Birney represented the landlord, RXR.

August 17, 2023

Leasing Activity Louisiana Office Southeast

Feil Organization Signs Accounting Firm to 15,508 SF Office Lease in Metro New Orleans

by John Nelson August 17, 2023

METAIRIE, LA. — The Feil Organization has signed Carr, Riggs and Ingram CPAs and Advisors, an accounting and advisory services firm, to a 15,508-square-foot office lease in metro New Orleans. The office building, Two Lakeway, is a 19-story, 449,309-square-foot property located within the three-tower Lakeway Complex in Metairie. The accounting firm, which is headquartered in Enterprise, Ala., signed a 10-year lease to occupy the 14th floor. The company’s office space will include a combination of private offices, open work areas, a wellness room, conference rooms, Zoom rooms with video conferencing capabilities and a recreation area with café-style tables, lounge areas, large-screen TV and ping pong and foosball tables. Bruce Sossaman of Corporate Realty represented Feil Organization in the lease negotiations, and Dale Kahhr of Newmark represented the tenant, which has offices in 12 states and Mexico.

August 17, 2023

Industrial Leasing Activity Office Texas

Talley Riggins Construction Expands Headquarters Facility in Richardson, Texas

by Taylor Williams August 16, 2023

RICHARDSON, TEXAS — Talley Riggins Construction Group has expanded its headquarters facility at Campbell Creative Center, a 96,991-square-foot industrial flex property located in the northeastern Dallas suburb of Richardson. The general contractor now occupies 13,858 square feet after signing a co-terminus lease for 3,832 square feet of contiguous space. Jared Laake and Brian Pafford of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as Kennington Campbell LLC, in the lease negotiations. Chris Wright of JLL represented Talley Riggins.

August 16, 2023

Development Leasing Activity New York Northeast Office

RXR Inks 700,000 SF Office Lease Expansion, Extension at 450 Lexington Avenue, Announces $300M Renovation

by Taylor Williams August 16, 2023

NEW YORK CITY — RXR has inked a 700,000-square-foot office lease extension and expansion with global law firm Davis Polk & Wardwell LLP at 450 Lexington Avenue in Midtown Manhattan. The tenant has re-committed to the 40-story building, which was originally constructed in 1991, for the next 25 years and is taking an additional 30,000 square feet of space. The firm’s footprint now spans 23 floors. In conjunction with the deal, the locally based landlord also announced a $300 million renovation. Designed by Gensler, the project will include the full modernization of lobbies and the addition of numerous amenities. Renovations will also upgrade other common areas and the anchor tenant spaces. Lewis Miller, Andrew Sussman and Munish Viralam of CBRE represented Davis Polk & Wardwell in the lease negotiations. William Elder and Andrew Ackerman represented RXR on an internal basis.

August 16, 2023

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