Office

Joint Venture Acquires 208,000 SF Office, Retail Building on Hollywood’s Walk of Fame

by Amy Works March 8, 2023

LOS ANGELES — A joint venture between Kairos Investment Management Co. (KIMC) and Harbor Associates has purchased 6922 Hollywood Boulevard, a 12-story office and retail property in the Hollywood neighborhood of Los Angeles. Terms of the transaction were not released. Situated at the intersection of North Orange Drive and Hollywood Boulevard, the 208,000-square-foot building features 37,000 square feet of ground-floor retail space and an underground and adjacent five-story parking garages. Retail tenants include Wahlburgers, CaboWabo, US Bank and Line Friends. The Trail Park Group occupies the top three floors of office space. The joint venture plans to implement site and façade improvements and update vacant office space with a goal of reaching 85 percent to 90 percent occupancy by the end of 2025.

March 8, 2023

Florida Leasing Activity Office Southeast

Tech Firm Signs 101,000 SF Office Lease at Wells Fargo Center in Downtown Miami

by John Nelson March 7, 2023

MIAMI — Kaseya, an IT and security management software firm, has signed a new 101,000-square-foot office lease at Wells Fargo Center, a 47-story office tower located on the corner of Brickell Avenue and Biscayne Boulevard in downtown Miami. The firm has already begun to move into its new space, which represents the company’s fourth office location. Ryan Holtzman, Eddie Quinon, Brian Gale and Andrew Trench of Cushman & Wakefield represented the landlord, Metropolitan Life Insurance Co., in the lease negotiations. Tony Jones of Cushman & Wakefield represented the tenant. Kaseya plans to grow its workforce in Miami to 4,000 staffers by the end of 2025.

March 7, 2023

Acquisitions Massachusetts Northeast Office

Synergy Investments Acquires 273,304 SF Office Complex in Worcester, Massachusetts

by Taylor Williams March 7, 2023

WORCESTER, MASS. — Boston-based Synergy Investments has acquired Chestnut Place, a two-building, roughly 273,000-square-foot office complex located in the Central Massachusetts city of Worcester. The sales price was $10.5 million. Chestnut Place One is a 234,786-square-foot building that was constructed in 1990 and is anchored by Fallon Health. Chestnut Place Two is a 38,844-square-foot building that was originally constructed in the 1800s and renovated in the 1980s. Chestnut Place, which includes 248 parking spaces, was approximately 80 percent leased at the time of sale. The seller was not disclosed.

March 7, 2023

Development Office Southeast Virginia

Amazon Pauses Construction on HQ2 Corporate Campus in Arlington, Virginia

by John Nelson March 6, 2023

ARLINGTON, VA. — Amazon has paused construction on the second phase of its 5.4 million-square-foot HQ2 development in Arlington, reports Bloomberg. The developer, JBG Smith, previously announced that the first phase of the headquarters, which comprises 2.1 million square feet, is scheduled for delivery this summer. The delay will affect the second, 3.3 million-square-foot Pen Place phase, plans for which include three office buildings and a biophilic, double-helix amenity center dubbed The Helix. The pause coincides with recent layoffs, and John Schoettler, the real estate chief for the company, did not disclose a new start date for construction, though he says Amazon remains committed to the National Landing area.

March 6, 2023

Acquisitions Industrial North Carolina Office Southeast

Insite Arranges Sale of 106,000 SF Flex Portfolio in Charlotte

by John Nelson March 6, 2023

CHARLOTTE, N.C. — Insite Properties has arranged the sale of a three-building flex portfolio in Charlotte on behalf of a joint venture partnership managed by the company. Located at 4324 Revolution Park Drive, 801 Clanton Road and 920 Blairhill Road in the city’s South End district, the properties comprise 106,000 square feet in total. A client of Manchester Capital Management purchased the portfolio, which was 97 percent leased at the time of sale. Insite will manage and lease the properties on behalf of the new ownership. The sales price was not disclosed.

March 6, 2023

Leasing Activity Office Texas

KCI Technologies Signs 23,000 SF Office Lease in North San Antonio

by Taylor Williams March 6, 2023

SAN ANTONO — KCI Technologies, an engineering, surveying and construction management firm, has signed a 23,000-square-foot office lease to be the anchor tenant at Inwood Village II, a 74,265-square-foot building under construction on the north side of San Antonio. David Ballard and Parker LaBarge of CBRE represented the tenant in the lease negotiations. Rob Gish and Shawn Gulley internally represented the landlord, locally based developer Worth & Associates. Completion of Inwood Village II is slated for the summer.

March 6, 2023

Development Illinois Midwest Office

Equitable Funds, Berger Asset Management Complete Amenity Center, Expand Spec Suites at Suburban Chicago Office Property

by Kristin Harlow March 6, 2023

SCHAUMBURG, ILL. — The Equitable Funds and Berger Asset Management have completed a tenant amenity center and expanded the spec suite leasing program at One Story Schaumburg in the Chicago suburb of Schaumburg. The office property consists of six single-story buildings totaling 130,000 square feet at 1340 Remington Road. The spec suite program offers businesses move-in ready spaces spanning from 630 to 3,000 square feet. The new suites are under construction and will be available this spring. The amenity center features a tenant lounge, coffee bar and vending, as well as a conference center with fully equipped Wi-Fi. Recently, FCx Performance, the Certification Board for Diabetes Care and Education, Prime Line Transportation and QPS Employment Group all signed leases at the property for a total of 11,473 square feet. Steve Chrastka and Jason Wurtz of NAI Hiffman are the leasing agents.

March 6, 2023

Illinois Leasing Activity Midwest Office

CF Industries Relocates Corporate Headquarters to Northbrook, Illinois

by Kristin Harlow March 3, 2023

NORTHBROOK, ILL. — CF Industries has signed a 77,863-square-foot office lease at 1 Astellas Way in Northbrook to relocate its headquarters from 4 Parkway North in Deerfield, Ill. CF Industries is a global manufacturer of hydrogen and nitrogen products for clean energy, fertilizer, emissions abatement and other industrial activities. The company will occupy two floors in the south building before the end of the year. The 432,000-square-foot, two-building office complex will be renamed 2375 Waterview Drive in April. Amenities include a cafeteria, 400-person multipurpose meeting space, fitness center and outdoor terraces. Kyle Robbins, Andrew Davidson and David Burkards of Transwestern Real Estate Services provide office leasing services for the property. Daniel McCarthy and Sophia Spinell of JLL represented CF Industries.

March 3, 2023

Acquisitions Office Texas

Newmark Brokers Sale of 262,962 SF Office Building in Irving’s Las Colinas District

by Taylor Williams March 3, 2023

IRVING, TEXAS — Newmark has brokered the sale of Crestview Tower, a 262,962-square-foot office building in Irving’s Las Colinas district. The 12-story building sits on a 10.1-acre site and was renovated in 2015. Amenities include a fitness center, conference facilities, tenant lounge and various outdoor green spaces. Robert Hill, Chris Murphy, Gary Carr and Chase Tagen of Newmark represented the seller, Austin-based CapRidge Partners, in the transaction. The buyer, a partnership between Reserve Capital Partners and Trinity Investors, has retained Stream Realty Partners to lease the building and hired Entos Design to reimagine the entryway, lobby, fitness center, tenant lounge and outdoor patio. Crestview Tower was 78 percent leased at the time of sale.

March 3, 2023

Leasing Activity Office Texas

Holt Lunsford Negotiates 20,891 SF Office Lease Renewal in Addison, Texas

by Taylor Williams March 3, 2023

ADDISON, TEXAS — Holt Lunsford Commercial has negotiated a 20,891-square-foot office lease renewal in the northern Dallas suburb of Addison. Foundation Energy Management, which acquires, develops and enhances domestic oil and gas properties, is recommitting to Liberty Plaza, a two-building, 218,934-square-foot complex. Tyler Howarth of Holt Lunsford represented the landlord, Franklin Street Properties Corp., in the lease negotiations. The tenant representative was not disclosed

March 3, 2023

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