Office

Houston Office Market Continues Forward Slog

by Taylor Williams November 22, 2022

By Chip Colvill, executive vice president, Cushman & Wakefield Like many U.S. cities in the post-pandemic world, Houston’s office sector faces a long road to recovery. Historically, office demand follows office job creation — and job growth has been a bright spot of the Houston economy in 2022. Unfortunately, the U.S. economy seems to be slowing, and the outlook remains highly uncertain. Odds of a recession have risen; inflation and wage pressures remain elevated, and higher interest rates are impacting various parts of the economy, including commercial real estate. Throughout the United States as well as in Houston, the correlation between job growth and office demand is tenuous, given that many businesses are still recalibrating workplace strategies to allow remote and hybrid work schedules. However, new jobs — even more flexible, hybrid jobs — will necessitate various types of workspaces, including demand for office and flexible office space. Newer office buildings across Houston have thrived despite the market’s elevated Class A vacancy rate of approximately 26 percent. Each new quarter of data continues to confirm the flight-to-quality trend and the existence of a bifurcated office sector between older and newer office product. Higher-quality and newer office space is dominating as …

November 22, 2022

Acquisitions North Carolina Office Southeast

Ram Realty Acquires 377,000 SF South End Business Park in Charlotte

by John Nelson November 21, 2022

CHARLOTTE, N.C. — Ram Realty Advisors has purchased South End Business Park, a 377,000-sqaure-foot office park located in Charlotte’s South End district. Patrick Nally, Hunter Barron and Alexis Kaiser of JLL arranged the transaction on behalf of the seller, Stockbridge. Built in phases from 1979 to 1984, the property was expanded in 2017 with the addition of a new, 50,000-square-foot building. Ram Realty plans to redevelop the business park but did not disclose a timeline.

November 21, 2022

Acquisitions Midwest Office Ohio

Tempus Realty Partners Acquires Lane Bryant Headquarters Campus for $42M

by Kristin Harlow November 21, 2022

NEW ALBANY, OHIO — Tempus Realty Partners has acquired Lane Bryant’s headquarters campus in New Albany, a northeast suburb of Columbus. The purchase price was $42 million. The two-building office property spans 236,070 square feet. Amenities include an onsite café, fitness center, water feature, walking trail and green space. Lane Bryant, a plus-size women’s apparel retailer with 450 stores nationwide, will remain a tenant at the property for at least the next 20 years. The transaction marks the sixth acquisition in the Columbus-area market for Tempus, which focuses on the South and Midwest markets.

November 21, 2022

Acquisitions California Office Western

Brookwood Sells Six-Building Office Portfolio in North San Diego

by Amy Works November 21, 2022

SAN DIEGO — Brookwood Financial Partners has completed the disposition of a six-building office portfolio in North San Diego. MCS Guardian Properties, an affiliate of M.C. Strauss, acquired the portfolio for an undisclosed price. The properties include Carlsbad Executive Plaza, a four-building office park totaling 133,000 square feet, and The Plaza I & II, a two-building complex totaling 89,000 square feet. Carlsbad Executive Plaza offers a campus-like environment and is recognized as Carlsbad’s premier multi-tenant incubator office project, according to Brookwood. The Plaza I & II features creative speculative suites, remodeled lobbies and is only one of three Class A buildings in the market that offers subterranean parking. Brookwood originally acquired the assets in June 2015.

November 21, 2022

Development Maryland Mixed-Use Office Southeast Top Stories

Federal Realty Tops Out Pike & Rose Office Tower in North Bethesda, Maryland

by John Nelson November 21, 2022

NORTH BETHESDA, MD. — Federal Realty Investment Trust (NYSE: FRT), a real estate investment trust based in Rockville, has topped out 915 Meeting Street, an office tower underway within the company’s Pike & Rose mixed-use development in North Bethesda. The building rises 16 stories and will comprise 250,000 square feet of office space upon completion, as well as 545 parking spaces and 6,000 square feet of ground-floor retail space. Choice Hotels International Inc. signed a lease last year to occupy nearly half of the office tower for its new corporate headquarters. Sodexo, a food services and facilities management company based in Paris, is another notable tenant that has preleased office space at 915 Meeting Street. General contractor Clark Construction Group and architectural firm Gensler lead the development team, which is targeting LEED Gold certification for the tower. “915 Meeting Street is our newest trophy building offering to the market,” says Jay Brinson, vice president of development at Federal Realty. “This collaborative effort with our partners at Clark and Gensler has resulted in a building that is 60 percent [preleased].” Clark Construction broke ground last December on 915 Meeting Street. With vertical construction complete, the firm is focused on building out …

November 21, 2022

Louisiana Market Reports Office Southeast Southeast Market Reports

See You at Work: New Orleans Employers Rethink the Office Environment

by John Nelson November 21, 2022

In the post-pandemic environment where employers are trying to navigate new work schedules, office tenants are focusing more on the finish and design of office space than they are the rents. In New Orleans, we are seeing office tenants rethink the concept of office space altogether, and their employees are thinking differently about their individual offices as well. There has been a shift from the traditional office space of years past where one spends eight hours a day in a large private office with the door closed. The office has evolved into more of a social place. Companies want their employees to come back to the office and not to be fully remote. Many employees want to get out of their pajamas and come back to the office. But, getting them all to come back has proven to be the challenge. Companies are now enticing their employees with redesigned spaces that are more aesthetically pleasing and rich with amenities that allow for more social interactions and collaboration. Employees who work remotely a few days a week are coming to the office because they want that engagement with their colleagues. Tenants are now less interested in refurbishing private offices and spend …

November 21, 2022

Leasing Activity Office Texas

Spectrum Signs Office Lease Renewal, Expansion in San Antonio

by Taylor Williams November 18, 2022

SAN ANTONIO — Global telecommunications provider Spectrum has signed an office lease renewal and expansion at Crosswinds Business Park in northeast San Antonio. The tenant is taking an additional 19,808 square feet of space at Building B, which brings that structure to full occupancy. Charlie Weil and Luis Garza of Transwestern represented the landlord, Briar Meads Capital, in the lease negotiations. CBRE represented Spectrum.

November 18, 2022

Acquisitions North Carolina Office Southeast

CBRE Arranges Sale of 176,601 SF Northchase at Midtown Office Park in Raleigh

by John Nelson November 18, 2022

RALEIGH, N.C. — An entity doing business as JPB Raleigh Holdings LLC has sold Northchase at Midtown, an office park comprising two buildings totaling 176,601 square feet at 6501 and 6601 Six Forks Road in Raleigh. Ben Kilgore, Chandler Hawkins and Leslie Holmes of CBRE, along with with NAI Tri Properties’ Jimmy Barnes, represented the seller in the transaction. Rachael Gaston and Sesha Debnam of Debnam Commercial Real Estate represented the buyer, local investor Dean Debnam. The sales price was not disclosed. Fully renovated in 2014 and 2015, Northchase at Midtown was 95 percent leased at the time of sale to companies including Merz North America, Globant, Redline and HITT Construction.

November 18, 2022

Acquisitions Georgia Industrial Office Southeast

Atlanta Property Group Acquires Three Industrial Facilities, One Office Asset in Metro Atlanta for $48.7M

by John Nelson November 17, 2022

KENNESAW, GA. — Atlanta Property Group (APG) has acquired three industrial facilities and one office property in the northwest Atlanta suburb of Kennesaw for $48.7 million. The seller was not disclosed. The portfolio comprises three warehouse facilities totaling 305,000 square feet located near Chastain Road and I-75. The rear-load buildings, which were constructed in the mid-1990s, feature 24-foot clear heights and were fully leased at the time of sale to six tenants. The lone office property spans 72,000 square feet and was 73 percent leased at the time of sale. Built in 2000, the property is situated near Kennesaw State University and the I-75/I-575 interchange. Austin Chase and Grace Thompson of APG are handling leasing of the office building.

November 17, 2022

Leasing Activity Office Texas

CBRE Negotiates 19,074 SF Office Lease in The Woodlands, Texas

by Taylor Williams November 17, 2022

THE WOODLANDS, TEXAS — CBRE has negotiated a 19,074-square-foot office lease at Wildwood Corporate Centre in The Woodlands, about 30 miles north of Houston. The two-building, 330,000-square-foot complex was built in phases between 2014 and 2016 and offers a fitness center and conference facilities. Steve Rocher and Jason Presley of CBRE represented the landlord, an entity doing business as GeoSouthern Budde Road LLC, in the lease negotiations. Greg Usher of Cypressbrook Co. represented the tenant, FCC Environmental Services.

November 17, 2022

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