NEW YORK CITY — Law firm Wilson Sonsini Goodrich & Rosati has signed a 119,000-square-foot office lease at 31 W. 52nd St., a 768,000-square-foot building in Midtown Manhattan. The lease term is 16.5 years. The firm will occupy floors five through nine, the first four of which are currently occupied by law firm Clifford Chance on a lease that expires in June 2024. The ninth floor is currently vacant. New York City-based Paramout Assets owns the building.
AVON, IND. — Marcus & Millichap has negotiated the $1.1 million sale of Avon Executive Offices, a 21,600-square-foot office building in the western Indianapolis suburb of Avon. The property is 94 percent leased by tenants such as the Hendricks County Community Foundation and the Firefighters Union. Julia Evinger of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a local private investor. The sales price represented a cap rate of 8.6 percent.
LOS ANGELES — KBS has sold Union Bank Plaza, an office tower totaling 675,945 square feet in downtown Los Angeles. The buyer, Waterbridge Capital, purchased the asset for $104 million and assumed approximately $6 million in committed capital obligations to existing tenants. Designed by local architect A.C. Martin and built in 1967, Union Bank Plaza comprises a 40-story office tower, two-level retail center, two-acre landscaped outdoor plaza and four-level parking structure. Amenities include electric vehicle car charging stations, storage areas, an onsite bank and carwash. Located at 445 S. Figueroa St., the asset is named for anchor tenant Union Bank, which has occupied the building since its construction and leases 30 percent of the property. At the time of sale, the building was 62 percent leased. The property recently underwent a $22 million renovation, including a remodeled lobby with upgraded elevator cabs as well as improvements to the outdoor plaza that include fire pits, workspaces and new seating. Union Bank Plaza is the first skyscraper in Los Angeles to become an historical landmark nominated by the Los Angeles Conservancy. It also recently achieved The Outstanding Building of the Year (TOBY) recognition from the Building Owners and Managers Association (BOMA) Greater …
PLANO, TEXAS — Midland Tower Construction has signed a 7,193-square-foot office lease at Placid Business Center in Plano. Jared Laake and Brian Paffford of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as Kennington Placid LLC, in the lease negotiations. Jack Kemendo and Cameron Rogers of Rubicon Representation represented the tenant.
FORT WORTH, TEXAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 2,348-square-foot office lease at Mallick Tower in downtown Fort Worth. The 90,000-square-foot building was originally constructed in 1968. Vic Meyer, Jake Neal and Matt Carthey with Holt Lunsford Commercial represented the undisclosed landlord in the lease negotiations. Alex Hrapkiewicz of JLL represented the tenant, Stannum Capital.
QUEEN CREEK, ARIZ. — Cypress West Partners has started construction of a 22,000-square-foot, Class A medical office development near Chandler. The single-story building will be located at the intersection of Signal Butte and Ocottillo roads in Queen Creek. Construction is scheduled for completion by third-quarter 2023. The property is the only off-campus medical office building for lease in Queen Creek, according to the developer. Cypress West acquired the 2.5-acre parcel at the end of 2022. The new building, named Ocotillo Medical Collaborative, was 87 percent leased to a mix of service-oriented medical tenants prior to construction starting. Negotiations are underway for the remaining space within the building.
PITTSBURGH — CBRE has negotiated a 10,470-square-foot office lease at 525 William Penn Place in Pittsburgh. The tenant, investment advisory firm Signature Financial Planning, will consolidate its offices at 1301 Grandview Avenue and One Gateway Center to the 41-story building, which originally housed the headquarters of U.S. Steel Corp. and Mellon National Bank. Patrick Greene of CBRE represented the undisclosed landlord in the lease negotiations. Dan Paterson of Swearingen Realty Group represented the tenant. The move-in is scheduled for the fourth quarter.
LEWISVILLE, TEXAS — Design and engineering firm McAdams has signed a 30,000-square-foot office lease at The Realm at Castle Hills, a 324-acre mixed-use development located in the northern Dallas suburb of Lewisville. McAdams is relocating from nearby Roanoke and plans to take occupancy this fall. About 65 people will work in the new office, which is situated off State Highway 121 and overlooks Lewisville Lake. JLL represented McAdams in its site selection and lease negotiations. Bright Realty owns The Realm at Castle Hills.
FORT WORTH, TEXAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 3,343-square-foot office lease at Mallick Tower in downtown Fort Worth. The 90,000-square-foot building was originally constructed in 1968. Vic Meyer and Jake Neal with Holt Lunsford Commercial represented the undisclosed landlord in the lease negotiations. The representative of the tenant, Prima Title Group, was also not disclosed.
NEW YORK CITY — Seedtag Advertising has signed a 5,909-square-foot office lease at 13-15 W. 27th St. in Manhattan’s NoMad district. Seedtag will move into the entire third floor of the 11-story building, which recently underwent a capital improvement progam, at an undisclosed date. Sebastian Infante and Jamie Katcher of Raise Commercial Real Estate represented the tenant in the lease negotiations. Michael Heaner, Elliot Warren and Grant Greenspan of Kaufman Organization represented the landlord.