NEW YORK CITY — Spectrum Reach has signed an 11-year, 55,848-square-foot office lease in Midtown Manhattan. The advertising sales business of Charter Communications will relocate from 1633 Broadway to the 26th and 27th floors of 3 Times Square, a 30-story building that was originally constructed in 2001 as the headquarters for Reuters, this fall. Robert Stillman, Cara Chayet and Liz Lash of CBRE represented Spectrum Reach in the lease negotiations. Ron Lo Russo, John Cefaly, Paige Engeldrum, Lou D’Avanzo, Mike Burgio and Dan Organ of Cushman & Wakefield, along with internal agent Thomas Keating, represented the landlord, Rudin.
BENBROOK, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of a 31,393-square-foot industrial flex building in Benbrook, a southwestern suburb of Fort Worth. According to Crexi, the building, which is known locally as the Spectrum Flex Building, was constructed in 1982 and was fully leased at the time of sale. Parker Tims of STRIVE brokered the deal. The buyer and seller were not disclosed.
NEW YORK CITY —Gardiner & Theobald, an independent construction and property consulting firm, has signed a 27,500-square-foot office lease renewal at 535-545 Fifth Avenue in Midtown Manhattan. The lease term is five years. Omar Sozkesen of The Moinian Group represented the landlord in the lease negotiations on an internal basis. Evan Fiddle of CBRE represented the tenant.
By Brian Lyss and Joshua Allen, CBRE St. Louis is typical of Midwest markets in that most of its office product continues to age. In fact, 73 percent of existing office supply in St. Louis was constructed before the 1990s. In a post-pandemic environment, users are seeking out amenity-rich prime space. Out of 53 million square feet of office product in St. Louis, 2.6 million square feet is considered “prime” in nature. Prime assets are the newest assets in St. Louis, located in walkable urban areas with an abundance of amenities. In early 2021, during the early stages of the pandemic, prime office availability (21.7 percent) was on par with non-prime (20.5 percent) as the market became increasingly concerned about the future of office use. Over the past 36 months, this surplus of available office has quickly turned into a shortage of prime assets. There has been virtually no new office construction in St. Louis, hitting the lowest levels on record. This fact guarantees that prime office space will remain tight until we see new construction begin to come out of the ground. Even if new construction does commence, the construction and lending environment is such that rates are anticipated …
BEACHWOOD, OHIO — The Cooper Commercial Investment Group has brokered the $15 million sale of Enterprise Place in Beachwood near Cleveland. The 130,000-square-foot office and medical office building is positioned directly off I-271. Amenities include outdoor terraces, landscaped grounds, heated indoor parking, a café and conference room. Dan Cooper of Cooper Group represented the seller, a local real estate investment group. The private buyer purchased the asset at 98 percent of the list price and a cap rate of 8.45 percent.
HOFFMAN ESTATES, ILL. — Recent additions at Bell Works Chicagoland in Hoffman Estates include global medical device and solutions provider Arjo, indoor golf facility Swing Loose, interactive gaming and entertainment experience Game Night Out, Indonesian specialty retailer LeGenda, video installation gallery Cameos of Street Life, local media company Love Local Media Agency and French-inspired gluten-free bakery Musing Baker. The new and expanded office and retail leases represent an additional 73,500 square feet at the property. In addition to the new tenants, Convergint, an existing tenant specializing in technology solutions, has expanded its footprint by an additional 17,400 square feet of office space and 10,000 square feet of warehouse space. Convergint’s space now totals 92,400 square feet. Inspired by Somerset Development is the developer behind Bell Works Chicagoland, the redevelopment of the former AT&T corporate campus.
NORMAL, ILL. — AXIS 360 Commercial Real Estate Specialists has arranged the sale of a 30,421-square-foot office condominium in Normal near Bloomington for an undisclosed price. The asset is located at 420 Wylie Drive within the Crossroads Center, which was formerly the Bloomington Normal Factory Stores. Chestnut Health Systems acquired the property in 2007, converting the former retail space into a functional office setting. The space features a research library, large training room, kitchen facilities, office and conference rooms and a mezzanine level with private offices. The facility served as an office for Chestnut’s research division, Lighthouse Institute, for nearly two decades. Lighthouse will relocate to its headquarters on Martin Luther King Jr. Drive in Bloomington. Meghan O’Neal-Rogozinski and Michael O’Neal of AXIS 360 marketed the property for sale. The buyer was undisclosed.
SAN FRANCISCO — CBRE has arranged $500 million for the refinancing of 1655 and 1725 Third Street in San Francisco’s Mission Bay area. Uber Technologies Inc. (NYSE: UBER) occupies the office property, which serves as the ridesharing company’s global headquarters. The asset comprises two 11-story, Class A office buildings totaling 586,208 square feet. The borrower is a joint venture between affiliates of Alexandria Real Estate Equities Inc., Uber and the Golden State Warriors, an NBA team that plays at the adjacent Chase Center. The joint venture refinanced the office development with a five-year, fixed-rate CMBS single-asset, single-borrower (SASB) loan. Brad Zampa and Mike Walker of CBRE secured the nonrecourse loan through Goldman Sachs and Barclays, both headquartered in New York. Both buildings are LEED Gold-certified and include a full-service, two-story café, barista-managed coffee bar, smoothie bar, event lounge and landscaped rooftop decks. Additionally, the properties are adjacent a to large fitness center, ground-floor restaurants and ample parking, and are part of Thrive City, a community gathering space. In the fourth quarter of 2024, the overall vacancy rate for San Francisco’s office market decreased by 40 basis points to 36.5 percent, according to CBRE. Net absorption turned positive for the first …
RESTON, VA. — Comstock Holding Cos. Inc. has signed FM Global, an international commercial property insurance and loss prevention firm, to a 32,000-square-foot office lease in Northern Virginia. The tenant will occupy space at 1906 Reston Metro Plaza, an office building within the 90-acre Reston Station mixed-use development. FM Global is joining other Reston Station tenants including Google, ICF International and Spotify. Last month, Comstock signed CARFAX to lease 87,000 square feet at 1906 Reston Metro Plaza, which will serve as the automobile history reporting platform’s corporate headquarters.
FORT WORTH, TEXAS — Fonroche Lighting, a French provider of solar-powered streetlights, has opened a 20,088-square-foot headquarters facility in Fort Worth. Fort Worth-based Empire Holdings designed and built the facility, which is located within Campus Industrial Park on the city’s southeast side. The space features customized elements for engineering, sales and production departments, as well as floor-to-ceiling glass windows, exposed ceilings, private and communal office spaces, purpose-built cargo docks, oversized automatic overhead doors and storage and freight handling areas.