Office

Adult & Teen Recovery Centers Buys Office Building in Milwaukie, Oregon for $3.5M

by Amy Works February 16, 2023

MILWAUKIE, ORE. — Adult & Teen Challenge Pacific Northwest, an Oregon nonprofit corporation that operates addiction recover centers, has acquired an office building located at 18600 SE McLoughlin Blvd. in Milwaukie. Clackamas Community Federal Credit Union sold the asset for $3.5 million. Constructed in 1966, the two-story, 18,400-square-foot building features an elevator, T1 and CAT5 internet connections and 83 surface parking spaces. Adult & Teen Challenge focuses on a religious-centered model and has more than 220 recovery centers in the United States. The company plans to use the building as a medical and mental health services facility. Tim Pfeiffer and Camden Muller of Portland-based Norris & Stevens represented the seller, while Will Stone of Marcus & Millichap represented the buyer in the deal.

February 16, 2023

Development Massachusetts Northeast Office

Paradigm, North Colony Underway on $5M Renovation of Metro Boston Office Building

by Taylor Williams February 15, 2023

FRAMINGHAM, MASS. — Paradigm Properties and North Colony Asset Management are underway on a $5 million renovation of an office building located at 111 Speen St. in the western Boston suburb of Framingham. According to LoopNet Inc., the property was built in 1985, rises five stories and totals 119,095 square feet. The project will upgrade the entryway and landscaping as well as further activate indoor and outdoor amenity spaces, which include a fitness center, patio and café/lounge. Completion is slated for the end of the year.

February 15, 2023

Leasing Activity New York Northeast Office

Serendipity Labs to Open 41,000 SF Flexible Office Space in Midtown Manhattan

by Taylor Williams February 15, 2023

NEW YORK CITY — Serendipity Labs, a provider of flexible workspace solutions, will open a 41,000-square-foot space at 205 East 42nd Street, a 532,000-square-foot building in Midtown Manhattan. The lease term is 10 years. The space encompasses three floors and can support up to 450 desks and 100 people. Robert Becker and Lauren Ferrentino internally represented the landlord, The Durst Organization, in the lease negotiations. Michael Berman of JLL represented Serendipity Labs. An opening date was not disclosed.

February 15, 2023

Leasing Activity New Jersey Northeast Office

Helping Hands Family Signs 4,830 SF Medical Office Lease in Chatham, New Jersey

by Taylor Williams February 15, 2023

CHATHAM, N.J. — Helping Hands Family, a provider of support services for children with autism, has signed a 4,830-square-foot medical office lease in the Northern New Jersey community of Chatham. The single-tenant building includes 14 parking spaces. Zach Schwartz of MSC Retail represented the tenant in the lease negotiations. Andrew Kirshenbaum of NAI James E. Hanson represented the landlord, an entity doing business as 330 Main Street Chatham LLC.

February 15, 2023

Features New York Northeast Northeast Feature Archive Office

Hybrid Work is Here to Stay, So What Should Owners Do?

by John Nelson February 15, 2023

By Rod Olivero, senior director at Getzler Henrich It appears that the hybrid workforce is here to stay, leaving the future of traditional office space largely unknown. As return-to-office policies continue to evolve, an increasing number of companies are either embracing, or adjusting to, the reality that accommodating some level of remote workforce is now an inevitability. When workers packed up their laptops and work documents and walked out of their offices in March 2020 in compliance with U.S. stay at home mandates, few employer/tenants, landlords or lenders could have imagined what would ensue. The state of the workforce today isn’t merely a function of employees not wanting to return to an office environment on either a full- or part-time basis. In more cases than one might imagine, companies are coming to realize that they can, in fact, operate effectively and with great efficiency under some level of remote worker scenario. Collectively, these businesses occupy tens of millions of square feet of office space in some of the nation’s most historically valuable urban real estate markets. Regardless of their motivation, as more companies embrace or acquiesce to the reality of remote work, companies have started to shrink their physical footprint …

February 15, 2023

Leasing Activity Office Texas

Lightbeam Health Solutions Signs 33,000 SF Office Lease in Coppell, Texas

by Taylor Williams February 14, 2023

COPPELL, TEXAS — Lightbeam Health Solutions, a provider of software for the healthcare industry, has signed a 33,000-square-foot office lease at Cypress Waters in Coppell, located north of DFW International Airport. Cribb Altman, Jon McNeil and Harrison Burt of JLL represented the tenant, which is increasing its local footprint by 50 percent, in the lease negotiations. Marijke Lantz Flowers internally represented the landlord, Billingsley Co.

February 14, 2023

Colorado Development Mixed-Use Office Retail Western

Confluent Development Completes 127,000 SF Vectra Bank Corporate Center in Denver

by Amy Works February 13, 2023

DENVER — Confluent Development has completed Vectra Bank Corporate Center, a nine-story office building within Belleview Station in Denver. The 127,000-square-foot building brings together more than 200 employees from across the Denver metro area to serve Vectra Bank customers and facilitate the bank’s future growth. Vectra Bank Corporate Center features floors of office space and parking; a 4,300-square-foot conference center for employee training and hosting public events; and one floor of commercial retail space, including a Vectra Bank branch. Other features at the building include eight electric vehicle charging stations, bicycle storage, a greenspace with a large open-air patio on the sixth floor, café, grand fireplace and a lobby on the ninth floor. The project team included Open Studio Architectures, Weitz Co. and Provident Construction, as well as in-house entitlement experts at Confluent.

February 13, 2023

California Market Reports Office Western Western Market Reports

Rising Costs Create a Challenge for Inland Empire Office Landlords

by Jeff Shaw February 13, 2023

— By Kyle Yocum, first vice president, and Phillip Woodford, senior vice president, CBRE — The Inland Empire office market is experiencing a rise in cost, much like all sectors and markets throughout the U.S. As tenant improvement costs continue to increase, it’s becoming more and more challenging to find win-win situations with landlords and tenants. Landlords are having to increase their TI allocations, while tenants are having to show more flexibility as it relates to working with existing space. That, or they must cover a portion of the TI costs themselves or commit to longer-term leases to help the deal pencil for the landlord. Due to TI costs, both parties need to meet halfway and make concessions. I think one of the reasons our market has done well is that we are a smaller market. Most parties involved seem to understand the give and take needed to make deals pencil for both sides. Concessions are entirely contingent on TI costs, with landlords offering significant amounts of free rent and slight discounts on the rental rate if the TI costs are low. If a tenant is seeking major changes to the space, landlords are staying close to or at their …

February 13, 2023

Illinois Leasing Activity Midwest Office

Network Services Co. Signs 40,000 SF Office Lease at Schaumburg Towers in Suburban Chicago

by Kristin Harlow February 10, 2023

SCHAUMBURG, ILL. — Distribution company Network Services Co. has signed a 40,000-square-foot office lease at Schaumburg Towers in the Chicago suburb of Schaumburg. The two-building, 882,000-square-foot office property is now 78 percent leased. Since 2017, American Landmark Properties has invested more than $20 million to renovate the asset. Steve Kling and David Florent of Colliers represented the landlord in the lease. James Otto and Hank Cox of CBRE represented the tenant.

February 10, 2023

Acquisitions Colorado Healthcare Net Lease Office Western

Marcus & Millichap Brokers Sale of 24,806 SF Medical Office Building in Colorado Springs

by Amy Works February 10, 2023

COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the sale of a medical office building located at 2960 N. Circle Drive in Colorado Springs. A local limited liability company sold the property to local investor for $4.2 million. Colorado Springs Family Practice occupies the 24,806-square-foot building, which was built in 2003 on two acres. Spencer Mason, Brandon Kramer and Erik Enstad of Marcus & Millichap’s Denver office represented the seller in the deal.

February 10, 2023

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