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Cronheim Mortgage Secures Financing for Condo Conversion Project in Downtown New Orleans

by John Nelson

NEW ORLEANS — Cronheim Mortgage has secured an undisclosed amount of acquisition financing for The California Building in downtown New Orleans. Originally an office building, the property has been converted to Class A multifamily, with units leased as a combination of both multifamily and short-term rentals due to the building’s advantage of holding a hotel license. The sponsor, Servio Capital, plans to convert the building to condos and sell units to both short-term rental investors and owner-occupants. An undisclosed lender provided the loan, which was underwritten at 75 percent loan-to-cost. The California Building is located adjacent to the French Quarter, Superdome and Tulane Medical Center.

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Leasing ActivityOfficeTexas

Cushman & Wakefield Signs 30,000 SF Office Lease Renewal in Houston’s Galleria District

by Taylor Williams

HOUSTON — Cushman & Wakefield has signed a 30,000-square-foot office lease renewal at Four Oaks Place in Houston’s Galleria district. The global commercial real estate services firm has occupied space on the 26th and 27th floors of the building since 2004 and will undertake a renovation of its space next year. Cushman & Wakefield is also opening a 6,500-square-foot office at Texas Tower, a 47-story building in downtown Houston, in the first quarter of 2023. Global investment management firm Nuveen owns Four Oaks Place.

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260-261-Madison-Avenue
LoansNew YorkNortheastOffice

Sapir Organization Receives $326M Refinancing for Midtown Manhattan Office Buildings

by Taylor Williams

NEW YORK CITY — Locally based development and investment firm The Sapir Organization has received $326 million for the refinancing of 260 and 261 Madison Avenue, a pair of office buildings located across the street from one another in Midtown Manhattan. Combined, the buildings total more than 1 million square feet and are home to tenants such as Hanesbrands, Epix, Regus, Marcus & Millichap and McLaughlin & Stern LLP. James Millon, Tom Traynor and Lawrence Britvan of CBRE arranged the debt, which was structured with a 65 percent loan-to-value ratio. According to Bloomberg, J.P. Morgan and Mack Real Estate Group provided the financing. The Sapir Organization, which also operates its headquarters out of 261 Madison Avenue, acquired the buildings in 1997.

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Leasing ActivityMidwestOfficeWisconsin

Silvercrest Signs 11,194 SF Lease to Open Milwaukee Office at BMO Tower

by Kristin Harlow

MILWAUKEE — Silvercrest Asset Management Group has signed an 11,194-square-foot lease to open a Milwaukee office at BMO Tower. The company will occupy space on the 22nd floor and expects to open in May. Silvercrest, founded in 2002, is an employee-owned investment adviser with more than $27 billion in assets under management. The Milwaukee office joins the company’s other locations in New York, Massachusetts, California, Virginia and New Jersey. Adam Leshowitz and Nick Becker of CBRE represented the tenant in the lease negotiations. Irgens is the owner. Current tenants at BMO Tower include BMO Harris Bank, Michael Best & Friedrich, B.C. Ziegler & Co., Heartland Advisors, Kahler Slater and Andrus Intellectual Property Law LLP.

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Leasing ActivityNortheastOfficePennsylvania

CBIZ Inc. Signs 50,850 SF Office Lease in Metro Philadelphia

by Taylor Williams

WEST CONSHOHOCKEN, PA. — Financial advisory firm CBIZ Inc. has signed a 50,850-square-foot office lease in West Conshohocken, located on the northwestern outskirts of Philadelphia. Seamus Byrne, Eric Galanti and Bill Main of CBIZ Gibraltar Real Estate Services, along with Ryan Conner of Tactix, represented the tenant in the lease negotiations. Rich Jones and Tom Sklow internally represented the landlord, Keystone Development + Investment. CBIZ plans to take occupancy in the third quarter of 2023.

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AcquisitionsCivicConnecticutNortheastOffice

Choyce Peterson Negotiates Sale of 30,000 SF Office Building in Bridgeport, Connecticut

by Taylor Williams

BRIDGEPORT, CONN. — Locally based brokerage firm Choyce Peterson has negotiated the sale of a 30,000-square-foot office building in Bridgeport, located in the southern coastal part of the state. An entity doing business as Courtland Street Partners LLC sold the freestanding building to an affiliate of Adam J. Lewis Academy for an undisclosed price. Scott Peterson and Charlene O’Connell of Choyce Peterson brokered the deal. The new ownership plans to convert the building into an expansionary facility for its main school.

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IndustrialLeasing ActivityOfficeTexas

Dental Supplier Signs 12,488 SF Lease Renewal for Industrial Flex Space in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Dental supply company Henry Schein Inc. has signed a 12,488-square-foot lease renewal at Randol Mill Service Center, a 96,124-square-foot industrial flex property in Arlington. Michael Spain of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Patrick Reis of Property Advisers Realty represented the landlord, an entity doing business as PHP RMSC Venture LP.

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116-Huntington-Avenue-Boston
Leasing ActivityMassachusettsNortheastOffice

American Tower Signs 40,000 SF Office Lease Renewal in Boston’s Back Bay Area

by Taylor Williams

BOSTON — Locally based REIT American Tower (NYSE: AMT) has signed a 40,000-square-foot office lease renewal at 116 Huntington Avenue in Boston’s Back Bay neighborhood. The 15-story building spans 273,000 square feet and includes ground-floor retail and restaurant space. Michael Joyce and Lauria Brennan of Cushman & Wakefield represented the landlord, Columbia Property Trust (NYSE: CXP), in the lease negotiations. Kevin Kennedy and Tim Lahey of CBRE represented American Tower.

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AcquisitionsMassachusettsNortheastOffice

Marcus & Millichap Brokers Sale of 16,637 SF Office Building in Waltham, Massachusetts

by Taylor Williams

WALTHAM, MASS. — Marcus & Millichap has brokered the sale of a 16,637-square-foot office building located at 230 Second Ave. in Waltham, a western suburb of Boston. The sales price was $3.4 million. The property was fully leased to six tenants at the time of sale. Harrison Klein and Luigi Lessa of Marcus & Millichap represented the seller, an entity doing business as Eastport 230 LLC, in the transaction. The duo also procured the buyer, a private investor that acquired the asset via a 1031 exchange.

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Leasing ActivityNew YorkNortheastOffice

CBRE Negotiates 14,375 SF Office Lease at 535 Madison in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — CBRE has negotiated a 14,375-square-foot office lease at 535 Madison Avenue in Midtown Manhattan. Steve Siegel, Craig Reicher, Tim Dempsey, Ramneek Rikhy and Marlee Tepliztky of CBRE represented the tenant, locally based law firm Fried Frank, in the lease negotiations. The tenant, which has committed to a 15-year term, plans to relocate from The Seagram Building to the 37-story tower in early 2024. Brian Gell and Laurence Briody, also with CBRE, represented the landlord, Park Tower Group.

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