Office

Berkadia Arranges $113M Refinancing of Gateway at Wynwood Office Building in Miami

by John Nelson February 16, 2023

MIAMI — Berkadia has arranged a $113 million loan to refinance Gateway at Wynwood, a 220,000-square-foot office building located at 2616 N. Miami Ave. in Miami that opened last year. Charles Foschini, Christopher Apone and Robert Iudice of Berkadia’s South Florida office arranged the loan through A10 Capital on behalf of the borrower and developer, New York-based Rose & Berg Realty Group LP. The three-year loan features two one-year extension options. Berkadia also secured the original construction loan for the project in early 2020 through lender 3650 REIT. Designed by Kobi Karp, Gateway at Wynwood features a private rooftop terrace, 512 onsite parking spaces and 24,000 square feet of ground-level retail space. Existing office tenants include BoConcept, OpenStore and Veru, among others.

February 16, 2023

Leasing Activity Office Texas

Lucid Private Offices to Open 31,000 SF Flexible Space in Plano

by Taylor Williams February 16, 2023

PLANO, TEXAS — Lucid Private Offices, a provider of flexible workspace solutions formerly known as WorkSuites, will open a 31,000-square-foot space at International Tower in Plano. The company will occupy the fifth floor at the newly constructed office building. Trevor Franke and Gini Rounsaville of JLL represented the landlord, Billingsley Co., in the lease negotiations. John Pelletier and Austin Studebaker of Cresa represented Lucid Private Offices.

February 16, 2023

Leasing Activity Massachusetts Northeast Office

Workbar to Open 21,460 SF Coworking Space in Framingham, Massachusetts

by Taylor Williams February 16, 2023

FRAMINGHAM, MASS. — Coworking concept Workbar will open a 21,460-square-foot space at 111 Speen St. in Framingham, a western suburb of Boston. According to LoopNet Inc., the property was built in 1985, rises five stories and totals 119,095 square feet. The property is also in the midst of a $5 million renovation. Philip DeSimone, Andrew Sherman, Todd Alexander and Ross Miner of Kelleher & Sadowsky represented the landlord, a partnership between Paradigm Partners and North Colony Asset Management, in the lease negotiations. Workbar expects to debut the space this spring.

February 16, 2023

Acquisitions Office Oregon Western

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

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