Office

UBS Signs 22,625 SF Office Lease in Downtown Philadelphia

by Taylor Williams September 27, 2022

PHILADELPHIA — UBS Financial Services has signed a 22,625-square-foot office lease at 1735 Market Street, a 54-story building in downtown Philadelphia. UBS will relocate within the building to a space on the 44th floor in August 2023. Jack Meyers of Cushman & Wakefield represented the tenant in the lease negotiations. Internal agents Jeremy Moss and Keith Cody, along with Anthony LiVecchi, Tom Weitzel and Mitch Marcus of JLL, represented the landlord, a partnership between Silverstein Properties and Arden Group.

September 27, 2022

NAI property management Elizabeth Barnes

Content Partner Features Leasing Activity Midwest NAI Northeast Office Retail Southeast Texas Western

Property Management Post-COVID? It’s All About Taking Care of the Client

by Sarah Daniels September 27, 2022

Elizabeth Barnes, COO of NAI Plotkin, knows property management is always a labor- and people-intensive profession, no matter the day or time of year. In that regard, the pandemic did not change the best practices for the Springfield, Mass.-based full-service brokerage and management company. “The number-one best practice has always been — and remains to this day — to manage the property as if you own it, with the awareness that you don’t,” Barnes says. Treat the Asset as Your Own For Barnes, this means focusing on the asset’s value at all times. “Common area maintenance (CAM) reconciliation, capital planning, value engineering options — they need to be front and center,” she continues. “It’s not just about cutting expenses. Look at how you can add value or reduce upfront costs.” All this should be done, she states, with the owner’s goals for the property in mind. Those goals may differ based on whether the owner is, for example, looking to divest the asset. Or if the tenant’s space has gone dark. Or if a pandemic is occurring. “There is a definite focus on health and safety now, regardless of the product type,” Barnes says. “Many owners wanted HVAC and air-handling …

September 27, 2022

Development Office Texas

Cawley Partners to Develop 120,000 SF Office Project in Plano

by Taylor Williams September 26, 2022

PLANO, TEXAS — Dallas-based developer Cawley Partners will break ground in December on Phase II of The Parkwood, a project in Plano that will add 120,000 square feet of office space to the local supply. Phase I of The Parkwood, which also comprises 120,000 square feet, is nearing completion and is fully leased to First United Bank. SFMG Wealth Advisors has also leased 22,000 square feet of the second building. Amenities at The Parkwood include a fitness center, pickleball court, conference centers and rooftop terraces.

September 26, 2022

Acquisitions Office Retail Texas

M2G Ventures Sells 98,000 SF Mixed-Use Property in Fort Worth

by Taylor Williams September 26, 2022

FORT WORTH, TEXAS — Locally based developer M2G Ventures has sold The Foundry District, a 98,000-square-foot mixed-use property in Fort Worth’s Cultural District. M2G Ventures acquired the former industrial site in 2015 and redeveloped it to feature office, retail and restaurant space, as well as showrooms and an art gallery. The buyer was Charlotte-based Asana Partners. Cushman & Wakefield’s Chris Harden and Kris Von Hohn brokered the transaction.

September 26, 2022

Development Industrial Midwest Minnesota Office

Graco Opens New 538,000 SF Facility in Dayton, Minnesota

by Kristin Harlow September 26, 2022

DAYTON, MINN. — GRACO Inc. (NYSE: GGG), a manufacturer of fluid handling equipment, has opened its new 538,000-square-foot facility in Dayton, a northern suburb of Minneapolis. The building, which houses office and factory space, marks Graco’s fourth campus in Minnesota. Graco, working with Impact Power Solutions, is investing in solar energy with the new building. The company added a 1.4-megawatt solar array, consisting of more than 3,100 solar panels on the roof of the building. Over the next 30 years, the solar array is expected to offset more than 23,000 tons of carbon dioxide. The project team included McGough as general contractor, HGA as architect and Tegra Group as project manager.

September 26, 2022

Acquisitions California Industrial Office Western

BLT Enterprises Expands California Holdings with Seven-Building Acquisition for $130M

by Amy Works September 23, 2022

SANTA MONICA, CALIF. — Santa Monica-based-BLT Enterprises has purchased seven industrial and creative office properties throughout Los Angeles County, Orange County and San Diego County, Calif., for a total of $130 million. The acquisitions total nearly 270,000 square feet of buildings on more than 18 acres of land. Names of the sellers were not released. The properties include: A 49,307-square-foot creative office building located at 621 Hawaii St. in El Segundo and fully leased to Nexon America Inc., South Korea’s largest video game developer. A 10,400-square-foot warehouse at 7748 Industry Ave. in Pico Rivera. A 10,246-square-foot warehouse at 2901 Thornton Ave. in Burbank, which is fully leased to Reno Hardware. A 6,900-square-foot creative office building at 6368 Arizona Circle and an 8,100-square-foot creative office building, both in Los Angeles. A 12,620-square-foot warehouse located at 3539 Howard Way in Costa Mesa. A 175,000-square-foot distribution facility on 11.1 acres at 1 Viper Way in Vista.

September 23, 2022

Acquisitions California Healthcare Office Western

CBRE Arranges $44.5M Acquisition of Pacific Professional Building Medical Office Property in San Francisco

by Amy Works September 23, 2022

SAN FRANCISCO — CBRE has negotiated the purchase of the fee simple interest of Pacific Professional Building, a 132,000-square-foot medical office building in San Francisco. Pan-Med Enterprises, a collection of doctors that occupies and operates practices at the property, acquired the underlying land out of a ground lease for $44.5 million. Mike Taquino, Kyle Kovac, Alec Haley and Giancarlo Sangiacomo of CBRE Capital Markets represented the buyer in the deal. Additionally, Mike Walker and Brad Zampa of CBRE’s Debt & Structured Finance team secured the $44.5 million, 10-year, fixed-rate, non-recourse loan to finance the purchase of the fee simple interest and repayment of the existing leasehold loan from a middle-market East Coast bank. Located at 2100 Webster St., Pacific Professional Building is a five-story medical office with an outpatient radiology lab, testing labs, pharmacy and health resource center. The building is 97 percent leased and was completely renovated in 2021.

September 23, 2022

Development Florida Office Southeast

Kaufman Lynn Completes $144M Overhaul of JM Family Headquarters in South Florida

by John Nelson September 23, 2022

DEERFIELD BEACH, FLA. — Kaufman Lynn Construction has completed a major overhaul of JM Family Enterprises’ corporate headquarters in Deerfield Beach. The $144 million project was finished in 41 months and comprises three new 88,061-square-foot office buildings; a 29,500-square-foot dining facility; 309,573-square-foot parking garage; 6,500-square-foot energy plant; a welcome center; and a hardscape package valued at $12 million. The renovations also included installing rooftop solar farms, heat-reducing electrochromic glass and an irrigation system using rainwater-collecting cisterns. About 1,200 staffers at JM Family, a privately held automotive distributor, were able to continue working during the replacement, which Kaufman Lynn managed with design partner PGAL Architects.

September 23, 2022

Leasing Activity Office Texas

BW Energy Signs 68,000 SF Office Headquarters Lease in Houston

by Taylor Williams September 23, 2022

HOUSTON — BW Energy has signed a 68,000-square-foot office headquarters lease in Houston’s Memorial City district. The locally based oil and gas firm will occupy the top three floors at 9753 Katy Freeway, a 190,000-square-foot building that is under construction and slated for a second-quarter 2023 completion. Brad MacDougall and Warren Alexander represented the landlord, MetroNational, in the lease negotiations. Griff Bandy of Partners represented the tenant.

September 23, 2022

Development Midwest Office Ohio

Unispace Completes 262,500 SF Office for Bread Financial in Columbus, Ohio

by Kristin Harlow September 23, 2022

COLUMBUS, OHIO — Design and construction firm Unispace has completed Bread Financial’s new 262,500-square-foot office space in Columbus. Bread Financial is a financial services company that provides flexible lending and saving solutions. Unispace collaborated with Bread Financial on the overall design, which includes LED lighting, various workspaces and an outdoor space. Despite supply chain delays, Unispace completed the project on time and on budget.

September 23, 2022

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