Office

Marcus & Millichap Brokers $6.7M Sale of Hartford Business Centre in Bensenville, Illinois

by Kristin Harlow September 23, 2022

BENSENVILLE, ILL. — Marcus & Millichap has brokered the $6.7 million sale of the Hartford Business Centre in the Chicago suburb of Bensenville. The 66,853-square-foot office complex sold at nearly full list price. The property’s three single-story buildings were constructed in 1975 and 1985 and renovated in 2022. At the time of sale, the property was 97 percent leased. Peter Doughty and Brent Holder of Marcus & Millichap represented the seller, a California-based private investor. Avison Young represented the buyer, a local private investment fund.

September 23, 2022

Illinois Leasing Activity Midwest Office

Eversheds Sutherland Signs 21,000 SF Office Lease in Chicago

by Kristin Harlow September 23, 2022

CHICAGO — Law firm Eversheds Sutherland has signed a 21,000-square-foot office lease for the top floor of 227 West Monroe Street, a building commonly known as The Franklin. Since first opening a Chicago office in 2019, Eversheds Sutherland has grown to 16 attorneys in the city. The Franklin recently underwent renovations and is LEED Gold certified. Eric Feinberg, John Goodman and Isabel Preskill of Savills represented Eversheds Sutherland.

September 23, 2022

Arizona Market Reports Office Western Western Market Reports

Reimagined Class A Office Projects Lead Phoenix’s Road to Recovery

by Jeff Shaw September 23, 2022

By Phil Breidenbach, Senior Executive Vice President, Colliers Class A landlords are answering the call from tenants for captivating workplaces. These re-imagined environments are drawing businesses to buildings and invigorating absorption in the market. Greater Phoenix office vacancy fell to 13.5 percent at mid-year, which was a 0.6 percent drop from last quarter and 0.7 percent lower than mid-year 2021. This number also sits 1.6 percent below the national average. While 287,000 square feet of new product was delivered, more than 587,000 square feet was absorbed. This is evidence the workforce is finding its way back to the office, if not full-time at least a few days a week. The refreshing surge in absorption is driven by companies coming to the best and newest buildings — redefining Class A with amenities that compel the workforce back into the office. New buildings like 100 Mill and Cavasson are two great examples. The first, 100 Mill, was completed in the second quarter and is more than 90 percent preleased. The building will feature next-level common areas and best-in-class meeting and lounge areas. The flight to quality trend has evolved into a flight to experience trend. Companies are finally coming to grips with the reality that how they …

September 23, 2022

Leasing Activity Office Texas

Chicago Title Signs 20,000 SF Office Lease at The Quad in Uptown Dallas

by Taylor Williams September 22, 2022

DALLAS — Chicago Title has signed a 20,000-square-foot lease as the inaugural tenant at The Quad, a 345,000-square-foot office and retail building in Uptown Dallas that is being developed by Stream Realty Partners. Ryan Evanich and Marissa Parkin internally represented the landlord in the lease negotiations. Campbell Henry of Lincoln Property Co. represented Chicago Title. The 12-story building is scheduled for an early 2024 completion.

September 22, 2022

Acquisitions Massachusetts Northeast Office

FoxRock Properties Acquires 157,229 SF Office Complex in Burlington, Massachusetts

by Taylor Williams September 22, 2022

BURLINGTON, MASS. — Locally based investment firm FoxRock Properties has acquired 1 Van de Graaff Drive, a 157,229-square-foot office complex located in the northern Boston suburb of Burlington. The property, which was 73 percent leased at the time of sale, offers a cafeteria and a fitness center. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the undisclosed seller and procured the buyer in the transaction. The sales price was also not disclosed.

September 22, 2022

Acquisitions Michigan Midwest Office

JLL Brokers $7M Sale of Former Huntington Bank Headquarters in Holland Township, Michigan

by Kristin Harlow September 22, 2022

HOLLAND TOWNSHIP, MICH. — JLL Capital Markets has brokered the $7 million sale of the former Huntington Bank headquarters located at 10717 Adams St. in Holland Township, about 30 miles southwest of Grand Rapids. Family Church purchased the 132,127-square-foot property for its third location in West Michigan. The three-story building, constructed in 1992, sits on nearly 42 acres. Family Church plans to use the main floor for both fellowship and sanctuary worship space, while the upper floor will be utilized as educational space. Plans for the lower floor are still being determined. The church expects to begin services at the building in 2023. Jeff Karger of JLL represented the seller, Charlotte, N.C.-based Arrowpoint Capital. Steve Sterken of Coldwell Banker Woodland Schmidt represented Family Church.

September 22, 2022

Acquisitions Nevada Office Western

Kingsbarn Realty Capital Buys Six-Building Green Valley Corporate Center in Henderson, Nevada for $114.5M

by Amy Works September 22, 2022

HENDERSON, NEV. — Kingsbarn Realty Capital has acquired Green Valley Corporate Center, a six-building office portfolio totaling 347,015 square feet in Henderson. JMA Ventures and Blue Vista Capital Management sold the portfolio for $114.5 million. Tyler Ecklund, James Griffis, Brad Peterson, Darren Lemmon and Justin Witt of CBRE represented the seller in the deal. Green Valley Corporate Center North consists of three Class A office properties: 2275 Corporate Circle, a three-story, 68,444-square-foot building 2285 Corporate Circle, a two-story, 45,337-square-foot building 2370 Corporate Circle, a three-story, 69,208-square-foot building Green Valley Corporate Center South consists of three Class A office properties: 2475 Village View Drive, a two-story, 44,526-square-foot building 2485 Village View Drive, a three-story, 69,222-square-foot building 2495 Village View Drive, a two-story, 50,278-square-foot building

September 22, 2022

Kansas Leasing Activity Midwest Office

HNTB Signs 25,650 SF Office Lease at Aspiria in Overland Park, Kansas

by Kristin Harlow September 22, 2022

OVERLAND PARK, KAN. — HNTB has signed a 25,650-square-foot office lease to relocate its Overland Park office to Aspiria. The lease commences in January. HNTB offers engineering and architecture services for infrastructure. Its recent notable projects include the Denver International Airport, the Las Vegas Raiders’ Allegiant Stadium and the Los Angeles International Airport. Locally, HNTB has worked on the University of Kansas Memorial Stadium renovation, the Buck O’Neil Bridge replacement project and the KC streetcar extension. Dina Zavislak and Charles Daggett of Savills, along with Chris Wally of Wally & Co., represented HNTB. Occidental Management owns the 207-acre Aspiria campus, which is a redevelopment of the former Sprint headquarters.

September 22, 2022

Development Leasing Activity Office Southeast Tennessee

Velocis Completes $15M Renovation, Adds Tenants at Two Eleven Commerce Office Building in Downtown Nashville

by John Nelson September 22, 2022

NASHVILLE, TENN. — Velocis, a private equity real estate investment management firm, has recently completed the $15 million renovation of Two Eleven Commerce, a 233,341-square-foot office building located at 211 Commerce St. in downtown Nashville. Velocis purchased the 11-story office tower in spring 2020 with Lincoln Property Co., the third joint venture between the two Dallas-based firms. Built in 2000, the office building’s renovations include a two-story lobby with a new glass entry portal, contemporary conference center, integrated tenant lounge with indoor/outdoor seating, onsite catering kitchen and a fitness center with full locker rooms and showers. Other improvements throughout the office tower include upgraded and modernized elevators and elevator bays, exterior paint, new windows and a new gateless entry parking system in the building garage. Additionally, two new tenants are joining Two Eleven Commerce. Recruiting firm IQTalent leased the top three floors (67,000 square feet) and will have building signage, and burger chain Black Tap Craft Burgers & Beer is opening a restaurant on the ground level in spring 2023. Sarah Pettigrew, Bill Adair and Ashley Marshall of JLL are the leasing agents at Two Eleven Commerce. About 90,000 square feet is currently available at the office building, including about …

September 22, 2022

Affordable Housing Development Mixed-Use Multifamily New Jersey Northeast Office Retail Seniors Housing Top Stories

HBC, Streetworks Unveil Plans for 731,000 SF Mixed-Use Redevelopment Project in Westfield, New Jersey

by Katie Sloan September 22, 2022

WESTFIELD, N.J. — A partnership between Hudson Bay Co. (HBC) and StreetWorks Development, the company’s property development division, has unveiled plans for a mixed-use redevelopment project in Westfield, roughly 22 miles west of New York City. The developer plans to convert a 731,000-square-foot building previously occupied by a Lord & Taylor department store, as well as several town-owned parcels, into One Westfield Place, a transit-served development with an array of uses and pedestrian features. Preliminary plans call for 310,000 square feet of office space across two buildings; 27,000 square feet of retail and restaurant space throughout the development; 154 age-restricted apartments and townhomes; 69 market-rate apartments; an unspecified amount of affordable housing in accordance with local and state requirements; and two parking garages that can accommodate over 450 cars. The development team also plans to revitalize the downtown area with pocket parks, event spaces, water features and a mobility hub connecting the two sides of the train station that offers storage, bike stations and ride sharing areas. The joint venture will collaborate with Dan Biederman — president of Biederman Redevelopment Ventures, which runs the programs in New York City’s Bryant Park — to develop a plan to strategically program events and …

September 22, 2022

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