TAMPA, FLA. — CBRE has arranged a $32.5 million loan for the refinancing of Westshore Center, a nine-story office building in Tampa. Amy Julian and Andrew Chilgren of CBRE arranged the loan through BMO on behalf of the borrower, a joint venture between C-III Capital Partners and America’s Capital Partners. The 219,992-square-foot office property was 85 percent leased at the time of financing to 25 tenants with an average weighted lease term of nearly five years.
DALLAS — Solender/Hall, a brokerage firm that specializes in helping nonprofits, has negotiated the sale of a 63,000-square-foot office building located at 9696 Skillman St. in northeast Dallas. The buyer, nonprofit organization Dallas Metrocare Services, plans to use the three-story building to provide mental health services, housing and homeless assistance. The building will also house a pharmacy and healthcare clinic for military families. BBH Capital Investments sold the property for an undisclosed price.
ALLEN, TEXAS — CapturePoint LLC, a provider of carbon management services, has signed a 27,317-square-foot office lease renewal and expansion in Allen, a northeastern suburb of Dallas. CapturePoint now occupies roughly half of the building at 1101 Central Expressway S. via 17,212 square feet on the first floor and 10,105 square feet on the second floor. Kent Smith of NAI Robert Lynn represented the tenant in the lease negotiations. Jared Laake of Bradford Commercial Real Estate Services represented the landlord.
CHEYENNE, WYO. — Laramie County has acquired 2020 Carey Avenue, an office building in Cheyenne, for $5.5 million. The 74,476-square-foot office building occupies a full city block in Cheyenne’s downtown core. The nine-story building includes two off-street parking lots. James Bowers of Coldwell Banker Commercial The Property Exchange represented the county and the seller, Voss Family Limited Partnership, in the transaction.
BOSTON — Vertex Pharmaceuticals Inc. has renewed its lease for approximately 1.1 million square feet of office and life sciences space at 50 Northern Avenue and 11 Fan Pier Boulevard in Boston. According to Loopnet Inc., both buildings were constructed in 2013 and total 587,374 and 543,098 square feet, respectively. Vertex’s existing lease, which expires in December 2028, was extended for approximately 15 years through June 2044. A joint venture that includes locally based REIT Diversified Healthcare Trust (NASDAQ: DHC) owns both buildings. The RMR Group provides property and asset management services for the joint venture.
ANDOVER, MASS. — Locally based general contractor and construction management firm Vantage Builders has completed a 10,000-square-foot headquarters expansion project for NEOLab in Andover, a northern suburb of Boston. The orthodontic laboratory operator essentially doubled its footprint across the first and second floors of the building at 3 Riverside Drive. Maugel DeStefano Architects designed the project, which delivered two 3D metal printing laboratories, an open office layout, new education space, lunchroom and a renovated warehouse and storage area.
— By Marty Pupil — The Orange County office sector continues to battle through the early stages of a market turnaround as tenants adapt to new workplace strategies while balancing employee retention and company production. The market is beginning to thaw, however, as more tenants make decisions on their office space requirements, creating opportunities for tenant activity. Net absorption was negative at the onset of 2024, totaling 338,100 square feet. South County experienced the highest amount of move-outs at 199,002 square feet, followed by the Airport Area with 171,171 square feet. Central County, North County and West County submarkets combined for positive absorption of 32,073 square feet. Right now, positive absorption shows up in pockets of the market and can vary by submarket and quarter. Positive absorption for the overall market will become sustainable when new leasing activity reaches levels that are high enough to compensate for givebacks. Total vacancy in the first quarter rose 20 basis points quarter over quarter to 18.1 percent from 17.9 percent, while increasing year over year from 18 percent. Despite this, current vacancy remains well above the pre-pandemic 10-year average of 13.9 percent. For perspective, vacancy peaked at 19.2 percent during the financial crisis …
IRVINE, CALIF. — RGP has completed the disposition of 17101 Armstrong, an office building in the Orange County city of Irvine. A municipal owner-user purchased the asset for $13 million. The two-story, low-rise building features 57,301 square feet of office space and 167 parking stalls. The property was built in 1982 on 2.4 acres. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Carter Haslam of CBRE represented the seller in the deal.
SAN DIEGO — A joint venture between RPG and Steel Peak has acquired 9606 Aero Drive, a 38,704-square-foot flex office property in San Diego. Total consideration for the acquisition was $12.1 million, which the joint venture’s institutional equity partner supported. The undisclosed seller will continue to occupy the asset as its headquarters through 2025 as part of a leaseback agreement. Situated on 4.2 acres, the asset includes existing office space and a vacated data center that will be converted into warehouse space with multiple grade-level loading doors, creating a Class A industrial outdoor storage facility. Additional improvements to the property will include fencing, lighting and paving. Kurtis Blanchard and Evan McDonald of Colliers represented the buyers in the deal.
NEW YORK CITY — Denham Wolf Real Estate Services has expanded and extended its office lease at 520 Eighth Avenue in Manhattan’s Garment District. Denham Wolf has been a tenant at the 26-story building since 2001. The new 11-year lease features an additional 3,887 square feet of space for a total footprint of 9,253 square feet. Christopher Turner and Kate Hrobsky internally represented Denham Wolf in the lease negotiations. Matthew Mandell represented the landlord, GFP Real Estate, also on an internal basis
