WASHINGTON, D.C. — Freshfields US LLP has signed a 117,000-square-foot lease at Midtown Center, a two-tower, 869,000-square-foot office property in downtown Washington, D.C. The global law firm will relocate its D.C. office from 700 13th St. NW to occupy floors six through eight in the West Tower at Midtown Center. Amy Bowser and Brooks Brown of CBRE represented the landlord, Carr Properties, in the lease negotiations, along with internal staffers Kaitlyn Rausse and Ryan Lopez. Rob Copito and Harry Stephens of CBRE represented Freshfields in the lease. Built in 2017, Midtown Center is now 80 percent occupied. Carr plans to add new amenities to the West Tower, including a rooftop penthouse and new conference and entertainment facilities. Existing amenities and features at Midtown Center include pedestrian bridges connecting the two towers, a two-level fitness center, rooftop terrace and restaurants on the ground level including Shoto, Grazie Nonna, Dauphines and Blue Bottle.
CALABASAS, CALIF. — Gemdale USA has completed the disposition of 4500 Park Granada, a three-story Class A office building in Calabasas, to a joint venture between Cross Ocean Partners and Palisade Group for an undisclosed price. Situated on 20 acres, the 222,667-square-foot property offers courtyards, landscaped gardens and executive parking. Originally developed as a corporate headquarters facility for Lockheed Martin and later serving as the headquarters for Countrywide, the asset operated as a single-tenant campus for nearly 20 years. Recently, the building underwent an extensive renovation to improve efficiency and sustainability, as well as conversion to a multi-tenant office building. At the time of sale, 4500 Park Granada was fully leased to seven tenants across diverse industries, including consumer goods (44 percent), insurance (30 percent), hospitality (14 percent), coworking (8 percent) and financial services (3 percent). Kevin Shannon, Ken White, Rob Hannan, Michael Moll, Laura Stumm and Alex Beaton of Newmark represented the seller in the deal. Jonathan Firestone, Blake Thompson and Henry Cassiday of Newmark Global Debt & Structured Finance offered market financing guidance during the sale.
EDINA, MINN. — Cushman & Wakefield has arranged an $11.3 million take-out refinancing package for The E, a boutique office building in the Minneapolis suburb of Edina. Located at 7201 Metro East Blvd., The E totals 108,000 square feet. Constructed in 1981 and fully renovated and rebranded in 2021, the property is 94 percent occupied by 11 tenants. More than 97,000 square feet of new tenancy followed a $6.7 million renovation of the asset. Adam Hoffman, Jeff Altenau, Zach Yarnoff and Avery Ticer of Cushman & Wakefield represented the owner, City Center Realty Partners/Contrarian Capital Management, in securing the bank financing.
BLOOMINGTON, ILL. — SVN Core 3 has brokered the sale of a fully leased office property at 205 N. Williamsburg Drive in Bloomington for $1.1 million. The asset features five units totaling 11,311 square feet along with a dedicated parking lot. Carrie Tinucci-Troll of SVN Core 3 represented both the buyer, Good Cos. Properties LLC, and the seller, Core-Williamsburg LLC. Both entities are based in Bloomington.
MELVILLE, N.Y. — The Long Island Board of Realtors has signed a 24,585-square-foot office lease in Melville, about 25 miles east of Queens. The lease term is 15 years. The space is located on the third floor of the building at 1305 Walt Whitman Road, which according to LoopNet Inc. was originally built in 1955 and totals 165,310 square feet. Harvey Kolin of Corporate Commercial Realty LLC represented the tenant in the lease negotiations. Tim Parlante and Andrew Wiener internally represented the landlord, The Feil Organization.
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Lee & Associates Report: Final Quarter 2024 Net Absorption Trends in Industrial, Office Likely Temporary; Multifamily, Retail Net Absorption Trajectories Stickier
Lee & Associates’ 2024 Q4 North America Market Report looks back at the tenant demand, absorption rates and vacancy trends for industrial, office, retail and multifamily sectors nationwide to extrapolate what might be on the horizon for 2025 and beyond. While net absorption in industrial and retail is down from the same period in 2023, the reasons — too much supply in the pipeline versus too little — are opposite for each sector. Similar mirroring due to reverse factors can be seen in the net positive absorption last quarter in office and multifamily. Net industrial absorption was down 45 percent in the last quarter of 2024, compared to the same quarter in 2023. However, vacancy rates are likely to decline this year due to a lower volume of construction starts completing in 2025. New in-office policies among prominent companies contributed to the office market’s second consecutive quarter of positive absorption, but overall, office vacancy numbers are expected to continue rising until 2026. Low vacancy and factors challenging development meant very few options for retail tenants seeking new, high-quality space. Retail tenants in the food and beverage arena have been taking advantage of increased national spending on food outside the home …
TINTON FALLS, N.J. — Inspired by Somerset Development has purchased the headquarters facility of cybersecurity firm Commvault in Tinton Falls, located near the Jersey Shore, with plans to implement a repositioning. The facility spans 276,900 square feet and was originally constructed in 2014. Inspired plans to emulate the repositioning practices and philosophies behind its Bell Works model in nearby Holmdel. This approach entails introducing a flexible office model, modern amenities and community-centric public spaces. Additional building amenities will include a selection of local restaurants, a Bell Market, coffee shop, retail spaces and a health club. JLL represented Commvault, which will retain a 75,000-square-foot office space at the property via a sale-leaseback, in the transaction. Inspired expects to complete the repositioning this fall.
NEW PROVIDENCE, N.J. — New Jersey-based intermediary Cronheim Mortgage has arranged $5.8 million in financing for an 89,619-square-foot office and industrial building in New Providence, about 30 miles west of Manhattan. The facility, 60,000 square feet of which comprises office space, was constructed during the 1950s and 1960s and was fully leased at the time of the loan closing. Tenants include Atlantic Health Systems, Sensory Spectrum, Wharton Music Center and Creative Wallcoverings & Interiors. An undisclosed insurance company provided the loan to an entity doing business as RC-Central Ave Associates LLC.
NEW YORK CITY — Law firm Ellenoff Grossman & Schole LLP has signed a 19,000-square-foot office lease at 1345 Avenue of the Americas in Midtown Manhattan. The space spans the entire 11th and part of the 10th floors, and the lease term is 11 years. Tim Gibson, Bill Levitsky and John Cilmi Jr. of Newmark represented the tenant in the lease negotiations. Howard Fiddle, Peter Turchin, Gregg Rothkin, Ben Joseph, Bill Iacovelli and Charles Laginestra of CBRE, along with internal agents Marc Packman and Clark Briffel, represented the landlord, Fisher Brothers.
NEW YORK CITY — JLL has negotiated a 14,198-square-foot office lease expansion at 101 Park Avenue in Midtown Manhattan. The tenant, Pennsylvania-based Incline Equity Partners, is taking additional space on the 47th floor and now occupies 32,198 square feet within the 49-story, 1.3 million-square-foot building. Alexander Chudnoff, Nick Francic, Harrison Potter and Kate Roush of JLL represented the tenant in the lease negotiations. John Cefaly and Nicholas Dysenchuk of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co.