NEW YORK CITY — LaCoste USA has signed an 18,364-square-foot office lease at 136 Madison Avenue in Midtown Manhattan. The French apparel and accessories retailer will occupy the entire penthouse floor of the 17-story, 300,000-square-foot building. Eric Deutsch, Jared Freede and Anthony Manginelli of CBRE, in conjunction with internal agent Freddie Majid, represented Lacoste USA in the lease negotiations. Mac Roos, Andrew Roos, Michael Cohen and Jessica Verdi of Colliers represented the landlord, Williams Equities. The move-in is scheduled for the second quarter of next year.
CHICAGO — Ferrero North America has opened its new Innovation Center and North America R&D Labs in Chicago. The 45,000-square-foot project, located in the historic Marshall Field & Co. building, brings together Ferrero’s R&D teams from throughout the U.S. and houses teams working on Keebler, Famous Amos, Mother’s, Fannie May and other brands. There are more than 150 employees. The investment further expands Ferrero’s footprint in Illinois. The company manufactures Butterfinger and Baby Ruth products at its plant in Franklin Park, and Keebler products on 110th Street in Chicago. The Ferrero manufacturing campus in Bloomington produces Crunch, 100 Grand and other products, and will soon include a new chocolate processing facility and a new Kinder Bueno production facility. Brookfield Properties operates the Marshall Field building, which is designated as a Chicago Landmark, a National Historic Landmark and has been listed on the National Register of Historic Places since 1978. In 2021, Brookfield completed a major restoration and overhaul to convert the former department store into a modern office building. The property rises seven stories and totals 636,000 square feet.
DALLAS — Law firm Munsch Hardt Kopf & Harr has taken occupancy of its 77,009-square-foot office space at Ross Tower, a 1.1 million-square-foot building located at 500 N. Akard St. in downtown Dallas. The firm relocated from floors 36, 38 and 39, where it leased space since 2005, to floors 40 through 42. The new lease term is 15 years, and the space features a variety of conference room layouts, a work café and an internal stairwell that connects all three floors. HPI Real Estate Services & Investments owns Ross Tower.
MIAMI — Dadeland Greenery LP, an entity sponsored by Orion Capital Partners, has purchased a mixed-use project located on an 8.4-acre site at 7700 N. Kendall Drive in Miami. The property, known as both Greenery Mall and Dadeland Square, features 129,585 square feet of street-level retail space attached to an eight-story, 84,913-square-foot office building. Major retail tenants include T.J. Maxx, HomeGoods, Guitar Center, JoAnn Fabric, Mattress Firm, Starbucks, Don Pan, The UPS Store and Jamba Juice. The buyer purchased the development from an entity doing business as Cofe ZM Dadeland LLC for $58 million, a price that is subject to an assumption of an existing $39 million mortgage. Orion Real Estate Group will manage the property and lease the retail space in cooperation with other brokers and tenant representatives. Fairchild Partners will continue to lease the office building. Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller in the transaction. John Crotty and Michael Fay of Avison Young’s Miami office consulted with both parties.
PORTLAND, ORE. — Newmark has brokered the sale of Leland James, a multi-tenant office building in Portland’s Slabtown District. Spear Street Capital acquired the fully occupied asset. Terms of the transaction were not released. Located at 2175 NW Raleigh St., the four-story Leland James building features 118,104 square feet of office space. Formerly a corporate office building, the property was redeveloped in 2018. The redevelopment included seismic upgrades, a new brick façade and the addition of a heavy timber penthouse level with an eco-roof, as well as new mechanical, electrical and plumbing systems. Nick Kucha, James Childress and Jakob Nicholls of Newmark represented the undisclosed seller in the deal. Dave Squire and Josh Williams of Newmark served as leasing advisors on behalf of the seller and helped bring the property to 100 percent occupancy.
NEW YORK CITY — Newmark has secured a 31,916-square-foot office lease expansion and renewal at 1350 Avenue of the Americas, a 35-story, 601,330-square-foot building in Manhattan’s Plaza District. The footprint of the tenant, reinsurance brokerage firm Howden Tiger, now includes its currently occupied 13,287 square feet on the entire 33rd floor and the addition of 18,629 square feet on the entire 34th and penthouse floors. Leo Paytas of Newmark represented Howden Tiger in the lease negotiations. Howard Tenenbaum and Gary Rosen internally represented the landlord, SL Green.
RICHARDSON, TEXAS — Locally based brokerage firm Citadel Partners has negotiated an 80,000-square-foot office lease at 2360 Campbell Creek Blvd. in the northeastern Dallas suburb of Richardson. The site will serve as a temporary city hall and library for the City of Richardson while new facilities are built following an August 2022 fire. The city is also renovating existing space at the library via a bond program. Scott Jessen and Mac Morse of Citadel Partners represented the tenant in the lease negotiations. Chuck Sellers and Russell Podraza of Forge Commercial represented the landlord.
SANTA ANA, CALIF. — Terreno Realty Corp. has acquired a 4.9-acre site at 1720 E. Garry Ave. in Santa Ana from Greenlaw Partners for $14.8 million. The site consists of three multi-tenant office buildings leased on a short-term basis. Terreno plans to demolish the existing structures and construct an industrial project on the site. Slated for completion in first-quarter 2025, the 91,500-square-foot rear-load distribution facility will offer 10 dock-high and two grade-level loading positions. Terreno’s total expected investment in the project is $40.6 million. The industrial development is fully pre-leased to a provider of temperature-controlled life sciences supply chain solutions. Rick Ellison, Jeff Chiate, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s Capital Markets team in Orange County, Calif., represented the seller in the transaction.
TRENTON, N.J. — Chicago-based intermediary Maverick Commercial Mortgage Inc. has arranged a $4.5 million acquisition loan for a 240,000-square-foot office building located at 240 W. State St. in Trenton. The undisclosed, Maryland-based borrower plans to convert the 16-story building, which includes retail space and onsite parking, into a multifamily complex following the expiration of in-place leases at the end of the year. An undisclosed debt fund provided the 12-month, variable-rate loan.
CORAL GABLES, FLA. — Cushman & Wakefield has negotiated the sale of 355 Alhambra, a 222,757-square-foot office tower located along Alhambra Circle in Coral Gables, a suburb of Miami. Princeton International Properties Corp. purchased the 16-story property from PGIM Real Estate for an undisclosed price. Mike Davis, Dominic Montazemi, Miguel Alcivar, Rick Brugge, Rick Colon, Ryan Holtzman, Brian Gale, Jordan Spitzberg, Chloe Strada and Ryan Jenkins of Cushman & Wakefield represented the seller in the transaction. Built in 2001, 355 Alhambra comprises nine stories of offices, seven stories of structured parking and commercial space on the ground level.