SAN ANTONIO — Total Quality Logistics, a provider of intermodal freight services, has signed a 17,590-square-foot office lease expansion at Exchange Tech Center in San Antonio. Total Quality Logistics now occupies 42,269 square feet at the building. Bryan Sethney of Cushman & Wakefield represented the tenant in the lease negotiations. Shawn Gulley and Rob Gish represented the landlord, Worth & Associates, on an internal basis.
NEW YORK CITY — Shawmut Design & Construction has signed a 27,015-square-foot office lease at 488 Madison Avenue in Midtown Manhattan. The lease term is 15 years. The 23-story building was originally designed in 1949 and was known as the “The Look Building” for the defunct magazine that was its primary tenant until 1971. David Hollander and Jared Freede of CBRE represented the tenant represented the tenant in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis.
PLANO, TEXAS — Newmark has negotiated the sale of HQ53, a 248,661-square-foot office building in Plano’s Legacy submarket that is fully leased to third-party hotel management firm Aimbridge Hospitality. The five-story building was constructed in 2021 and offers a fitness center, conference facility and a tenant lounge. Chris Murphy, Gary Carr, Robert Hill and Chase Tagen of Newmark represented the seller, locally based developer Cawley Partners, in the transaction. San Francisco-based Drawbridge Realty purchased HQ53 for an undisclosed price.
There is no denying in-migration is a driving factor in South Florida. Over 650,000 people moved to Miami at the height of the pandemic — nearly 89,000 came from out of state and a quarter of those came from New York. Year-over-year job growth is up 6 percent and is back at peak levels seen prior to the pandemic, while over 27 percent of employment is in office-using sectors for the first time ever. CBRE’s Spring 2022 Occupier Sentiment Survey revealed that most companies are back to developing long-term plans to expand or contract their office space now that employees are returning — at least some of the time — after two years of mostly remote work. For the second quarter in a row, net absorption in Miami totaled over 200,000 square feet, with the majority occurring in Miami’s central business district (CBD). Driven by expansions, Class A product accounted for approximately 85 percent of total absorption in the first quarter. The growth of Miami is starting to solidify as new-to-market tenants that looked to relocate to Miami during the pandemic are starting to move into their office spaces. Since 2020, over 1.3 million square feet of office leasing activity …
SPRINGFIELD, VA. — Finmarc Management, a real estate investment and management firm based in Bethesda, Md., has purchased an 11-building portfolio from Boston Properties in Springfield for $127.5 million. The portfolio spans 740,000 square feet of industrial, flex/office and data center space in one- and two-story properties. Situated near Fort Belvoir and I-95, the portfolio was 74 percent leased at the time of sale to tenants including ADT Security Systems, Avaya, SAIC, The Vomela Cos. and the U.S. General Service Administration (GSA). William Collins and Eric Berkman of Cushman & Wakefield represented Boston Properties in the transaction, and Finmarc was self-represented. Michael Zelin and Marshall Scanlon of Cushman & Wakefield, along with consultant Cliff Mendelson of Met Cap Advisors, arranged acquisition financing on behalf of Finmarc.
DALLAS — Newmark has brokered the sale of Element Towers, a two-building, 673,150-square-foot office complex located at 3010 and 3030 LBJ Freeway in North Dallas. Element Towers sits on seven acres, and both buildings feature newly renovated lobbies, fitness centers, conference facilities and full-service cafeterias. Gary Carr, Chris Murphy, Robert Hill and Chase Tagen represented the seller in the transaction. David Milestone, Brett Green and Josh Francis, also with Newmark, arranged acquisition financing on behalf of the buyer, California-based Stanton Road Capital. Element Towers was 68 percent leased at the time of sale.
JERSEY CITY, N.J. — Columbia Property Trust has completed the redevelopment of 95 Columbus, a 680,000-square-foot office building in Jersey City. The project centered on the revamping of the lobby to allow more natural light and provide more efficient seating and meeting areas. Columbia Property Trust also augmented the landscaping at the building’s entrance and upgraded the lobby’s windows and flooring, among other features. The developer also modernized various building systems to promote health and wellness, including the installation of touchless doors, bipolar ionization air filtration and destination dispatch elevators. Lastly, Columbia added a bike storage room, additional shower facilities and a 500-space attached garage. Cushman & Wakefield is leasing the building post-renovation.
Madison Capital, Meadow Partners Acquire Ford Point R&D Property in Richmond, California for $103.7M
RICHMOND, CALIF. — New York-based Madison Capital and Meadow Partners have purchased Ford Point, a creative R&D building located at 1414 Harbour Way S. in Richmond. Orton Development sold the asset for $103.7 million. At the time of sale, the 478,761-square-foot property was 83 percent leased to a variety of tenants, including SunPower, Mountain Hardwear and California Closets. Orton Development purchased the long-dormant, 22.9-acre site from the Richmond Redevelopment Agency in 2004 and began a comprehensive $40 million renovation of the entire building, installing new building systems and undertaking an extensive seismic upgrade. Since 2008, the company invested an additional $11.3 million for an ungraded roof, electric vehicle charging stations, asphalt repaving and one mega-watt rooftop solar system. Designed in 1930 by Albert Kahn, Ford Point was built as the Ford Motor Co. Assembly Plant and was the largest assembly plant to be built on the West Coast. Ford Point has been on the National Register of Historical places since 1988, and the site is home to a National Parks Services education center, known as the Rosie the Riveter Visitor Center. Seth Siegel, Steve Hermann, Ryan Venezia, Rick Ryan, Kevin Flemming and Courtney Trunnell of Cushman & Wakefield’s Northern California …
ISELIN, N.J. — Industrial technology firm Siemens has signed a 65,500-square-foot office lease at 200 Wood Avenue South, an office building located within the Metropark development in the Northern New Jersey community of Iselin. The 270,000-square-foot building features a newly renovated lobby, fitness center, collaborative common areas and landscaped outdoor amenity spaces. Jeff Babikian of CBRE represented Siemens in the lease negotiations. Wes Moore, also with CBRE, represented the landlord, SJP Properties.
SAN LEANDRO, CALIF. — Cushman & Wakefield has arranged the sale of Creekside Plaza Office Park, a three-building office campus and development site in San Leandro. An institutional investor purchased the asset from a privately held real estate development company for an undisclosed price. Built in phases between 2002 to 2010, Creekside Plaza Office Park features 227,803 square feet of Class A, multi-tenant office space. Owned by the original developers for the more than 20 years, this is the first time Creekside Plaza was marketed for sale. Ryan Venezia, Barry Cohn, Seth Siegel, Steve Hermann, Rick Ryan, Kevin Flemming and David Englert of Cushman & Wakefield represented the seller in the transaction.