TARRYTOWN, N.Y. — Progressive Insurance has signed a 10,487-square-foot office lease in Tarrytown, a northern suburb of New York City. The space is located at 560-580 White Plains Road, a two-building, 306,475-square-foot development. Matthew Lisk, Tara Long and Steve Baker of Cushman & Wakefield represented the undisclosed landlord in the lease negotiations. Glenn Walsh and Larry Ruggieri of Newmark represented Progressive.
INDIANAPOLIS — Colliers has brokered the sale of 130 E. Washington Street in downtown Indianapolis for an undisclosed price. Built in 1922, the 211,995-square-foot historic office building is home to ANGI, USA Track & Field and T&M Associates. Rachel Patten, Matt Langfeldt and Rich Forslund of Colliers brokered the sale. The buyer, Indiana-based Holladay Properties, plans to convert the 12-story building into 180 apartment units with retail space beginning this spring.
RALEIGH, N.C. — Siemens Energy has signed a 55,279-square-foot lease at 540 Tech Center, a 110,500-square-foot office building located at 4912 Green Road in Raleigh. The tenant doubled its office footprint at the property and is now the sole occupant. Matt Winters and Kimarie Ankenbrand of JLL represented Siemens Energy in the lease transaction. Dennis Hurley, also with JLL, represented the undisclosed landlord. Siemens Energy is expected to occupy the new space, which features lab space for research-and-development purposes, in July.
FRISCO, TEXAS — Chobani LLC has signed a 28,674-square-foot office lease at HALL Park in Frisco. The yogurt maker is relocating from nearby Plano to The Tower at HALL Park, a 16-story building whose ongoing capital improvements are part of the first phase of the park’s $7 billion redevelopment. Lee Wagner of Site Selection Group and Tim Stewart of TaTonka Real Estate Advisors represented Chobani in the lease negotiations. Kim Butler, Brad Gibson and Rena Padachy internally represented the owner, HALL Group.
HOUSTON — Locally based brokerage firm Oxford Partners has negotiated a 12,899-square-foot office lease renewal in West Houston. According to LoopNet Inc., the building at 11511 Katy Freeway, which was built in 1978 and renovated in 1996, totals 80,741 square feet. Ryan Hartsell of Oxford Partners represented the tenant, the Texas Health School, in the lease negotiations. The undisclosed landlord was self-represented.
CHICAGO — Glenstar and a high-net-worth private investor have acquired 200 South Wacker, a 40-story office tower in Chicago’s West Loop. According to Crain’s Chicago Business, the duo bought a non-performing $151 million loan backed by the property from lender Bank of China and simultaneously took control of the building from Toronto-based owner Manulife Financial via a deed-in-lieu of foreclosure. The news outlet also reports that the purchase price was close to $68 million. Designed by Harry Weese Associates and constructed in 1981, the building totals 761,775 square feet. Glenstar has taken over as the building’s asset and property manager, and The Telos Group will serve as the leasing agent. Glenstar and its equity partner are allocating approximately $30 million to build fully furnished move-in ready spec suites, modernize common areas, enhance amenities and fund other capital improvements. Current amenities include a rooftop deck, tenant lounge, conference center, fitness facility and a Mojo Coffee shop in the lobby.
HOFFMAN ESTATES, ILL. — Colliers has negotiated a 35,000-square-foot headquarters lease for Arjo North America, a supplier of medical devices, at Bell Works Chicagoland in Hoffman Estates. Arjo will relocate from 62,000 square feet at 2349 W. Lake St. in Addison when it moves in the fourth quarter. David Burden, Tom Beraducci and Andy Gooliak of Colliers represented the tenant, while Darryl Silverman and Steve Kling of Colliers represented ownership. Bell Works Chicagoland is the redevelopment of the former AT&T headquarters property, which totals 1.6 million square feet and was built in 1990. AT&T vacated the asset in 2016.
TARRYTOWN, N.Y. — The Cookware Co. has signed a 17,368-square-foot office lease in Tarrytown, a northern suburb of New York City. The space is located at 560-580 White Plains Road, a two-building, 306,475-square-foot development. Matthew Lisk, Tara Long and Steve Baker of Cushman & Wakefield represented the undisclosed landlord in the lease negotiations. Craig Ruoff of Colliers represented the tenant.
By Maya Khan, managing director, CBIZ Between the pandemic and the advent of hybrid work, it’s been a challenging stretch for the New York City office market. But savvy investors see skies clearing as interest rates come down and more employers call workers back to the office. The stabilizing market also offers new opportunities for office-to-residential conversions, thanks to recently enacted state and city incentives. In fact, office buildings sold for such purposes accounted for 50 percent of all development sales in Manhattan in the first half of 2024, according to data from Ariel Property Advisors. In what follows, we’ll take a deeper dive into those trends and look at how some New York real estate leaders who spoke at CBIZ’s “Manhattan to Main Street” panel are taking advantage of the current environment. The event, held in the fall of 2024, focused on the trillions of dollars in commercial real estate debt that is set to mature before 2028 and broader economic factors influencing the New York real estate market; it drew 85 attendees from the local real estate community. Opportunity on the Upswing It’s no secret that the Big Apple’s office sector has taken a beating in the past …
SAN ANTONIO — California-based investment firm KBS has sold Fountainhead Tower, a 179,932-square-foot office building in San Antonio. The building sits on a 5.6-acre site about 10 miles northwest of the downtown area. Amenities include a fitness center, conference facility, deli, outdoor gathering spaces and an onsite bank branch. Todd Mills of Cushman & Wakefield represented KBS, which implemented a multimillion-dollar capital improvement program at Fountainhead Tower in 2017, in the transaction. The buyer was a partnership led by Austin-based SynerMark Properties.