Office

Granite-Place-II-at-Southlake-Town-Square

Granite Properties Receives Construction Financing for 143,500 SF Office Project in Southlake, Texas

by Taylor Williams June 9, 2022

SOUTHLAKE, TEXAS — Granite Properties has received an undisclosed amount of construction financing for Granite Place II at Southlake Town Square, a 143,500-square-foot office project in metro Dallas. Granite Properties is developing the five-story building in partnership with N5B Capital. Amenities will include outdoor work and meeting space, a corporate living room, fitness center and a grab-and-go food service. Trey Morsbach and Jim Curtin of JLL arranged the financing through Bank OZK. DPR Construction is the general contractor for the project. Sitework is underway, and completion is slated for March 2023.

June 9, 2022

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

GI Partners Acquires 479,000 SF Life Sciences Property in Boston’s Seaport District

by Katie Sloan June 9, 2022

BOSTON — GI Partners has acquired 451 D Street, a state-of-the-art life sciences, data center and creative office building in Boston’s Seaport District. The price was not disclosed, but the seller, Related Fund Management, bought the asset for $276 million in 2018, according to reports by the Boston Business Journal. The nine-story, 479,000-square-foot building recently underwent two phases of lab conversion that total over half of the building’s rentable area. The property offers 536 parking spaces; a conference center; amenity center with a lounge, kitchen and games; an onsite cafe; bicycle storage; and a 3,000-square-foot fitness center. Current tenants include AT&T, J.P.Morgan, Silicon Therapeutics, Elektrofi, BT, Inozyme Pharma, Cellink, Stevanato Group Pharmaceutical Systems, Joyn Bio, Sensei Biotherapeutics, DermBoint and Dewpoint Therapeutics. Related will maintain a minority interest in the property and Related Beal will continue to serve as property manager. Eastdil Secured represented the seller in the transaction and placed debt financing for the new ownership group. “The Seaport has become a bona fide life sciences innovation hub and 451 D exemplifies our focus on serving the needs of small and medium-sized lab tenants through Class A reusable buildouts,” says John Sheputis, managing director at GI Partners and head of acquisitions for …

June 9, 2022

Leasing Activity New York Northeast Office

PNC Bank Signs 70,000 SF Office Lease Renewal at 340 Madison Avenue in Manhattan

by Taylor Williams June 8, 2022

NEW YORK CITY — PNC Bank has signed a 70,000-square-foot office lease renewal at 340 Madison Avenue in Manhattan. The lease comprises 64,941 square feet of office space across several floors and a 5,336-square-foot retail branch. William Elder, Andrew Ackerman and Alexandra Budd represented the landlord, RXR Realty, on an internal basis. David Simson and David Falk of Newmark represented the tenant. PNC Bank has been a tenant at the building since 2008.

June 8, 2022

Florida Leasing Activity Office Southeast

CBRE Executes 99,015 SF in Office Leases at Mizner Office Tower & Plaza in Boca Raton

by John Nelson June 8, 2022

BOCA RATON, FLA. — The CBRE team of John Criddle, Joe Freitas and Allie Lancashire have executed 20 lease deals totaling 99,015 square feet at Mizner Office Tower & Plaza, two office buildings within Mizner Park in Boca Raton. The largest lease deals were a new 26,429-square-foot lease with San Diego-based Robbins Geller Rudman & Dowd at Mizner Park Office Tower and a lease renewal with coworking giant Regus for 16,624 square feet at Mizner Park Plaza Real. Other deals include new leases and renewals with law firms, medical tenants, real estate companies and financial services firms. All together the deals bring Mizner Park Office Tower to 96 percent occupied and Mizner Park Plaza Real to 93 percent occupied. In addition to offices, Mizner Park features retail, residential and cultural space, as well as a 5,000-person-capacity amphitheater. Notable tenants include iPic, a high-end movie theather that includes its Tanzy dining concept and bowling alley Strike 10, as well as restaurants Loch Bar, Yard House, KaPow!, Max’s Grille, Villaggio Restaurant and Ruth’s Chris Steak House.

June 8, 2022

Acquisitions North Carolina Office Southeast

CBRE Investment Management Purchases The Line Office Tower in Charlotte’s South End

by John Nelson June 7, 2022

CHARLOTTE, N.C. — A fund sponsored by CBRE Investment Management has purchased The Line, a newly built, 16-story office tower in Charlotte’s South End district. The 314,221-square-foot property is located at 2151 Hawkins St. and features shared workspaces, sky lobby, amenity terrace, open-air plaza, lawn, outdoor decks, bike rooms, lockers, showers, covered parking and 24,000 square feet of retail space. The CBRE Strategic Partners U.S. Value 9 fund acquired The Line in a joint venture with Atlanta-based Portman Holdings, which co-developed the property with Washington, D.C.-based National Real Estate Advisors LLC. Mike McDonald and Jonathan Napper of Cushman & Wakefield represented the seller in the transaction. The sales price was not disclosed.

June 7, 2022

Development Office Texas

Mapletree Underway on Renovation of 215,394 SF Office Building in Metro Dallas

by Taylor Williams June 7, 2022

RICHARDSON, TEXAS — Mapletree, a global real estate developer based in Singapore, is underway on the renovation of a 215,394-square-foot office building located within the Galatyn Commons complex in the northern Dallas suburb of Richardson. Galatyn Commons comprises four buildings totaling 800,000 square feet. Amenities include a food hall with 300-seat dining area, coffee shop and grab-and-go food service, as well as a 10,000-square-foot fitness and wellness center, an outdoor kitchen with grill stations, bocce ball courts and an outdoor amphitheater with 1,000-seat capacity. Cushman & Wakefield is marketing the five-story building for lease. Renovations are expected to be complete next summer.

June 7, 2022

Acquisitions New Jersey Northeast Office

CBRE Negotiates $24.5M Sale of Northern New Jersey Office Complex

by Taylor Williams June 7, 2022

FLORHAM PARK, N.J. — CBRE has negotiated the $24.5 million sale of a two-building, 132,737-square-foot office complex in the Northern New Jersey community of Florham Park. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Fahri Ozturk, Rich Gatto, Travis Langer and Daniel Blumenkrantz of CBRE represented the seller, The Silverman Group, in the transaction. The team also procured the undisclosed buyer. The complex was fully leased at the time of sale.

June 7, 2022

Company News New Jersey Northeast Office

Colliers Relocates Office in Parsippany, New Jersey

by Taylor Williams June 7, 2022

PARSIPPANY, N.J. — Colliers has relocated its office in the Northern New Jersey community of Parsippany. The space spans 7,500 square feet and is located within Northpoint, a 225,000-square-foot development that is owned by Vision Real Estate Partners. The building underwent a multimillion-dollar renovation program in 2020. Colliers employs some 50 brokers and 25 dozen support team members across its four New Jersey offices.

June 7, 2022

Development Florida Mixed-Use Multifamily Office Retail Southeast

PMG, Greybrook Realty Partners Break Ground on 31-Story Mixed-Use Development in Midtown Atlanta

by Amy Works June 6, 2022

ATLANTA — PMG and Toronto-based Greybrook Realty Partners have broken ground on Society Atlanta, a 31-story mixed-use development at 811 Peachtree St. in Midtown Atlanta. Designed by Cooper Carry, the mixed-use property will feature 460 residential units, 81,000 square feet of office space and 16,500 square feet of retail space. Juneau Construction Co. is serving as general contractor for project, which is slated to open in late 2024. Society Atlanta will offer traditional layouts alongside “rent-by-bedroom” (also known as co-living) options. Community amenities will include a rooftop pool and restaurant, a coworking lab with private conference rooms, a gym and a fitness studio. The property is the first of PMG’s Society Living multifamily platform to enter the Atlanta market.

June 6, 2022

Illinois Leasing Activity Midwest Office

Boston Consulting Group Pre-Leases 250,000 SF of Office Space in Chicago’s Fulton Market

by Kristin Harlow June 6, 2022

CHICAGO — Boston Consulting Group (BCG) has signed a 15-year lease for roughly 250,000 square feet of office space at 360 North Green, an office and retail development planned for Chicago’s Fulton Market district. BCG will move 1,000 of its Chicago-based employees to the new office space and expects to take occupancy in 2025. Sterling Bay and J.P. Morgan Global Alternatives are the developers of the 24-story, 500,000-square-foot building, which was designed by Gensler. Construction of the building is expected to begin this summer. Nancy Pacher, Lisa Konieczka and Meredith Bell Frese of CBRE represented the tenant, while Russ Cora and Jess Brown represented ownership on an internal basis.

June 6, 2022

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