Office

EQ Office Completes $500M Renovation of Willis Tower in Chicago

by Kristin Harlow May 25, 2022

CHICAGO — EQ Office, the U.S. office portfolio company wholly owned by Blackstone, has completed its more than $500 million renovation of Chicago’s Willis Tower. The 110-story tower is now certified LEED Platinum and is the largest building in the U.S. to achieve that designation, according to EQ Office. Part of the transformation is Catalog, a 300,000-square-foot retail, dining and entertainment destination at the base of the tower. The name Catalog is a nod to the Sears Roebuck Co. and its printed catalog. Designed by Gensler, Catalog features restaurants such as Tortazo by Rick Bayless, Shake Shack, Joe & the Juice, Foxtrot, Starbucks, Brown Bag Seafood Co., Do-Rite Donuts & Chicken, Sushi-San and Sweetgreen. Kindling, a two-story restaurant concept from Chicago’s 50/50 Group, as well as Urbanspace, a food hall, are both slated to open in late summer or early fall. A 30,000-square-foot outdoor terrace sits atop Catalog. The Skydeck observatory at Willis Tower also underwent a renovation through partnerships with exhibit design firms Thinc and SOM. An interactive “best of Chicago” museum-like exhibit celebrates the personality, history and neighborhoods of Chicago. Gensler designed the building’s new exterior façade at the base. SKB Architecture and Design handled the design of …

May 25, 2022

Acquisitions Office Texas

Silver Creek Acquires 110,452 SF Office Building in Houston’s Galleria District

by Taylor Williams May 25, 2022

HOUSTON — Fort Worth-based investment firm Silver Creek Realty Advisors has acquired a 110,452-square-foot office building located at 1717 St. James Place in Houston’s Galleria district. The six-story building is situated on a 2.3-acre site within St. James Place, a deed-restricted business park, and was 70.5 percent leased at the time of sale. Marty Hogan and Kevin McConn of JLL represented the seller, Florida-based Accesso Partners, in the transaction. The sales price was not disclosed.

May 25, 2022

Leasing Activity New York Northeast Office

Wellington Management Signs 71,000 SF Office Lease at 799 Broadway in Manhattan

by Taylor Williams May 25, 2022

NEW YORK CITY — Financial services firm Wellington Management has signed a 71,000-square-foot office lease at 799 Broadway, a 182,000-square-foot building located at the convergence of Manhattan’s Greenwich Village and Union Square areas. The lease term is 16.5 years. Steven Rotter, Randy Abend, Gabrielle Harvey, Brendan Callahan and Lauren Calandriello of JLL represented Wellington in the lease negotiations. Mitchell Konsker, Ben Bass and Sam Seiler, also with JLL, represented the landlord, Columbia Property Trust. The building is now 70 percent leased.

May 25, 2022

Loans Office Washington Western

CBRE Places $32.5M in Financing for Seattle South Lake Union Office Building

by Amy Works May 24, 2022

SEATTLE — CBRE, on behalf of Swift Real Estate Partners, has placed $32.5 million in financing for 425 Pontius, an office building located in Seattle’s South Lake Union neighborhood. The borrower acquired the property in March 2022. Swift Real Estate Partners will use the financing for the acquisition and renovation of the four-story, 75,000-square-foot office building. The property features four stories of office space, surface parking and two levels of underground parking. The building was originally constructed in 1982 and underwent a lobby renovation in 2018. Swift plans to reposition the asset into creative office space and renovate the exterior and make cosmetic upgrades to the lobby, elevators and common areas. Mike Walker and Brad Zampa of CBRE’s San Francisco office, alongside Jeff Henderson in the Seattle office, arranged the four-year, floating-rate loan through an undisclosed West Coast-based bank. Tom Pehl and Charles Safley of CBRE’s Pacific Northwest-based capital markets team advised the seller, a local private partnership, in the sale of the property in March.

May 24, 2022

Florida Leasing Activity Office Southeast

Cushman & Wakefield Arranges 42,000 SF Office Lease at 800 Brickell in Miami

by John Nelson May 24, 2022

MIAMI — Cushman & Wakefield has arranged a 42,000-square-foot office lease at 800 Brickell, an office tower in Miami’s Brickell district. The tenant, IT management software provider Kaseya, is slated to officially move into the top three floors of the 15-story building next year. The 800 Brickell location will be Kaseya’s third office in Brickell. Tony Jones of Cushman & Wakefield represented Kaseya in the lease negotiations. The landlord is Naba Realty LLC.

May 24, 2022

Aaron Porter, NAI Global, Interest Rate Capital Markets group quote

Content Partner Features Healthcare Industrial Loans Midwest Multifamily NAI Northeast Office Southeast Texas Western

Rising Interest Rates and Inflation to Fuel Change in Property Markets

by Sarah Daniels May 24, 2022

Beginning in the fourth quarter of 2020, commercial real estate buyers and sellers moved off the sidelines and began fueling an impressive investment sales rebound as many pandemic-related lockdowns and restrictions eased or ended. The rush to purchase hard assets hit its apex a year later when commercial property sales surged to a record $362 billion in the fourth quarter of 2021 alone, according to Real Capital Analytics, a part of MSCI Real Assets that tracks property transactions of $2.5 million or more. The strong market is continuing this year: Deals of $170.8 billion closed in the first quarter, a year-over-year increase of 56 percent, Real Capital reports. Buyers in the first quarter also pushed up prices 17.4 percent over the prior year, according to Real Capital’s Commercial Property Price Indices (CPPI). But given rising interest rates and other recent headwinds, will investors continue to drive robust investment activity and bid up prices? The 10-Year Treasury yield has spiked some 150 basis points to around 3 percent since the beginning of 2022, and fixed 10-year mortgage rates of between 3 percent and 4 percent are up about 100 basis points. For short-term variable loans, the benchmark secured overnight financing rate …

May 24, 2022

Acquisitions New York Northeast Office

CBRE Brokers $28.5M Sale of Office Building in Brookhaven, New York

by Taylor Williams May 23, 2022

BROOKHAVEN, N.Y. — CBRE has brokered the $28.5 million sale of 5000 Corporate Court, a 264,482-square-foot office building in Brookhaven, located on Long Island. Tenants include the Internal Revenue Service and U.S. Citizenship & Immigration Service. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, Stuart MacKenzie, Travis Langer and Philip Heilpern of CBRE represented the seller, Office Properties Income Trust, in the transaction. CBRE also procured the buyer, Northpath Investments.

May 23, 2022

Leasing Activity Midwest Minnesota Office

Law Firm Fox Rothschild Relocates Minneapolis Headquarters to City Center

by Kristin Harlow May 23, 2022

MINNEAPOLIS — Fox Rothschild LLP, a national law firm, is relocating its Minneapolis headquarters from Two22 Tower to City Center in November. The firm will occupy 39,081 square feet of Target’s former space. Francis Cauffman Architects will serve as architect and interior designer for Fox Rothschild’s new space, which will span half of floor 36 and the entirety of floor 37. City Center is a 51-story, 1.6 million-square-foot office and retail tower owned by Ryan Cos. US Inc.

May 23, 2022

Colorado Industrial Loans Office Western

Good Investment Partners Receives $27M Acquisition Loan for Boulder Industrial, Office Portfolio

by Amy Works May 23, 2022

BOULDER, COLO. — Good Investment Partners (GIP) has received a $27 million loan for the acquisition of a light industrial and office portfolio comprising six properties in Boulder. The single- and multi-tenant buildings are located at 6797, 6837 and 6899 Winchester Circle and 4695, 4697 and 4699 Nautilus Court. Completed between 1982 and 2001, the portfolio was 87.8-percent leased to 23 tenants at the time of the loan closing. The buildings offer clear heights ranging from 13.6 to 20.5 feet, high office finishes, 21 grade-level doors, 19 dock-high doors and ample parking. GIP plans to enhance the properties, which total 184,462 square feet, serve small- to mid-sized companies in the market. Jason Carlos and William Haass of JLL Capital Markets arranged the floating-rate loan through Argentic Investment Management.

May 23, 2022

Development Georgia Mixed-Use Office Southeast

Clarion, Westbridge Break Ground on 926 Brady Adaptive Reuse Offices in Atlanta

by John Nelson May 23, 2022

ATLANTA — Clarion Partners and Westbridge have broken ground on 926 Brady, an adaptive reuse project in Atlanta’s West Midtown district. The project will repurpose a 1930s-era warehouse into 36,000 square feet of creative office space, including a second-floor addition that gives the property a rooftop terrace. Architectural firm ai3 is the design lead for 926 Brady, and Gay Construction Co. is serving as the general contractor. The Transwestern team of Zach Wooten and Stephen Clifton is managing leasing. Construction is currently underway, with an estimated delivery in the second quarter of 2023. 926 Brady sits at the corner of 10th Street and Brady Avenue within Stockyards Atlanta, an adaptive reuse of the former stockyard and meatpacking plant called Miller Union Stockyards. Westbridge redeveloped the campus in 2017 and brought in a diverse tenant base, including Red Bull, Fitzco, Mannington Commercial, Painted Duck, Baffi Atlanta and Nick’s Westside.

May 23, 2022

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