Office

JLL Arranges 75,000 SF Office Lease in Miami for Medical Research Firm

by John Nelson May 23, 2022

MIAMI — JLL has arranged a 75,000-square-foot office lease at Quattro Miami, a four-building office park in the city’s Airport West submarket. The tenant, medical research firm Evolution Research Group (ERG), is relocating its South Florida regional headquarters to Quattro Miami from Hialeah. The move expands ERG’s office footprint by 45,000 square feet, according to JLL. The New Jersey-based firm leased four full floors at Quattro East, located at 700 NW 107th Ave. Doug Okun of JLL represented the landlord, an entity owned by Guy Sharon and Yoav Merary that is doing business as Four 700 LLC, in the lease negotiations. David Herbert, Donna Abood and Joseph Abood of Avison Young represented ERG. Quattro Miami was recently renovated with updated façades, lobbies, common areas and restrooms, a revamped café, new elevator controls and cabs, a renovated fitness center and a new conferencing center. The park’s tenant roster includes Farelogix/Accelya, State’s Title and Alliance for Aging, in addition to other traditional office tenants and medical and research companies.

May 23, 2022

Acquisitions Office Texas

JLL Negotiates Sale of 162,919 SF Office Building in Houston’s Energy Corridor

by Taylor Williams May 20, 2022

HOUSTON — JLL has negotiated the sale of One Park 10 Plaza, a 162,919-square-foot office building in Houston’s Energy Corridor area. The eight-story building is located within the 550-acre Park 10 master-planned development and was 76 percent leased at the time of sale. The property includes a 560-space parking garage. Marty Hogan and Kevin McConn of JLL represented the seller, Florida-based investment firm Accesso Partners, in the transaction. Houston-based private equity firm Interra Capital Group purchased the building, which has received more than $ 1 million in capital improvements over the last decade, for an undisclosed price.

May 20, 2022

Leasing Activity Office Texas

Patrinely Group Signs Three New Office Tenants at City Place 1 in Houston

by Taylor Williams May 20, 2022

HOUSTON — Patrinely Group, in a joint venture with USAA Reeal Estate and CDC Houston, has signed three new office tenants to leases at City Place 1, a 149,500-square-foot office building in Houston. Orion Engineered Carbons leased 10,589 square feet on the third floor. Chemicals provider Evonik Industries inked a deal for 9,617 square feet on the fifth floor, an educational design firm Huckabee & Associates committed to 6,503 square feet on the first floor. Brett Blanchard of CBRE represented Orion in the lease negotiations, while William Padon of CBRE represented Evonik Industries. Anya Marmuscak of JLL represented Huckabee & Associates. Chrissy Wilson and Matt Pruitt of JLL, along with Phillip Moore and Dennis Tarro of Patrinely Group, represented the landlord in each deal. All three users expect to move in before the end of the year.

May 20, 2022

Delaware Loans Northeast Office

3650 REIT Provides $85M Loan for Refinancing of Office Building in Wilmington, Delaware

by Taylor Williams May 20, 2022

WILMINGTON, DEL. — 3650 REIT, a Miami-based direct lender, has provided an $85 million loan for the refinancing of WSFS Bank Center, a 371,000-square-foot office building in Wilmington, about 30 miles south of Philadelphia. Developed by Buccini/Pollin Group in 2006, the property serves as the corporate headquarters of WSFS Bank. David Strongwater of Lantern Real Estate placed the loan, which carries a 120-month term, with 3650 REIT on behalf of Buccini/Pollin.

May 20, 2022

Leasing Activity Office Texas

J.C. Penney Signs 318,067 SF Office Headquarters Lease at Legacy West in Plano

by Taylor Williams May 19, 2022

PLANO, TEXAS — J.C. Penney has signed a 318,067-square-foot office headquarters lease at CalWest, a 1.8 million-square-foot office building located within Legacy West in Plano. The 86-acre campus offers a full-service fitness club, conference center, daycare facility and a food court/dining hall. According to The Dallas Morning News, the campus served as J.C. Penney’s headquarters from 1992 until 2020, at which point the company vacated the premises while dealing with bankruptcy proceedings. The retailer expects to take occupancy of its new space this fall. Michael Brigance and Teddy Childers represented the landlord, Capital Commercial Investments, in the lease negotiations on an internal basis.

May 19, 2022

California Life Sciences Loans Office Western

CBRE Arranges $75M Loan for Shoreway Innovation Center in Belmont, California

by Amy Works May 19, 2022

BELMONT, CALIF. — CBRE has arranged a $75 million loan for the acquisition and redevelopment of Shoreway Innovation Center in Belmont. The property will be redeveloped into a new life sciences campus. The borrower is Four Corners Properties. Mike Walker and Brad Zampa with CBRE Capital Markets’ Debt & Structured Finance group arranged and secured the three-year, floating-rate financing through a private equity firm. The nonrecourse loan carried two extension options. Four Corners Properties will use the financing to fund a portion of the predevelopment costs for 1301 Shoreway Road, which was acquired in December 2021 for $90.2 million. The future redevelopment will likely include construction of two Class A life sciences buildings totaling approximately 500,000 to 600,000 square feet. The new development will also include a multi-story parking structure with approximately 1,500 parking stalls.

May 19, 2022

Acquisitions North Carolina Office Southeast

Crestlight Capital Acquires SouthPark Towers Office Campus in Charlotte

by John Nelson May 19, 2022

CHARLOTTE, N.C. — Private equity investment firm Crestlight Capital has purchased SouthPark Towers, a two-building office campus in Charlotte’s SouthPark submarket totaling 534,263 square feet. The sales price and seller were not disclosed. The transaction represents Crestlight’s first office investment in Charlotte and fourth investment over the past 16 months, totaling over $500 million of enterprise value. The firm, which has regional headquarters in Detroit and New York City, partnered with an unnamed institutional investor for the acquisition. Crestlight plans on executing a significant renovation of both buildings, including cosmetic improvements, new building amenities and an overhaul of outdoor space. Crestlight has tapped Joe Franco, Kris Westmoreland and Stephanie Spivey to handle leasing at SouthPark Towers.

May 19, 2022

Market Reports Midwest Midwest Market Reports NAI Office Wisconsin

Office Designs, Layouts Look Different in Post-Pandemic Marketplace

by Kristin Harlow May 19, 2022

It’s safe to say office space design has been transformed over the past two years in large part due to COVID-19 and the work-from-home experience. It has changed for now, the foreseeable future and maybe forever. Though many people are still working from home, others have returned to the office, even if only for a few days a week, and many of the office spaces are looking entirely different. While this may be happening in other markets, it is a trend we are seeing in the Milwaukee office market. The idea of the design and aesthetic of the office has changed. Current trends in office design are focusing on safety and comfort, while also creating a sense of home at the office. Tenants are being more thoughtful about their space layout and design. Instead of trying to fit as many people as possible into the space, tenants are occupying roughly the same size, or even slightly smaller spaces, but focusing on making those spaces more welcoming to help ease those workers coming back into the office, as well as recruiting new employees. Bring home into the office This design trend has the goal to provide comfort and safety at every …

May 19, 2022

Leasing Activity New York Northeast Office

SVB Securities Signs 68,183 SF Office Lease Expansion at 1301 Avenue of the Americas in Manhattan

by Taylor Williams May 18, 2022

NEW YORK CITY — SVB Securities, an investment bank specializing in the healthcare and technology sectors, has signed a 68,183-square-foot office lease expansion at 1301 Avenue of the Americas in Midtown Manhattan. The tenant now occupies 139,176 square feet at the 1.7 million-square-foot building, which is owned by locally based investment firm Paramount Group Inc. (NYSE: PGRE).

May 18, 2022

Illinois Leasing Activity Midwest Office

Heritage-Crystal Clean Inks 39,000 SF Office Lease at Bell Works Chicagoland

by Kristin Harlow May 18, 2022

HOFFMAN ESTATES, ILL. — Heritage-Crystal Clean Inc. (HCC) has signed an 11-year office lease for 39,000 square feet at Bell Works Chicagoland in Hoffman Estates. The company is the property’s largest tenant to date. HCC plans to move its team of 180 workers from its longtime home in Elgin to Bell Works Chicagoland in August. The publicly traded environmental products and services company will occupy space on the third floor. NELSON Worldwide will design the office. Sven Sykes of Colliers represented HCC in the lease, while Steve Kling of Colliers represented ownership. Bell Works Chicagoland is the redevelopment of the former AT&T campus being undertaken by New Jersey-based Somerset Development.

May 18, 2022

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