Office

Cushman & Wakefield Brokers $56.7M Sale of Two Office Buildings in Downtown Miami

by John Nelson May 10, 2022

MIAMI — Cushman & Wakefield has brokered the $56.7 million sale of a pair of office buildings in downtown Miami totaling more than 300,000 square feet. A partnership between Triple Double Real Estate and Stonerock Capital Partners purchased the portfolio from an undisclosed seller. Mike Davis, Dominic Montazemi, Miguel Alcivar, Adam Spies, Rick Brugge and Rick Colon of Cushman & Wakefield represented both parties in the transaction. The properties include a 12-story building at 200 S.E. 1st St. and a 26-story tower at 44 W. Flagler St. The buildings are about a quarter-mile from one another and were a combined 59 percent leased at the time of sale, giving value-add opportunities to the new owners.

May 10, 2022

Company News District of Columbia Office Southeast

Boeing Moves Global Headquarters to Arlington, Plans to Build Research Campus

by John Nelson May 9, 2022

ARLINGTON, VA. — Boeing (NYSE: BA) has chosen Arlington as the site for its new global headquarters due to the city’s proximity to Washington, D.C., and strong client and talent base in the region. The aerospace and defense giant is moving its headquarters from Chicago, where the firm plans to maintain a significant office presence. In addition to the corporate relocation, Boeing plans to develop a research and tech hub in Arlington to support and train Boeing employees in the areas of cyber security, autonomous operations, quantum sciences and software and systems engineering. Details about the campus and the construction timeline were not disclosed. Boeing’s stock price closed on Thursday, May 5 at $150.47 per share, down from $229.81 a year ago, a 34.5 percent decline.

May 9, 2022

Leasing Activity Office Texas

Cushman & Wakefield Negotiates Three Office Leases Totaling 128,000 SF in Irving

by Taylor Williams May 9, 2022

IRVING, TEXAS — Cushman & Wakefield has negotiated a trio of office leases totaling roughly 128,000 square feet at VariSpace Las Colinas, a 312,000-square-foot building in Irving. Aviation engineering firm CAE signed a lease for 16,000 square feet; Caris Life Sciences inked a deal for 37,000 square feet; and an undisclosed education organization committed to 75,000 square feet. Cushman & Wakefield’s Johnny Johnson and Chris Taylor represented the landlord, Vari, a provider of office furniture and other workplace solutions, in the lease negotiations. Jeff Eiting of CBRE represented CAE, and Greg Burns of ESRP represented Caris Life Sciences.

May 9, 2022

Acquisitions Office Texas

Long View Equity Acquires 111,286 SF Preston Grove Office Park in Dallas

by Taylor Williams May 9, 2022

DALLAS — Austin-based investment firm Long View Equity has acquired Preston Grove, a 111,286-square-foot office park in Dallas. The three-building complex is situated on a seven-acre site on the city’s north side. Steve Simon, Steve Rowland and Chris Lipscomb of Transwestern represented the seller, Reserve Capital Partners, in the transaction. Additional terms of sale were not disclosed.

May 9, 2022

Acquisitions Connecticut Northeast Office

CBRE Brokers $72M Sale of Office Building in Stamford, Connecticut

by Taylor Williams May 9, 2022

STAMFORD, CONN. — CBRE has brokered the $72 million sale of 400 Atlantic Street, a 508,043-square-foot office building in the downtown area of Stamford, about 40 miles outside of New York City. At the time of sale, 400 Atlantic Street was 30 percent leased. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer and Travis Langer of CBRE, in collaboration with Meredith LaPier of Advisory and Transaction Services, represented the seller, an affiliate of Charter Communications Inc., in the transaction. Charter Communications also previously used the 14-story building as its global headquarters but has since relocated to an 875,000-square-foot campus at 400 Washington Blvd. CBRE also procured the buyer, a partnership between George Comfort & Sons and AVG Partners, which plans to implement a value-add program.

May 9, 2022

Illinois Leasing Activity Midwest NAI Office

NAI Hiffman Negotiates Five Leases at Office Building in Lisle, Illinois

by Kristin Harlow May 9, 2022

LISLE, ILL. — NAI Hiffman has negotiated five new leases totaling nearly 30,000 square feet at 2200 Cabot Drive, an office building in the Corporate Lakes office park in Lisle, a western suburb of Chicago. Patrick Kiefer and Jim Adler of NAI Hiffman represented ownership, RE Development Solutions. The tenants included CAGE Civil Engineering, Capitas Financial Midwest, NSA Media, TD Synnex and Mathieson, Moyski, Austin & Co. LLP. Brokers representing the tenants included Patrick Elwood of CBRE, William Main of CBIZ Gibraltar, Diana Riekse of CBRE, Kevin Rogers of JLL and Scott Fedyski and Jay Scholten of Capital Real Estate Partners. Built in 1990 and previously renovated in 2002, 2200 Cabot rises five stories and spans 132,000 rentable square feet. RE Development Solutions has been renovating the property since its acquisition in November 2019. Approximately 70,000 square feet of the building remains available for lease.

May 9, 2022

Leasing Activity New York Northeast Office

Cadre Signs 17,000 SF Office Lease at 315 Park Avenue South in Midtown Manhattan

by Taylor Williams May 9, 2022

NEW YORK CITY — Cadre, a technology-driven real estate investment platform, has signed a 17,000-square-foot office lease at 315 Park Avenue South in Midtown Manhattan. Columbia Property Trust owns the 20-story, 331,000-square-foot building, which is now 97 percent leased. Steven Rotter and Justin Haber of JLL represented Cadre in the lease negotiations. Newmark represented building ownership.

May 9, 2022

Georgia Market Reports Office Southeast Southeast Market Reports

Atlanta Lands Big Office Deals, but Overall Tenant Demand Remains Uncertain

by John Nelson May 9, 2022

In many ways, metro Atlanta is a tale of two office markets. Google, Microsoft, Papa John’s, Visa and FanDuel are just some of the heavy hitters that have signed major deals over the last year and a half, fueling leasing activity that is getting closer to pre-pandemic norms. Much of that action has been centered in the Central Business District (CBD), which registered a 68 percent year-over-year increase in leasing volume compared to first-quarter 2021. According to research from CoStar Group, leasing volume for the entire market totaled 3.2 million square feet in the first quarter, which is on par with the 10-year quarterly average. Midtown, where more than 2 million square feet of new product is under construction and the majority of corporate heavyweights have planted their flag, led all submarkets in leasing activity, with Cushman & Wakefield reporting nearly 314,000 square feet of new leases signed in the first quarter. Midtown’s overall walkability, abundance of high-rise residential units, new office buildings and access to talent from local universities and mass transit have enabled it to become a talent magnet for major employers and one of the nation’s premier submarkets. However, the vast majority of office tenants in metro …

May 9, 2022

Acquisitions Office Texas

Newmark Brokers Sale of 130,371 SF Lincoln Legacy Two Office Building in Plano

by Taylor Williams May 6, 2022

PLANO, TEXAS — Newmark has brokered the sale of Lincoln Legacy Two, a 130,371-square-foot office building in the Legacy area of Plano. The five-story building was constructed in 2014 and features a tenant lounge, fitness center and a four-story parking garage. Chris Murphy, Robert Hill, Gary Carr and Chase Tagen of Newmark represented the seller, a partnership led by Dallas-based Pillar Commercial, in the transaction. Josh Francis of Newmark arranged acquisition financing on behalf of the buyer, Missouri-based Larson Capital Management. Lincoln Legacy Two was 90 percent leased at the time of sale.

May 6, 2022

Acquisitions Office Texas

SkyWalker Property Partners Sells 36,879 SF Call Center in Wichita Falls, Texas

by Taylor Williams May 6, 2022

WICHITA FALLS, TEXAS — Dallas-based SkyWalker Property Partners has sold a 36,879-square-foot call center located at 2236 Airport Freeway in Wichita Falls, about 140 miles northwest of Fort Worth. Situated on a seven-acre site, the property was fully leased at the time of sale to a subsidiary of customer service and communications firm The Results Cos. The call center was auctioned by Ten-X, with SCM Real Estate brokering for the seller of record, Wichita Calls LLC. The winning bid came from a local 1031 exchange buyer, Star Texan Properties LLC.

May 6, 2022

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