MILWAUKEE — Silvercrest Asset Management Group has signed an 11,194-square-foot lease to open a Milwaukee office at BMO Tower. The company will occupy space on the 22nd floor and expects to open in May. Silvercrest, founded in 2002, is an employee-owned investment adviser with more than $27 billion in assets under management. The Milwaukee office joins the company’s other locations in New York, Massachusetts, California, Virginia and New Jersey. Adam Leshowitz and Nick Becker of CBRE represented the tenant in the lease negotiations. Irgens is the owner. Current tenants at BMO Tower include BMO Harris Bank, Michael Best & Friedrich, B.C. Ziegler & Co., Heartland Advisors, Kahler Slater and Andrus Intellectual Property Law LLP.
WEST CONSHOHOCKEN, PA. — Financial advisory firm CBIZ Inc. has signed a 50,850-square-foot office lease in West Conshohocken, located on the northwestern outskirts of Philadelphia. Seamus Byrne, Eric Galanti and Bill Main of CBIZ Gibraltar Real Estate Services, along with Ryan Conner of Tactix, represented the tenant in the lease negotiations. Rich Jones and Tom Sklow internally represented the landlord, Keystone Development + Investment. CBIZ plans to take occupancy in the third quarter of 2023.
BRIDGEPORT, CONN. — Locally based brokerage firm Choyce Peterson has negotiated the sale of a 30,000-square-foot office building in Bridgeport, located in the southern coastal part of the state. An entity doing business as Courtland Street Partners LLC sold the freestanding building to an affiliate of Adam J. Lewis Academy for an undisclosed price. Scott Peterson and Charlene O’Connell of Choyce Peterson brokered the deal. The new ownership plans to convert the building into an expansionary facility for its main school.
ARLINGTON, TEXAS — Dental supply company Henry Schein Inc. has signed a 12,488-square-foot lease renewal at Randol Mill Service Center, a 96,124-square-foot industrial flex property in Arlington. Michael Spain of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Patrick Reis of Property Advisers Realty represented the landlord, an entity doing business as PHP RMSC Venture LP.
BOSTON — Locally based REIT American Tower (NYSE: AMT) has signed a 40,000-square-foot office lease renewal at 116 Huntington Avenue in Boston’s Back Bay neighborhood. The 15-story building spans 273,000 square feet and includes ground-floor retail and restaurant space. Michael Joyce and Lauria Brennan of Cushman & Wakefield represented the landlord, Columbia Property Trust (NYSE: CXP), in the lease negotiations. Kevin Kennedy and Tim Lahey of CBRE represented American Tower.
WALTHAM, MASS. — Marcus & Millichap has brokered the sale of a 16,637-square-foot office building located at 230 Second Ave. in Waltham, a western suburb of Boston. The sales price was $3.4 million. The property was fully leased to six tenants at the time of sale. Harrison Klein and Luigi Lessa of Marcus & Millichap represented the seller, an entity doing business as Eastport 230 LLC, in the transaction. The duo also procured the buyer, a private investor that acquired the asset via a 1031 exchange.
NEW YORK CITY — CBRE has negotiated a 14,375-square-foot office lease at 535 Madison Avenue in Midtown Manhattan. Steve Siegel, Craig Reicher, Tim Dempsey, Ramneek Rikhy and Marlee Tepliztky of CBRE represented the tenant, locally based law firm Fried Frank, in the lease negotiations. The tenant, which has committed to a 15-year term, plans to relocate from The Seagram Building to the 37-story tower in early 2024. Brian Gell and Laurence Briody, also with CBRE, represented the landlord, Park Tower Group.
TACOMA, WASH. — Kirkland-based MJR Development has released plans to renovate the office building at 1145 Broadway in downtown Tacoma. Renamed as Tacoma Centre, the 15-story, 200,000-square-foot office building will include a café, bar, lounge areas, conference rooms and a fitness center with locker rooms. With the renovations, the tower will offer office space optimized for a culture of work/life balance and creative collaboration. Once complete, Tacoma Centre will offer a high-end lounge to accommodate casual team meetings, happy hours and corporate events and soirees. The remodeling will focus on common areas, and the building will remain open to tenants during construction. Interior designs will use natural materials, tall windows and expansive views. The renovation is slated for completion in summer 2023. MJR acquired the property, previously known as Tacoma Financial Center, in January 2022. Will Frame, Drew Frame and Ben Norbe of Kidder Mathews represented MJR in the sale and are now managing the leasing.
PITTSBURGH — Law firm Metz Lewis Brodman Must O’Keefe has signed a 19,228-square-foot office lease at Four Gateway Center, a 22-story building in Pittsburgh. The locally based law firm will relocate from the Henry W. Oliver Building in summer 2023. Nick Francic and Reid Mauro of JLL represented the tenant in the lease negotiations. Jeremy Kronman, Adam Viccaro and Dominika Demantova of CBRE represented the landlord, Hertz Investment Group.
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Retail Development Program Lessons Apply Across Property Types
Retail development programs have allowed retailers to streamline their goals by creating prototype models based on site particulars. This process saves developers and retailers money as they can be flexible in choosing models that work for each site without needing to alter layouts and features too much between builds. But what makes for successful prototypes and program standards? Can this approach work outside of the retail world? “The lessons of retail programs can apply across property types in this sense: land development consultants and site designers can learn how specific clients need their set of standards and guidelines implemented. It’s essential to thoroughly understand a program client’s procedures, and we’re expected to know these parameters inside and out,” says Steven T. Fortunato, a senior project manager at Bohler’s Rehoboth Beach office in Delaware. Bohler is a land development design and consulting firm that specializes in helping developers move their projects forward faster. “The retail program methodology translates well to other sectors. Starting off with either a new developer or a new client is an opportunity to learn their standards — or help the client create them. The end result must offer the same level of confidence whether the product is retail or …