ANN ARBOR, MICH. — Colliers Detroit has arranged the sale of a 60,362-square-foot office building located at 5220 S. State St. in Ann Arbor. The sales price was undisclosed. Jim Chaconas and Joey Gatliff of Colliers represented the seller. The buyer, New Eagle LLC, provides specialized engineering services focusing on mechatronic control systems.
FAIRVIEW HEIGHTS, ILL. — The Illinois Department of Public Health has leased 9,923 square feet of office space at 11 Executive Drive in Fairview Heights, just east of St. Louis. Brokerage firm Barber Murphy represented the landlord, RETKO Group LLC. The representative of the tenant was not provided.
NEW YORK CITY — Standard Security Life Insurance Co. of New York has signed an 11,314-square-foot office lease at 488 Madison Avenue in Manhattan. Known as The Look Building, 488 Madison Avenue was originally constructed in 1949, rises 24 stories and spans 447,000 square feet. Scott Gutnick of Newmark represented the tenant, which will relocate from 485 Madison Avenue, in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis.
FRISCO, TEXAS — A development partnership has unveiled plans for Fields West, a $2 billion mixed-use project in Frisco, a northern suburb of Dallas. The 180-acre project will be situated along the Dallas North Tollway within Fields, a 2,500-acre master-planned development that houses PGA of America’s new headquarters. The development partnership for Fields West comprises Hunt Realty Investments, Karahan Cos., Chief Partners LP, CrossTie Capital Ltd. and the heirs of Bert Fields Jr., the original landowner and namesake of the development. Dallas-based Hunt Realty purchased the site, then known as Headquarters Ranch, from the Fields estate back in 2015. While individual components for Fields West weren’t disclosed, the developers did sign an agreement with Marriott International to bring a new Ritz-Carlton hotel to anchor the development. The size and room count for the new hotel were not announced. The Dallas Morning News reports that Fields West will ultimately feature three hotels and offices totaling a combined 4 million square feet. The outlet also reported the property will feature shopping, dining and entertainment uses, as well as 2,800 apartments. Project architect Gensler announced that Fields West will be “three times” the size of Legacy West Urban Village, a retail project within …
BALTIMORE — Cushman & Wakefield has secured a new 26,000-square-foot office lease in Baltimore for Design Collective, a locally based architecture and design firm. The firm will relocate from its current location in The Power Plant at 601 East P. St. to 100 E. Pratt St. The new office location offers a David & Dad’s Café Express, Starbucks, fitness center, concierge service and outdoor seating. Bronwyn LeGette and David Downey of Cushman & Wakefield represented Design Collective in the transaction. Linn Worthington of Cushman & Wakefield represented the landlord, Vision Properties.
LAS VEGAS — UnCommons Matter Real Estate Group has broken ground on Phase II of its $400 million, 40-acre mixed-use community in southwest Las Vegas. The second phase will feature a conference center, two office buildings and an additional parking garage with nearly 750 stalls. Construction is slated for completion by summer 2023. Components of Phase II include The Assembly, a 5,000-square-foot conference center offering indoor and outdoor space accommodating meetings for 10 to 250 people; and two four-story office buildings totaling 180,000 square feet with 20,000-square-foot to 25,000-square-foot floor plates available for lease. The buildings will have connected patio balconies enabling tenants to enhance their spaces with floors that are up to 45,000 square feet. Phase II will bring UnCommons to more than 335,000 square feet of office space. Upon full build-out, the property will offer five office buildings and four parking garages.
BOULDER, COLO. — Boulder-based Tepuy Properties has purchased a multi-suite office building located at 3050 Broadway St. in Boulder. Attache International Marketing sold the asset for $2.6 million. Built in 1981, the 7,094-square-foot property is currently 100 percent vacant. Tepuy plans to update the property with interior renovations and rooftop patio updates. Eric Rutherford with WK Real Estate represented the buyer, while Chris Jensen of Vista Commercial Advisors represented the seller in the transaction.
AUSTIN, TEXAS — Locally based developer Rastegar Property Co. has broken ground on 809 Skyline, a 24,700-square-foot boutique office project in East Austin. The development will consist of two approximately 12,000-square-foot buildings that will be available for either single- or multi-tenant use. Completion is slated for the first quarter of 2023. Stream Realty Partners will lease the buildings.
BIRMINGHAM, MICH. — Bernard Financial Group (BFG) has arranged $6.5 million in permanent financing for a 23,500-square-foot, Class A office building in Birmingham, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Chester Street Partners LLC. American United Life Insurance Co. provided the loan, the terms of which were undisclosed.
PITTSBURGH — Private wealth management firm Glenmede Trust Co. has signed a 7,989-square-foot office lease at the historic Union Trust Building in downtown Pittsburgh. The move-in is scheduled for May. The Union Trust Building originally opened in 1917 and spans 460,000 square feet. The landlord, The Davis Cos., recently completed a $100 million redevelopment of the property, which also houses 40,000 square feet of restaurant space in addition to a fitness center, conference facility and an auditorium.
