WHITE PLAINS, N.Y. — Houston-based investment firm Interra Capital Group has acquired a 323,431-square-foot office building located on a 21-acre site at 1311 Mamaroneck Ave. in White Plains, located north of New York City. Jeffrey Dunne, Steve Bardsley, Travis Langer, Patrick Arangio, Jack Howard and Kurt Altvater of CBRE represented the undisclosed seller and procured Interra Capital Group as the buyer in the transaction. The building was 53 percent leased at the time of sale.
SAN ANTONIO — A partnership between Houston-based Cambridge Development Group and Dallas-based Preston Hollow Community Capital has broken ground on WatersEdge, a 200,000-square-foot office project in San Antonio. The two-building complex will be situated within the 1,308-acre Brooks master-planned community on the city’s southeast side. The development team has tapped Transwestern to lease the development upon completion, which is slated for the third quarter of 2023.
NEW YORK CITY — Financial services and investment management firm Franklin Templeton has signed a 347,474-square-foot lease at One Madison Avenue, an office building in Midtown Manhattan that is currently under construction. One Madison Avenue, which is scheduled for a November 2023 completion, is now 55 percent preleased. Other tenants include IBM (328,000 square feet) and Chelsea Piers Fitness (56,000 square feet). Rob Lowe, Jeff Cushman and John Cushman of Cushman & Wakefield represented the tenant in the lease negotiations. Paul Glickman, Alex Chudnoff, Diana Biasotti and Ben Bass of JLL represented the landlord, SL Green.
COLORADO SPRINGS, COLO. — NavPoint Real Estate Group has arranged the sale of an office building located at 5731-5759 N. Academy Blvd. in Colorado Springs. Silverwood Investments LP sold the asset to East of Eden Enterprises LP for $7.2 million in an off-market transaction. Situated within Centerpointe Plaza shopping center, the property features 30,843 square feet of office space occupied by three tenants in the medical, fitness and education sectors. Matt Call of NavPoint Real Estate Group represented the seller, while Jae Kim of RE/MAX 100 represented the buyer in the transaction.
GREENSBORO, N.C. — CBRE|Triad has arranged the sale of the former Pilot Life Insurance Co. headquarters, a historic seven-building, 220,000-square-foot suburban office campus in Greensboro. Kisco Senior Living sold the property to Clachan Properties for an undisclosed price. David Hagan and Joe Stanley of CBRE|Triad represented the seller in the transaction and are currently marketing the two remaining land sites at the campus, which is named The Pilot of Sedgefield. Charlie Fulk of Meridian Realty represented Clachan, a Richmond-based investor that converts historic properties in the Carolinas and Virginia to modern-day apartments. The firm recently put the campus on the National Register of Historic Places. The property’s original three buildings were constructed in 1927 and served as the first suburban office campus in the history of North Carolina.
OAK BROOK, ILL. — International Contractors Inc. has signed a 17,700-square-foot office lease at 1 Mid America Plaza in the Chicago suburb of Oak Brook. The tenant is a 40-year-old construction management firm. Daniel Cawley and Brayden Schiff of Cawley Chicago represented the tenant in the lease transaction. Josh Feldman of Cushman & Wakefield represented the landlord, Crowe LLC.
SAN ANTONIO — Locally based firm DPR Investments has acquired One Park Ten, a 156,000-square-foot office park in San Antonio. The four-building development is located along the I-10 corridor, just inside Loop 410 on the city’s north side. DPR Investments purchased the property from Florida-based Accesso Partners with plans to implement a value-add program. The firm has tapped REOC San Antonio to lease the property.
HOUSTON — Los Angeles-based design agency Commonwealth Projects has signed a 20,755-square-foot office lease expansion at One Riverway in Houston. The tenant now occupies a full floor at the 481,222-square-foot building, which is located on the city’s west side. Brad Fricks, Matt Asvestas and Danielle Rothchild of Stream Realty Partners represented the landlord, Unilev Capital Corp., in the lease negotiations. Noah Kruger of Savills represented the tenant.
By Karena Gilbert, Office & Investment Associate, Colliers With a population of a little more than 795,000, the Boise metro area has consistently ranked as one of the fastest-growing places in the nation. Ada and Canyon counties saw a population increase of 7.8 percent from 2020 to 2022. This growth has brought both business and talent to the Boise area and around the state. In a city already ripe with highly skilled, educated and community-minded people, the influx of more talent helped stimulate the growth of local and newly planted companies. Unemployment was 2.4 percent in June 2022, its lowest since May 2018. We are once again seeing companies that have to work to attract and retain employees in this growing market. Boise office tenants have returned to work. There is a degree of remote work, along with the adoption of hybrid work, as many employers and employees are unsure how many days per week anyone will be required in the office. There is a strong desire to have employees back to work as it fuels collaboration, mentorship and training. Companies that had thought about reducing their footprint are now reconsidering and finding value in having a collaborative environment. Boise has smaller office users …
CLAYTON, MO. — CBRE has signed a 13,611-square-foot office lease at The Plaza in the St. Louis suburb of Clayton. The firm has occupied space on the 14th floor of The Plaza since 2012 and will now move to the sixth floor in the first quarter of 2024. The new office is part of CBRE’s Workplace360 program. The new workplace will showcase CBRE’s “Future of Work” space standards, including new technologies and a variety of collaborative spaces designed to support hybrid working. The sixth floor provides access to the renovated outdoor terrace. Building owner Franklin Partners plans to add new amenities such as a clubroom, conference center, game room, fitness center, reception area and rooftop deck. CBRE launched its Workplace360 program in 2012 and has since opened more than 100 Workplace360 offices across the globe. CBRE Design Collective will manage the workplace design. Emily Levinson of CBRE’s Americas Consulting practice is leading workplace strategy.
