CHICAGO — Greenstone Partners has brokered the sale of 401 West Ontario Street, a 48,000-square-foot office building in Chicago’s River North neighborhood. The loft-style building features zoning that supports multifamily redevelopment. Jordan Multack of Greenstone represented the buyer, a private, Chicago-based development group. According to Greenstone, the buyer was drawn to the building’s efficient and flexible floor plates, value-add conversion potential and onsite indoor parking.
Fundamental macroeconomic changes in the U.S. office market, combined with the enduring resilience of Washington, D.C., make this a unique moment for investment in the region’s office sector. Forward-thinking, data-driven analysis will uncover unprecedented opportunities. Persistent flight-to-quality trends continue to drive a polarization of the D.C. office market more severely than the national average, with trophy vacancy lower and commodity vacancy higher than the overall U.S. office market. Recent sharp federal government cutbacks have caused uncertainty throughout 2025, driving additional occupancy loss in the commodity segment of the market, while a resilient private sector shows seemingly endless demand for top-quality space. Overall, midsized and large private sector tenants in the market plan to grow by an aggregate 350,000 square feet. Expected growth will be driven by law firms, higher education institutions, business and financial services firms and trade associations, including several new-to-market tenants. As a result, standard Class A and B/C vacancy rates are hovering at historic highs of 24 percent and 26 percent, respectively, while trophy vacancy sits at a historic low of 10.2 percent. The overwhelming majority of large and mid-sized blocks of top-quality space are also encumbered. If trophy space continues to be absorbed at the same …
By Mark McDonald, president of visual lease and CoStar real estate manager The recent shift back to in-person work isn’t a mere passing trend, and it’s forcing companies to reassess their office leases and how they manage them. According to resume.org, industry estimates suggest that around 75 percent of companies that were formerly remote have now implemented some version of RTO (return-to-office) since the pandemic. Many large, publicly traded companies spanning various industries, including tech (Amazon, Dell) and financial services (J.P. Morgan), are requiring employees to work onsite full time. As RTO continues to gain traction, more organizations are closely evaluating their real estate strategies, looking not only at how much space they need, but also where, when and under what terms they need those spaces. As leaders make these difficult and often high-stakes decisions, many executives are recognizing the importance of quality lease portfolio management. This involves tracking, analyzing and optimizing an organization’s leased properties with actions like consolidating space, exiting underused locations or renegotiating existing terms. So how exactly is RTO reshaping lease management, and why is accurate, real-time lease data now a critical asset for fast, informed business decisions? Rethinking Lease Management in the Era of RTO …
ATLANTA — Kilpatrick Townsend & Stockton LLP has renewed its 148,000-square-foot lease at 1100 Peachtree, a 28-story office tower in Midtown Atlanta. The global law firm has leased space at the property since 1992 and has recommitted to a 15-year term. 1100 Peachtree is currently 76 percent leased. Sam Hollis, John Izard, Ken Ashley and Christian Taylor of Cushman & Wakefield represented the tenant in the lease negotiations. Brooke Dewey and Alexis Vondersaar of JLL serve as the primary leasing agents for 1100 Peachtree on behalf of ownership, Spear Street, which acquired the 584,066-square-foot office tower in May 2025. The owner is underway on a full refresh of the building’s conference and fitness centers. Completion of the renovation is scheduled for this quarter. Along with the renovation, Spear Street will also welcome two new food-and-beverage concepts — Dos Cominos and Paris Baguette — to the tower’s street-level retail component this year.
ONTARIO, CALIF. — Rancho Cucamonga, Calif.-based IHC State LLC has completed the disposition of a fully occupied industrial and office building in Ontario. Santa Fe Springs, Calif.-based Orden Co. acquired the asset for $57.1 million. Located at 875 W. State St., the cross-dock facility offers 257,722 square feet of space, a 40-foot minimum clear height, 51 dock-high doors, two GL doors and 2,000 amps of power. Eric Fikse and Eric Burney of DAUM Commercial represented the seller, while Fikse procured the buyer in the deal.
NEW YORK CITY — Starr has signed a 20-year, 275,000-square-foot office headquarters lease in Midtown Manhattan. The global investment and insurance organization will occupy the entirety of floors 16 through 27 at 343 Madison Avenue, a 46-story, 930,000-square-foot building that is currently under construction. John Picco, Peter Van Duyne and Alex Lachmund of Cushman & Wakefield represented Starr in the lease negotiations. Peter Turchin, John Maher, Evan Haskell and Caroline Merck of CBRE represented the landlord, BXP, formerly known as Boston Properties, which expects to complete 343 Madison Avenue in 2029.
WALTHAM, MASS. — Dentsply Sirona has renewed its 84,413-square-foot office and industrial lease in Waltham, a western suburb of Boston. The North Carolina-based provider of dental products will continue to occupy the entirety of the building at 590 Lincoln St., which includes manufacturing space, for an additional six years. CBRE represented the landlord, Hobbs Brook Real Estate, in the lease negotiations. Cushman & Wakefield represented the tenant, which has leased the building since 2017.
NEW YORK CITY — A partnership between GFP Real Estate and BDT & MSD Partners has invested $150 million to redevelop 1540 Broadway, a 907,000-square-foot office tower in the Times Square area of Midtown Manhattan. The transformation is intended to reframe the original tower, which was completed in 1990 and designed by Skidmore, Owings & Merrill. Renovations are expected to be complete by late 2026. “Our shared vision is to create a workplace that is purposeful, well-crafted and thoughtfully executed, raising expectations for what defines a leading New York City office tower,” says Brian Steinwurtzel, co-CEO and principal of GFP Real Estate. “This is a full reintroduction of the building.” Affiliates of Apollo (NYSE: APO) will provide financing for the project, while GFP Real Estate will oversee operations with BDT & MSD. JLL will serve as the leasing agent for the building. Designed by Fogarty Finger, the renovation will feature extensive interior improvements and the inclusion of more than 45,000 square feet of amenities across two levels of the building. A 27,000-square-foot “amenity hub,” located on the eighth floor, will comprise upgraded wellness facilities, a reimagined fitness center, new locker rooms, a dedicated recovery and movement zone and enhanced communal areas. …
FORT WORTH, TEXAS — CK Family Services has signed a 9,337-square-foot office lease in West Fort Worth. The space is located within the 37,445-square-foot building at 201 N. Rupert St., a former industrial building that is now fully leased. Sarah LanCarte and Finn Wilson of LanCarte Commercial Real Estate represented the landlord, H/FW Capital Partners, in the lease negotiations. Link Karlen of KW Commercial represented the tenant.
MIAMI — Bayview PACE, a division of Bayview Commercial Mortgage Finance, has provided $200 million in C-PACE financing for Okan Tower, a 72-story mixed-use tower underway at 555. N. Miami Ave. in downtown Miami. The borrower, Okan Group, and its construction affiliate Okan Construction recently reached the 40th floor of the tower’s build-out. The tower will rise 903 feet upon completion in 2028, making it the second tallest building in Florida. The C-PACE financing completes the capital stack for the new skyscraper, according to Bayview PACE. Other capital sources were not released. Designed by Behar Font & Partners, Okan Tower will feature four levels of offices totaling 56,000 square feet; an onsite parking garage totaling 429 spaces; a five-star, Hilton-branded hotel totaling 316 rooms; 236 condo-hotel units managed by Hilton; and Sky Residences, 163 for-sale condominiums that will occupy the tower’s uppermost floors.
