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.
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.
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.
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.
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 …
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.
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.
YONKERS, N.Y. — A joint venture between Nuveen Real Estate, Taconic Partners and North American Properties has acquired Ridge Hill, a 1.2 million-square-foot office and retail development in Yonkers, located north of New York City, for $220 million. Built in 2011, Ridge Hill is currently 71.7 percent leased. Tenants include Whole Foods Market, Lowe’s Home Improvement, Dick’s Sporting Goods, T.J. Maxx, H&M, LA Fitness, L.L. Bean, Showcase Cinemas, Legoland Discovery Center, Guitar Center, The Container Store and Westmed Medical Group. Dave Monahan, Cameron Pittman, Chris Angelone, Jose Cruz and Andrew Scandalios of JLL represented the seller, QIC US Management Inc., in the transaction. Kellogg Gaines, Aaron Niedermayer, Evan Pariser, Claudia Steeb and Joy Dracos, also with JLL, arranged $181.3 million in acquisition financing on behalf of the joint venture, which plans to enhance Ridge Hill’s public spaces, street design and parking areas. The new ownership also plans to target locally inspired food and beverage concepts, as well as national luxury apparel and boutique fitness users.
CHICAGO — Skender has completed the interior office buildout for Milwaukee Tool at the Old Post Office in Chicago. The 70,000-square-foot space is located on the third floor and features 10,000 square feet of research and development lab space as well as 60,000 square feet of open and private offices. The office component also includes a large collaboration area called the Beehive, plus a training room and multiple conference rooms. The office is Milwaukee Tool’s first outside of Wisconsin. Skender collaborated with owner’s representative JLL, architects Nelson and SPS and engineering firm McGuire. Skender also entered into an official partnership with Milwaukee Tool to streamline access to its power tools and products for future projects.
MADISON, WIS. — Milwaukee-based developer Klein Development, in partnership with Hintz Holdings, has acquired a three-story building located on Madison’s Capitol Square. Located at 14 W. Mifflin St., the property was originally constructed in 1924 as Baron’s Department Store. It is currently home to Rare Steakhouse on the ground floor. The building’s second and third floors boast roughly 20,000 square feet of vacant commercial space. Klein plans to reposition the property with assistance from Eppstein Uhen Architects. Renovations will be made to the first-floor lobby and restrooms on the second and third floors. Chase Brieman of CBRE will handle leasing. The seller and sales price were undisclosed.