Office

Law Firm Signs 79,719 SF Office Lease at Four Gateway Center in Pittsburgh

by Taylor Williams April 15, 2022

PITTSBURGH — Law firm Dickie, McCamey & Chilcote PC has signed a 79,719-square-foot office lease at Four Gateway Center, a 1.5 million-square-foot office building in downtown Pittsburgh. The firm will relocate from its longtime space at PPG Place to occupy five floors at Four Gateway Center, which features a newly built conference facility and fitness center, in spring 2025. Dan Adamski, Nick Francic and Reid Mauro of JLL represented the tenant in its site selection and lease negotiations. The representative of the landlord, Hertz Investment Group, was not disclosed.

April 15, 2022

Leasing Activity New York Northeast Office

Avison Young Negotiates 41,937 SF Office Sublease at 195 Broadway in Manhattan

by Taylor Williams April 15, 2022

NEW YORK CITY — Avison Young has negotiated a 41,937-square-foot office sublease at 195 Broadway in downtown Manhattan. Lattice, a consulting firm focused on improving company cultures, will sublease the space at the 11-story building from Namely, a provider of human resources software. Brooks Hauf, Peter Johnson and Leah Zafra of Avison Young, along with Bryan Emanuel and John Diepenbrock of Raise Commercial Real Estate, represented the sublessee in the negotiations. Steve Rotter, Brett Harvey, Justin Haber and Kyle Riker of JLL represented the sublessor.

April 15, 2022

Development Georgia Office Southeast

Simon Tops Out 365,263 SF One Phipps Plaza Office Tower in Atlanta

by Julia Sanders April 14, 2022

ATLANTA — Simon Property Group has topped out One Phipps Plaza, a 13-story, 365,263-square-foot, LEED-certified, Class A office tower in Atlanta. The project includes the redevelopment of the former Belk department store at Phipps Plaza, a mall in Atlanta’s Buckhead neighborhood. The property’s first tenant is Novelis, a provider of aluminum rolling and recycling. Novelis will lease 90,000 square feet of space at the property and will use the building as its corporate headquarters. Other tenants slated to open at Phipps Plaza include Nobu Hotel & Restaurant, Life Time athletic club and Citizens Culinary Market. The 150-room Nobu Hotel will feature a pool, conference center, spa, and a Japanese restaurant called Nobu Atlanta Restaurant. Dallas-based The Beck Group is the architect and general contractor for the project.

April 14, 2022

Mixed-Use Multifamily Office Retail Texas Top Stories

AMLI Residential, Stream Realty Plan $472M Transit-Oriented Development in Addison, Texas

by Katie Sloan April 14, 2022

ADDISON, TEXAS — AMLI Residential and Stream Realty Partners have been named master developers for a $472 million, 18-acre, mixed-use development in Addison, roughly 15 miles north of Dallas. The Town of Addison has been acquiring land for the project since the inception of the DART Light Rail system in 1983 with plans for a transit-oriented development. The project is centered on a DART Silver Line station currently under construction near Addison Circle Park, a 10-acre, master-planned public park. DART has partnered with the Town of Addison through a ground-lease structure that allows for the inclusion of both the train and bus stations in the development. Phase I of the project is set to include: A six-story, Class A office building with 150,000 square feet of leasable space and 9,000 square feet of ground-floor retail; a 13-story luxury multifamily community with 9,000 square feet of ground-floor retail space; a seven-story luxury multifamily building with 5,000 square feet of ground-floor retail space; a 650-stall parking structure with ground-floor retail; and a 45,000-square-foot entertainment complex operated by The HUB, a Texas-based creator of entertainment and restaurant venues with an emphasis on daily events and festivals. Cushman & Wakefield has represented the Town …

April 14, 2022

Acquisitions Office Retail Texas

CTO Realty Agrees to Acquire $30M Preferred Equity Stake in Metro Dallas Office, Retail Property

by Taylor Williams April 13, 2022

ALLEN, TEXAS — CTO Realty Growth (NYSE: CTO) has entered into an agreement to acquire a $30 million preferred equity stake in Watters Creek at Montgomery Farm, a 458,000-square-foot office and retail property located in the northeastern Dallas suburb of Allen. Retail tenants at the property include Market Street, Anthropologie, Mi Cocina, DSW, The Cheesecake Factory, Brio Italian Grille and Michaels. The owner/seller of the property was not disclosed.

April 13, 2022

Acquisitions Florida Office Southeast

JLL Arranges $35M Sale of Two Office Buildings in Palm Beach, Florida

by Julia Sanders April 13, 2022

PALM BEACH, FLA. — JLL Capital Markets has arranged the $35 million sale of 340 and 350 Royal Palm Way, two adjacent Class A office buildings totaling 44,625 square feet in Palm Beach. Ike Ojala, Hermen Rodriguez, Matthew McCormack, Max Lescano, Blake Koletic and Michael Roukis of JLL represented the seller, Chicago-based Pearlmark, and procured the buyer, CS Ventures. One of the properties, 340 Royal Palm Way, features 20,813 square feet of office space in a four-story building. The other property, 350 Royal Palm Way, has five stories and 23,812 square feet of office space. The 350 Royal Palm Way building is fully leased. In total, the properties offer 146 parking spaces in a mix of covered and surface spaces. The buildings are situated 5.3 miles from Palm Beach International Airport and 27.5 miles from Boca Raton. The assets are also close to Florida’s Turnpike and Interstate 95.

April 13, 2022

Acquisitions California Mixed-Use Office Western

RPG Sells Creative Office/Mixed-Use Portfolio Near San Diego for $86M

by Amy Works April 13, 2022

CARLSBAD, CALIF. — Cushman & Wakefield has represented RPG in the sales of an office and mixed-use office/retail portfolio in Carlsbad. The assets sold for $86 million. Sold separately, the recapitalizations consisted of Fusion, a recently renovated, 121,541-square-foot, Class A creative flex office building that is fully leased; and Lift, a creative mixed-use, ground-up development consisting of two Class A loft-style buildings totaling 53,205 square feet. New York-based Clarion Partners acquired Fusion, located at 1950 Camino Vida Roble, with a full building value of $54 million. Renovated in early 2020, the property was formerly an industrial/distribution facility that was converted into a Class A creative flex project with extensive glass lines and high ceilings. At the time of sale, the property was leased to Alphatec Spine, a medical technology company based in Carlsbad. Lift Innovation Way LLC purchased Lift, which comprises two buildings situated within Bressi Ranch, with a full building value of $32 million. Building A, located at 6023 Innovation Way, offers two full floors of creative office space totaling 33,770 square feet. The 19,435-square-foot Building B, located at 6021 Innovation Way, features 8,708 square feet of ground-floor restaurant space and 9,950 square feet of second-floor creative office space. …

April 13, 2022

Acquisitions Florida Office Southeast

Coldwell Banker Commercial Brokers $3.6M Sale of Medical Office Property in Vero Beach, Florida

by Julia Sanders April 13, 2022

VERO BEACH, FLA. — Coldwell Banker Commercial has brokered the sale of a medical and professional office property in Vero Beach. The sales price was $3.6 million. Andrew Gonzalez and Linda Gonzalez of Coldwell Banker Commercial Paradise represented the undisclosed seller in the transaction. Built in 1986, the two-story, 40,000-square-foot building is situated on 4.2 acres of land and has onsite parking. Located at 333 17th St., the property is 79.5 miles from the Palm Beach International Airport.

April 13, 2022

Development Office Texas

Ivanhoe Cambridge, Greystar Break Ground on 170,000 SF Office Project in Downtown Austin

by Taylor Williams April 12, 2022

AUSTIN, TEXAS — Canadian developer Ivanhoé Cambridge and South Carolina-based Greystar have broken ground on a 170,000-square-foot office project in downtown Austin. The seven-story building will be part of 1121 at Symphony Square, a mixed-use development at which The Waller, a 32-story residential tower, is currently under construction. The property will feature 5,000 square feet of retail and restaurant space, as well as a range of amenities that promote employee health and wellness, such as a pool, fitness center and turf lawn. Architecture firm R2L is designing the project, with interiors by Austin-based Page and landscape architecture by TBG Partners. Completion is slated for spring 2023.

April 12, 2022

Acquisitions Connecticut Northeast Office

BDP Holdings Acquires 310,094 SF Office Complex in Shelton, Connecticut

by Taylor Williams April 12, 2022

SHELTON, CONN. — New Jersey-based investment firm BDP Holdings has acquired 27 and 35 Waterview Drive, a 310,094-square-foot office complex in the southern coastal Connecticut city of Shelton. The waterfront complex includes warehouse and engineering space and was fully leased at the time of sale to global technology company Pitney Bowes. Amenities include a cafeteria, fitness center, outdoor amenity spaces and a medical clinic. Jon Mikula, Michael Klein and Ryan Carroll of JLL arranged a $31.3 million acquisition loan for the deal through Ladder Capital Finance on behalf of BDP Holdings. The loan carried a 10-year term and a fixed interest rate.

April 12, 2022

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