Office

Western Specialty Contractors to Complete Restoration of Curtain Wall at Chicago’s Accenture Tower

by Kristin Harlow January 23, 2023

CHICAGO — Western Specialty Contractors-Chicago Facades Branch will complete a restoration of the curtain wall at Accenture Tower in Chicago. KBS owns the 42-story Class A office building, which totals nearly 1.5 million square feet. The property, completed in 1987 and formerly known as 500 West Madison, features 80,000 square feet of retail space and sits above the Ogilvie Transportation Center. The restoration of the curtain wall, a project expected to continue through 2025, includes the removal and replacement of the original 35-year-old sealants on the entire 588-foot building’s curtain wall and bridge over Canal Street. A curtain wall system on a building’s façade helps prevent leaks and protects against inclement weather. Project costs were not provided.

January 23, 2023

Acquisitions Arizona Office Western

Cushman & Wakefield | PICOR Brokers $3M Sale of Medical Office Space in Tucson, Arizona

by Amy Works January 23, 2023

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of an 11,960-square-foot office space at Oracle-Ina Professional Plaza located at 7490 N. Oracle Road in Tucson. MCP Tucson Endo LLC acquired the asset from Oracle Medical Plaza II LLC for $3 million. Richard Kleiner and Thomas Nieman of Cushman & Wakefield | PICOR represented the seller, while Larry Serota and CeCe Conway of Transwestern represented the buyer in the deal.

January 23, 2023

Acquisitions Industrial Maryland Office Southeast

St. John Properties Acquires 120,000 SF Aviation Business Park in Metro Baltimore

by John Nelson January 20, 2023

GLEN BURNIE, MD. — Locally based St. John Properties has acquired Aviation Business Park, a three-building commercial portfolio comprising 120,000 square feet in Glen Burnie, approximately 10 miles south of Baltimore. St. John acquired the properties — located at 6956, 6958 and 6960 Aviation Blvd. — from Miami-based Adler Real Estate Partners for $13.3 million. The buildings were roughly 63 percent leased at the time of sale. St. John plans to invest $1.5 million to reposition one of the properties to flex/R&D space. Graham Savage, Jonathan Carpenter and Dawes Milchling of Cushman & Wakefield represented the seller in the transaction. St. John was self-represented. This marks the second significant acquisition for the company in recent months, following the purchase in November of Triangle Business Park, a 95 percent occupied, four-building portfolio in metro Baltimore comprising 74,000 square feet.

January 20, 2023

Industrial Loans Northmarq Office Texas

Northmarq Arranges Refinancing of 17,250 SF Industrial Flex Property in Houston

by Taylor Williams January 20, 2023

HOUSTON — Northmarq has arranged a loan of an undisclosed amount for the refinancing of a 17,250-square-foot industrial flex property located at 850 E. Little York Road in Houston. According to LoopNet Inc., the property was built in 1975 and features 12-foot clear heights, two dock-high doors and six drive-in doors. Michael Borden of Northmarq arranged the nonrecourse loan, which carried a five-year term, fixed interest rate and a 25-year amortization schedule. The borrower and direct lender were not disclosed.

January 20, 2023

Leasing Activity New York Northeast Office

Boffi | DePadova to Open 19,694 SF Showroom at 99 Madison Avenue in Manhattan

by Taylor Williams January 20, 2023

NEW YORK CITY — Boffi | DePadova, an Italian furniture provider, will open a 19,694-square-foot showroom at 99 Madison Avenue in Manhattan’s Nomad Design District. The space comprises the entire ground floor, mezzanine, second floor and lower level of the building. The opening is scheduled for spring 2024. Andrew Kahn, Fanny Fan and Adrienne Gallus of Cushman & Wakefield represented the landlord, Windsor Management, in the lease negotiations. The representative of the tenant was not disclosed.

January 20, 2023

Development Office Texas

Alvarez & Marsal Capital Underway on 204,000 SF Office Redevelopment Project in Plano

by Taylor Williams January 19, 2023

PLANO, TEXAS — California-based Alvarez & Marsal Capital Real Estate is underway on construction of a four-building, 204,000-square-foot office redevelopment project in Plano. Southern Methodist University (SMU) previously occupied the 16-acre site at 5228-5240 Tennyson Parkway, which can support a single or multiple users. Amenities at the new campus, which will be known as ELEVAR, will include a fitness center, conference center and a bistro lounge. Construction is slated for a third-quarter completion. Cushman & Wakefield is marketing the development for lease.

January 19, 2023

Industrial Loans Northmarq Office Texas

Northmarq Arranges $5.5M Acquisition Loan for Industrial Flex Property in Houston

by Taylor Williams January 19, 2023

HOUSTON — Northmarq has arranged a $5.5 million acquisition loan for a 72,649-square-foot industrial flex property in northeast Houston. Matt Franke of Northmarq arranged the loan, which carried a five-year term and a 25-year amortization schedule, through a national bank. The borrower was not disclosed. According to LoopNet Inc., the property at 6410 Cavalcade St. was built on 4.9 acres in 1976 and features 17- to 22-foot clear heights.

January 19, 2023

Development New York Northeast Office

Piedmont Launches Capital Improvement Program at 39-Story Office Tower in Manhattan

by Taylor Williams January 19, 2023

NEW YORK CITY — Piedmont Office Realty Trust Inc. (NYSE: PDM), an Atlanta-based REIT, has launched a capital improvement program at 60 Broad Street, a 39-story office tower in Manhattan’s Financial District. Designed by local firm MA | Morris Adjmi Architects, which is also a tenant at the 1 million-square-foot building, the value-add program will primarily upgrade the entryway, lobby, elevators and amenity spaces. Completion is slated for this summer. JLL serves as the building’s leasing agent.

January 19, 2023

Leasing Activity New York Northeast Office

CI US Holdings Signs 50,000 SF Office Lease at 101 Park Avenue in Manhattan

by Taylor Williams January 19, 2023

NEW YORK CITY — CI US Holdings, a Canadian wealth management firm, has signed a 50,000-square-foot office lease at 101 Park Avenue, a 1.3 million-square-foot building in Midtown Manhattan. John Cefaly and Nicholas Dysenchuck of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co., in the lease negotiations. Mark Robbins and Evan Foley of Avison Young, along with Mitti Liebersohn of Savills, represented the tenant. Other users that have recently committed to 101 Park Avenue include Incline Equity Partners (18,000 square feet) and Five Iron Golf (30,000 square feet).

January 19, 2023

Acquisitions Arizona Office Western

United Realty Buys Multi-Tenant Office Building in Chandler, Arizona for $17.2M

by Amy Works January 19, 2023

CHANDLER, ARIZ. — United Realty M.T.A. has purchased Norte at Chandler, a Class A flex office property located at 4100 W. Galveston St. in Chandler, from an institutional seller for $17.2 million, or $200 per square foot. The 85,797-square-foot, multi-tenant building is 70 percent leased to two investment-grade tenants, Enterprise Holdings and a Fortune 500 semiconductor firm. The single-story, freestanding building was built in 2016 on nearly eight acres. Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.

January 19, 2023

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