CLEVELAND — IWG, a provider of flexible workspaces, has opened Spaces Cleveland in the city’s historic Warehouse District. The 27,000-square-foot flexible workspace is situated within the Western Reserve Building and features 48 offices and three meeting rooms. IWG says it added 2 million new customers globally in 2021, reflecting the largest growth in its 30-year history.
MAYFIELD HEIGHTS, OHIO — AIPSO, a Rhode Island-based insurance services organization, has signed a 17,772-square-foot office lease at 5875 Landerbrook Drive in Mayfield Heights, an eastern suburb of Cleveland. Completed in 1991, the three-story office building spans 114,403 square feet. Andrew Coleman and Alex Johanson of CBRE represented the landlord, ORG Portfolio Management. Darin Manning of Savills represented the tenant.
PLANO, TEXAS — Seattle-based Avatar Financial Group has provided a $30 million loan for the refinancing of City View Corporate Center, a 293,821-square-foot office building in Plano. The property was originally built in the 1980s and most recently renovated between 2019 and 2021. At the time of the loan closing, City View Corporate Center was 58 percent leased to a roster of more than 50 tenants. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.
DULUTH, GA. — Albany Road Real Estate Partners has bought Breck Exchange, a 12-building flex office portfolio in Duluth, about 27.5 miles from downtown Atlanta. Patterson Real Estate Advisory Group secured an undisclosed amount of debt financing. Atlanta-based Ameris Bank provided an undisclosed amount of financing. Bain Capital and RealOp sold the asset for an undisclosed price. Breck Exchange includes over 558,000 square feet of space. At the time of sale, the property was 88 percent occupied with over 50 tenants. Located on 71 acres, the property is situated near Interstate 85, Highway 316 and Breckenridge Boulevard.
NEW YORK CITY — Bentex Group, a consortium of companies that provides electronics, pet supplies and home décor products, has signed a 48,881-square-foot office lease at 34 W. 33rd St. in Manhattan. The 12-story building was originally constructed in 1908. David Levy and Brett Maslin of Adams & Co. represented the landlord, Arcade Building Associates, in the lease negotiations. Michael Beyda of Benchmark Properties represented the tenant.
SEATTLE — Urban Visions has obtained $90 million in construction financing for The Jack, an office development under construction at 74 S. Jackson St. in Seattle’s Pioneer Square. Slated for delivery in first-quarter 2023, The Jack will offer 146,000 square feet of office space in 20,000-square-foot flexible floorplates. The property will also feature 42 below-grade parking spots, onsite secure bike storage and a 17,000-square-foot outdoor terrace/roof deck. Olson Kundig designed the eight-story brick and glass building. Bruce Ganong, Kaden Eichmeier and Christopher DuCharme of JLL secured the construction financing, which an affiliate of Mack Real Estate Credit Strategies provided.
The Raleigh-Durham region is experiencing increasing optimism despite the lingering impacts of COVID-19. While some reentry plans have been delayed and companies are still grappling with the way in which they will utilize office space moving forward, tenant demand is expected to rebound sharply in the first half of 2022. “We’ve seen an encouraging uptick in tenant activity since the second quarter of 2021, and we expect that trend to accelerate,” says Kathy Gigac, principal of Avison Young and a member of the firm’s Occupier Solutions Team. “Tenants seem ready to get back to some sense of normalcy.” Local economic fundamentals are sound, as reopening efforts and positive job growth have allowed Raleigh-Durham’s unemployment rate to recover from a pandemic high of 12 percent to 3.2 percent as of Sept. 2021. The region continues to witness major economic development wins with companies such as Google and Apple announcing plans to create thousands of new jobs. In its largest presence on the East Coast, Apple will invest $1 billion over a 10-year period to create a 3,000-job campus to eventually span 1 million square feet. In the most recent announcement from an office-using tenant, Fidelity Investments will add 1,500 jobs in …
HOUSTON — Gulf South Pipeline Co., a midstream provider of natural gas, has signed a 98,616-square-foot office lease extension at Greenway Plaza, a 52-acre campus located between Houston’s Uptown and downtown areas. The company will continue to occupy space at the 746,824-square-foot Nine Greenway Plaza building. J.P. Hutcheson and Rima Soroka represented the landlord, Parkway, on an internal basis in the lease negotiations. Christopher Oliver and David Guion of Cushman & Wakefield represented the tenant.
WOBURN, MASS. — Newmark has brokered the $129 million sale of a two-building, 440,130-square-foot office campus in the northern Boston suburb of Woburn that is leased to defense contractor Raytheon. The campus includes research and development space, as well as a fitness center, full-service cafeteria, conference facilities and two parking garages. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and William Sleeper of Newmark represented the seller, Atlanta-based Piedmont Office Realty Trust, in the transaction. The team also procured the undisclosed buyer.
GREENVILLE, S.C. — Atlanta-based Two Capital Partners has sold Park 37, a nine-building office campus, for $53.3 million. Jared Londry, Mack Freudenstein and Alex Olofson of Stream Realty Partners represented Two Capital in the transaction. The buyer was a private partnership. Park 37 is located at the intersection of Interstates 85 and 385 and is close to downtown Greenville and the Greenville-Spartanburg International Airport. The property was 76 percent leased at the time of sale to tenants including Transcom, Majorel and Hargrove. Park 37 was built between the 1970s and 1990s and was renovated in 2019. The renovated campus now features a fitness center, 8,000-square-foot conference center, tenant lounge and an onsite restaurant and catering kitchen. Additionally, the property has undergone technology upgrades including keycard access systems and digital lobby directories.