CHICAGO — Skender has topped out construction of 919 W Fulton, an 11-story office building totaling 409,000 square feet in Chicago’s Fulton Market. Developed by Fulton Street Cos. and JDL Development, the project is slated to open in 2025. Amenities will include several outdoor terraces, a rooftop lounge and bar, several conference and coworking spaces, and a fitness center. Notable tenants will include Chicago-based real estate investor Harrison Street Real Estate Capital and a first-floor restaurant from the Gibsons Restaurant Group. Financial backing for the project was secured through strategic partnerships with Bank of the Ozarks and Manulife. SNK Capital, led by Shanna Khan, is the lead equity investment partner. Fitzgerald Associates is the architect of record, with Morris Adjimi Architects providing the initial design. Thornton Tomasetti is the structural engineer, Eriksson is the civil engineer, Syska Hennessy Group is the mechanical, electrical and plumbing engineer and Site Design Group Ltd. Is the landscape architect.
CLAYTON, MO. — Law firm Lathrop GPM has relocated its St. Louis office to The Plaza at Clayton effective July 1. The new space, similar to the firm’s offices in Denver, Minneapolis and Chicago, features a flexible design for increased collaboration and client support. Since the beginning of 2022, six attorneys have joined the office in several practice areas. The Plaza at Clayton is situated in the immediate western suburb of Clayton. The property totals 340,529 square feet and rises 16 stories. Amenities include a clubroom, rooftop deck, fitness center, game room, conference center and reception center. The new Lathrop GPM space totals 16,023 square feet on the 14th floor.
LOS ANGELES — Cushman & Wakefield has arranged the sale of 612 S. Broadway, a landmark building in downtown Los Angeles’ historic core. The six-story creative office and retail property traded for $16 million. Terms of the transaction were not released. Mike Condon Jr., Erica Finck, Reid Gratsch, Brittany Winn, Kylie Rawn and Mark Zakarian of Cushman & Wakefield brokered the transaction. Originally built in 1924 as Desmond’s Department Store and designed by A.C. Martin, the 80,000-square-foot building underwent a redevelopment transforming it into creative office building. Omgivning oversaw the redevelopment, which included adding two floors atop the original structure.
The Memphis office market continues to defy national post-pandemic office trends, fueled by persistent occupier demand and limited amounts of vacancy within primary submarkets. Although, the market closed out the 2023 year with 34,430 square feet of occupancy losses caused by two large tenant vacancies, the first quarter of 2024 reversed the trend as net absorption swung positive, recording 140,788 square feet of occupancy gains. The Memphis unemployment rate remained low at 3.5 percent in May, just above the Tennessee unemployment rate of 3.0 percent and below the national average of 4.0 percent, according to data from the U.S. Bureau of Labor Statistics. Ford Motor Company’s Blue Oval City began its hiring in 2023, with most of its hiring to occur in the second half of this year, which could begin to further compress the unemployment rate, as approximately 5,600 direct jobs are estimated to be created in West Tennessee. The company leased 42,910 square feet of office space on the edge of the Memphis office market. The auto giant plans to use the new space as a training facility. Additionally, the Elon Musk-led xAI company announced Memphis as being the new home for its “Gigafactory of Compute,” claiming to …
HOUSTON — Locally based brokerage firm Oxford Partners has negotiated a 10,150-square-foot office sublease in Houston’s Greenway District. The sublessee, law firm Webster Vicknair MacLeod, is taking space at 24 Greenway Plaza, a 510,000-square-foot building that is owned by Granite Properties. Ryan Hartsell of Oxford Partners represented the law firm in the sublease negotiations. Nick Terry of Rifle CRE represented the sublessor, Wyatt Ranches of Texas LLC.
HOUSTON — Avison Young has arranged a 104,013-square-foot office headquarters lease in Houston. The tenant, Camden Property Trust, will relocate from Greenway Plaza to floors 25 through 29 at Williams Tower, a 1.4 million-square-foot building located at 2800 Post Oak Blvd. in Houston’s Galleria neighborhood. Anthony Squillante and Dustin Devine of Avison Young represented the tenant, which plans to take occupancy next fall, in the lease negotiations. Warren Savery and Nina Seyyedin of CBRE represented the landlord, Atlanta-based Invesco Real Estate.
SAN DIEGO — GPI Cos., in partnership with the University of California, San Diego, has completed the development of 8980 Villa La Jolla Drive, an academic facility in at the corner of La Jolla Village and Villa La Jolla drives in San Diego. The nine-story, 114,000-square-foot building is directly across from the university and serves as a gateway to the main campus. The building includes academic, administrative and research space and will be a hub for students, faculty and patients, as well as the home for various programs offered by UC San Diego Health Sciences and UC San Diego Division of Extended Studies. Additionally, Bird Rock Coffee Roasters will occupy ground-floor retail space at the building. The project team included Gensler’s San Diego office as architect and Swinerton Builders as general contractor. JLL will manage the building.
By Todd Pease, Michelle Klingenberg and Britney Aviles, JLL Since the Cincinnati office landscape upended during the pandemic, area businesses, building owners and broader leaders sought opportunities to help entice employees to return to the office, reclaim the area’s vibrancy and spur economic growth. These stakeholders realized that to entice employees back into the office, they would need to make it worth the commute. Throughout this evolution, one thing continues to drive tenants into office buildings: high-quality amenities. Amenity demands have changed over the last few years and there are new ways for building owners to create spaces that engage employees. Amenities of the past Up until 2020, the standard “five days in the office” model meant that office buildings strived to accommodate as many professionals as possible while maintaining efficiency. The space planner was the lead consultant on planning offices, and they would work with tenants to design spaces in a way that most efficiently accounted for their company headcount. Regarding office amenities, tenants most valued high parking ratios, conference facilities, gyms and locker rooms, and onsite food options. It was all about productivity and it didn’t matter if productivity took place in a gray cubical under florescent lighting. …
WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office, industrial and warehouse facility situated on 3.3 acres in Wheat Ridge, just west of Denver. Tecta LLC and Solo@LHC LLC sold the asset to an undisclosed buyer for $4.8 million. Located at 4725 Independence St., two tenants fully occupy the 38,114-square-foot property. John Reynolds and James Wachholz of Cushman & Wakefield, along with RC Myles of Pinnacle Real Estate Advisors, represented the seller, while Mark Alley and Paul Schneider with Pinnacle Real Estate Advisors represented the buyer in the deal.
FORT WORTH, TEXAS — The Fort Worth Food + Wine Foundation has signed a 2,335-square-foot office lease at Quorum West on the city’s west side. According to LoopNet Inc., the six-story, 93,445-square-foot building was constructed in 1987 and renovated in 2018. Jake Neal, Vic Meyer and Carter Sells of Holt Lunsford Commercial represented the landlord, Hickman Investments, in the lease negotiations. Kelly Horton of Big Ink Real Estate represented the tenant.