NEW YORK CITY — The Feil Organization has negotiated a 24,814-square-foot life sciences lease at Seven Penn Plaza, a 411,000-square-foot building located adjacent to Madison Square Garden in Manhattan’s Chelsea neighborhood. The lease term is 10 years. David Turino handled lease negotiations on an internal basis for The Feil Organization, which owns and manages the building. Eva Shih of T3 Advisors represented the tenant, SOSV, a venture capital firm that runs the IndieBio development program for life sciences startups.
BOSTON — Commercial investment firm FoxRock Properties has acquired a 76,698-square-foot, Class A office building located at 176 Federal St. in downtown Boston for $43.5 million. According to LoopNet Inc., the eight-story building was originally constructed in 1901 and renovated in 1986. At the time of sale, the property was 80 percent leased, with law firm Rich May and financial advisory group Capstone Partners being the largest tenants at roughly 20,000 and 11,000 square feet, respectively. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, Federal Street 176 Holdings Inc., in the deal.
THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has received $250 million in new financing for 1201 Lake Robbins, an approximately 806,000-square-foot Class A office tower in The Woodlands, about 30 miles north of Houston. The building, which at the time of the loan closing was fully leased to Occidental Petroleum (NYSE: OXY) through the end of 2032, represents half of The Woodlands Towers at the Waterway development. An undisclosed lender provided the nonrecourse, 10-year loan, which bears interest at a rate of roughly 3.8 percent and is interest-only for the full loan term. Howard Hughes Corp. CEO David O’Reilly stated that receipt of the new financing would free up capital proceeds for redeployment in other development opportunities. To that end, the company announced earlier this week that it had purchased 37,000 acres in Phoenix for the development of the Douglas Ranch master-planned community.
HOUSTON — Group RMC, a New York City-based investment firm focused on the office sector, has acquired a 491,092-square-foot building located at 5718 Westheimer Road in Houston’s Galleria District. The 22-story building was renovated in 2017 and offers a fitness center and a full-service café. Kevin McConn and Rick Goings of JLL represented the undisclosed seller in the transaction. John Ream, also with JLL, arranged an undisclosed amount of floating-rate acquisition financing through Sound Point Capital Management on behalf of Group RMC. At the time of sale, 5718 Westheimer was approximately 68 percent leased.
HOUSTON — Global energy consulting firm Opportune has signed a 62,535-square-foot office lease renewal and expansion at Pennzoil Place, a 1.4 million-square-foot office complex located at 711 Louisiana St. in downtown Houston. The firm will now occupy floors 31 through 34 at Pennzoil Place, which also houses a Starbucks Coffee and a Chick-fil-A. Tyler Garrett and Eric Anderson of Transwestern represented the landlord, Metropolis Investment Holdings Inc., in the lease negotiations. Lucian Bukowski of CBRE represented Opportune, which has been a tenant at Pennzoil Place since 2005.
MENLO PARK, CALIF. AND NEW YORK CITY — BowX Acquisition Corp. (NASDAQ: BOWX), a special purpose acquisition company (SPAC) has completed its purchase of WeWork and will take the company public with an initial public offering (IPO) on Thursday, Oct. 21. Silicon Valley-based BowX originally announced its plan to acquire WeWork, which will trade on the New York Stock Exchange under the ticker symbol “WE” in March of this year in a deal that was then valued at $9 billion. “With a strong leadership team in place and new platform offerings that will leverage WeWork’s decade of expertise and proprietary technology, we can’t imagine a business better equipped to lead continued growth in the flexible space market,” said Vivek Ranadive, the CEO and chairman of BowX Acquisition Corp. who also owns the NBA’s Sacramento Kings. “While the pandemic has created many uncertainties, flexibility is here to stay and WeWork has the space and technology to power this global shift.” WeWork opened its first concept more than a decade ago in New York City, where the pioneering coworking office firm is also headquartered, and first announced its intent to go public in August 2019. Subsequent investigation into the company’s financials revealed …
DENVER — Parkview Financial has provided an $8.7 million construction loan to 2926 Umatilla LLC, an entity of Generation Development, for the development of a speculative office building in Denver. Located at 2926 Umatilla St. within the LoHi submarket, the planned five-story property is situated on an infill lot formerly used for parking. The 32,734-square-foot building will feature underground parking for 30 cars via a stacked mechanical parking system. Generation Development acquired the site in late 2018 and construction on the project will begin soon. Completion is slated for fourth-quarter 2022. George Smith Partners arranged the loan. Denver-based BOSS Architects is serving as project architect.
MIAMI — Millennium Management has signed a long-term lease for more than 74,000 square feet across three floors at 1111 Brickell, a 30-story office tower located in Miami’s Brickell submarket. CBRE represented the landlords, KKR and Parkway Property Investments LLC, in the lease transaction. Zach Wendelin and Tom Haughton of CBRE represented the tenant. The office building is a 524,000-square-foot waterfront office tower overlooking Biscayne Bay. Built in 2000, 1111 Brickell is part of a mixed-use project that includes the adjacent JW Marriot Hotel on Brickell Avenue. Since purchasing the property in 2018, KKR and Parkway have completed upgrades including redesigning the entrance and renovating the lobby, as well as adding multiple points of fiber entry and cellphone signal technology. The property’s meeting and entertainment spaces, as well as its 26,000-square-foot amenity deck with space for fitness classes, have been transformed to deliver a modern work environment centered on hospitality, community and wellness. Millennium plans to staff the office with investment professionals and technology teams. WorldQuant, a global quantitative investment firm, will occupy a section of the Millennium space for its employees. Wordquant is an affiliate of Millennium. Other tenants include Banco Sabadell, Industrious, Telefonica and Baker McKenzie.
HOUSTON — Partners Capital, the investment platform of Partners Real Estate Co., has sold Point West Business Park, a 145,915-square-foot flex property in Houston. Partners Capital originally acquired the three-building complex in 2019 and completed more than 25,000 square feet of new leases during its holding period. Cary Latham, Wyatt Huff and Josh Lass-Sughrue of NAI Partners represented the seller in the transaction. Fort Worth-based PHP Capital Partners purchased the asset for an undisclosed price.
LEHI, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased Solutionreach, a five-story, Class AAA office property in Lehi. Located at 2600 Ashton Blvd., the 145,646-square-foot building serves as the headquarters for Solutionreach, a private equity-backed healthcare technology consulting company. The property was developed in 2016 as a build-to-suit corporate campus for the current tenant. Cushman & Wakefield represented the sellers, Gardner Co. and Boyer Co., in the deal. Terms of the transaction were not released.