Office

SL Green Completes Redevelopment of 640,000 SF Manhattan Office Building

by Taylor Williams October 14, 2021

NEW YORK CITY — Locally based landlord SL Green Realty Corp. (NYSE: SLG) has completed the redevelopment of 410 10th Avenue, a 640,000-square-foot office building in Midtown Manhattan. The 20-story building was originally constructed in 1927 as the Master Printer’s Building, named for its ability to support printing presses. New York-based MdeAS led the design of the redevelopment, including a lobby relocation, addition of an adjacent garden and new windows, updating of retail storefronts, a full façade restoration and a refresh of office space. During construction, the building was purchased by The 601W Cos., but SL Green continued to oversee the redevelopment.

October 14, 2021

Acquisitions Connecticut Northeast Office

CBRE Negotiates $15M Sale of Office Building in Westport, Connecticut

by Taylor Williams October 14, 2021

WESTPORT, CONN. — CBRE has negotiated the $15 million sale of a 35,777-square-foot office building in Westport, located in the southern coastal part of the state. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin and Travis Langer of CBRE represented the seller, EWKAI Post Road Properties LLC, in the transaction. The team also procured the buyer, an affiliate of Waterway Capital LLC. The property was fully leased, primarily to Wells Fargo, at the time of sale.

October 14, 2021

Leasing Activity Office Southeast Virginia

Software Firm Signs 49,257 SF Office Lease at 3TWENTY3 in Charlottesville, Virginia

by Julia Sanders October 13, 2021

CHARLOTTESVILLE, VA. — General Atomics Commonwealth Computer Research Inc., a locally based advanced analytics and software solutions firm, has signed a 49,257-square-foot office lease within the 3TWENTY3 building in Charlottesville. Totaling 120,000 square feet, 3TWENTY3 is a five-floor office building that was built on top of a four-story, 200-space parking structure. Building amenities include a pedestrian plaza/walkway, common lobby gathering space, LEVEL10 rooftop area with event and conference space, catering kitchen, patio, electric car charging stations and covered bike racks. Located at 323 2nd St. SE, the property will be located near downtown Charlottesville and is about 1 mile from the University of Virginia. Built in late 2020, the property is about 80 percent leased out to tenants including McGuireWoods, Williams Mullen and Manchester Capital. John Pritzlaff of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the landlord and developer, Charlotte-based Insite Properties. Robin Amato of REIII Commercial Properties represented the tenant.

October 13, 2021

Leasing Activity Midwest Office Ohio

Upstart Signs 240,000 SF Office Sublease in Columbus, Ohio

by Kristin Harlow October 13, 2021

COLUMBUS, OHIO — Artificial intelligence lending platform Upstart has signed a sublease for 240,000 square feet of Class A office space at 3075 Loyalty Circle in the Easton neighborhood of Columbus. The lease is in addition to a recent 54,000-square-foot expansion by Upstart at 711 N. High St. in the Short North neighborhood of Columbus. Through its expansion, Upstart plans to create an additional 500 jobs. The new spaces feature a combination of open offices, breakout rooms and collaboration areas. Upstart’s Short North office opened in early September and its Easton office is slated for completion in January. Clayton Davis and Jeff Carey of JLL represented Upstart.

October 13, 2021

Leasing Activity New York Northeast Office

Accounting Firm Signs 145,000 SF Office Lease at 200 Park Avenue in Manhattan

by Taylor Williams October 13, 2021

NEW YORK CITY — Accounting and advisory firm BDO USA has signed a 15-year, 145,000-square-foot office lease at 200 Park Avenue, a 58-story tower in Midtown Manhattan. In January 2024, the tenant will consolidate its three Manhattan offices to three entire floors, as well as a dedicated portion of the lobby of the 3.1 million-square-foot building. Mitti Liebersohn, Mark Robbins, Keith Caggiano, Jeff Lindenmeyer and Jeff Burger of Avison Young represented BDO USA in the lease negotiations. Gus Field and Megan Sheehan represented the landlord, Tishman Speyer, which owns the building in partnership with Irvine Co. Office Properties, on an internal basis.

October 13, 2021

California Market Reports Office Western Western Market Reports

Greater Los Angeles’ Office Market is Bouncing Back

by Jeff Shaw October 13, 2021

By Steve Solomon, Senior Executive Vice President, and Kristen Bowman, First Vice President, Colliers International Greater Los Angeles leasing activity surged, reaching nearly 3 million square feet in the second quarter. Although higher than the past few quarters, it was significantly lower than the 2019 pre-pandemic quarterly average of 4.6 million square feet. Much of the activity occurred in West Los Angeles, where large expansions and renewals were signed by tech, media and entertainment tenants. While leasing did ramp up, overall vacancy continued to rise, eventually reaching a historic high of 19.4 percent. This rate, which includes direct and sublease space, is 160 basis points higher than the previous peak in 2013 when it hit 17.8 percent. Nearly 25 percent of office space, whether vacant or currently occupied, is available for lease. There is currently 4.9 million square feet of speculative new office construction underway delivering by 2023 in Greater Los Angeles. These major developments, which do not include renovations, are currently 30.7 percent pre-leased. Over half of this new construction is in West Los Angeles, which has a higher pre-leased rate of 36.6 percent. The rate is highest in Central Los Angeles, where Netflix has snatched up 44.6 percent …

October 13, 2021

Acquisitions Illinois Midwest Office

Clear Height Properties, Buligo Capital Sell 173,017 SF Office Building in Suburban Chicago

by Kristin Harlow October 12, 2021

OAK BROOK, ILL. — Clear Height Properties and its joint venture partner Buligo Capital Partners have sold 814 Commerce, a 173,017-square-foot office building in the Chicago suburb of Oak Brook. The sales price was undisclosed. The three-story property sold to Chicago-based real estate investor Helios Properties. Since acquiring the asset in 2019, Clear Height invested $1.5 million to upgrade the building’s exterior, common areas, parking deck and HVAC systems. The building is 56 percent leased to Innovista Health Solutions, IRC Retail Centers and CPS. Dan Deuter, Michael Simpson and Paul Lundstedt of Cushman & Wakefield represented the sellers.

October 12, 2021

Leasing Activity Office Southeast Tennessee

Law Firm Signs 180,000 SF Headquarters Lease at Office Tower in Downtown Nashville

by Julia Sanders October 12, 2021

NASHVILLE, TENN. — Bass, Berry & Sims PLC, a law firm with offices in Tennessee and Washington, D.C., has signed a lease for a 180,000-square-foot space within Nashville Yards, an 18-acre mixed-use project in downtown Nashville. The office space will serve as the law firm’s new corporate headquarters. Bass, Berry & Sims will occupy space in the top eight floors in the Nashville Yards’ first multi-tenant office building, a 35-story tower with 650,000 square feet of office space and an additional 28,000 square feet of retail space. The tower’s building amenities will include a dog-friendly campus, dog park, ample parking, office valet, executive car services and an enhanced HVAC system. The tower will also serve as the new headquarters for Pinnacle Financial Partners, a financial services company. Located at 201 Platform South, the tower will be situated adjacent to the 591-room Grand Hyatt Nashville and Amazon’s two office towers at Nashville Yards. The developer, Southwest Value Partners, broke ground on the office tower in September. Bert Mathews and Shane Douglas of Colliers International represented Bass, Berry & Sims in the lease transaction.

October 12, 2021

Industrial Leasing Activity Office Texas

Diab Americas Signs 265,248 SF Headquarters Lease in DeSoto, Texas

by Taylor Williams October 12, 2021

DESOTO, TEXAS — Diab Americas LP, a Swedish manufacturer of core products for the marine and aerospace industries, has signed a 265,248-square-foot headquarters lease at I-20 Corporate Center in the southern Dallas suburb of DeSoto. The headquarters location consists of 242,248 square feet of warehouse space and 23,000 square feet of office space. Kevin Santaularia, Michael Spain and Michael Grant of Bradford Commercial Real Estate Partners represented the locally based landlord, 220 E. Danieldale Partners, in the lease negotiations. The tenant plans to take occupancy of the space in November.

October 12, 2021

Leasing Activity New York Northeast Office

Orchard Technologies Signs 107,443 SF Office Lease at 195 Broadway in Manhattan

by Taylor Williams October 12, 2021

NEW YORK CITY — Real estate services firm Orchard Technologies Inc. has signed a 107,443-square-foot office lease at 195 Broadway, a 29-story building in Manhattan’s Financial District. Orchard will occupy part of the 24th floor, as well as the entire 25th and 26th floors of the 1.1 million-square-foot tower, which formerly housed the world headquarters of AT&T and is thus known locally as The Telegraph Building. Peter Trivelas and Gary Ceder of Cushman & Wakefield represented the tenant, which plans to take occupancy of the space early next year, in the lease negotiations. Andrew Wiener represented the landlord, L&L Holding Co., on an internal basis.

October 12, 2021

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