Office

Archstone Builders Underway on Renovation of Historic McGraw-Hill Building in Manhattan

by Taylor Williams October 28, 2021

NEW YORK CITY — Locally based general contractor Archstone Builders is underway on renovations of the McGraw-Hill Building, a historic property at 330 W. 42nd St. in Manhattan. Since its original construction in 1931, the 35-story, 700,000-square-foot building has served as the headquarters of both the namesake publishing giant and Marvel Comics. Capital improvements include a restoration of the original design of the façade, a window replacement program and an upgrade of the entryways and storefront. MdeAs is the project architect, and New York-based Resolution Real Estate Partners owns the building.

October 28, 2021

Development Industrial Midwest Office Ohio

Sherwin-Williams Breaks Ground on 600,000 SF Global R&D Center Near Cleveland

by Kristin Harlow October 27, 2021

BRECKSVILLE, OHIO — The Sherwin-Williams Co. (NYSE: SHW) has broken ground on its new global research and development (R&D) center in Brecksville, a southern suburb of Cleveland. The 600,000-square-foot facility will support product development, coatings research, color technology and process engineering. Cleveland-based Sherwin-Williams is also building a new global headquarters in downtown Cleveland that will span approximately 1 million square feet. The company plans to invest a minimum of $600 million to build both the headquarters and the R&D facility. Together, the two facilities will house more than 3,500 employees. Sherwin-Williams estimates it will add a minimum of 400 jobs at these properties over time, an increase of 11 percent to the company’s current local workforce. The R&D center is expected to open by the end of 2024.

October 27, 2021

Leasing Activity Midwest Office Ohio

Taft Signs 50,000 SF Office Lease at Huntington Center in Downtown Columbus

by Kristin Harlow October 27, 2021

COLUMBUS, OHIO — Law firm Taft has signed a long-term lease for 50,000 square feet at Huntington Center, a 1 million-square-foot office tower in downtown Columbus. Taft will relocate to the 37-story building in late 2022 and will occupy three floors. Developed by Hines in 1984, Huntington Center is located directly across from Ohio Statehouse, the state capitol building. The property underwent an $18 million renovation in 2019. Collin Wheeler and Brandon Ellis of CBRE represented Hines in the lease transaction. Jeff Carey of JLL represented Taft.

October 27, 2021

Development Industrial Massachusetts Northeast Office

Amazon Opens 350,000 SF Robotics Facility Near Boston, Adds 200 Jobs

by Taylor Williams October 27, 2021

WESTBOROUGH, MASS. — Amazon (NASDAQ: AMZN) has opened a 350,000-square-foot robotics facility in Westborough, about 30 miles west of Boston, a move that adds about 200 new jobs to the regional economy. The facility will feature corporate offices, research and development labs and manufacturing space for the production of mobile drive units, which are used for inventory selection and transportation in the company’s automated warehouses. Amazon also operates a robotics facility in North Reading, Massachusetts.

October 27, 2021

Acquisitions Arizona Office Western

Tempus Realty Partners Buys Warner Crossing Office Complex in Tempe, Arizona

by Amy Works October 27, 2021

TEMPE, ARIZ. — Little Rock, Ark.-based Tempus Realty Partners has purchased an office complex located at 8312 S. Hardy Drive in Tempe. Woodland Hills, Calif.-based Younan Properties sold the asset for an undisclosed price. Built in 2000, the two single-level office buildings offer a total of 138,180 square feet of space. Three investment-grade tenants occupy the asset. Isaac Smith of Colliers in Arkansas represented the buyer, while Mindy Korth of Colliers in Arizona represented the seller in the transaction.

October 27, 2021

Acquisitions California Healthcare Office Western

GPI Cos. Sells Medical Office Building in North Hollywood in Off-Market Transaction

by Amy Works October 27, 2021

LOS ANGELES — GPI Cos. has completed the disposition of a medical office building located in Los Angeles’ North Hollywood neighborhood. Principal Real Estate Investors acquired the asset for an undisclosed price in an off-market transaction. Located at 4343 Lankershim Blvd., the three-story property features 32,418 square feet of medical office space. The property is fully leased to a local health institution and offers pain medicine and digestive disease services. Andrew Milne, Evan Kovac and Matt DiCesare of JLL Healthcare Capital Markets, along with Bryan Lewitt of JLL’s Los Angeles Healthcare Markets, represented the seller in the deal.

October 27, 2021

Development Leasing Activity Maryland Office Southeast

Choice Hotels Moves Headquarters to Pike & Rose Office Tower in North Bethesda, Maryland

by Julia Sanders October 26, 2021

NORTH BETHESDA, MD. — Choice Hotels International Inc. has signed a long-term lease to occupy 105,000 square feet in 915 Meeting St., a 276,000-square-foot office building to be constructed in North Bethesda. The office tower will be situated within Pike & Rose, a mixed-use development owned and developed by Federal Realty Investment Trust. Expected to break ground later this year, 915 Meeting St. will serve as Choice Hotels International’s new headquarters. Bernie McCarthy and Danny Sheridan of JLL represented Federal Realty in the lease negotiations, and Steve London of Savills represented Choice Hotels. The 16-story office building will feature amenities such as a rooftop conference center with collaborative common areas and a fitness center, as well as 9,600 square feet of ground floor retail space, approximately 25,000-square-foot flexible floor plates and 700 dedicated parking spaces. Gensler designed the building to achieve LEED Gold certification. Pike & Rose is a transit-oriented mixed-use development with more than 400,000 square feet of retail, services, dining and entertainment offerings. The development includes 300,000 square feet of existing office product as well, which includes tenants such as Bank of America, JLL, Industrious, OneDigital and Federal Realty’s corporate headquarters. The building is 40 percent preleased to …

October 26, 2021

Development Healthcare Leasing Activity New York Northeast Office Top Stories

Extell Development to Build 30-Story Medical Office Tower in Manhattan

by John Nelson October 26, 2021

NEW YORK CITY — Extell Development Co. has unveiled plans to develop a 30-story medical office tower on Manhattan’s Upper East Side. The 400,000-square-foot, Class A property will be located at 403 E. 79th St. The site is near several of New York City’s top hospitals and medical research centers, including NewYork-Presbyterian and the main campus of Hospital for Special Surgery (HSS), an academic medical center focused on musculoskeletal health with locations throughout the tri-state area. HSS has signed a long-term lease for approximately 200,000 square feet spread across the first eight floors at the new tower. Mitti Liebersohn and Arthur Mirante of Avison Young represented HSS in the lease negotiations in collaboration with the HSS in-house team of Michael Calabrese, Stephen Bell and Stacey Malakoff. Vincent Carrega represented Extell Development. HSS will house orthopedic and rheumatology physician offices within its office space, as well as ancillary services for treatment of musculoskeletal conditions. The space will complement the expansion of HSS’ main campus, which will house the newly announced Lauder Family Spine Center that is set to open in 2024 at the HSS Kellen Tower. “We are pleased to partner with HSS, the foremost hospital for orthopedics and rheumatology, to …

October 26, 2021

Arizona Market Reports Office Western Western Market Reports

Phoenix’s Office Market Remains Questionable

by Jeff Shaw October 26, 2021

By Laurel Lewis, Senior Vice President, NAI Horizon The office market is in uncharted territory, like going “Down the Great Unknown.” When John Wesley Powell navigated through the Grand Canyon, he did not know what lay ahead. Perhaps if he did, he might have chosen to leave it uncharted. Yet here we are in the midst of the proverbial river, wondering what lies ahead. The advent of a pandemic is changing minds about how and where we work. The work-from-home model may have started a decade ago, but the pandemic and new technology have exacerbated the trend. How will this affect the office market and, more specifically, the office market in Phoenix? The long-term effects remain to be seen, but we know Phoenix continues to attract new residents and new businesses. The Central Business District, for instance, is experiencing renewed interest. This is enhanced by the City of Phoenix’s efforts to offer a pedestrian-friendly environment, more entertainment and access to the light rail. The investment is paying off. Companies in bioscience, education, technology and financial services are taking an interest in the area’s vibrancy. To top it off, the second quarter came to a close with the Phoenix Suns making …

October 26, 2021

Acquisitions Office Texas

KBS Sells 199,000 SF Office Building in Houston’s Energy Corridor

by Taylor Williams October 25, 2021

HOUSTON — California-based investment firm KBS has sold Ten West Corporate Center, a 199,000-square-foot office building located in the Energy Corridor area of West Houston. The four-story building, which was built in 1988 and fully leased at the time of sale, is located within the 500-acre Park Ten office development. Kevin McConn and Marty Hogan of JLL represented KBS in the transaction. Susan Hill, also with JLL, arranged acquisition financing on behalf of the buyer, a joint venture between New York City-based Ellingstone Group and an undisclosed institutional investor.

October 25, 2021

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