Office

Crestlight Capital Acquires SouthPark Towers Office Campus in Charlotte

by John Nelson May 19, 2022

CHARLOTTE, N.C. — Private equity investment firm Crestlight Capital has purchased SouthPark Towers, a two-building office campus in Charlotte’s SouthPark submarket totaling 534,263 square feet. The sales price and seller were not disclosed. The transaction represents Crestlight’s first office investment in Charlotte and fourth investment over the past 16 months, totaling over $500 million of enterprise value. The firm, which has regional headquarters in Detroit and New York City, partnered with an unnamed institutional investor for the acquisition. Crestlight plans on executing a significant renovation of both buildings, including cosmetic improvements, new building amenities and an overhaul of outdoor space. Crestlight has tapped Joe Franco, Kris Westmoreland and Stephanie Spivey to handle leasing at SouthPark Towers.

May 19, 2022

Market Reports Midwest Midwest Market Reports NAI Office Wisconsin

Office Designs, Layouts Look Different in Post-Pandemic Marketplace

by Kristin Harlow May 19, 2022

It’s safe to say office space design has been transformed over the past two years in large part due to COVID-19 and the work-from-home experience. It has changed for now, the foreseeable future and maybe forever. Though many people are still working from home, others have returned to the office, even if only for a few days a week, and many of the office spaces are looking entirely different. While this may be happening in other markets, it is a trend we are seeing in the Milwaukee office market. The idea of the design and aesthetic of the office has changed. Current trends in office design are focusing on safety and comfort, while also creating a sense of home at the office. Tenants are being more thoughtful about their space layout and design. Instead of trying to fit as many people as possible into the space, tenants are occupying roughly the same size, or even slightly smaller spaces, but focusing on making those spaces more welcoming to help ease those workers coming back into the office, as well as recruiting new employees. Bring home into the office This design trend has the goal to provide comfort and safety at every …

May 19, 2022

Leasing Activity New York Northeast Office

SVB Securities Signs 68,183 SF Office Lease Expansion at 1301 Avenue of the Americas in Manhattan

by Taylor Williams May 18, 2022

NEW YORK CITY — SVB Securities, an investment bank specializing in the healthcare and technology sectors, has signed a 68,183-square-foot office lease expansion at 1301 Avenue of the Americas in Midtown Manhattan. The tenant now occupies 139,176 square feet at the 1.7 million-square-foot building, which is owned by locally based investment firm Paramount Group Inc. (NYSE: PGRE).

May 18, 2022

Illinois Leasing Activity Midwest Office

Heritage-Crystal Clean Inks 39,000 SF Office Lease at Bell Works Chicagoland

by Kristin Harlow May 18, 2022

HOFFMAN ESTATES, ILL. — Heritage-Crystal Clean Inc. (HCC) has signed an 11-year office lease for 39,000 square feet at Bell Works Chicagoland in Hoffman Estates. The company is the property’s largest tenant to date. HCC plans to move its team of 180 workers from its longtime home in Elgin to Bell Works Chicagoland in August. The publicly traded environmental products and services company will occupy space on the third floor. NELSON Worldwide will design the office. Sven Sykes of Colliers represented HCC in the lease, while Steve Kling of Colliers represented ownership. Bell Works Chicagoland is the redevelopment of the former AT&T campus being undertaken by New Jersey-based Somerset Development.

May 18, 2022

Blue-Shield-CA-Office-Campus-Monterey-Park-CA

Acquisitions California Office Western

BH Properties Buys 120,191 SF Blue Shield Office Campus in Monterey Park, California

by Amy Works May 18, 2022

MONTEREY PARK, CALIF. — BH Properties has acquired a 120,191-square-foot suburban commercial office campus in Monterey Park from Blue Shield of California in a $15 million sale/leaseback transaction. Andrew Harper, Will Poulsen, Matt McRoskey and Owen Muller of JLL marketed the property on behalf of Blue Shield. Situated on 7.9 acres, the asset features a 91,363-square-foot building and a 28,828-square-foot property, both of which serve as the headquarters of Blue Shield’s Promise Health Plan, a managed care organization. Blue Shield will continue to occupy the asset through July 2023.

May 18, 2022

Acquisitions Office Top Stories Washington Western

Barings, Schnitzer West Sell Madison Centre Office Tower in Seattle for $730M

by Kristin Harlow May 18, 2022

SEATTLE — Barings and Schnitzer West LLC have sold Madison Centre, a 37-story office tower in downtown Seattle, for $730 million. The buyer was Boston Properties Inc. (NYSE: BXP). Completed in September 2017 and currently 93 percent leased, Madison Centre spans 760,971 rentable square feet and features 480 parking stalls. Amenities include a rooftop terrace, great room, conference center, boardroom, library and a fitness center operated by the Washington Athletic Club. Certified LEED Platinum, the building features HVAC purification systems and touchless entry. “The property is positioned to compete post-COVID with exactly what tenants are looking for and has performed extremely well throughout our hold period,” says Ben Green, managing director with Barings, which developed Madison Centre in partnership with Schnitzer West. Located at the intersection of Fifth Avenue and Madison Street, the office tower is located five blocks south of Seattle’s retail core, one block west of the Interstate 5 freeway and four blocks southeast of a Link light rail station. Kevin Shannon, Nick Kucha, Ken White and Mike Moll of Newmark brokered the sale. “This is the largest multi-tenant office sale in the nation year to date, and the asset garnered significant investor interest globally,” says Shannon, co-head, …

May 18, 2022

Acquisitions Colorado Office Western

Certus Sells 124,500 SF Office Building in Westminster, Colorado

by Amy Works May 17, 2022

WESTMINSTER, COLO. — Certus has completed the sale of Church Ranch Corporate Center, a Class A office property located along the US-30/Denver-Boulder corridor in Westminster. Lotus Co. acquired the building for $25.4 million. Built in 2001 and renovated in 2020, the four-story, multi-tenant asset features 124,500 square feet of office space. At the time of sale, the property was 90 percent leased to 14 tenants. The building is located at 10170 Church Ranch Way. Cushman & Wakefield’s Aaron Johnson, Jon Hendrickson and Mitch Veremeychik represented the seller in the deal. Additionally, Baxter Fain, Rob Cronenberg and Sarah Dinning of Cushman & Wakefield’s Denver Equity, Debt & Structured Finance Group arranged the debt financing for the buyer. A CMBS lender provided the $16.5 million, 10-year, full-term, interest-only loan.

May 17, 2022

Leasing Activity Office Texas

Newmark Signs 46,338 SF Office Lease in Uptown Dallas, Will Consolidate Regional Footprint

by Taylor Williams May 17, 2022

DALLAS — Newmark has signed a 46,338-square-foot office lease at The Link at Uptown. The move will consolidate three of the commercial real estate services firm’s regional offices into a single location at 2601 Olive St. in Dallas. John Wolf represented Newmark in the lease negotiations on an internal basis. Sarah Kennington and Bryce Jackson at Thirty-Four Commercial, along with Blake Shipley at JLL, represented the landlord, Kaizen Development Partners. Newmark plans to take occupancy in the fourth quarter. The company will continue to operate its office at Legacy Business Park.

May 17, 2022

Leasing Activity Michigan Midwest Office

Nonprofit World Renew Opens New Headquarters in West Michigan

by Kristin Harlow May 17, 2022

BYRON CENTER, MICH. — Nonprofit World Renew has opened a new headquarters at 8970 Byron Commerce Drive in Byron Center, about 13 miles south of Grand Rapids. World Renew works to end global poverty through food security, economic livelihoods, peace building and health. The organization also repairs homes after natural disasters and provides shelter, food and water to those who have lost their homes. The new headquarters is situated within a 31,000-square-foot building constructed by Pinnacle Construction. World Renew previously worked out of two separate spaces. Kristen Moore of Colliers West Michigan assisted the organization in securing its new space.

May 17, 2022

Leasing Activity New Jersey Northeast Office

Azarian Realty Signs Two New Office Leases in Northern New Jersey

by Taylor Williams May 17, 2022

MIDLAND PARK AND FAIR LAWN, N.J. — Azarian Realty Co. has signed two new office leases in Northern New Jersey. Two therapy groups have respectively leased 1,196 and 2,331 square feet in Midland Park and Fair Lawn. Kevin Pelio and James Azarian of Azarian Realty represented both parties in the first set of lease negotiations. The duo also represented the landlord in the second deal, while Nupur Darji of Sure Sell Real Estate represented the tenant.

May 17, 2022

Newer Posts

Older Posts