Friday, November 7, 2025
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Stewart-Plaza-Upland-CA
AcquisitionsCaliforniaOfficeWestern

CBRE Negotiates Sale of 46,527 SF Stewart Plaza Office Property in Upland, California

by Amy Works

UPLAND, CALIF. — CBRE has negotiated the sale of Stewart Plaza, a Class A office property located at 440 N. Mountain Ave. in Upland. A partnership between a local investor and a medical group acquired the asset from Stewart Plaza Owner LLC for $9 million. Sammy Cemo, Austin Reuland, Anthony DeLorenzo and Bryan Johnson of CBRE represented the seller in the deal. The three-story, 46,527-square-foot property has recently undergone more than $1 million in renovations, including a roof replacement, elevator modernization, HVAC replacements, lobby upgrades, new lobby and exterior furniture and a new digital directory.

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Tower-Plaza-Commercial-Center-Yucaipa-CA
AcquisitionsCaliforniaHealthcareOfficeRestaurantRetailWestern

Progressive Real Estate Partners Arranges $7M Sale of Tower Plaza Commercial Center in Yucaipa, California

by Amy Works

YUCAIPA, CALIF. — Progressive Real Estate Partners has negotiated the sale of Tower Plaza Commercial Center, a retail and office property located at 34590-34664 County Line Road in Yucaipa. Greg Bedell of Progressive Real Estate Partners represented the seller, a private Inland Empire-based investor and the original developer of the property, while Tricia Cerda of REMAX Redlands represented the buyer, an Inland Empire-based private investor. Built in 1995, Tower Plaza Commercial Center offers 39,422 square feet of commercial space spread across three buildings. At the time of sale, the property was fully occupied by 27 tenants, including food, healthcare, beauty, finance, office and retail users. The units range in size from 240 square feet to 2,200 square feet.

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DevelopmentIllinoisLoansMidwestMultifamilyOffice

Associated Bank Provides $21.1M Loan for Office-to-Residential Conversion Project in Chicago

by Kristin Harlow

CHICAGO — Associated Bank has provided a $21.1 million construction loan to Wildwood Investments LLC and Concord Capital for the conversion of a 93,707-square-foot office and retail building in Chicago into 72 multifamily units. The seven-story property is located at 230 E. Ohio St. within the Streeterville neighborhood. Plans call for a mix of studio, one-, and two-bedroom units averaging 811 square feet. Existing first-floor retail, including Dao Thai Restaurant & Noodle Palace, Eye Society and YA Skin Studio, will remain open throughout construction. Completion is slated for December 2026. Elizabeth Hozian of Associated Bank handled the loan arrangements and closing.

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FloridaMarket ReportsOfficeSoutheastSoutheast Market Reports

Orlando’s Suburbs Show Strength With Big Office Deals, Activity

by John Nelson

In the fourth quarter of 2024, the Orlando office market had the first quarter of positive absorption in four years, according to a recent Colliers market report. The market, like many across the nation, has navigated a period of recalibration in the wake of the pandemic and evolving work trends. Yet, a shift in tenant activity has signaled renewed leasing demand across the office landscape. In the fourth quarter, net absorption in the Orlando office market reached a positive 95,843 square feet. This is a significant improvement compared to the same period in 2023, which had a negative absorption of 297,714 square feet. Interestingly, it is the submarkets outside of Orlando’s central business district (CBD) that are shining. This is evident in two recent deals that are having a profound impact on the market. In December, we represented the seller when Charles Schwab purchased the Maitland Summit Office Park for $122 million. This was the largest office deal in Central Florida since 2021 and removed 500,000 square feet of Class A office space from the Maitland submarket, which is about 10 miles north of downtown Orlando.  Around the same time, Mitsubishi signed a lease for 109,000 square feet in Lake …

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Leasing ActivityNew YorkNortheastOffice

New York State Office of General Services Signs 66,106 SF Office Lease Expansion in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — The New York State Office of General Services has signed a 15-year, 66,106-square-foot office lease expansion at 919 Third Avenue in Midtown Manhattan. The space spans the entire 46th and 47th floors of the 1.5 million-square-foot building and brings the tenant’s footprint at the property to 117,390 square feet. Stephen Siegel, Liz Lash, Peter Larkin and Mark Bezold of CBRE represented the tenant in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Chabrier, Taylor Callahan, Alex D’Amario and Nicole Marshal, also with CBRE, represented the landlord, SL Green.

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12898-Towne-Center-Cerritos-CA
AcquisitionsCaliforniaOfficeWestern

CBRE, Colliers Arrange $10.1M Sale of 80,821 SF Office Property in Cerritos, California

by Amy Works

CERRITOS, CALIF. — CBRE and Colliers have arranged the $10.1 million sale of an office building located at 12898 Towne Center in Cerritos. CBRE’s Mark Shaffer, Sean Sullivan, Grant Goldman, Mike Longo and Melissa Moock, along with Todd Tydlaska of Colliers, advised the receiver, Ryan C. Baker of Verax Business Group, in the transaction. CBRE’s Tom Sheets represented the undisclosed buyer in the deal. Situated on 4.6 acres, the two-story building offers 80,821 square feet of office space. Built in 1993 as part of the three-phase Cerritos Towne Center, the building features large, efficient floor plates, a modern design and convenient access to Interstate 605 and State Route 91. SCAN Health Plan will occupy the property.

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DevelopmentIllinoisMidwestMultifamilyOffice

McHugh Construction Begins Work on Wacker Place Office-to-Residential Conversion in Chicago

by Kristin Harlow

CHICAGO — McHugh Construction has commenced the office-to-residential conversion of Wacker Place, a 25-story, 248,000-square-foot art deco tower at 65 E. Wacker Place in downtown Chicago. Mavrek Development and partner ACRES Capital LLC recently closed more than $90 million in financing to launch the project. Pappageorge Haymes Partners is the architect, and Cross Street will oversee residential leasing. Originally built in 1928 as the Millinery Mart Building, the property will be transformed into 252 apartment units across floors 4-24. McHugh is currently overseeing demolition and structural work to prepare for the residential layouts, building systems and amenity spaces. Floors 1-3 will house a reimagined lobby and building services area while maintaining retail tenant Morton’s The Steakhouse, which occupies space at street level and part of the second floor. Upon completion, Wacker Place will offer a mix of 105 studios, 105 one-bedroom and 42 two-bedroom units. In compliance with Chicago’s Affordable Requirements Ordinance, the project will include 51 affordable housing units offered at a weighted average of 60 percent of the area median income. No parking is planned for the building, which has a Walk Score of 100 and is located steps from multiple transit lines. Amenities will include a third-floor …

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Warehouse image. Industrial photo by CHUTTERSNAP on Unsplash.
AcquisitionsContent PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesMidwestMixed-UseMultifamilyNortheastOfficeRetailSoutheastTexasWestern

Lee & Associates’ Report: Q3 Results Shaped by Market Uncertainty, Questions of Legality, Tariffs, AI Considerations

by Sarah Daniels

Lee & Associates’ 2025 Q3 North America Market Report examines a commercial real estate landscape experiencing some pauses as the effects of exogenous forces work their way through the market. Economic and legal questions, the second- and third-order effects of tariffs, persistently high costs, unemployment concerns and the new realities of artificial intelligence (AI) have combined to produce mixed results across all property types. Demand for office and retail has increased (and their respective pipelines remain constrained). Of the four property types covered in the report — industrial, office, retail and multifamily — only retail saw transaction momentum in the previous quarter. Meanwhile, the overbuilt industrial and multifamily sectors have witnessed weakening or negative demand in the third quarter. Lee & Associates’ full, detailed market report is available to read here. The overviews for the sectors below reveal a market that seems to be holding its breath, awaiting new information. Industrial Overview: Markets Await Tariff Clarity Net absorption of industrial space increased in the third quarter across North America, but demand was weak and failed again to keep pace with the supply of new buildings, while tenant growth remained hobbled by tariff concerns and interest rates. In the United States, following 8.1 million square feet …

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Wells-Fargo-Irving
DevelopmentOfficeTexas

Wells Fargo Opens 850,000 SF Regional Headquarters Campus at Las Colinas in Irving

by Taylor Williams

IRVING, TEXAS — Wells Fargo (NYSE: WFC) has opened its 850,000-square-foot campus in Irving’s Las Colinas district that will serve as the San Francisco-based banking giant’s new regional headquarters office. Developed by KDC, the campus consists of two 10-story, 400,000-square-foot buildings and a connecting parking garage, as well as various open green spaces, all on a 22-acre site. Amenities include a dining pavilion, fitness center and walking trails. Wells Fargo expects to employ about 3,000 people at the campus, inclusive of the hiring of 650 new staffers. Corgan served as the project architect, and Austin Commercial was the general contractor. Construction began in spring 2023 and topped out about a year later. Wells Fargo first announced the project in fall 2022.

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Leasing ActivityMidwestOfficeOhio

CBRE Signs 19,500 SF Lease to Relocate Columbus, Ohio Office

by Kristin Harlow

COLUMBUS, OHIO — CBRE has signed a 19,500-square-foot lease at 10 W. Nationwide Boulevard, a trophy office building within the Arena District in downtown Columbus owned and developed by Nationwide Realty Investors. The firm will relocate form 200 Civic Center Drive in summer 2026. The new office on the fifth floor is part of CBRE’s Workplace360 program, which includes innovative technology and a variety of collaborative spaces designed to support hybrid working. Brandon Ellis and David Morgan represented CBRE on an internal basis. CBRE has also been named the leasing agent for 10 W. Nationwide Boulevard, which rises five stories and totals 200,000 square feet. Designed by Ohio-based architectural firm Lupton Rausch, the building features an outdoor area that connects to parking areas and nearby amenities. The lobby and first-floor amenity space are being updated to include refreshed conference rooms and a café with indoor and outdoor seating.

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