HOUSTON — JLL has brokered the sale of Energy Crossing II, a 327,404-square-foot office building located in the Energy Corridor area of West Houston. The building was constructed on a 5.5-acre site in 2014 and includes a fitness center. Kevin McConn and Rick Goings of JLL represented the undisclosed seller in the transaction and procured the buyer, Austin-based Capital Commercial Investments. Energy Crossing II was 30 percent occupied at the time of sale.
HOUSTON — Sable Offshore Co. will open a 46,500-square-foot office in downtown Houston. The space spans the 28th and 29th floors of the 47-story Texas Tower building, and the upstream energy provider plans to take occupancy in the third quarter of next year. Kevin Kushner, William Padon and Sydnee Hilburn of CBRE represented the tenant in the lease negotiations. Michael Anderson of Cushman & Wakefield represented the landlord, a partnership between Hines, Ivanhoé Cambridge and an affiliate of global investor CDPQ.
AUSTIN, TEXAS — Cousins Properties (NYSE: CUZ) is under contract to acquire Sail Tower, a trophy office building located at 601 W. 2nd St. in downtown Austin. The Atlanta-based REIT agreed to a net purchase price of $521.8 million for the 804,000-square-foot property. Sail Tower was delivered in 2022 and its offices are fully leased to a Fortune 20 company through 2038, according to Cousins. The tenant name was not disclosed, but multiple media outlets report that Google is the occupant. The seller was also not mentioned, but Dallas-based Trammell Crow Co. developed the tower, which was formerly known as Block 185. The name “Sail Tower” derives from its curved appearance. The LEED Platinum property is situated near Austin’s Second Street entertainment district and offers unobstructed views of Lady Bird Lake. “We are thrilled to add this iconic office property, with a strong investment grade customer, to our Austin portfolio,” says Colin Connolly, president and CEO of Cousins. “This exciting transaction enables Cousins to enhance the quality of our leading lifestyle office portfolio and is immediately accretive to earnings.” Cousins’ existing downtown Austin office portfolio is situated near Sail Tower and is currently 93 percent leased. The assets include 300 Colorado, …
Atlanta’s office market feels like a story of winners and losers. Tenants continue to pay increasing rents for the best located, highest-quality spaces while the sector overall experiences negative office absorption. Those big, shiny objects, so to speak, offer quite a contrast to the results of continued office sector adversity brought on by reduced office attendance, a downsizing leasing trend and swelling sublet space. Who’s in the best position to win? Well-capitalized owners with stabilized debt (or none) that can meet the increasing tenant demands for skyrocketing tenant improvement costs and other rental concessions. With continued construction cost increases and downward pressure on base rental rates, fiscally sound landlords with longer-term business plans are in the best position to transact. And, of course, the newest buildings with the best location, amenity package and a reasonable commute for the majority of the workforce continue to thrive. CoStar Group reports that during the past 12 months, net absorption in office buildings completed before 2020 was negative 4 million square feet compared to 1.1 million for newer properties. The Atlanta office market has produced some sizable transactions this year, fueling some optimism among landlords with larger blocks of space for lease. The most …
AUSTIN, TEXAS — Law firm Pillsbury Winthrop Shaw Pittman LLP has signed a 28,000-square-foot office lease in downtown Austin. The firm, which primarily represents clients in the tech industry, is taking the entire 32nd floor at The Republic, a 48-story building that is under construction in the downtown area. Mark Miller and Seth Johnston of Lincoln Property Co., which owns the property in partnership with Phoenix Property Co. and DivcoWest, internally represented the landlord in the lease negotiations. John Gump and Marc Vanderslice of CBRE represented the tenant.
NEW YORK CITY — Locally based investment firm AmTrust RE has acquired a 260,000-square-foot office building located at 360 Lexington Ave. in Midtown Manhattan for $65.5 million. Constructed in 1959, the 24-story building has received significant renovations in the past few years, including a new lobby and upgraded elevators and common areas. AmTrust plans to implement further capital improvements by adding several new amenities, including conference rooms and lounges. Adam Spies, Adam Doneger, Joshua King and Marcela Fasulo of Newmark represented both AmTrust RE and the undisclosed seller in the transaction.
LOS ANGELES — A joint venture between Lendlease and Aware Super has topped out the six-story office building and 12-story multifamily building at Habitat, the joint venture’s mixed-use development in Los Angeles. Located at 3401 S. La Cienega Blvd., Habitat will feature a 253,000-square-foot office building, a 260-unit multifamily building and 2,900 square feet of retail and restaurant space, along with an integrated acre of open space. The project is slated for completion in early 2026. Designed by SHoP Architects, with commercial interiors by A+I and Steinberg Hart as executive architect, Habitat’s 50,000-square-foot floor plates feature 14-foot floor-to-floor heights and terraces. Office amenities include a lobby with niches for gathering, fitness center, hospitality-inspired locker rooms with showers and end-of-trip facilities for cyclist commuters. The residential building will offer 260 studio, one- and two-bedroom layouts with access to outdoor space along with hospitality- and wellness-inspired amenities. Expected to be net zero carbon in construction and operations, Habitat will include an integrated 125kW solar array, 64 dedicated electric vehicle parking spots, 222 secured bike parking spots, natural ventilation and lower-carbon concrete. Los Angeles-based RELM designed Habitat’s network of parks and walking paths, which offer a mix of secluded seating clusters and communal gathering …
PHOENIX — U-Haul International, a Phoenix-based moving and self-storage company, has acquired 20 E Thomas, a 25-story office tower at 20 E. Thomas Road in Phoenix’s Midtown submarket, from an entity controlled by Bank of America for $23.7 million. The 548,938-square-foot asset is part of a 10.5-acre mixed-use development containing 1.5 million square feet of office space, 30,500 square feet of retail space, a 242-room Embassy Suites hotel and an 11-story parking garage immediately adjacent to 20 E. Thomas Road. The sale also included 49 E Thomas, a 1.1-acre excess land parcel for additional parking. U-Haul intends to occupy most of the building, in what will be a real estate expansion for the company. U-Haul plans to consolidate its team members from other nearby buildings it currently owns. The company will continue to lease approximately 16 percent of space at the building to existing tenants. Eric Wichterman, Chris Toci and Mike Coover of Cushman & Wakefield represented a Bank of America entity in the sale after foreclosing on the property in summer 2024, several months after leases covering more than two-thirds of the building expired. Cushman & Wakefield’s Jerry Roberts and Pat Boyle also provided leasing advisory services. Ryan Eustice of …
DENVER — Tom Saurey, manager of Centerpoint Holdings LLC and founder and CEO of Tuff Shed, has purchased Centerpoint I and II, two office buildings located at 3900 E. Mexico Ave. and 1777 S. Harrison St. in Denver, from TerraCap Management LLC for $23 million. At the time of sale, the properties were 70 percent leased. Totaling 373,916 square feet, Centerpoint I and II offer a renovated, modern lobby and tenant lounge, a new conference facility and new full-service deli/café. The property has also undergone updates to the elevators and mechanical systems. The new ownership plans to complete some amenities and fitness upgrades. Tuff Shed recently renewed its 29,087-square-foot, long-term lease in the building at 1777 S. Harrison St., which includes a large indoor showroom and sales center on the first level, as well as two floors of office space. Tributary Real Estate brokered the sale, and Dunton Commercial will manage the property for the new owner.
CLAYTON, MO. — Sansone Group, the leasing and property management team for PNC Center, has unveiled a new 11,435-square-foot amenities center at the 18-story office tower in the St. Louis suburb of Clayton. Named The Clayton Club, the project features a training center that can accommodate up to 64 participants, alongside two additional conference rooms and three huddle rooms for smaller meetings. The center also boasts a fully equipped fitness facility, complete with towel service, personal training and a dedicated movement room. Additional upgraded amenities include a micro-mart, putting green, pool table and various relaxation areas. The Clayton Club provides whiskey and wine lockers for an after-work experience. Sansone Group’s property management team oversaw every aspect from design collaboration to contractor selection and project execution. The property is owned by Clayton Central Owner LLC. Local architect Domash DesignSource and Los Angeles-based David Netto Design were the architects. Two new tenants have signed leases at the building totaling over 15,000 square feet.
