HOUSTON — Black Stone Minerals has signed a 55,082-square-foot office lease renewal at 1001 Fannin in downtown Houston. The locally based energy company also renewed its lease in 2023 at the 49-story, 1.3 million-square-foot building, which recently underwent a multimillion-dollar capital improvement program. Chip Colvill and Brad Beasley of Partners Real Estate represented the landlord, JMB Realty, in the lease negotiations. Trey Strake and David Guion of Cushman & Wakefield represented Black Stone Minerals.
FALLS CHURCH, VA. — Advantage Capital has closed on the financing for Telestar Court, a $51 million office-to-residential conversion project in Falls Church, a Northern Virginia suburb of Washington, D.C. The developer is a joint venture between Conifer Realty and Joseph Browne Development Associates. Set for completion in spring 2027, the redeveloped site will deliver 80 apartments (36 one-bedroom and 44 two-bedroom) for low- to moderate-income residents earning 30 percent and 80 percent of the area median income (AMI). The property was formerly a medical office building. Advantage Capital leveraged $15 million in low-income housing tax credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program to help fund the conversion project.
BALTIMORE — PricewaterhouseCoopers LLP (PwC), one of the “big four” global accounting firms, has leased space for its new Baltimore regional headquarters. The company has leased 23,000 square feet of office space at the Rye Street Market building within Baltimore Peninsula, a $5.5 billion master-planned development in south Baltimore. PwC is moving from 100 E. Pratt St. and will take occupancy at Baltimore Peninsula in late 2026, according to the Baltimore Business Journal. MAG Partners and MacFarlane Partners lead the development team for Baltimore Peninsula, which includes Under Armour founder Kevin Plank’s Sagamore Ventures and Goldman Sachs Asset Management’s Urban Investment Group. Other office tenants at the Rye Street Market building include the Baltimore Ravens NFL team, Longeviti Neuro Solutions, OBM, Chambers and MAG Partners, according to local media outlets.
SUGAR LAND, TEXAS — Colliers has brokered the sale of a 15,446-square-foot office building in Sugar Land, a southwestern suburb of Houston. The Offices at Telfair was built on 1.5 acres in 2017 within the master-planned community of the same name and is home to engineering consulting firm Aguirre & Fields. Kolbe Curtice of Colliers represented the undisclosed seller in the transaction.
SAN JOSE, CALIF. — BH Properties has expanded its Bay Area footprint with the acquisition of 2125 O’Nel Drive, a Class A office and research-and-development building located in North San Jose. The recently renovated two-story building offers visibility along Highway 101 and is situated minutes from Mineta San Jose International Airport. Originally built in 1985 and modernized in 2022, the 110,669-square-foot building features a remodeled contemporary lobby, cafe-style kitchen with a NanaWall system, expanded glass lines, new exterior landscaping with outdoor collaborative areas and upgraded building systems. Andy Zighelboim, Kevin Moul, Brad Idleman and Bob Giley of Colliers represented the seller, while Peter Horn led the acquisition for BH Properties. Terms of the transaction were not released.
ROCKFORD, MICH. — Footwear company Wolverine Worldwide Inc. has unveiled a major renovation of its global headquarters in Rockford within western Michigan. The centerpiece of the project is a renovation of 40,000 square feet of space to house the company’s two biggest brands, Merrell and Saucony, the latter of which Wolverine recently relocated to Rockford from Boston. Originally constructed in 1963, the space served as a footwear factory for several decades before being transitioned into office space in the 1990s. Now known as The Factory, the space features exposed structures and concrete floors, floor-to-ceiling windows, 224 individual workstations, dedicated product and marketing rooms for each brand, 31 collaboration and meeting rooms, a café and technology for product design, marketing and collaboration. The project is supported by a $1 million Michigan Business Development Program grant in collaboration with the Michigan Economic Development Center and The Right Place Inc. In all, Wolverine’s headquarters totals 300,000 square feet. Amenities include subsidized daycare and an early education center for children, fitness center, four miles of on-campus hiking and nature trails, an onsite, subsidized cafeteria and dog daycare.
NEWPORT BEACH, CALIF. — CBRE has negotiated the sale of an office property located at 1303 Avocado Ave. in Newport Beach. A local family office acquired the asset from a local private partnership for $11.5 million. Built in 1973, the two-story, 15,200-square-foot property was 96 percent occupied at the time of sale. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Harry Su of CBRE represented the seller in the deal.
COSTA MESA, CALIF. — PSRS has arranged a $5.5 million loan for the refinancing of Ocean Business Park, a flex industrial business park in Costa Mesa. At the time of financing, the property was 100 percent occupied by a diverse tenant mix. Michael Tanner and George Gianoukakis of PSRS secured the financing through one of PSRS’ correspondent life insurance company lenders. The transaction provided the undisclosed borrower with a nonrecourse loan featuring a 10-year term and 30-year amortization.
CHICAGO — Glenstar has executed three office leases totaling 100,000 square feet at Presidents Plaza, a two-tower, 831,442-square-foot office complex situated near the Chicago O’Hare International Airport. A joint venture between Glenstar and a private investor purchased the property in October 2024. FM, a global commercial property insurance and loss prevention company, will relocate its regional office from Park Ridge, Ill., to a 40,000-square-foot space at Presidents Plaza. Formerly known as FM Global, the company has a network of offices in the U.S. and internationally. Glenstar also executed a 40,000-square-foot lease with Do It Best, a Fort Wayne, Ind.-based home improvement retailer that acquired True Value last year. In the third lease, current tenant Meitheal Pharmaceuticals signed a 20,000-square-foot expansion that doubles its footprint to 40,000 square feet. Presidents Plaza ownership is investing $16 million in improvements across the two buildings. A golf simulator is slated to open this summer. Spec suites are also being constructed. These improvements add to the property’s $34 million in renovations completed in 2022 that included the redevelopment of a three-story atrium lobby, three-level health club, fully renovated lounge, café with seating and conference center.
DALLAS — Texas-based investment firm SkyWalker Property Partners has purchased The Crossings, a 232,541-square-foot office building in North Dallas. The 10-story building was constructed in 1986 on a 2.6-acre site along the Lyndon B. Johnson Freeway and was renovated in 2018. Todd Savage of Cushman & Wakefield, along with Ben Esterer and Keenan Ryan of JLL, represented the seller, Goddard Investment Group, in the transaction. Jack Mock and Chris Aguilar represented SkyWalker, which plans to upgrade select areas, on an internal basis.