NEW YORK CITY — Electra USA has signed a 10-year, 25,331-square-foot office lease in Midtown Manhattan. The electrical contractor will occupy the entire fourth and 31st floors at 10 E. 53rd St., a 37-story building that recently underwent a capital improvement program that upgraded the lobby, façade and outdoor plazas. Joseph Cirone, Patrick Dugan and Zachary Price of CBRE represented the tenant in the lease negotiations. The landlord, SL Green, was self-represented.
DENVILLE, N.J. — Cushman & Wakefield has brokered the sale of a two-story, 15,879-square-foot office building located at 165 E. Main St. in the Northern New Jersey community of Denville. Andrew Schwartz, Jordan Sobel, André Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller the transaction. Toni Kaufmann of Realty Executives represented the new owner-occupier, which also requested anonymity.
One cannot talk about, analyze, nor understand the New Orleans Central Business District (CBD) office market without a corresponding discussion of the entire CBD, not just the office building submarket. This is especially true when we look at the evolution of the New Orleans CBD since the late 1980s, and, more specifically to this article, since Hurricane Katrina. The New Orleans CBD office market is still the largest office submarket in this region. The submarket contains approximately 10.3 million rentable square feet. The balance of our submarkets (East Metairie, West Metairie, Kenner, Elmwood, West Bank, New Orleans East and the Northshore) contain a total of 8.6 million rentable square feet. More importantly, the CBD remains home for most of New Orleans’ “corporate” tenants, virtually all the region’s major law firms and financial institutions. That is the good news. However, the CBD has been transformed over the past 30+ years — and especially for the past two decades after Hurricane Katrina — from a traditional office-centric CBD to a mixed-use downtown area. The supply of office space in the CBD has shrunk from 70 buildings and 16.5 million rentable square feet in 1991, to 50 buildings and 13.8 million rentable square …
HOUSTON — JLL has brokered the sale of 5858 Westheimer, a 130,735-square-foot office building located in the Tanglewood area of West Houston. The eight-story building was constructed in 1981 and was 47 percent leased at the time of sale. Rick Goings and Dawson Hastings of JLL represented the seller, a special servicer, in the transaction. The buyer, an entity doing business as Geirin LandPark Westheimer LLC, plans to implement a value-add program that will upgrade the lobby, common areas, signage and spec suites.
NEW YORK CITY — Upstart has signed a seven-year, 15,356-square-foot office lease in Midtown Manhattan. The AI-driven lending platform will occupy the entire 33rd floor at NoMad Tower, a 39-story building located at 1250 Broadway. Scott Brown of Newmark represented the tenant in the lease negotiations. Paul Glickman, Benjamin Bass, Kristen Morgan, Harrison Potter and Diana Biasotti of JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.
MINNEAPOLIS — Regus, part of International Workplace Group (IWG), will open a new 30,000-square-foot coworking space on the 21st and 22nd floors of SPS Tower in downtown Minneapolis. Patrick Braswell of Record Real Estate Partners and Teresa Borgen of Newmark represented Regus. The new facility will include private offices, meeting rooms, coworking and creative spaces. IWG operates five other locations in the Twin Cities. SPS Tower, a 655,070-square-foot office building, received 66,000 square feet of new and renewed leases in the third quarter. Three businesses signed new leases. Schechter Dokken Kanter, a Twin Cities-based CFO, accounting and tax firm, leased 14,000 square feet and is moving from Washington Square. Steve and Andrew Chirhart of Tatonka Real Estate represented the tenant. Emergent Software is moving into a 6,700-square-foot spec suite. Matt Elder and Amanda Frelita of Newmark represented the tenant. Heritage Wealth Advisors leased a 4,200-square-foot spec suite and is moving from 60 S. 6th St. Additionally, three existing tenants renewed their leases in the building. These include Skolnick, Bardwell and Johnson Law Firm (4,700 square feet), Ryan Garry Law Firm (3,100 square feet) and Stewart Title (4,200 square feet). Josh Johnson of CBRE represented Stewart Title. Owned by Sumitomo Corp., …
KENNESAW, GA. — The Atlantic Cos. has announced that 1075 Big Shanty, a 72,633-square-foot office building in the northwest Atlanta suburb of Kennesaw, is now fully leased following three long-term lease executions totaling nearly 65,000 square feet. FEI Group, a national network of interior finishing contractors specializing in floors and cabinetry, has signed a new lease for 14,700 square feet. The Emory Clinic has also signed a new 19,840-square-foot lease at 1075 Big Shanty. Additionally, WSP, a global engineering and professional services firm, has renewed its 30,255-square-foot lease at the property. Michael Howell, Hunter Henritze and Maia Perri of Lincoln Property Co. represented the landlord in the lease negotiations. Situated near I-75 and Kennesaw State University, 1075 Big Shanty is a one-story office building that features a modern design, full-height glass, abundant natural light and outdoor seating.
MIAMI — Allen Morris Co. has obtained a $138.5 million construction loan for Ziggurat, a mixed-use development located at 3101 Grand Ave. in Miami’s Coconut Grove neighborhood. Faisal Ashraf of Lotus Capital Partners arranged the loan through BDT & MSD Partners and BHI, the U.S. bank of Israel-based Bank Hapoalim. Further details of the financing were not released. Designed by Oppenheim Architecture, Ziggurat will comprise two buildings featuring natural stone exteriors with gardens wrapping every level. The project will be situated on a 1.7-acre site at the intersection of Grand Avenue, Matilda Street and Florida Avenue. The property will include a five-story, 100,000-square-foot trophy office building with a rooftop restaurant and a three-story building that will comprise 18 for-sale luxury condominiums and 45,000 square feet of retail space on the ground level. The condominiums will range in size from 1,254 to more than 5,000 square feet. ONE Sotheby’s International Realty is handling sales, with prices ranging from $3.5 million to $15 million. Ryan Holtzman, Andrew Trench and Brian Gale with Cushman & Wakefield will manage office leasing alongside Thad Adams with Allen Morris Co. Daniel Cardenas and Michael Sullivan with Vertical Real Estate will lead the retail leasing efforts. Allen Morris …
THOUSAND OAKS, CALIF. — Atlantic Pearl Investments, a Ghassemieh family investment vehicle, has purchased Westlake Gardens, a two-building office campus in Thousand Oaks. A private seller sold the property for $19.2 million, or $193 per square foot. Located at 2535 and 2555 Townsgate Road, the asset offers 99,545 square feet of Class A office space. Sean Fulp, Mark Schuessler, Blake Hammerstein and Jordan Garcia of Colliers represented the seller. Jason Roth, also of Colliers, arranged acquisition financing for the buyer.
By Matt Hunter, Hunter Real Estate Milwaukee’s office market, like many others across the country, is in flux. Rising costs, shifting tenant demands and looming debt maturities are all testing the market’s strength. But out of that pressure comes reinvention, and Milwaukee is proving it’s up for the challenge. High-quality, well-located, amenity-rich office buildings are more important than ever. They’re essential to attracting and retaining top talent. Office buildings don’t just serve the tenants that occupy them, they grow the tax base, support local businesses, drive housing demand and help build a more vibrant and economically resilient city. One of the most defining features of Milwaukee’s current office market is what’s not happening: there’s virtually no new construction. With high interest rates, continually increasing construction costs and economic uncertainty, ground-up office development has largely stalled. This has created a limited supply of modern, Class A office space, just as tenants are placing greater emphasis on quality. That supply-demand imbalance is driving increased competition for top-tier buildings and putting upward pressure on rents in this high-end segment. Tenants want less space but better-quality space, and they’re willing to pay a premium for it. This is a significant opportunity for landlords of …