NEW YORK CITY — Social media platform Praxis has signed a 7,462-square-foot office lease at 446 Broadway in Manhattan. The lease term is five years, and the space encompasses the entire third floor. Greg Herman of Cushman & Wakefield represented Praxis in the lease negotiations. David Malawer of Newmark represented the landlord, KPG Funds. The building is now fully leased.
AUSTIN, TEXAS — Newmark has brokered the sale of 823 Congress, a 190,254-square-foot office building in downtown Austin. The recently renovated building was 71 percent leased at the time of sale. Chris Murphy, Robert Hill, Gary Carr and Chase Tagen of Newmark represented the seller, a fund backed by New York-based DRA Advisors, in the transaction. David Milestone, Brett Green and Josh Francis of Newmark arranged an undisclosed amount of acquisition financing on behalf of the buyer, Dallas-based Pillar Commercial. The sale included a six-story parking garage located at 900 Brazos St. The building was recently renovated to the tune of $15 million.
NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $92 million construction loan for a 215,379-square-foot office building that will be located at 1498-1538 Coney Island Avenue in Brooklyn’s Midwood neighborhood. The project will include 51,000 square feet of retail space and a 267-space automated parking structure. Construction is underway and expected to be complete in October 2023. Between the office and retail components, the building is 30 percent preleased. Aaron Birnbaum and Elliott Kunstlinger of Meridian Capital Group arranged the loan through Parkview on behalf of the borrower, an affiliate of locally based developer Baruch Singer.
While the Birmingham market never fluctuates too heavily in either direction, it typically remains relatively stable compared to national trends. Such has been the case with the effects of COVID-19. Birmingham is well-positioned for a return to the office, thanks in large part to our economy’s heavy makeup of local and regional businesses. Most smaller businesses have been in the office for some time, while large national enterprises still wrestle with what normal operations will look like moving forward. General market information Birmingham saw some positive absorption in 2021, with the occupancy rate holding steady at 81 percent, around the historical average. Birmingham comprises approximately 20 million square feet of office space with five main submarkets. Midtown, comprising mostly mid-size, Class A office buildings, remains the strongest submarket with an occupancy rate over 92 percent and rental rates in the mid to high $20s per square foot ($24.12 per square foot average). The Central Business District has seen companies leave for suburban submarkets like Midtown and Highway 280/Interstate 459, however the occupancy rate of 78 percent has remained relatively stable over the past couple of years, with rents in the low to mid $20s per square foot ($21.07 per square …
SAN DIEGO — Davlyn Investments has completed the sale of Northridge Summit, a Class A office property located at 12220 Scripps Summit Drive in San Diego’s Scripps Poway Parkway submarket. DivcoWest purchased the asset for $76.1 million. At the time of sale, the single-tenant, 130,000-square-foot building was fully leased. The property features 43,000-square-foot rectangular floorplates, one level of below-grade parking, electric vehicle charging stations and a courtyard. Nick Psyllos, Lynn LaChapelle and Kurt Luedtke of JLL Capital Markets represented the seller in the deal.
LOUISVILLE, COLO. — Tepuy Properties has completed the disposition of a property located at 385 S. Pierce Ave. in Louisville. Centre Point Properties acquired the asset for $8.7 million. The property features 43,770 square feet of flex space. Tepuy originally purchased the property for $2.5 million. Jaime Pletcher of Gibbons White represented the seller, while Cody Stambaugh and Mark Alley of Pinnacle Real Estate represented the buyer in the deal.
ALEXANDRIA, VA. — Douglas Development has purchased 515 King St., a 70,000-square-foot office property in Alexandria. JLL represented the undisclosed seller in the $12 million transaction. The office property recently had renovations completed, including a lobby renovation, ground-floor retail renovation, designated office suites and the upgrade of coworking spaces. Additional plans called for refreshing the public spaces and incorporating a gym and locker rooms. Douglas Development is currently negotiating with perspective tenants for the retail spaces, with the anticipation of a restaurant opening. Located in the heart of Old Town Alexandria, 515 King St. is situated about nine miles from Washington, D.C.
CHICAGO — Skender has completed construction of 609 W. Randolph, a 15-story boutique office building in Chicago’s West Loop. Developed by Vista Property, the building spans more than 100,000 square feet and includes a tenant lounge, rooftop terrace, executive conference room, wellness studio and meeting spaces. The property has received WELL and LEED certifications and features high-performance air filters, motion-sensor restroom fixtures and touchless, automatic doors. CBRE is the leasing agent. Antunovich Associates designed the base of the building, while Partners by Design handled the design of the spec office suites.
OVERLAND PARK, KAN. — Dynamic Logistix has signed a lease totaling 44,483 rentable square feet of office space at Overland Park Xchange, a 733,400-square-foot office building in Overland Park. The third-party provider of shipping technology and freight solutions is relocating its headquarters from 7220 W. 98th Terrace in Overland Park. The company is scheduled to take occupancy of its new space today (Friday, April 29). Ryan Schneider of JLL negotiated the lease. Occidental Management owns Overland Park Xchange.
BROOKFIELD, WIS. — Marcus & Millichap has arranged the sale of a 31,067-square-foot office building in the Milwaukee suburb of Brookfield for $3.2 million. Nu-Art Dental Lab occupies the net-leased property, which is located at 160 Bishops Way within the Bishop’s Woods Office Park. Nu-Art has occupied the building since 2013. The Rowlett Group of Marcus & Millichap’s Milwaukee office represented the seller, a private investor. The Rowlett Group and Tom Gommels of Marcus & Millichap’s Minneapolis office represented the buyer, an out-of-state limited liability company. The tenant had more than seven years remaining on its lease term at the time of sale.