ROCKAWAY, N.J. — Casio America has signed a 21,338-square-foot office lease in the Northern New Jersey community of Rockaway. The U.S. subsidiary of the Japanese electronics manufacturer is taking space on the third floor of The Mark, a seven-story, 237,087-square-foot building that was recently renovated. Chris Conklin, Dan Spero and Maria Rubert of JLL represented the landlord, Northbridge Capital, in the lease negotiations. Naoki Yamaguchi of Relo Redac Inc. represented the tenant.
By Steven Bauer, Colliers The office towers that define Chicago’s landscape have unique histories and personalities, but not all are created equal in the eyes of the tenant. Buildings seeing the highest demand, classified even higher than Class A, are “trophy buildings” — buildings with high-quality finishes, newer and more efficient construction, and are often amenity rich with exclusive lounges, rooftop decks, fitness centers and private bars. It’s especially important in today’s market to distinguish between the two distinct building categories because while Chicago’s real estate market is a vibrant and complex one, there is more to the story than what you see in the headlines. While the overall vacancy rate in the Loop remains at a historic high above 25 percent, trophy space vacancy is under 10 percent, and demand continues to be robust. The story of flight to quality and flight to trophy assets has been told repeatedly since the COVID pandemic — complete with statistics that back the trend up. In the fourth quarter of 2024 alone, owners of trophy class buildings finalized anchor tenant renewals with Mayer Brown and PwC, both of whom kept roughly the same square footage as they had previously leased. With the …
AUSTIN, TEXAS — Quantic Wenzel has opened its new 45,000-square-foot headquarters facility in Austin. The electronics manufacturer relocated from a site about a quarter-mile away to 1835A Kramer Lane on the city’s north side. The new facility features a cleanroom, expanded engineering labs and optimized manufacturing areas to enhance production. Bo Beacham, John Barksdale, Mark Emerick and Kyle Lewis of CBRE represented Quantic Wenzel in its site selection and lease negotiations.
NEW YORK CITY — Geller & Co. has signed a 45,290-square-foot office lease at 99 Park Avenue in Midtown Manhattan. The financial services and advisory firm will relocate from 909 Third Avenue to the entire 10th floor and a portion of the ninth floor at the 26-story building. Bryan Boisi of Cushman & Wakefield and Stuart Romanoff of Romanoff Realty Services represented the tenant in the lease negotiations. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter from JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.
CORAL GABLES, FLA. — Blanca Commercial Real Estate (Blanca CRE) has negotiated three office leases at The Plaza Coral Gables, a mixed-use development in the Miami suburb of Coral Gables that includes two Class A office towers exceeding 450,000 square feet. The latest round of leases brings the property’s office component to full occupancy. These deals include Baycrest Partners (1,800 square feet), ALTI (6,000 square feet) and Marcum (9,600 square feet), which are joining existing tenants including Apple, Bacardi and Hinshaw & Culbertson. Max Rossi of Newmark represented Baycrest Partners, Thomas Haughton of CBRE represented ALTI and Carlyle Coffin of Stream Realty Partners represented Marcum in the lease negotiations. Tere Blanca, Danet Linares and Andres del Corral of Blanca CRE lead the office leasing team at The Plaza Coral Gables on behalf of the landlord, Agave Holdings. In addition to office space, the mixed-use development features the 242-room Loews Coral Gables Hotel, 165,000 square feet of retail and restaurant space, the 170-unit The Reserve apartments and a 2,000-space parking garage.
SHEBOYGAN, WIS. — NAI Pfefferle has brokered the sale of two office buildings in Sheboygan totaling 64,736 square feet. The sales price was undisclosed, but the asking price was $3.7 million. The properties are located at 4135 and 4136 Sud Parkway. Dane Checolinski and Tom Fisk of NAI Pfefferle brokered the sale.
— By Phil Brierley of JLL — The Salt Lake City office market continues to strengthen despite strong systemic headwinds. Last year was a banner year for leasing, with 4.8 million square feet of total leasing velocity. Silicon Slopes once again led all submarkets, representing 43 percent of all leasing. This was followed by the Greater CBD with 25 percent. Absorption was positive through the fourth quarter (for the second consecutive time) at 72,861 square feet, offsetting move-outs earlier in the year. Overall vacancy peaked in 2023 at 18.9 percent and is finally trending in the right direction. It finished the year at 18.6 percent. Subleasing is still a soft spot, especially in Silicon Slopes, with 300,000 square feet of new sublease space hitting the market in the fourth quarter of 2024 alone. Sales volumes rebounded after a dismal 2023, clocking in at $518 million in 2024. RCA notes this is close to the trailing 10-year average of $587 million. Much of that velocity was driven by user sales, including Salt Lake County’s acquisition of the Peace Coliseum, Canyons School District’s purchase of the eBay regional headquarters, the University of Utah’s acquisition of City Center downtown and Onset Financials’ acquisition …
ROCHESTER, N.H. — Colliers has brokered the sale of a 30,000-square-foot office building in Rochester, located along the Maine-New Hampshire border. According to LoopNet Inc., the three-story building at 40 Winter St. was originally constructed in 1974. David Choate and Abigail Bachman of Colliers represented the seller in the off-market transaction. The buyer was an entity doing business as The Red Brick Realty LLC, which is also a tenant in the building.
ATLANTA — Stream Realty Partners has added five leases at The Interlock, a 672,688-square foot mixed-use development located at 1115 Howell Mill Road NW in Atlanta’s West Midtown district. Kevin Driver and Malik Leaphart of Stream Realty arranged the leases, while colleague Michaela Roberts managed the firm’s initiatives to reposition and deliver customized office suites. The Gathering Spot, a private, members-only modern city club, leased 21,000 square feet of office space, as well as an additional 40,000 square feet of rooftop space. Directional Capital, a Los Angeles-based private equity firm and one of the largest national Rent-A-Center franchise owners, leased 10,500 square feet to establish its new headquarters. Creative firm agency Look Listen secured an 8,500-square-foot lease with drive-up access and direct connectivity to the Bellyard Hotel. Workers’ compensation defense law firm Levy, Sibley, Foreman & Speir LLC (LSFS) signed a 5,000-square-foot lease while Alloy Marketing signed a 10,000-square-foot lease, with both firms occupying newly built office suites on the sixth floor. Mike Davis and Nathan Williams of Scotland Wright Associates represented The Gathering Spot, Directional Capital, Look Listen and LSFS, while Dan Granot of Savills represented Alloy Marketing in the lease negotiations.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a multi-property medical office portfolio in Tucson. A private investment group acquired the asset from an undisclosed investment REIT for $6.1 million. The 42,722-square-foot portfolio consists of multiple leased medical buildings at 4892 N. Stone Ave. and the Green Valley Medical Mall at 1055 N. La Canada Drive. Thomas Nieman and Bryce Horner of Cushman & Wakefield | PICOR represented the seller in the deal.