PITTSBURGH — GRB Law, a Pittsburgh-based firm, has signed a 17,160-square-foot office lease for its new headquarters at 525 William Penn Place. The firm has operated out of the historic Frick Building as one of its original tenants dating back to the early 20th century. GRB Law plans to take occupancy of its new space in the fourth quarter. Dan Adamski and Reid Mauro of JLL represented the firm in its site selection and lease negotiations.
By Sunny Somaiya, co-founder, WellnessSpace As we navigate what working life and office spaces will look like in a post-pandemic world, one thing is certain — they will not be the same as before. With many companies realizing during the pandemic that their employees can be just as or even more productive working from home, demand for office space may remain low for the foreseeable future. Remote work should thus continue to be a popular option. However, for businesses that require office space but face unprecedented uncertainty about their futures, renting traditional office space may not be the best solution. This is particularly true for private medical and wellness practices, and that is where coworking spaces come in. Coworking spaces have been around for many years and are undergoing a transformation of their own. They provide a great middle-ground choice for businesses that are looking for spaces but want to increase flexibility and avoid signing long-term leases. While traditional coworking spaces appeal to entrepreneurs and business owners, niche coworking spaces have risen in popularity in recent years to meet the demands of specific individuals. Medical and wellness coworking spaces represent a new breed that satisfy an unmet demand for flexible …
CENTENNIAL, COLO. — Colorado-based Brue Baukol Capital Partners has broken ground on The District, a 36-acre mixed-use community adjacent to the Dry Creek rail station in Centennial. The walkable community will feature more than 2.5 million square feet of office space, a 200-key hotel, 1,800 residential units and over 30,000 square feet of retail space. Previously named the Jones District before rebranding to The District, the development will offer space for a range of flexible office spaces from small-scale co-working to multiple-building corporate headquarters. The project team includes Tryba Architects, Design Workshop, Martin/Martin Consulting Engineers and JHL Constructors. Completion for infrastructure work is slated for May 2021, with vertical construction on several planned projects scheduled to begin during the second half of 2021.
CORONA, CALIF. — Davenport Partners has purchased 1101 California Avenue, a two-story office property located at the corner of California and Rimpau avenues in Corona. An undisclosed seller sold the asset for $6.9 million. Built in 1990, the 40,000-square-foot property was 91 percent leased at the time of purchase.
NORWOOD, MASS. — Newmark has arranged the $105 million sale of One Investors Way, a 54-acre office campus in Norwood, located southwest of Boston. The site houses a 236,566-square-foot office building that is primed for repositioning, as well as land for new development. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Will Sleeper of Newmark represented the seller, a partnership between U.S. Realty Advisors and Bain Capital Real Estate, in the transaction. The buyer was not disclosed.
HOWELL, MICH. — Gerdom Realty & Investment has negotiated the sale of Bankers Square in Howell, about 55 miles northwest of Detroit, for an undisclosed price. The 10,772-square-foot office building is situated on the northeast corner of Michigan Avenue and Clinton Street. Howell Orthodontics and KNE Realty will occupy a portion of the property. Additional space remains available for lease. Bill McLeod of Gerdom represented the undisclosed buyer.
OMAHA, NEB. — Omaha National Insurance Group has signed a 53,274-square-foot office lease at Embassy Plaza in Omaha. The insurance group will occupy space within Suite 300 of the property, which is located at 9110 W. Dodge Road. Connor Lund and Spencer Secor of Cushman & Wakefield | Lund Co. represented the landlord, Horse CF-Embassy LLC. Marc Siemers and Eric Renner of OMNE Partners represented the tenant, which is moving from another location.
SOUTHFIELD, MICH. — Dominion Real Estate Advisors has arranged the sale of a 9,744-square-foot office building in Southfield for an undisclosed price. Located at 17251 W. Twelve Mile Road, the property will become the new home of Grand and Grand PLLC, a law firm engaged in debt collection and landlord/tenant representation. Eric Banks of Dominion represented the buyer, Carpco Development LLC. Kevin Jappaya of KJ Commercial represented the seller, SS&A Property Management LLC.
FREMONT, CALIF. — TA Realty has completed the sale of Fremont Research Center, a two-building portfolio in Fremont, to Kennedy Wilson Fund VI for $32.3 million. Located at 47200 Bayside Parkway and 3500 W. Warren Ave., the portfolio offers a total of 115,537 square feet of office, research and life sciences space. At the time of sale, the property was fully leased to two life sciences and aerospace defense users. Intuity Medical, a medical device company, occupies the 61,824-square-foot property at 3500 W. Warren Ave., and Mercury Systems, a multinational aerospace and defense company, occupies the 53,713-square-foot property at 47200 Bayside Parkway. Steven Golubchik, Edmund Naiera, Jonathan Schaelfer, Darren Hollak and Jack Phipps of Newmark Knight Frank’s Northern California Capital Markets team represented the seller in the deal.
COLORADO SPRINGS, COLO. — RMR Mortgage Trust (NASDAQ: RMRM) has arranged a $34.3 million first mortgage, floating-rate bridge loan for the refinancing of an office and industrial asset in Colorado Springs. The property includes a 191,000-square-foot office building and a 97,000-square-foot industrial building located at 10125 and 10205 Federal Drive. RMRM’s manager, Tremont Realty Capital, was introduced to the transaction by Essex Financial Group, which advised the sponsor, Flywheel Capital of Denver. An initial advance of $29 million was funded at closing with future advances of up to $5.3 million available for tenant improvements, leasing commissions and capital expenditures. The loan features a three-year initial term and a one-year extension option, subject to the borrower meeting certain requirements.