Office

IPA Negotiates $35.6M Sale of Home Ranch Commons Medical, Retail Center in Yorba Linda, California

by Amy Works January 8, 2025

YORBA LINDA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Home Ranch Commons, a mixed-use medical and retail property in Yorba Linda. Greenbridge Partners sold the asset to Optimus Properties LLC for $35.6 million. Tom Lagos, Mark DeGiorgio, Jose Carrazana and Patrick Toomey of IPA represented the seller in the transaction. Built in 1984 and renovated in 2018, the 60,737-square-foot Home Ranch Commons is co-anchored by UCI Health and Kiddie Academy. Additional tenants at the property include Blue Agave, YL Family Chiropractic, Bodhi Leaf Trading Co., Coder School and Torkian Aesthetic Center.

January 8, 2025

Leasing Activity Mixed-Use Office Southeast Virginia

CARFAX Signs 87,000 SF Office Lease at Metro DC’s Reston Station for New Corporate Headquarters

by John Nelson January 7, 2025

RESTON, VA. — CARFAX, an automobile history reporting platform based in Centreville, Va., has signed an 87,000-square-foot office lease at Reston Station, a mixed-use development about 20 miles west of Washington, D.C. CARFAX will occupy three floors of the office building at 1906 Reston Metro Plaza, which will serve as the company’s new corporate headquarters. The landlord, Comstock Holding Cos. Inc., says CARFAX plans to move into its new space by the end of the year. Reston Station spans 90 acres near the Wiehle-Reston East Station on Metro’s Silver Line features more than 500 residential units, shops, restaurants and offices for companies including Google, ICF International and Spotify.

January 7, 2025

Florida Loans Office Southeast

CBRE Arranges $30.2M Loan for Cornerstone One Office Property in Plantation, Florida

by John Nelson January 7, 2025

PLANTATION, FLA. — CBRE has arranged a $30.2 million loan for Cornerstone One, a nearly 170,000-square-foot office building located at 1200 S. Pine Island Road in the Fort Lauderdale suburb of Plantation. Amy Julian and Andrew Chilgren of CBRE arranged the bank balance sheet loan. The names of the borrower and direct lender were not disclosed, but multiple media outlets report that The Brookdale Group purchased the property in 2023. Julian says that the owner has executed nearly 90,000 square feet of leasing activity at Cornerstone One over the past two years. The landlord also plans to overhaul the office building’s lobby, upgrade the patios and install move-in ready spec suites.

January 7, 2025

Leasing Activity Maryland Office Southeast

CP Group Executes 35,000 SF of New Leasing Activity at CapRock in Bethesda, Maryland

by John Nelson January 7, 2025

BETHESDA, MD. — CP Group has executed nearly 35,000 square feet of leasing activity at CapRock, a three-building office campus in Bethesda spanning 709,313 square feet. The deals include four new tenants relocating from their Maryland and Northern Virginia offices, including insurance firm NFP (18,074 square feet), Montgomery County Employee Retirement Plans (10,564 square feet), endocrinology practitioner Ryse Health (2,929 square feet) and nonprofit medical tenant Hydrocephalus Association (2,328 square feet). Bernie McCarthy, Amanda Davis, Danny Sheridan and Patrick Hall of JLL represented CP Group in all four lease transactions at CapRock, which was formerly known as Democracy Center. CP Group rebranded the complex in 2023 as part of an ongoing capital improvement program at the development.

January 7, 2025

Acquisitions New York Northeast Office

Williams Equities Acquires Midtown Manhattan Office Complex for $147.5M

by Taylor Williams January 7, 2025

NEW YORK CITY — Locally based investment firm Williams Equities has acquired 470 Park Avenue South, a 300,000-square-foot office complex in Midtown Manhattan, for $147.5 million. Known locally as The Silk Building, 470 Park Avenue South is located between 31st and 32nd streets and consists of two interconnected buildings that rise 12 and 18 stories. The property also features ground-floor retail space and amenity spaces that support collaborative work and outdoor congregation and socialization. Will Silverman of Eastdil Secured represented the seller in the transaction. Jessica Verdi and Mac Roos of Colliers, along with internal agents Michael Cohen, Andrew Roos, Robert Getreu and William Stempel, represented Williams Equities.

January 7, 2025

Acquisitions Illinois Loans Midwest Office

Northwind Group Provides $62.5M Acquisition Loan for Office Building in Chicago’s East Loop

by Kristin Harlow January 7, 2025

CHICAGO — Northwind Group has provided a $62.5 million first mortgage, senior secured acquisition and lease-up loan collateralized by 303 East Wacker Drive, a 30-story office building in Chicago. The property totals more than 1 million square feet and includes a 282-space parking garage. Situated on the Chicago River in the East Loop submarket, the building was roughly 75 percent occupied at the time of loan closing. A joint venture between 601W Cos. and David Werner Real Estate Investments was the buyer. The financing facilitated the acquisition from the existing lender via a deed-in-lieu of foreclosure from prior ownership, Beacon Capital Partners. The building has been recently renovated and modernized with over $32 million of upgrades and tenant-focused improvements. A new amenity center on the entire 30th floor overlooks Lake Michigan. John Vavas of Polsinelli Law Firm represented Northwind.

January 7, 2025

Leasing Activity New York Northeast Office

Report: Citadel Signs 504,000 SF Office Lease at 660 Fifth Avenue in Midtown Manhattan

by Taylor Williams January 7, 2025

NEW YORK CITY — Financial services firm Citadel has signed a 504,000-square-foot office lease at 660 Fifth Avenue in Midtown Manhattan, according to a recent report on the Manhattan office market from real estate services firm Savills. Brookfield Properties owns the 39-story, 1.2 million-square-foot building, which recently underwent a $400 million redevelopment. Law firm Fried Frank acted as advisor to Citadel in the lease negotiations and is also advising the company in the development of its new headquarters at 350 Park Avenue. CBRE is the leasing agent for 660 Fifth Avenue.

January 7, 2025

Leasing Activity Office Texas

Merit Energy Signs 104,034 SF Office Lease in North Dallas

by Taylor Williams January 6, 2025

DALLAS — Merit Energy has signed a 104,034-square-foot office lease in North Dallas. The oil and gas operator will relocate its headquarters to floors 10 through 12 at Two Lincoln Centre, a 19-story, 602,000-square-foot building located at 5420 LBJ Freeway. Matt Schendle, Zach Bean and Mary Frances Burnette of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. Jeff Ellerman and John Ellerman of CBRE (now with Stream Realty Partners) represented Merit Energy.

January 6, 2025

Leasing Activity New Jersey Northeast Office

McGivney Kluger Clark & Intoccia Signs 13,558 SF Office Lease in Livingston, New Jersey

by Taylor Williams January 6, 2025

LIVINGSTON, N.J. — McGivney Kluger Clark & Intoccia PC has signed a 13,558-square-foot office lease in the Northern New Jersey community of Livingston. The law firm is taking space at The Eisenhauer, a Class A campus located at 290 W. Mount Pleasant Ave. Jon Meisel, Erin Wenzler and Dan Casey of CBRE represented the landlord, Eastman Cos., in the lease negotiations. Fred Hyatt and Ignatius Armenia of JLL represented the tenant.

January 6, 2025

Leasing Activity Office Texas

Four Hands Signs 20,000 SF Office Lease in East Austin

by Taylor Williams January 3, 2025

AUSTIN, TEXAS — Four Hands has signed a 20,000-square-foot office lease in East Austin. The locally based furniture designer and wholesaler is taking space within Eastbound, a complex with two four-story buildings totaling 233,550 square feet at 3232 E. Cesar Chavez St. Chad Marsh of Endeavor Real Estate Group represented the tenant in the lease negotiations. A partnership between Lincoln Property Co., The KOR Group and Fenway Capital Advisors owns Eastbound.

January 3, 2025

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