NEW YORK CITY — The Legal Aid Society, a social justice law firm, has signed a 198,900-square-foot office lease at 40 Worth Street in Manhattan’s Tribeca neighborhood. The lease term is 30 years. The property, also known as the Merchants Square Building, was originally constructed in 1929 and spans approximately 800,000 square feet. Craig Reicher, Christopher Mansfield, Greg Maurer-Hollaender and Peter Gamber of CBRE represented the tenant in the lease negotiations. Brian Steinwurtzel and Roy Lapidus of GFP Real Estate represented the landlord, 40 Worth Street Associates LLC.
WALTHAM, MASS. — Boston Properties Inc. (NYSE: BXP) has acquired two life sciences buildings totaling 153,000 square feet in the western Boston suburb of Waltham for $100 million in cash. The seller was an affiliate of Los Angeles-based investment firm Montana Avenue Capital Partners LLC. The buildings, located at 153 and 211 Second Ave., were fully leased to an undisclosed pharmaceutical company at the time of sale. The assets are located adjacent to Boston Properties’ 272,000-square-foot building at 200 West St., a portion of which was recently converted into lab space. That property is 100 percent leased to Translate Bio. Following this transaction, Boston Properties now owns approximately 4.9 million square feet of lab and Class A office properties in the Waltham/Lexington area. The submarket has emerged as a major hub of life sciences construction, with companies such as Greatland Realty Partners, The Davis Cos. and Boston Development Group announcing or breaking ground on new projects in the last few months. Boston Properties holds more than 3 million square feet of life sciences space throughout the greater Boston and Los Angeles areas and has about 1 million square feet of life sciences projects in its development pipeline. “The adjacency to …
DENVER, COLO. — Broe Real Estate Group has unveiled plans for 200 Clayton, a Class A commercial office property in Denver. Construction is slated to start in August of this year and finish in 2023. The 200 Clayton project is an eight-story, Class A office building located in the Cherry Creek North shopping district and will have 76,000 square feet of office and retail space. The building is the first phase of the Clayton Street redevelopment. Broe Real Estate Group had to push the project when the pandemic hit last year, according to BusinessDen.com. OmniTRAX, The Broe Group’s transportation affiliate, will anchor the project and occupy the second and third floors, totaling about 20,000 square feet. Leasing negotiations are currently underway for prospective tenants on floors four through eight. The Broe Real Estate Group has made other investments in Denver, such as 1801 Skyline Apartments, which is a 12-story, 144-unit apartment building, and 216/252 Clayton Street, which is a 19,000-square-foot Class A mixed-use building. 216 Clayton Street is currently the headquarters of The Broe Group. After the completion of 200 Clayton, the firm plans to demolish the parking garage and 252 Clayton Street building to develop a seven-story office building …
DALLAS — Newmark has brokered the sale of Heritage One & Two, a 367,364-square-foot office complex located at the convergence of the Dallas North Tollway and LBJ Freeway in North Dallas. The two-building property sits on 12 acres and features amenities such as a fitness center, conference center and a café with outdoor seating. Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen of Newmark represented the undisclosed seller in the transaction. The buyer was Oregon-based investment firm Menashe Properties. The complex was 75 percent leased at the time of sale.
LAKE FOREST, CALIF. — Bailard has completed the disposition of Bailard Real Estate Fund of Palm Terrace, an office campus located in Lake Forest. Kingsbam Real Estate Capital acquired the asset for $40 million in an off-market transaction. Located at 25521, 25531 and 25541 Commercentre Drive, the three-building campus features 155,795 square feet of office space. At the time of sale, the property was 97 percent leased to a variety of tenants, including Del Taco, PGM Holdings, Hometown Equity, Citadel Servicing and Anyone Home. The property features revamped landscaping, an outdoor common area and courtyard, open floorplates, ample natural light, abundant surface-level parking, building signage and energy-efficient lighting. Kevin Shannon, Paul Jones and Brandon White of Newmark represented the seller, while the buyer was self-represented in the deal.
SURPRISE, ARIZ. — Marcus & Millichap has arranged the sale of a net-leased office building located at 12129 W. Bell Road in Surprise. A limited liability company sold the asset to an undisclosed buyer for $2 million. RISE Services Inc. occupies the 8,936-square-foot building, which was built in 2003. Chris Lund and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal.
By Mark Meisner, president and founder, The Birch Group For many years, corporations have been rethinking their office space utilization, both in terms of square footage per employee and various configurations that allow employees to collaborate and thrive within office settings. As we look ahead to the return to the office, we are already hearing that corporate culture, the sharing of ideas and training of new hires have become driving forces in getting people back into the workplace. At the same time, an increasing number of companies are also considering the hub-and-spoke model as part of their overarching corporate strategic planning. The openings of these satellite offices allow companies to tap into larger talent pools, reduce employee commute times and in some cases, avoid mass transit altogether. Over the past several years, we’ve seen companies like Ross Dress for Less take space on both sides of “The River,” opening offices on Long Island and in The Meadowlands to supplement its New York City headquarters. Now more than ever, with the suburban office market showing signs of a resurgence, there is an onus to go back to the basics and leverage a tenant-focused approach to bolster leasing and differentiate properties. At …
OVERLAND PARK, KAN. — OneDigital, a health, retirement and human resources advisory firm, has leased 16,925 square feet at CityPlace Corporate Center I in Overland Park. The firm will relocate and expand its retirement and wealth national headquarters beginning in November. The office property is located at 11101 Switzer Road. Anné Erickson and R.J. Trowbridge of JLL represented OneDigital in the lease transaction. Hunter Johnson and Andrew Block of Block Real Estate Services represented the landlord on an internal basis. OneDigital is relocating from 4860 College Blvd. in Leawood.
CHULA VISTA AND MISSION VALLEY, CALIF. — Voit Real Estate Services has arranged the sale of a five-property office and industrial portfolio in Chula Vista and Mission Valley. Protea Properties acquired the portfolio from Carleton Management for $47 million. Totaling 231,878 square feet, the portfolio includes a 48,828-square-foot, fully leased industrial/showroom building at 630 Bay Blvd. in Chula Vista; a 32,601-square-foot, fully leased multi-tenant office property at 660 Bay Blvd. in Chula Vista; a 99,584-square-foot, fully occupied office/industrial building at 780-784 Bay Blvd. in Chula Vista; a 30,046-square-foot, single-tenant property at 830 Bay Blvd. in Chula Vista; and a 20,819-square-foot, multi-tenant office building located at 5920 Friars Road in Mission Valley. Tenants at the portfolio include Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. Randy LaChance Sr. of Voit’s San Diego office represented the seller, while the buyer was self-represented.
By Andrew Jensen Jr., Cushman & Wakefield | Boerke Milwaukee was once known as a city of industries and beer, the hometown of Allen-Bradley (now Rockwell Automation), Briggs & Stratton, Harley-Davidson, Johnson Controls, Master Lock, Rexnord and, of course, the Miller, Pabst and Schlitz brewing juggernauts. Today, Milwaukee’s economy is more diversified, and its industrial companies are quieter and not as flashy. But the area’s industrial firms are still central to its success and are now driving the area’s office market. In and near Milwaukee’s central business district (CBD), major recent office deals, all involving industrial users, include: ● Milwaukee Tool, based in the suburb of Brookfield, will soon expand into Milwaukee with a $30 million redevelopment of a vacant five-story, 333,000-square-foot office building. Milwaukee Tool will employ up to 2,000 people there, the largest-ever influx of jobs to the CBD by a suburban-based firm. The City of Milwaukee is providing up to $20 million in financing for the project. ● Utilities and infrastructure contractor Michels Corp., based in the small Wisconsin town of Brownsville, chose a riverfront development site 60 miles away in Milwaukee for an office expansion after considering Chicago and New York City. The $100 million project, …