By Chris Curran and Mark Mills, R&R Realty Advisors Would you rather earn more money or have a more flexible work/life balance? Before the pandemic, many employees gave the latter as their answer. But the amount of money employees claimed they would forego wasn’t exactly peanuts. According to a pre-pandemic study by career site Joblist, the average employee was willing to give up around $10,000 per year to have better work/life balance. Fast forward to the present day and employees continue to express this desire. The isolation felt by many when working from home has increased the blurriness of the line that separates work from life. In fact, a survey conducted by TELUS International found that isolated workers reported a nearly 80 percent increase in work-related stress and anxiety when working from home. Given these findings, perhaps it shouldn’t surprise anyone that three out of four office employees express a desire to return to in-person work. If there’s a silver lining to the unprecedented year we’ve been emerging from, it may be that employees and employers alike are coming to understand the value in providing a balance between work and personal time. And, when it comes to the office market …
Office
NORWALK, CONN. — Shawmut Design & Construction has topped off the 24,000-square-foot office headquarters building for global luxury vinyl tile manufacturer HMTX Industries in Norwalk, located in the southern coastal part of the state. The facility will be situated on two acres and will include design studios and galleries. Construction of the four-story building began in June and is scheduled to be complete in 2022.
SAN JOSE, CALIF. — Urban Catalyst has revealed plans to build the Icon/Echo mixed-use project, which will include office, residential and retail components in downtown San Jose. The development will cost around $600 million to build, according to the Silicon Valley Business Journal. The construction timeline for the project has not been disclosed. The Icon/Echo towers will feature 300 apartment units and 420,000 square feet of Class A office space. The office tower portion of the project will be 282 feet tall, while the apartment complex will be 267 feet tall. The apartment units will sit above 8,500 square feet of ground-floor retail. The project’s two towers will include over 50,000 square feet of outdoor amenities, including rooftop gardens, as well as interior common areas. Additionally, the towers will have four levels of parking that will hold up to 1,134 cars. Located at 147 E Santa Clara St., Icon/Echo encompasses about two acres of land and is located close to City Hall and a future Bay Area Rapid Transit (BART) station. The Icon/Echo towers will be located half a mile from the San Jose Museum of Art and about 0.4 miles from San Jose State University. One of the sites …
NEW YORK CITY — Boston Properties Inc. (NYSE: BXP) has entered into an agreement to acquire 360 Park Avenue South, a 450,000-square-foot office building in Midtown Manhattan, for $300 million. The 20-story building is currently fully leased to a single tenant that will vacate the property at the end of the year. Boston Properties will subsequently implement a capital improvement program. The company expects to close on the asset in December. The seller was not disclosed.
NEW YORK CITY — Criterion Real Estate Capital has provided a $125 million loan for the refinancing of 817 Broadway, a 140,000-square-foot office building in Manhattan’s Union Square neighborhood. The property was originally built in 1895 and features a 4,000-square-foot rooftop terrace. The borrower, Taconic Partners, which acquired the asset in 2016 in partnership with Nuveen Real Estate, will use a portion of the proceeds to fund tenant improvements and leasing costs.
PRINCETON, N.J. — New York-based private investment firm The Birch Group has acquired 600 and 700 Alexander Park, a 213,110-square-foot office portfolio in Princeton, for $47.3 million. The three-story building at 600 Alexander Drive consists of 141,176 square feet, and the three-story building at 700 Alexander Drive totals 71,934 square feet. Amenities include a cafeteria with indoor and outdoor seating, a fitness center, tenant lounge and walking paths. Kevin O’Hearn and Jose Cruz of JLL represented the seller, BentallGreenOak, in the transaction, and procured The Birch Group as the buyer. Greg Nalbandian, also with JLL, arranged acquisition financing.
GRANITE CITY, ILL. — Contegra Construction Co. has completed the new 40,800-square-foot headquarters for icon Mechanical in Granite City, just north of St. Louis. icon Mechanical is a full-service mechanical contractor, engineering and construction firm specializing in the design, fabrication and installation of process piping, power piping, industrial ventilation and commercial HVAC. The company employs more than 150 people in addition to hundreds of trade workers on projects. The two-story property is located at 1616 Cleveland Blvd. and features an atrium, glass-walled offices, LED lighting, two stairways and open interior workspaces. Joining icon and Contegra on the project team were civil engineer Juneau Associates, architect Gray Design Group and structural engineer Alper Audi, all of which are St. Louis-area firms.
By Brendan Carroll, director of research, Cushman & Wakefield The rapid emergence of greater Boston in the first two decades of the 21st century as a global center of advanced, technology-assisted biology has been followed by an even faster rate of growth since the start of the new decade. We have reached a critical mass in the greater Boston market, where we have developed a combination of skills, institutions and collaboration between companies that is supported and financed by an investor base that is qualified to evaluate the potential efficacy of new innovations. This landscape has created a self-propagating ecosystem for development and absorption of life sciences properties. The region’s large inventory of lab space has also evolved as a driver of new users into the market as biotechnology groups increasingly focus on speed to market for promising scientific breakthroughs. In response to these drivers, the inventory of biotechnology-focused laboratory space in greater Boston, which eclipsed 20 million square feet in 2016, is now on pace to reach 30.7 million square feet by 2023. Furthermore, the current inventory levels will likely approach and surpass 40 million square feet this decade, as a sizable set of projects are expected to move …
WASHINGTON, D.C. — Office Properties Income Trust has broken ground on a redevelopment of a Class B office building located at 20 Massachusetts Ave. NW in Washington, D.C. The project will expand and reimagine the seven-story, 340,119-square-foot building to a 10-story, 427,000-square-foot property. The project, named 20 Mass, is expected to be completed in early 2023 and is predicted to cost approximately $200 million. Designed by Leo A. Daily Architects, 20 Mass will include 184,000 square feet of Class A office space on the top four floors with 45,000-square-foot floor plates, 14,000 square feet of retail space, a 271-room Royal Sonesta Hotel and a fitness club. Property amenities will include a vegetated green roof and a conference center. 20 Mass will feature touchless systems and will have WELL and LEED certifications. Located in D.C.’s Capitol Hill neighborhood, 20 Mass is adjacent to Union Station, a regional transit hub, and Capital One Arena, home stadium of the Washington Wizards basketball club and Washington Capitals ice hockey team. The property is also close to neighborhoods such as Chinatown, Penn Quarter and the Mount Vernon Triangle. Office Properties Income Trust is a REIT managed by the operating subsidiary of The RMR Group Inc., …
CHARLOTTE, N.C. — CP Group has purchased Harris Corners, a 370,000-square-foot office campus located at 9115 Harris Corners Parkway in Charlotte. CP Group and Siguler Guff, a private equity investment firm based in New York, purchased the property in a joint venture. The sales price and seller were not disclosed. Built between 2000 and 2006, Harris Corners includes two five-story buildings and one four-story building. Property amenities include a conference facility, tenant lounge with a café, fitness center, food truck program and a central courtyard. The property is also home to a newly constructed Courtyard/Residence Inn. Harris Corners is located 14.7 miles north of the Charlotte Douglas International Airport. Following the acquisition, CP Group will renovate the common areas and amenities while implementing its Class A management and tenant service programs. Formerly known as Crocker Partners, CP Group is a Boca Raton, Fla.-based owner-operator and developer of commercial real estate.