HOUSTON — NAI Partners has negotiated a 17,210-square-foot office lease for Aegis Chemical Solutions, a provider of water treatment solutions, at 4560 Kendrick Plaza Drive in North Houston. Jason Whittington of NAI Partners represented the tenant in the lease negotiations. Logan Greer of Insite Realty Partners represented the landlord, EastGroup Properties LP.
NEW YORK CITY — Reading International (NASDAQ: RDI), an international cinema and real estate firm, has unveiled the redevelopment of the historic Tammany Hall Building at 44 Union Square in Manhattan. The former 19th-century political hub is now a Class A building with 73,095 square feet of space that can be utilized for either office or retail usage. BKSK Architects designed the project, which included a restoration of the façade and the addition of a three-story glass and steel dome with 19-foot ceilings and views overlooking Union Square.
LEXINGTON, KY. — NAI Isaac has brokered the sale of a 29,240-square-foot office building formerly leased to American National University in Lexington. Quality Logistics LLC, a third-party logistics company specializing in shipping of fresh, frozen and dried goods, acquired the property for an undisclosed price. The buyer also expects to move into the space by early 2021. The office building is situated at 2376 Sir Barton Way, six miles east of downtown Lexington. Bruce Isaac, Al Isaac and Paul Ray Smith of NAI Isaac, along with Matt Smyth of Colliers International, represented the seller, Corolla Management Corp., in the transaction. David Allen of areaLex Real Estate represented the buyer.
HOUSTON — Newcor Commercial Real Estate has brokered the sale of a 21,261-square-foot office and warehouse building located at 3367 N. Sam Houston Parkway W. in Houston. The property is situated on 1.3 acres and offers two conference rooms, executive offices, a gym and two kitchen areas. David Alexander of Newcor represented the seller, NOCNIR LLC, in the transaction. Josh Morrow of Avison Young represented the buyer, DLAC Ventures LLC.
Economic health at the start of 2020 set a foundation for Orlando’s office market that remains in a good position despite headwinds caused by the global COVID-19 pandemic. Nationally, the United States saw its longest-running period of economic growth before non-essential business was paused. Even with the slowdown in tourism, Orlando continues to see an uptick in local economy-boosting sectors, including defense and technology. Additionally, an increasing number of companies and individuals in the Northeast have eyes on Florida to escape denser urban markets and high state and local taxes, which bodes well for the Central Florida region. Fundamentals stay firm The pandemic significantly curbed a lot of new office leasing activity in Orlando in 2020. However, rents have not experienced a measurable decline to date. As of the second quarter, the total average rental rate was $24.92 full-service. Landlords are generally being patient and are not lowering rents or offering above-market concessions when negotiating new deals. Asking rents will likely stay flat for the coming months until the broader economy kickstarts again or the anticipated new sublease space hits the market and compels landlords to be more competitive. Total net office absorption for the Orlando area posted a negative …
NORCROSS, GA. — JLL has arranged the $11.7 million sale of Plaza 85 Business Park, a nine-building industrial and office building campus in Norcross. The property comprises 191,526 square feet and is situated on 13.8 acres. The industrial building feature 12- to 18-foot clear heights, dock-high and drive-in doors and a combination of rear- and front-loading configurations. At the time of sale, the asset was leased to 31 tenants. The business park is situated at 5970-6040 Unity Drive, less than one mile from Interstate 85 and 18 miles northeast of downtown Atlanta. Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor of JLL represented the seller, Sperry Equities, in the transaction. Atlanta-based WePartner purchased the asset.
NEW YORK CITY — Barclays has provided a $483 million senior loan for the refinancing of the headquarters building of auction house Sotheby’s, which is located at 1334 York Ave. on Manhattan’s Upper West Side. Sotheby’s has operated out of the 10-story, 506,000-square-foot building since 1980. After redeveloping the property in 2000, Sotheby’s entered into a sale-leaseback agreement with RFR Holdings in 2003, but regained ownership of the property in 2009. Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani and Dominick Calisto of Newmark Knight Frank placed the five-year loan on behalf of Sotheby’s.
NORTHBROOK, ILL. — In order to lower costs, The Allstate Corp. (NYSE: ALL) says it is implementing a restructuring plan that will impact roughly 3,800 employees primarily in claims, sales, service and support functions. The cuts, which make up about 8 percent of the company’s workforce, come as the insurer is consolidating and closing regional offices around the country, according to Crain’s Chicago Business. Allstate expects to incur $290 million in restructuring charges, primarily for severance and employee benefits. It also expects to incur $80 million in real estate exit costs from office closures. The insurance giant is headquartered at 2775 Sanders Road in Northbrook, Ill. Its stock price closed at $92.26 per share Thursday, Oct. 1, down from $105.61 one year ago.
PORTLAND, ORE. — Oregon Transfer Co. has completed the disposition of the Purdy Brush Building, located at 13201 N. Lombard St. in Portland’s Rivergate Industrial District. The name of the buyer and acquisition price were not released. The Purdy Brush Building has served as the global headquarters and primary paintbrush manufacturing facility of Purdy, a consumer brand company of Sherwin-Williams, since 1985. Originally built in 1980 on a 9.5-acre site, the property features 95,468 square feet, 192 parking spaces, yard storage and two acres of excess land. Paige Morgan and Charles Safley of CBRE Capital Markets represented the seller in the deal.
MOUNT LAUREL, N.J. — Colliers International has brokered the sale of Bloom Court, a 43,000-square-foot office building located in the Southern New Jersey township of Mount Laurel. Evan Zweben, Marc Isdaner and Ian Richman of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was an affiliate of locally based, full-service real estate firm Needleman Management Co. The sales price was not disclosed.