Wednesday, May 21, 2025
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DevelopmentIllinoisMidwestOffice

J.C. Anderson Renovates 53,111 SF Office for ReaderLink in Oak Brook, Illinois

by Kristin Harlow

OAK BROOK, ILL. — J.C. Anderson has completed office renovations totaling 53,111 square feet for ReaderLink at The Crossings in Oak Brook. J.C. Anderson added private offices, open office cubicles, coffee stations, private restrooms, conference rooms and a meeting space. The work was completed in phases. ReaderLink distributes hardcover, trade and paperback books to booksellers in North America. Ware Malcomb served as architect. JLL oversaw construction management. The office is located at 1420 Kensington Road.

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Leasing ActivityMidwestOfficeWisconsin

MPI Corporate Holdings Expands Office Lease in Milwaukee to Accommodate Social Distancing

by Kristin Harlow

MILWAUKEE — MPI Corporate Holdings Inc. has renewed its office lease on the second floor of 1123 N. Water St. in Milwaukee. Additionally, the firm has expanded its space from 6,500 to 7,635 square feet to allow for proper social distancing while employees are in the office. Founded in 1996 in Grafton, MPI opened its Milwaukee office in 2017. The downtown office is home to MPI’s sales and marketing division, which provides integrated sales strategies to a variety of business-to-business clients. Ben Anderson and Matt Fahey of Colliers International represented MPI in the lease renewal and expansion. Mike Wanezek and Spencer Bluett of Colliers represented the landlord, Harris Bay.

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AcquisitionsCaliforniaMixed-UseMultifamilyOfficeRetailWestern

Machine Investment Acquires Stevens Creek Executive Park in San Jose for $54.5M

by Amy Works

SAN JOSE, CALIF. — Machine Investment Group, a newly created New York-based real estate investment platform, has launched its business with the purchase of Stevens Creek Executive Park in San Jose. An undisclosed seller sold the asset for $54.5 million. Machine Investment acquired the property in partnership with Miramar Capital Advisors. Situated on 9.2 acres, Stevens Creek Executive Park consists of 164,986 square feet of existing office space, plus entitlements for the development of 582 multifamily units, 10,000 square feet of retail space and additional office space. The executive park is located within Stevens Creek Urban Village Plan and the Cupertino Union School District, less than two miles from Apple’s global headquarters and the Santana Row shopping district. Under the leadership of real estate veterans Andy Kwon and Eric Rosenthal, Machine Investment Group focuses on opportunistic, distressed and special-situation commercial real estate across the United States.

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BAE-Systems-Austin
DevelopmentOfficeTexas

BAE Systems to Open $150M Office, Manufacturing Campus in Austin’s Parmer Business Park

by Taylor Williams

AUSTIN, TEXAS — BAE Systems, a British multinational aerospace and defense contractor, will open a $150 million office and manufacturing campus in Austin’s Parmer Business Park. The company is working with Karlin Real Estate to develop the 390,000-square-foot campus, which will also offer research and development and lab space. BAE Systems’ Austin campus will house about 1,400 employees who will primarily support the U.S. Department of Defense. Completion is scheduled for 2022.

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AcquisitionsHealthcareMarylandOfficeSoutheast

Cushman & Wakefield Negotiates $160M Sale of Medical Office Tower in Metro D.C.

by Alex Tostado

CHEVY CHASE, MD. — Cushman & Wakefield has negotiated the $160 million sale of the Barlow Building, an 18-story, 293,852-square-foot medical office building in Chevy Chase. Amenities at the property include valet parking, a fitness center on the top floor, deli, conference center and a courtyard that houses a Starbucks. The property is located at 5454 Wisconsin Ave., less than one mile from the Friendship Heights Metro Rail Station and six miles north of downtown Washington, D.C. The undisclosed buyer has retained the seller, Carr Properties, for third-party management services. Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Collins and Shaun Weinberg of Cushman & Wakefield represented the seller in the transaction.

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DevelopmentIllinoisMidwestOffice

Skender Completes Interior Construction of American Library Association Headquarters in Chicago

by Kristin Harlow

CHICAGO — Skender has completed interior construction of the 55,000-square-foot headquarters for the American Library Association in Chicago. Located on a single floor at 225 N. Michigan Ave., the office features a mix of private and open workspaces, meeting and focus spaces, podcasting and video conferencing rooms and a library. Skender collaborated with architect Nelson Worldwide, engineer Environmental Systems Design and owner’s representative Cushman & Wakefield.

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Leasing ActivityMidwestOfficeWisconsin

Prescient Capital Moves to 3,000 SF Office in Delafield, Wisconsin

by Kristin Harlow

DELAFIELD, WIS. — Prescient Capital Management, a boutique private equity firm, has moved its office to a new location in Delafield, about 27 miles west of Milwaukee. The street-level, 3,000-square-foot space better accommodates a growing team, according to Prescient. The office is located at 524 Milwaukee St. Prescient, which specializes in bridge loans ranging from $2 million to $15 million, formerly occupied space at 440 Wells St. in Delafield.

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6201-15th-Ave.-Brooklyn
AcquisitionsNew YorkNortheastOffice

TerraCRG Arranges $29.5M Sale of 151,357 SF Office Property in Brooklyn

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the sale of a 151,357-square-foot office property located at 6201 15th Ave. in Brooklyn. The sales price was $29.5 million, or $195 per square foot. Ofer Cohen, Dan Marks, Daniel Lebor and Adam Tannenbaum of TerraCRG represented the seller, American Stock Transfer & Trust Co., in the transaction. The deal included an 8,400-square-foot parking lot located across the street. The buyer was not disclosed.

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AcquisitionsIllinoisMidwestOfficeTop Stories

SHVO, Deutsche Finance Acquire Iconic ‘Big Red’ Office Tower in Chicago for $376M

by Alex Tostado

CHICAGO — A joint venture between SHVO and Deutsche Finance Bank has acquired the CNA Center, more commonly known as “Big Red” due to the bold color of the 45-story office tower, for $376 million. The 1.2 million-square-foot property is situated at 333 S. Wabash Ave. in Chicago’s East Loop district. At the time of sale, the property was leased to CNA Insurance, financial services company Northern Trust and the Chicago Housing Authority. Graham, Anderson, Probst & White originally designed the tower in 1973, and it underwent renovations in 2019. Amenities include a new food hall open to the public, a fitness center and childcare facilities. “Big Red is among the most recognizable towers in the Windy City’s skyline — the birthplace of the skyscraper and home to so much rich architectural history,” says Michael Shvo, chairman and CEO of SHVO. “We’re proud to now be a part of that Chicago tradition with this addition to our national portfolio of super-prime core properties. We look forward to not just maintaining Big Red’s stature but elevating it in the years to come.” The joint venture entered into a contract agreement with the sellers, Morgan Stanley and The Morgon Cos., in the …

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Market ReportsMichiganMidwestMidwest Market ReportsOffice

Can America’s Comeback City Get off the Mat Again? Yes — But Uncertainty Reigns

by Kristin Harlow

By Garrett Keais In my 25 years in commercial real estate, I’ve never seen the economy — and our industry — come to a standstill the way it did this spring after the coronavirus hit. With so much uncertainty in the market, Detroit’s office sales and leasing activity slowed considerably. But as the last decade has shown us, if ever there was a city that could take a punch and get back up swinging, it’s Detroit. Comeback before the virus Fueled by a strong economy and low unemployment, America’s “Comeback City” was posting first-quarter 2020 office vacancy rates as low as 7 percent in one central submarket, according to Cushman & Wakefield research, and seeing rising property values and rents before the coronavirus hit. It was a striking change from a decade earlier, when the Detroit area was struggling after the Great Recession. Unemployment was 3.7 percent in February 2020, compared with 17.2 percent in June 2010, according to the U.S. Bureau of Labor Statistics. The city’s GDP had climbed steadily over those years. Tech giants like Quicken, Google, Twitter, Microsoft and Amazon moved to the city’s central business district, boosting downtown office occupancy and helping to diversify the local …

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