Wednesday, June 18, 2025
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99-Park-Avenue-Manhattan
DevelopmentNew YorkNortheastOffice

Global Holdings to Undertake $30M Renovation of Midtown Manhattan Office Building

by Taylor Williams

NEW YORK CITY — Global Holdings will undertake a $30 million renovation of 99 Park Avenue, a 26-story, 600,000-square-foot office building in Midtown Manhattan. Designed by VOCON, the capital improvement program will feature a reimagined lobby and updated amenity spaces, including a conference center, speakeasy, barbershop and salon and an entertainment lounge with a bowling alley and golf simulator. Completion is slated for early 2026. Global Holdings has also recently secured several lease renewals and expansions at 99 Park Avenue, including a deal with Metropolitan Commercial Bank for a 52,677 square-foot extension covering floors 12-13 and a 26,802-square-foot new lease for the entire 11th floor. In addition, Philadelphia-based real estate investment firm Lubert-Adler signed an eight-year lease expansion covering 7,674 square feet for a portion of the 19th floor. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter of JLL represented Global Holdings in the lease negotiations.

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Leasing ActivityNorth CarolinaOfficeSoutheast

CBRE Arranges Three Office Leases at First Citizens Bank Plaza in Uptown Charlotte Totaling 87,266 SF

by John Nelson

CHARLOTTE, N.C. — CBRE has arranged three office loans totaling 87,266 square feet at First Citizens Bank Plaza, a 23-story office tower located at 128 S. Tryon St. in Uptown Charlotte. Kris Westmoreland, Stephanie Spivey and Joe Franco of CBRE represented the landlord, Dornin Investment Group, in the lease negotiations. The deals included a 20,897-square-foot lease with IT staffing firm Dexian, a 31,838-square-foot lease for an unnamed global IT services and consulting firm and a 34,531-square-foot lease with an unknown branch of the federal government. The U.S. General Services Administration (GSA) signed the third lease with Dornin on behalf of the end user. First Citizens Bank Plaza was recently renovated and features a new lobby, boutique fitness center, tenant amenity hub with lockers and showers, bicycle parking and storage, upgraded restrooms, new lobby and MOA Korean BBQ, a 5,000-square-foot restaurant and bar on the first floor.

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District of ColumbiaLeasing ActivityOfficeSoutheast

Workbox to Open 29,000 SF Coworking Space in DC’s Dupont Circle District

by John Nelson

WASHINGTON, D.C. — Workbox plans to open a new 29,000-square-foot coworking space at an office building located at 1333 New Hampshire Ave. NW in Washington, D.C.’s Dupont Circle district. The new space is set to open in February and will represent the company’s first location in the Mid-Atlantic and its 12th nationwide. Workbox also recently announced a coworking location in Pittsburgh that is set to open next month. Workbox – Dupont Circle will feature an entire floor of workspaces, lounges, conference rooms and amenity spaces. Additionally, the space will offer offices and suites for teams ranging in size from one to 40 individuals, all of which have flexible monthly rental agreements.

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2300-Boswell-Rd-Chula-Vista-CA
AcquisitionsCaliforniaOfficeWestern

CBRE Brokers $29.5M Sale of Plaza at Eastlake Office Building in Chula Vista, California

by Amy Works

CHULA VISTA, CALIF. — CBRE has arranged the sale of Plaza at Eastlake, a Class A office building located at 2300 Boswell Road in Chula Vista. Plaza at Eastlake LLC, an affiliate of Harbor Associates, sold the property to a private investor for $29.5 million, or $222 per square foot. Built in 1992, the two-story Plaza at Eastlake offers 132,669 square feet of office space, including a two-story lobby, conferencing center, a clear height of 10 feet and remodeled restrooms and elevators. The property was renovated from 2018 to 2020, totaling around $2.2 million in capital improvements. The previous ownership constructed 37,800 square feet of speculative suites over the past few years. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE represented the seller. Kimberly Clark of Voit served as local leasing agent for the transaction.

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DevelopmentIllinoisMidwestOffice

Urban Innovations Completes 15,000 SF Office Build-out for Metropolitan Peace Initiatives in Chicago

by Kristin Harlow

CHICAGO — Urban Innovations has completed a 15,000-square-foot office build-out for Metropolitan Peace Initiatives at 2100 S. Morgan St. in Chicago’s Pilsen neighborhood. The new space houses private and open offices, training rooms, meditation rooms and a kitchen for the Metropolitan Peace Academy, which provides counseling, training and mediation to help prevent street violence in the city. The office also includes a podcast room and 2,000-square-foot gym. Metropolitan Peace Initiatives, a division of Metropolitan Family Services, moved from a previous location. Owned by Pilsen Metropolis LLC, the building was constructed in 1940 and renovated in 2019. Wright & Co. designed the space for the tenant, with MAI Architects working as the building architect. Baum Realty represented ownership, and CBRE represented the tenant in the lease.

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303-W.-42nd-St.-300-W.-43rd-St.
AcquisitionsNew YorkNortheastOfficeRetail

Cushman & Wakefield Arranges $48M Sale of Two Office, Retail Buildings in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has arranged the $48 million sale of two office and retail buildings totaling 144,251 square feet — 128,032 square feet of office space and 16,219 square feet of retail space — in Midtown Manhattan. The buildings are located at 303 W. 42nd St. and 300 W. 43rd St. in the Times Square area and were recently renovated. Retail users include Chick-fil-A, Smashburger, 7-Eleven, Little Italy Pizza and Dunkin’. Andrew Berry and Charlie Gravina of Cushman & Wakefield represented the sellers, a pair of limited liability companies, in the transaction. The buyer was a partnership between Blake Partners, JAM Real Estate Partners and The Straus Group.

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Leasing ActivityOfficeTexas

Sheppard Mullin to Open 29,800 SF Office in Downtown Houston

by Taylor Williams

HOUSTON — Sheppard Mullin will open a 29,800-square-foot office in downtown Houston. The space is located on the 25th floor of the 47-story Texas Tower building, and the law firm plans to take occupancy in the fourth quarter of next year. Kevin Kushner, William Padon and Sydnee Hilburn of CBRE represented the tenant in the lease negotiations. Michael Anderson of Cushman & Wakefield represented the landlord, a partnership between Hines, Ivanhoé Cambridge and an affiliate of global investor CDPQ.

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Leasing ActivityNew YorkNortheastOffice

Federative Republic of Brazil Renews, Expands Office Space in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — The Federative Republic of Brazil has renewed and expanded its office space at 220 E. 42nd Street, a 37-story building in Midtown Manhattan, by 65,331 square feet. The consulate general has renewed and extended its existing 30,030-square-foot lease. In addition, the Brazilian Mission to the United States will occupy 23,066 square feet, and the Brazilian Financial Office will occupy 12,235 square feet. Harry Blair, Tara Stacom, Barry Zeller and Pierce Hance of Cushman and Wakefield represented the landlord, SL Green, in the lease negotiations. Peter Trivelas and Justin Royce, also with Cushman & Wakefield, represented the tenant.

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IllinoisLeasing ActivityMidwestOffice

Chicago Department of Aviation Signs 99,421 SF Office Lease at US Cellular Plaza

by Kristin Harlow

CHICAGO — The Chicago Department of Aviation (CDA) has signed a 99,421-square-foot office lease at U.S. Cellular Plaza in Chicago. Jonathon Connor, Francis Prock and Jason Simon of Colliers represented the landlord, FCA Partners. The office property totals 637,000 square feet across three buildings. The CDA will occupy floors five through nine in the 8420 building and is relocating from a facility on the O’Hare airport grounds effective immediately. FCA has owned the property debt-free since 2011 and recently completed a $15 million capital improvement campaign. Fred Ishler of Avison Young represented CDA.

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Wells Fargo Center in Minneapolis
AcquisitionsMidwestMinnesotaOfficeTop Stories

Joint Venture Purchases 57-Story Wells Fargo Center in Downtown Minneapolis

by Channing Hamilton

MINNEAPOLIS — A joint venture between Cross Ocean Partners, Neuberger Berman Special Situations client funds and Onward Investors has acquired Wells Fargo Center, a 57-story office tower located at 90 S. Seventh St. in Minneapolis’ downtown commercial district. The 1.2 million-square-foot trophy building traded hands for an undisclosed price. Wells Fargo Center is the third tallest building in Minneapolis. Major tenants include a Wells Fargo branch bank, Colliers, the law firm of Faegre Drinker and the local office of accounting firm KPMG. The building contains an indoor pedestrian promenade that houses a 100-foot-high domed ceiling rotunda on one side and a lobby on the other. The building also features The Reserve, which houses amenities such as a fitness center, reservable wellness rooms, lounge with coworking and focus rooms, conference center and catering kitchen on the seventh floor. The property also offers private car and bicycle parking. Wells Fargo Center was 62 percent leased at the time of sale, with up to 110,000 square feet of contiguous availability. The building has averaged roughly 95 percent occupancy since 1988, according to Onward Investors. “This acquisition epitomizes our fundamental value investment strategy of opportunistically capitalizing upon market dislocation and demonstrates Onward Investors’ continued commitment …

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