NEW YORK CITY — Jay Suites, a provider of flexible workspace solutions, has signed a 12-year, 60,000-square-foot lease extension in Midtown Manhattan. The space spans three full floors at 515 Madison Avenue, a 42-story, 370,000-square-foot structure that is known locally as the Dumont Building, with the 10th floor dedicated to the company’s conference brand. Jeffrey Gural of GFP Real Estate, which owns the building, represented both the tenant and landlord in the lease negotiations.
MISSION VIEJO, CALIF. — Bolour Associates has completed the disposition of Cerro, a Class A creative office property fronting Interstate 5 in Mission Viejo, for $23.9 million. The name of the buyer was not released. Situated on 3.8 acres at 27401 Los Altos, the four-story building offers 71,464 rentable square feet and ample free surface parking. Nearly half of the building’s leases represent credit tenant commitments by organizations, including Pulte Homes and the U.S. General Services Administration, with almost 70 percent of tenants leased through at least 2028. Since acquiring the building in 2018, Bolour completed a renovation, including a Wi-Fi enabled lobby and outdoor patio, elevator modernization, common area corridors and restrooms, and exterior hardscape and landscaping. Additionally, Bolour completed multiple speculative creative office suites, providing move-in-ready spaces. Simon Dillon, Justin Hill and Reid Weaver of CBRE are handling leasing for the property. Blake Bokosky and Will Poulsen of JLL served as investment sale advisors for the transaction.
FAIRFAX, VA. — KLNB has negotiated the $7.9 million sale of a multi-tenant medical office building in Fairfax, 14 miles outside Washington, D.C. Joe Friedman and Josh Norwitz of KLNB represented the seller and procured the buyer in the transaction. Both parties were not disclosed. Totaling 54,085 square feet, the property was 40 percent leased at the time of sale by medical tenants including sports rehab, post-op rehab, dentistry and behavioral health groups. Located at 8500 Executive Park Ave., the property is situated in a medical office cluster near major healthcare facilities such as Children’s National Hospital and Inova Fairfax Hospital.
DALLAS — Jackson Walker LLP has signed a 26,016-square-foot office lease expansion and extension at KPMG Plaza in the Dallas Arts District. The deal brings the law firm’s footprint within the property, where it has been an anchor tenant since 2015, to 147,915 square feet across six floors. Matt Wieser, J.J. Leonard and Marissa Parkin of Stream Realty Partners represented the undisclosed landlord in the lease negotiations. Phil Puckett and Jeff Ellerman (who now works at Stream Realty) of CBRE represented Jackson Walker.
SCOTTSDALE, ARIZ. — CBRE has brokered the sale of Scottsdale Executive Square, an office property located at 13951 N. Scottsdale Road in Scottsdale. A Southern California-based private buyer acquired the asset from an undisclosed seller for $4.8 million. Built in 1993, the two-story, 29,806-square-foot Scottsdale Executive Square was 98.1 percent leased at the time of sale to 19 local and regional office and medical tenants. Geoffrey Turbow and Philip Wurth of CBRE represented the seller in the deal.
WASHINGTON, D.C. — Freshfields US LLP has signed a 117,000-square-foot lease at Midtown Center, a two-tower, 869,000-square-foot office property in downtown Washington, D.C. The global law firm will relocate its D.C. office from 700 13th St. NW to occupy floors six through eight in the West Tower at Midtown Center. Amy Bowser and Brooks Brown of CBRE represented the landlord, Carr Properties, in the lease negotiations, along with internal staffers Kaitlyn Rausse and Ryan Lopez. Rob Copito and Harry Stephens of CBRE represented Freshfields in the lease. Built in 2017, Midtown Center is now 80 percent occupied. Carr plans to add new amenities to the West Tower, including a rooftop penthouse and new conference and entertainment facilities. Existing amenities and features at Midtown Center include pedestrian bridges connecting the two towers, a two-level fitness center, rooftop terrace and restaurants on the ground level including Shoto, Grazie Nonna, Dauphines and Blue Bottle.
CALABASAS, CALIF. — Gemdale USA has completed the disposition of 4500 Park Granada, a three-story Class A office building in Calabasas, to a joint venture between Cross Ocean Partners and Palisade Group for an undisclosed price. Situated on 20 acres, the 222,667-square-foot property offers courtyards, landscaped gardens and executive parking. Originally developed as a corporate headquarters facility for Lockheed Martin and later serving as the headquarters for Countrywide, the asset operated as a single-tenant campus for nearly 20 years. Recently, the building underwent an extensive renovation to improve efficiency and sustainability, as well as conversion to a multi-tenant office building. At the time of sale, 4500 Park Granada was fully leased to seven tenants across diverse industries, including consumer goods (44 percent), insurance (30 percent), hospitality (14 percent), coworking (8 percent) and financial services (3 percent). Kevin Shannon, Ken White, Rob Hannan, Michael Moll, Laura Stumm and Alex Beaton of Newmark represented the seller in the deal. Jonathan Firestone, Blake Thompson and Henry Cassiday of Newmark Global Debt & Structured Finance offered market financing guidance during the sale.
EDINA, MINN. — Cushman & Wakefield has arranged an $11.3 million take-out refinancing package for The E, a boutique office building in the Minneapolis suburb of Edina. Located at 7201 Metro East Blvd., The E totals 108,000 square feet. Constructed in 1981 and fully renovated and rebranded in 2021, the property is 94 percent occupied by 11 tenants. More than 97,000 square feet of new tenancy followed a $6.7 million renovation of the asset. Adam Hoffman, Jeff Altenau, Zach Yarnoff and Avery Ticer of Cushman & Wakefield represented the owner, City Center Realty Partners/Contrarian Capital Management, in securing the bank financing.
BLOOMINGTON, ILL. — SVN Core 3 has brokered the sale of a fully leased office property at 205 N. Williamsburg Drive in Bloomington for $1.1 million. The asset features five units totaling 11,311 square feet along with a dedicated parking lot. Carrie Tinucci-Troll of SVN Core 3 represented both the buyer, Good Cos. Properties LLC, and the seller, Core-Williamsburg LLC. Both entities are based in Bloomington.
MELVILLE, N.Y. — The Long Island Board of Realtors has signed a 24,585-square-foot office lease in Melville, about 25 miles east of Queens. The lease term is 15 years. The space is located on the third floor of the building at 1305 Walt Whitman Road, which according to LoopNet Inc. was originally built in 1955 and totals 165,310 square feet. Harvey Kolin of Corporate Commercial Realty LLC represented the tenant in the lease negotiations. Tim Parlante and Andrew Wiener internally represented the landlord, The Feil Organization.