Office

Why Dallas May Have A Competitive Advantage in the Office Market Recovery

by Taylor Williams November 17, 2020

By Brett Merz, senior vice president and asset manager, KBS As this unprecedented year hits the midpoint of the fourth quarter and office investors consider their options, one market in Texas stands out: Dallas. This market has historically shown strong resiliency and continues to do so throughout the pandemic. While Texas as a whole has been ahead of many other states in terms of allowing tenants that are eager to return to the office after the COVID-19 shutdown to do so, the Dallas office market has especially embraced reopening and returning to work. According to a new report by Kastle Systems, Dallas County leads the country in terms of the share of employees who are back to their workplaces following government-mandated shutdowns. Across the 10 largest metroplexes in the country, an average of 27.4 percent of employees are back in the office, while Dallas employees are returning to work at a rate of 43.3 percent. This figure compares favorably to proportions of employees returning to offices in other markets, including Los Angeles (34 percent), Washington, D.C. (24 percent) and San Francisco (14.7 percent). This news is a testament to tenants’ appetite for occupying office space and the market’s resiliency despite …

November 17, 2020

District of Columbia Office Southeast

CoStar: Users Nearly Double Amount of Sublease Space in US Office Market in Second, Third Quarters

by Alex Tostado November 16, 2020

WASHINGTON, D.C. — Office users across the United States added 42 million square feet of office space to the sublease market during the second and third quarters, according to a new report from CoStar Group. As of the end of September, the country’s inventory of office sublease space stood at approximately 157 million square feet, a 44 percent increase from third-quarter 2019. While office users added about 14 million square feet of office space to the sublease supply during the second quarter, growth was even more pronounced during the third quarter, when tenants put some 28.5 million square feet up for sublease. According to a Federal Reserve Bank of Dallas survey, 24 percent of employed Americans were working from home in August due to COVID-19 shutdowns. An additional 18 percent of workers went into the office some days. According to the survey, 8 percent of Americans worked from home full-time prior to the pandemic. CoStar reports that among the biggest users to put sublease space on the market were pharmaceutical giant Sanofi (415,000 square feet in Northern New Jersey); retailer Macy’s (309,660 square feet in New York); insurance company USAA (305,110 square feet in San Antonio); Ebay (212,110 square feet …

November 16, 2020

Development Healthcare Life Sciences Office Texas

Biotech Firm VGXI to Open 240,000 SF Life Sciences Facility in Metro Houston

by Taylor Williams November 16, 2020

CONROE, TEXAS — VGXI Inc., a biotechnology firm that supports the gene therapy and DNA vaccine industries, will open a new life sciences and headquarters facility in Conroe, about 40 miles north of Houston. Local media outlets, including Community Impact Newspaper and the Houston Business Journal, report that the facility will span 240,000 square feet. The company’s new space will be located within Deison Technology Park and will allow VGXI to quintuple its current production capacity. BE&K Building Group is handling the design and build of the project. Construction is underway, and the facility is expected to be operational by the first quarter of 2022.

November 16, 2020

Development Office Texas

Greenstar Development Completes 32,900 SF Office Project in Austin’s Rosedale District

by Taylor Williams November 16, 2020

AUSTIN, TEXAS — Austin-based Greenstar Development has completed 49 Street Office Park, a 32,900-square-foot adaptive reuse project in the Rosedale neighborhood of Austin. Designed by Mark Odom Studio, the two-story building features three office spaces connected by outdoor work areas. Franklin-Alan served as the general contractor for the project. Architecture firms Britt Design Group and Thirteen23 have committed as tenants to the building.

November 16, 2020

Development New York Northeast Office

Falcon Pacific Completes Lobby Renovations at 180,000 SF Office Building in Manhattan

by Taylor Williams November 16, 2020

NEW YORK CITY — Falcon Pacific Builders has completed renovations of the lobby at 83 Maiden Lane, a 180,000-square-foot office building in Manhattan. The project added a new reception desk, turnstiles and building card access system, as well as LED lighting and a new digital camera system throughout. Nonprofit organization AHRC New York City owns the building, where it houses its headquarters. Helmsley Spear leases and manages the property. Architecture firm EVN designed the project.

November 16, 2020

Leasing Activity New York Northeast Office

Swann Galleries Signs 21,200 SF Office Lease Renewal in Manhattan

by Taylor Williams November 16, 2020

NEW YORK CITY — Auction house Swann Galleries has signed a 21,200-square-foot office lease renewal at Gramercy Park, a 114,146-square-foot office building located at 104 E. 25th St. in Manhattan. Nicky Heryet, Susan Kahaner, Jennifer Ogden and Eric Sznip of Avison Young represented the tenant, which will continue to occupy the fifth and sixth floors, in the lease negotiations. Michael Berger of Colliers International represented the landlord, 25 Park LLC.

November 16, 2020

Development Office Texas

Cawley Partners to Develop Three Office Buildings at Grandscape in Metro Dallas

by Taylor Williams November 13, 2020

THE COLONY, TEXAS — Dallas-based Cawley Partners will develop three office buildings totaling more than 1.5 million square feet at Grandscape, a 433-acre mixed-use destination located in the northern Dallas suburb of The Colony. Hoefer Wysocki is handling design of the new buildings, all of which will rise 17 stories and feature 500,000 square feet of Class A space. A construction timeline is still being established as the development team looks for a lead tenant for the project. Nebraska Furniture Mart is the lead developer of Grandscape and anchors the development’s retail component along with sporting goods store Scheels.

November 13, 2020

Acquisitions Office Texas

Lexington Realty Sells Stake in Metro Houston Office Building Leased to Dow Chemical for $192M

by Taylor Williams November 13, 2020

LAKE JACKSON, TEXAS — Lexington Realty Trust (NYSE: LXP) has sold its interest in an office building in Lake Jackson, a city located south of Houston, for $192 million. Built in 2016, the 664,100-square-foot building is situated on a 34.1-acre site and was fully leased to Dow Chemical, which also operates a nearby manufacturing plant, at the time of sale. The buyer was not disclosed. In announcing this news, Lexington also disclosed the purchase of a 201,784-square-foot warehouse and distribution center in Phoenix that is fully leased to an unspecified e-commerce firm.

November 13, 2020

Leasing Activity Midwest Office Ohio

ResellerRatings Signs 3,500 SF Office Lease in Downtown Cleveland

by Kristin Harlow November 13, 2020

CLEVELAND — ResellerRatings, a Cleveland-based technology company, has signed a 3,500-square-foot office lease at the historic Caxton Building in downtown Cleveland. ResellerRatings, which is a ratings website where consumers submit reviews of online retailers, is scheduled to move into its new space in November. Stephen Morris of CBRE represented the tenant in the lease transaction. Katherine and Bill Bolton own the eight-story property. The Caxton Building opened in 1903 and was named after William Caxton, the first to introduce the printing press to England. The building was designed to house graphic arts and printing businesses.

November 13, 2020

Acquisitions Colorado Office Western

Avison Young Negotiates Sales of Two Flex Buildings in Boulder Totaling $7.9M

by Amy Works November 13, 2020

BOULDER, COLO. — Avison Young has brokered the sales of two flex office assets — 7077 Winchester Circle and 5735 Arapahoe Avenue in Boulder. Different private investors acquired the buildings in separate transactions for a combined total of $7.9 million. At the time of sale, five tenants fully occupied the 26,418-square-foot property on Arapahoe Avenue, while a single tenant leased 84.4 percent of the 22,473-square-foot property on Winchester Circle. Jaimee Keene, Rick Egitto and Taylor Doyle of Avison Young’s Capital Markets Group in Denver represented the seller in the transactions.

November 13, 2020

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