BELLAIRE, TEXAS — Local Office, a Houston-based coworking concept, has opened an 11,000-square-foot space at 4909 Bissonnet St. in the Houston suburb of Bellaire. The pet-friendly space is the third for Local Office and features kitchen facilities, conference rooms and private furnished offices. A private partnership owns the building.
SAN ANTONIO — Worth & Associates has landed the first tenant at Walker Ranch Business Park, the locally based developer’s 135,000-square-foot office and flex project on the city’s north-central side. Computer Solutions, a San Antonio-based technology and IT consulting firm, will occupy 20,540 square feet at Building II, where about 90 employees will work. The 78,000-square-foot Building II is under construction, and the tenant expects to take occupancy of its new space in April 2021. Russell Noll of Transwestern represented Computer Solutions in the lease negotiations.
DALLAS — CBRE has negotiated a 69,130-square-foot office lease renewal at Plaza of the Americas, an office complex located at 700 N. Pearl St. in downtown Dallas that consists of two 25-story buildings. Harlan Davis, Phil Puckett and Jeff Ellerman of CBRE represented the tenant, law firm Thompson Coe, in the lease negotiations. Transwestern’s Kim Brooks, Justin Miller, Paul Wittorf, Laney Underwood and Ford Childress represented the landlord, a partnership between M-M Properties and Invesco Real Estate.
SAN DIEGO — The San Diego City Council has unanimously approved an exclusive negotiating agreement with the Padres Development Team to negotiate terms for the previously announced acquisition and redevelopment of Tailgate Park into East Village Quarter. The site is located outside Petco Park, which Major League Baseball’s San Diego Padres call home. The Padres Development Team, including the San Diego Padres, Tishman Speyer and Ascendant Capital Partners, was selected during a public request for proposals process. The development team’s vision for East Village Quarter includes residential space, 50,000 square feet of neighborhood-serving retail, 236,000 square feet of public spaces, 1.4 million square feet of office space targeted to technology and biotechnology companies, and 1,600 parking spaces. According to media reports, the development will cost $1.4 billion. “We are excited to take another step forward to revitalize Tailgate Park and further transform the Ballpark District and downtown San Diego,” says Erik Greupner, president of business operations for the San Diego Padres. “We look forward to finalizing a deal with the City of San Diego that will result in the creation of a vibrant, inclusive, mixed-use district in East Village.”
FALLS CHURCH, VA. — Clarion Partners LLC has sold 3150 Fairview Park Drive, a 257,489-square-foot office building in Falls Church, for $90 million. The buyer was a fund managed by Apollo Global Management. The eight-story building was fully leased at the time of sale and houses the global headquarters for General Dynamics Information Technology (GDIT), a subsidiary of General Dynamics. The seller recently renovated the asset, which was originally delivered in 2001. Upgrades included adding an atrium lobby, rebuilding common areas and enhancing building amenities. Bill Prutting, Jim Meisel and Matt Nicholson of JLL represented the seller in the transaction. The team also procured the buyer. The asset is situated within Fairview Park, a three-building office park 15 miles west of downtown Washington, D.C. In October of this year, Newmark arranged the sale of 3170 and 3180 Fairview Park Drive. “[The building located at] 3150 Fairview was highly sought-after due to its rare combination of a long-term leased global headquarters of a strong credit tenant, a fully renovated trophy asset and a submarket in Northern Virginia that has experienced one million square feet of leasing activity since 2017, with many tenants landing in Fairview Park,” says Prutting. The New York …
By Kirk Garza, Valarie Bradley and Caleb Snow of Popp Hutcheson PLLC With property taxes comprising a significant portion of the real estate operating budget at most companies, both tenants and landlords need to understand how trends sparked by COVID-19 can impact their property tax valuations. The pandemic has spurred governments to impose unprecedented restrictions on office capacity and fueled widespread uncertainty among companies that own or lease office space. Organizations are asking if, when and how they will use their offices in the months ahead and are scrutinizing expenses to reduce costs. Many businesses are reevaluating their space requirements after adopting work-from-home initiatives, while greater familiarity with Zoom and other applications that support remote training and online collaboration has firms reconsidering their ongoing need for conference or meeting space. It is essential for real estate decision makers to monitor the effects of such trends on taxable property values. Office Demand Evolves In the early 1990s, it was common for companies to occupy 350 square feet of office space per person. This requirement changed as some businesses sought to maximize density and encourage collaboration. In a COVID-19 world where social distancing precludes density, many companies are limiting the number of …
HOUSTON — JLL has negotiated a 34,510-square-foot office lease for shipping firm Yang Ming Marine Transport Corp. in West Houston. The company is relocating its regional headquarters to a building at 3250 Briarpark Drive, which was built in 1998 and rises four stories, according to LoopNet Inc. Don Foster of JLL represented the tenant in the lease negotiations. Kristen Baker, Jack Scharnberg and David Baker of Transwestern represented the undisclosed landlord.
DALLAS — Locally based architecture and design firm Huitt-Zollars Inc. has leased 32,519 square feet of office space at Three Lincoln Centre, a 1.6 million-square-foot campus located at 5420 LBJ Freeway in the Galleria area of Dallas. Landlord Nuveen Real Estate is currently renovating the property, a project that is expected to be complete in early 2021. Matthew Schendle and Clint Madison of Cushman & Wakefield represented Nuveen in the lease negotiations. J.R. Tomlinson of Newmark represented the tenant.
COLORADO SPRINGS, COLO. — Flywheel Capital, a Denver-based commercial real estate investment company, has started development of Peak Technology Campus, a speculative office project in Colorado Springs. The 210,000-square-foot campus will offer secure-ready site for the aerospace and defense industrial. Situated within the 900-acre Peak Innovation Park business park, Peak Technology Campus will feature four single-story office buildings with full-floor and multi-tenant configurations, secure-ready sites with dedicated entries, building signage, loading docks, 4.5 parking spaces per 1,000 square feet and secured satellite area. Plans for the new development include a 50,000-square-foot Building 1, a 40,000-square-foot Building 2, a 60,000-square-foot Building 3 and a 60,000-square-foot Building 4. Construction for Building 1 is slated to start in first-quarter 2021, with delivery set for third-quarter 2021. Kenton Mau, Brian Wagner and Mark O’Donnell of Newark will market the property for lease. According to Newmark Research, Peak Technology Campus represents the largest speculative office development in Colorado Springs since 2001.
PEACHTREE CORNERS, GA. — Consulting firm Merlinos & Associates Inc. has signed a full-floor, 25,347-square-foot office lease at Summit at Peachtree Parkway in Peachtree Corners. The landlord, OA Development, renovated the lobby, corridors and elevators, and added a fitness center and conference center in 2019. The six-story, 179,617-square-foot building is located at 5550 Peachtree Parkway, 22 miles northeast of downtown Atlanta. Howard Garrett of KW Commercial represented Merlinos & Associates in the transaction. Chip Roach and Stephen Clifton of Transwestern represented the landlord. Merlinos & Associates specializes in property, casualty, health, disability and life actuarial consulting.