NEW YORK CITY — St. Francis College, a private Catholic educational institution, will relocate its campus from Brooklyn Heights to The Wheeler, Tishman Speyer’s new building that is situated atop a former Macy’s department store in downtown Brooklyn. Under the terms of the 30-year lease, St. Francis College will occupy 255,091 square feet across the fifth, sixth and seventh floors beginning in September 2022.
HOUSTON — Newmark has arranged the sale of a two-building, 115,000-square-foot office complex located at 6250 and 6260 Westpark Drive in Houston’s Galleria District. Built in 1973 and renovated in 2016, the complex offers amenities such as covered parking, multiple conference rooms and a deli. Spencer Hough and Connor Darling of Newmark, along with Jim Autenreith and Stephen Ghedi of Moody Rambin, represented the seller, Texas-based developer Presidium Group, in the transaction. The buyer was an entity doing business as Westpark @ 59 Office Plaza LLC.
WASHINGTON, D.C. — A joint venture between Cedar Realty Trust (NYSE: CDR), Asland Capital Partners and the Goldman Sachs Urban Investment Group has broken ground on the first phase of Northeast Heights. The $600 million mixed-use office and retail development is located in the Minnesota and Benning submarket of Washington, D.C.’s Ward 7 neighborhood. The property is located at 3924 Minnesota Ave. Construction has a completion date of late 2022 or early 2023. The first phase of Northeast Heights includes the construction of a 258,500-square-foot office building, as well as 18,000 square feet of street-level retail space. The office space is 100 percent leased to the Washington, D.C., Department of General Services (DGS) for its headquarters. Northeast Heights is a multi-phase, mixed-use redevelopment of two existing retail shopping centers at the intersection of Minnesota Avenue and Benning Road. Cedar Realty Trust will lead future phases of the development, which will include the development of multifamily residential with designated affordable apartments, additional office space, community gathering areas and retail space including a new grocery store. The retail for the DGS building will be made up primarily of full-service and/or fast-casual restaurants, as well as service establishments for the 400 to 500 …
LOS ANGELES — San Francisco-based SteelWave has purchased The Switchyard, a Class A creative office campus in the Arts District of Los Angeles. Los Angeles-based CEG Construction sold the property for $80 million. The Switchyard consists of two low-rise office buildings, offering a total of 150,451 square feet, located at 500 and 540 S. Santa Fe Ave. Constructed in 2019, the 500 property consists of a newly constructed five-story creative office building totaling 100,000 square feet and offering ground-floor retail space and a penthouse with an open deck. The 540 property consists of a two-story, 50,888-square-foot building, which was built in 2012. Both buildings feature secured parking and gated and secured entry. SteelWave plans to implement a capital improvements program at the campus, including updating the buildings’ exteriors and improving on-site amenities. Mike Condon Jr., Steve Marcussen, Erica Finck and Bailey Dawson of Cushman & Wakefield represented the buyer and seller in the deal. Cushman & Wakfield’s Peter Collins, Brittany Winn, Scott Menkus and Alexa Delahooke provided market leasing advisory, while Rob Rubano, Brian Share, Joseph Lieske, Ernesto Sanchez, Keith Padien and Greg Napper of Cushman & Wakefield assisted the buyer with financing.
SAN DIEGO — Diversified Healthcare Trust (NASDAQ: DHC) and The RMR Group (NASDAQ: RMR) have completed Muse at Torrey Pines, a life sciences property located at 3030, 3040 and 3050 Science Park Road in the Torrey Pines submarket of San Diego. Totaling 186,000 square feet, the three-building campus was 85 percent pre-leased at completion. Surgalign Spine Technologies will occupy the 94,500-square-foot building at 3030 Science Park; Organogenesis signed a 23,000-square-foot lease at 3040 Science Park; and Aegis Life inked a lease for 9,600 square feet at 3040 Science Park. A local farm-fresh eatery concept inspired by Urban Kitchen Group will occupy the property’s restaurant space and offer seasonal food pairings for tenants and the general public. The Muse also features exterior gathering areas, outdoor games, electric vehicle charging stations and four art installation with sculptures and murals by three California artists. DHC owns the property, which RMR manages. Grant Schoneman and Chad Urie of JLL are handling leasing efforts for the property. Surgaline Spine Technologies was represented by Michael Labelle and Bridget Garwitz of Savills. Glenn Friedrich of Cresa represented Organogenesis and Shane Poppen of Hughes Marino represented Aegis Life in the respective leases.
PEWAUKEE, WIS. — Mohr Capital, a Dallas-based private investment firm, has acquired Riverwood Corporate Center II in Pewaukee, about 20 miles west of Milwaukee. The 112,000-square-foot office building serves as the headquarters of ProHealth Care, which signed a long-term lease through 2032. Built in 2002, the building is situated at the front entrance of the office park at the intersection of Riverwood Drive and State Highway 164. The three-story property features a cafeteria, executive wing, walking path, 460-space parking lot and several meeting areas. ProHealth, which is the largest healthcare provider between Milwaukee and Madison, has approximately 4,700 employees plus 1,000 doctors, according to Mohr. Matt Bear of Bear Real Estate Advisors represented Mohr in the transaction. The acquisition marks Mohr’s third investment in the Milwaukee market. Seller information was undisclosed.
SAN DIEGO — Thorofare Capital has funded an $18 million loan for a joint venture between New York-based Taconic Capital Advisors and Triangle Capital Group for the purchase of The Spreckels Building in San Diego. Located at 121 Broadway in the Gaslamp District, The Spreckels Building features 217,173 square feet of office, retail and theater space. The six-story building was built in 1912 and most recently renovated in 1982. The property was designated as one of San Diego’s historic sites in 1972 and placed on the National Register of Historic Places in 1975. Marc Renard led the Cushman & Wakefield team that represented the seller, a family trust associated with Jacquelyn Littlefield, while the buyer was self-represented in the transaction. CBRE will serve as the property’s manager under the new ownership.
LOWELL, MASS. — IBM has signed a 150,608-square-foot office lease at CrossPoint, a three-building office park located in the northern Boston suburb of Lowell. A partnership between Boston-based Anchor Line Partners LLC and CrossHarbor Capital Partners LLC owns CrossPoint, which offers amenities such as a 24-hour fitness center and game room, onsite daycare facility, full-service café and bistro and a conference center. Blake Baldwin, Michael Dalton and Shayne O’Neil of Cushman & Wakefield, along with Peter Dominski of Anchor Line Partners, represented building ownership in the lease negotiations. Brendan Callahan, Gabrielle Harvey and Brian Tisbert of JLL represented IBM, which plans to take occupancy of the space in January.
By Tom Graf, NAI FMA Realty Over the past decade, Lincoln has experienced sustained growth and earned a reputation as a place to be in the Midwest. Its low unemployment, stable economy, low cost of living, prospering tech scene as well as lifestyle and entertainment fitting of a big city with the feel of a small community has insulated Lincoln better than many cities of its size. Perhaps this is most compelling with the number of cranes spotted in the skies back in 2008 and again in 2020. Just as many cities were struggling, Lincoln built its way out of the Great Recession in 2008 and 2020 was no exception. Retail Throughout the economic uncertainty brought on by the COVID-19 pandemic, Lincoln’s retail landscape fared well with vacancy holding at 7.1 percent for the year in 2020. New construction was active throughout the market despite store closures and bankruptcies making the national headlines. For some opportunistic retailers, vacant spaces opened the door to take advantage of the market and negotiate better terms for new locations. Retailers thriving in today’s market are the “daily needs” retailers — grocery, home improvement and discount concepts. Some niche online businesses, which have grown through …
CHARLOTTE, N.C. — Duke Energy will open its new corporate headquarters at Duke Energy Plaza, a 40-floor office tower currently under construction in Uptown Charlotte. Formerly known as Metro Tower, Duke Energy Plaza will house approximately 4,400 employees. Childress Klein Properties is the developer of Duke Energy Plaza, which will have 25,000 square feet of retail square footage and seven levels of above-ground parking totaling 1,100 spaces. Construction on the new Duke Energy Plaza is on schedule to be completed by the end of 2022 with interior work extending into 2023. Approximately 1,000 craftsman and trade workers will be employed during the three-year construction period. Duke Energy plans to exit its Charlotte offices, including Duke Energy Center located at 550 South Tryon St. and Piedmont Town Center in South Park. Once the new tower is complete, the company plans to sell its 526 Church St. and 401 College St. facilities and exit the 400 South Tryon St. facility. The plan is to consolidate the spaces the company occupies in the Charlotte area from approximately 2.5 million square feet to approximately 1 million square feet. The company expects this decision will result in $85 million to $90 million in savings over …
