NEW YORK CITY — Clear Street has signed an 88,000-square-foot office lease expansion at 4 World Trade Center in Lower Manhattan. The fintech company first took space at the 72-story, 2.3 million-square-foot building in 2021 via sublease before signing a direct lease for the entire 45th floor in 2023. This deal, which includes a 10-year extension, will see the company maintain that space and also expand to the entire 46th floor. Josh Berger of Norman Bobrow & Co. represented Clear Street in the lease negotiations. Keith Cody and Gordon Hough represented the landlord, Silverstein Properties, on an internal basis.
IRVING, TEXAS — Orlando-based development firm Foundry Commercial will undertake an industrial redevelopment in Irving. Foundry plans to demolish a vacant, 45,000-square-foot office building at 4250 N. Belt Line Road and construct a 118,032-square-foot warehouse with 32-foot clear heights. Construction is scheduled to begin in September and to be complete in summer 2026. Foundry has partnered with a fund advised by Crow Holdings Capital on the project and tapped Holt Lunsford Commercial as the leasing agent.
CASTLE ROCK, COLO. — John Propp Commercial Group has arranged the sale of an office and retail building located at 734 Wilcox St. in Castle Rock. Seven34 LLC sold the asset to 2950 West Point Holdings LLC for $2.5 million. The two-story property offers 8,969 square feet of office and retail space, as well as parking. John Propp of John Propp Commercial Group represented the seller, while Andrew Monette of Pinnacle Real Estate represented the buyer. The buyer plans to operate the property as an investment.
Durst Organization Receives $1.3B in CMBS Financing for One Five One Office Building in Times Square
NEW YORK CITY — The Durst Organization, a family-owned real estate owner and development firm based in New York City, has received $1.3 billion in CMBS financing for One Five One, a 48-story building located at 151 W. 42nd St. in the Times Square area of Midtown Manhattan. A consortium of Wells Fargo Bank, JPMorgan Chase and Bank of America provided the loan. The debt, which was structured with a five-year term and an interest rate of 5.86 percent, reflects a loan-to-value ratio based on an estimated property valuation of approximately $2.3 billion. The Durst Organization will use the proceeds to fund tenant improvements, closing costs and other capital expenditures, as well as to return equity to Durst. At the time of the loan closing, One Five One was 92 percent leased to tenants such as TikTok, NASDAQ Inc., BMO Capital Markets and law firm Venable LLP. According to Wikipedia, The Durst Organization developed the building in the late 1990s. Formerly known as 4 Times Square, the 1.8 million-square-foot building includes 72,000 square feet of retail space and underwent a $150 million repositioning in the 2010s, following the departures of publishing firm Condé Nast and law firm Skadden Arps. Law …
HOUSTON — Partners Capital, the investment arm of Partners Real Estate, has acquired a portfolio of three industrial flex properties totaling 228,597 square feet in Houston. The HTX Service Center Portfolio comprises Lakes at 610 Service Center, Willowbend Service Center and Wilcrest Green Service Center and consists of five buildings on a combined 14 acres. The portfolio was 68.5 percent leased at the time of sale. Michael Martin of Avison Young represented Partners Capital in the transaction. The seller was not disclosed.
ADDISON, TEXAS — New York Life Real Estate Investors has begun the renovation of One Hanover, an eight-story, 196,656-square-foot office building located in the northern Dallas metro of Addison. Renovations will entail a reimagining of the lobby and upgrades to amenity spaces, including the fitness center, tenant lounge and boardroom. New York Life took ownership of One Hanover in late 2023 and subsequently built out and leased several speculative suites. The company has tapped Stream Realty Partners as the leasing agent.
RHOME, TEXAS — Locally based brokerage firm LanCarte Commercial has arranged the sale of a 150,000-square-foot industrial flex building in Rhome, located north of Fort Worth in Wise County. The building at 138 Leopard Road is located within 114 Industrial Park, which is also home to tenants such as Valor Steel, Texas Truck Doctor, HASA, Northwest ISD, Bulldog Services, Red River Tea and Spartan Group. Mark Boone and Sarah LanCarte of LanCarte Commercial represented the undisclosed seller in the transaction.
BEDFORD, MASS. — Lantheus has signed a 41,000-square-foot office and life sciences lease in Bedford, a northwestern suburb of Boston.The provider of diagnostic and therapeutic products and services is taking space at The Core @ Crosby, a nine-building, 592,000-square-foot campus. Cushman & Wakefield represented Lantheus in the lease negotiations. The landlord is a partnership between Boston-based investment firm Anchor Line Partners and Alloy Properties, the national life sciences platform of TPG Real Estate.
MARINETTE, WIS. — Marcus & Millichap has brokered the $7.3 million sale of Dunlap Square, a multifamily and office building in Marinette, a city in northeast Wisconsin. Built in 1920 and located at 1655 Ludington St., the property features 97 apartment units and 21 office suites. Dan Bowar of Marcus & Millichap represented the seller, Three Sixty Real Estate Solutions, and procured the buyer, Ruesch Management Inc. The buyer plans to renovate the unoccupied street-level retail space.
ALLEN, TEXAS — KONE Inc. has signed a 30,973-square-foot office lease renewal in Allen, a northeastern suburb of Dallas. The elevator and escalator provider will continue to occupy space on the third floor of Allen Place I, a 102,471-square-foot building that was completed in 2015, for another 10 years. Richmond Collinsworth and Jared Laake of Bradford Commercial Real Estate Services represented the landlord in the lease negotiations. Melissa Holland and Gregg Raus of JLL represented the tenant.