AUSTIN, TEXAS — General contractor Citadel Development has completed a 10,000-square-foot office redevelopment project in Austin. The project converted a building that was originally constructed in 1970 into a modern creative office facility with outdoor green space and amenity areas, as well as onsite parking. Locally based architecture firm Mark Odom Studio designed the project.
NEW HAVEN, CONN. — Locally based investment firm Water Street Properties has acquired an interest in a 252,000-square-foot office building in New Haven. The percentage was not disclosed. The building is located within the Long Wharf Maritime Center development and is home to tenants such as Ameriprise, Barclay Damon, Knights of Columbus, Morgan Stanley and Tek System. Evan O’Brien of Cushman & Wakefield arranged the sale of the interest from Knights of Columbus to Water Street, which now has operating control of the building, and has also been retained as the leasing agent.
NEW YORK CITY — Global sports streaming platform DAZN has signed an office lease at 470 Park Avenue South, a 300,000-square-foot complex in Midtown Manhattan. The square footage was not disclosed. DAZN will occupy the entire 14th floor for its new corporate headquarters. Nicholas Farmakis and John Johnson Jr. of Savills represented the tenant in the lease negotiations. Paul Amrich, Neil King III, James Ackerson and Josh Pernice of CBRE represented the landlord, SJP Properties.
SAN DIEGO — JLL Capital Markets has negotiated the sale of a fully vacant flex office building located at 16980 Via Tazon in San Diego. Montana Avenue Capital Partners sold the asset to a private investor for $9.9 million in an all-cash, off-market transaction. Built in 1984, the single-story, 35,312-square-foot property can accommodate a variety of uses, including wet/dry lab, manufacturing and creative office space. The building features 14- to 16-foot clear heights and roll-up doors for grade-level loading. Bob Prendergast, Lynn LaChapelle and Zac Saloff of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.
MONROVIA, CALIF. — Lee & Associates has arranged the sale of Huntington Professional Center, an office and medical center in Monrovia. The asset traded for $7.6 million. The names of the seller and buyer were not released. Located at 831 E. Huntington Drive, the two-story, 20,574-square-foot property offers 76 surface parking stalls. At the time of sale, the building was fully occupied by a variety of tenants, including Optum Healthcare, Tomdan (parent of Tommy Burgers) and Select Physical Therapy.
NEW YORK CITY — Local real estate giant SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to purchase the former PepsiCo. headquarters building in Manhattan for $130 million. A timeline for closing was not disclosed, nor was the name of the seller, although multiple news outlets report that the latter was Morgan Stanley. Designed by Skidmore, Owings & Merrill, the 11-story, 201,000-square-foot building is located at 500 Park Ave. at the corner of 59th Street. The property was originally constructed in 1960 as the beverage maker’s headquarters and has been institutionally owned and managed ever since. Tenants at 500 Park Ave. include Vera Wang, The Georgetown Co. and Friedland Properties. In addition, the building’s corner retail space is home to high-end furniture provider FRATO as its flagship New York City store and showroom. “Park Avenue is the best performing office market in New York City with historic low vacancy, and 500 Park Avenue will continue to benefit from opportunities in this fortress corridor that attracts top tier tenants and triple-digit rents,” says Harrison Sitomer, SL Green’s chief investment officer. Adam Spies, Doug Harmon, Adam Doneger, Joshua King and Marcella Fasulo of Newmark acted as advisors on the …
RICHARDSON, TEXAS — Newmark has brokered the sale of Lakeside Campus, a two-building, 807,354-square-foot office property located in the northeastern Dallas suburb of Richardson. The 18-acre property comprises a 16-story and four-story office buildings, as well as a structured parking deck and a landscaped pond with walking trails. Real estate data and analytics firm RealPage anchors the campus, which was 69 percent leased at the time of sale, and the overall tenant roster carries a weighted average remaining lease term of about four years. Chris Murphy, Robert Hill, Gary Carr and Stephen Schwalb of Newmark represented the seller, Trigild, in the transaction. The buyer was Provident Realty Advisors.
DALLAS — Buckner International has signed a 20,100-square-foot office lease at Lakeside Square in North Dallas. The nonprofit organization plans to relocate from Plaza of the Americas in downtown Dallas to the 409,544-square-foot building in the second quarter of 2025. Tyler Howarth and John Armes of Holt Lunsford Commercial represented the tenant in the lease negotiations. Trevor Franke, Gini Rounsaville and Hudson Neuhoff of JLL represented the landlord, Acram Group.
BLOOMINGTON, ILL. — Coldwell Banker Commercial Devonshire Realty has negotiated the sale of Country Financial/Country Co.’s main campus in Bloomington to Illinois State University (ISU) for $17.5 million. The property includes roughly 400,000 square feet of office space in three buildings on 28.3 acres. The transaction will occur in two phases as Country vacates one of the buildings over the next two years. ISU plans to renovate the buildings for its new engineering campus slated for fall 2025 enrollment. AJ Thoma III of Coldwell Banker Commercial represented the seller, and Bob Revoir of Cushman & Wakefield was a co-broker in the deal. Mike Talkington of AXIS 360 Commercial Real Estate Specialists represented ISU.
DES MOINES, IOWA — General contractor and construction manager Kraus-Anderson (KA) has opened a new regional office in Des Moines. The move complements the company’s expansion, which includes new regional offices that opened this year in Fargo, N.D., and Phoenix. KA’s experience in Iowa dates to 1981, featuring 184 projects totaling more than $343 million. Bryan Michael will serve as director of operations in KA’s Iowa office. He is a construction and development professional with over 20 years of experience in the Iowa market, most recently serving as co-owner of Des Moines-based PDC Partners. KA’s Des Moines office will be located at 100 Court Ave. Built in 1901, the property is listed on the National Register of Historic Places by the U.S. Department of the Interior. The building has been renovated several times since 2008.