DELAFIELD, WIS. — Prescient Capital Management, a boutique private equity firm, has moved its office to a new location in Delafield, about 27 miles west of Milwaukee. The street-level, 3,000-square-foot space better accommodates a growing team, according to Prescient. The office is located at 524 Milwaukee St. Prescient, which specializes in bridge loans ranging from $2 million to $15 million, formerly occupied space at 440 Wells St. in Delafield.
NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the sale of a 151,357-square-foot office property located at 6201 15th Ave. in Brooklyn. The sales price was $29.5 million, or $195 per square foot. Ofer Cohen, Dan Marks, Daniel Lebor and Adam Tannenbaum of TerraCRG represented the seller, American Stock Transfer & Trust Co., in the transaction. The deal included an 8,400-square-foot parking lot located across the street. The buyer was not disclosed.
CHICAGO — A joint venture between SHVO and Deutsche Finance Bank has acquired the CNA Center, more commonly known as “Big Red” due to the bold color of the 45-story office tower, for $376 million. The 1.2 million-square-foot property is situated at 333 S. Wabash Ave. in Chicago’s East Loop district. At the time of sale, the property was leased to CNA Insurance, financial services company Northern Trust and the Chicago Housing Authority. Graham, Anderson, Probst & White originally designed the tower in 1973, and it underwent renovations in 2019. Amenities include a new food hall open to the public, a fitness center and childcare facilities. “Big Red is among the most recognizable towers in the Windy City’s skyline — the birthplace of the skyscraper and home to so much rich architectural history,” says Michael Shvo, chairman and CEO of SHVO. “We’re proud to now be a part of that Chicago tradition with this addition to our national portfolio of super-prime core properties. We look forward to not just maintaining Big Red’s stature but elevating it in the years to come.” The joint venture entered into a contract agreement with the sellers, Morgan Stanley and The Morgon Cos., in the …
By Garrett Keais In my 25 years in commercial real estate, I’ve never seen the economy — and our industry — come to a standstill the way it did this spring after the coronavirus hit. With so much uncertainty in the market, Detroit’s office sales and leasing activity slowed considerably. But as the last decade has shown us, if ever there was a city that could take a punch and get back up swinging, it’s Detroit. Comeback before the virus Fueled by a strong economy and low unemployment, America’s “Comeback City” was posting first-quarter 2020 office vacancy rates as low as 7 percent in one central submarket, according to Cushman & Wakefield research, and seeing rising property values and rents before the coronavirus hit. It was a striking change from a decade earlier, when the Detroit area was struggling after the Great Recession. Unemployment was 3.7 percent in February 2020, compared with 17.2 percent in June 2010, according to the U.S. Bureau of Labor Statistics. The city’s GDP had climbed steadily over those years. Tech giants like Quicken, Google, Twitter, Microsoft and Amazon moved to the city’s central business district, boosting downtown office occupancy and helping to diversify the local …
CLEAR LAKE, TEXAS — Vista Cos., a Houston-based development and management firm, has acquired two office and retail properties totaling 30,061 square feet in the Clear Lake area, located on the city’s southeast side. The assets had a combined occupancy rate of 95 percent at the time of sale. James Bell of Marcus & Millichap represented the seller, Visionary Investors Ltd., in the transaction. Frost Bank provided acquisition financing.
BLOOMINGTON, MINN. — Avtex, a full-service customer experience consulting firm, has renewed its 26,000-square-foot office lease at Northland Center in Bloomington within metro Minneapolis. Northland Center is a two-building, 492,514-square-foot office property. Amenities include a fitness center, hair salon, farmer’s market, café, outdoor lounge area, laundry service, covered parking, bike storage and conference rooms. Bill Rothstein of Cushman & Wakefield provides leasing services for the property. KBS is the landlord. “There has been a lot of discussion as to whether or not companies will continue to lease space as a result of COVID-19 and the shift to remote working models,” says Rod Richerson, regional president with KBS. “This is not something we are seeing across our portfolio. In fact, we are continuing to see companies renew and sign new leases at several of our assets across our portfolio of more than 23 million square feet.”
NEW YORK CITY — CBRE has committed to an additional 44,612 square feet of office space at 200 Park Avenue in Manhattan. The expansion gives the real estate firm a total footprint of more than 215,000 square feet at the 58-story, Class A property, which is known as the MetLife Building. In addition, CBRE will be leaving its 140 Broadway location to occupy space at the new Hana coworking space at 3 World Trade Center, which will open later this year. Craig Reicher of CBRE handled the lease negotiations with Gus Field and Megan Sheehan of Tishman Speyer, the owner of the building.
ADDISON, TEXAS — Triten Real Estate Partners has completed the renovation of a 90,000-square-foot office building located at the corner of the Dallas North Tollway and Belt Line Road in the northern Dallas suburb of Addison. The six-story building was previously known as Tollway Place and has been rebranded as The Commons. As part of the $4 million project, the development team upgraded the building’s common areas and office suites and signed restaurant Velvet Taco to lease a street-level retail space with outdoor seating. CBRE is handling leasing of the repositioned property.
NEW YORK CITY — Extell Development has unveiled its first commercial project in East Harlem, a 441,600-square-foot office building that is branded as Harlem Headquarters. The nine-story, Class A building is located at 180 E. 125th St., adjacent to several public transit stops. Gensler designed the property. Cushman & Wakefield is handling leasing, which will officially begin this fall.
WORCESTER, MASS. — Massachusetts-based Galaxy Life Sciences, in partnership with the Worcester Business Development Corp. (WBDC), has acquired land for the development of a $50 million biomanufacturing facility in the Central Massachusetts city of Worcester. The facility will be situated on six acres within The Reactory, a 46-acre life sciences campus that is a redevelopment of a site formerly occupied by Worcester State Hospital. Infrastructure work on the site is expected to begin this fall. Kelleher & Sadowsky represented the development team in its acquisition of the land.
