HOUSTON — JLL has brokered the sale of 777 Post Oak Boulevard, a 176,779-square-foot office building located in the Galleria/Uptown area of West Houston. The nine-story building, which was 70 percent leased at the time of sale, was most recently renovated in 2021. Kevin McConn and Marty Hogan of JLL represented the undisclosed seller in the transaction. Fertitta Entertainment Inc., which is owned by Houston Rockets owner Tillman Fertitta, purchased the asset for an undisclosed price.
CHICAGO — NAMI Chicago, a mental health services provider, has signed a 10,058-square-foot office lease at Old Town Park, which is located at 224 W. Hill St. in Chicago. The tenant will relocate from its current 6,500-square-foot space at 1801 W. Warner Ave. this fall. Built in 2021, Old Town Park features 80,000 square feet of office space with ground-floor retail. The property is situated where the Old Town and River North neighborhoods meet. Ryan Foran and Jonathan Zeitler of Cresa represented the tenant. Abby McFayden of Madison Rose represented the owner, Onni Group.
NEW YORK CITY — Northampton Capital Partners has signed a 5,542-square-foot office lease at 340 Madison Avenue in Manhattan. The alternative asset management firm is taking space on the 10th floor of the 750,000-square-foot building. David Mainthow and Steven Langton of Cushman & Wakefield represented the tenant in the lease negotiations. Paul Glickman, Matt Astrachan, Cynthia Wasserberger, Dan Turkewitz and Harrison Potter of JLL, along with internal agents William Elder and Andrew Ackerman, represented the landlord, RXR.
WASHINGTON, D.C. — Marx Realty has completed renovations at One Glover, a 110,000-square-foot office building located at 2121 Wisconsin Ave. in Washington, D.C.’s Georgetown/Glover Park neighborhood. Additionally, the firm has signed a 10-year, 6,650-square-foot retail lease with Water Street Gym, a boutique fitness concept. John Schlagel of Transwestern represented Water Street Gym in the lease negotiations, and Mark Wooters and James Collins of Cushman & Wakefield represented Marx Realty. Updates to One Glover included an overhaul of the façade and the addition of an outdoor gathering area with seating options, lobby lounge and a garden room. Other updates include a uniform doorman and atmospheric music and scents throughout the building’s common areas. Marx Realty’s in-house design team partnered with Studios Architecture for the One Glover project. Office tenants of the building include Nexstar Media Group, George Sexton and Associates and DispatchHealth. Language immersion preschool CommuniKids occupies nearly 9,000 square feet on the ground level.
ATLANTA — Cushman & Wakefield has arranged a new 164,221-square-foot office lease with locally based health system Piedmont Healthcare in Atlanta. The tenant will occupy space at 271 17th St., a 25-story office building within the Atlantic Station mixed-use campus in the city’s West Midtown district. Aileen Almassy and John Zintak of Cushman & Wakefield represented the landlord, Lionstone Investments, in the lease negotiations. Bo Keatley, David Rubenstein, John Flack and Michael Broome of Savills represented Piedmont Healthcare.
LIVE OAK, TEXAS — Texas-based electrical contractor Alterman has debuted its new 190,000 square-foot first headquarters campus in the northeastern San Antonio suburb of Live Oak. The 20-acre site is located at intersection of Loop 1604 and I-35, and the campus consists of a 100,000-square-foot logistics and manufacturing building and a 90,000-square-foot office building. Studio8 Architects designed the campus, and Whiting-Turner Construction served as the general contractor. Construction began in fall 2022.
PLAINFIELD, ILL. — Principle Construction has completed several facility renovations for Veolia Water Technologies HPD Plainfield Offices. Veolia, which is a water and wastewater treatment company, maintains its 42,000-square-foot office at 23561 W. Main St. Principle originally designed and built the property in 2001 for Avgeris and Associates, which leased the building to Veolia. Principle completed interior and exterior renovations to both the headquarters office building and the research and development building. Archideas Inc. was the architect.
DALLAS — An affiliate of locally based firm Bradford Commercial Real Estate Services has completed the $6.5 million renovation of Meadow Park Tower, a 262,799-square-foot office building in North Dallas. The project delivered new HVAC systems and electrical infrastructure, as well as upgrades to amenity spaces, which include an outdoor tenant lounge with a putting green, conference center and a fitness center. Common areas like elevators and restrooms were also enhanced.
SHORT HILLS, N.J. — Columbia Pacific Advisors has taken ownership of two office buildings totaling 320,196 square feet in the Northern New Jersey community of Short Hills. The six-story building at 101 JFK Parkway spans 197,196 square feet and is home to tenants such as Franklin Mutual, Citizens Bank, Citibank, global law firm Dentons and Virtu Financial. The four-story building at 103 JFK Parkway totals 123,000 square feet and is currently vacant. Columbia, which was previously the lender on the buildings, has hired JLL to market the assets for lease.
With office occupancy still well below pre-pandemic levels due to the prevalence of the hybrid work model and companies downsizing their space needs, property owners are resorting to creative solutions for vacant or underutilized buildings. The conversion of office properties into new uses such as multifamily or hospitality is one approach. While these adaptive reuse projects are not for the faint of heart, they are an important way to avoid demolition. Construction debris from demolition projects contributes to the building industry’s huge carbon footprint, states Alan Barker, principal and residential market leader at Chicago-based architecture firm Lamar Johnson Collaborative (LJC). When considering an office conversion project, the first step is to make sure that the building’s structural integrity can safely accommodate renovations. Beyond that, office buildings that are a good fit for adaptive reuse typically have flexible floor plans, access to light and ventilation, existing utilities that can handle changes in capacity, and a location that offers proximity to amenities, transportation and parking, according to Barker. Recently, LJC created an adaptive reuse scorecard to help developers and building owners assess a property’s potential for a conversion project. The scorecard is comprised of seven categories: development potential; building form; building systems; …