COPPELL, TEXAS — Greystar has signed a 32,000-square-foot office lease in Coppell, located in the northern-central part of the metroplex. The space is located within the 1,000-acre Cypress Waters mixed-use development. Scot Ison of Axis Tenant Advisors represented the South Carolina-based apartment developer and manager, which plans to take occupancy early next year, in the lease negotiations. Billingsley Co. owns Cypress Waters.
BEND, ORE. — Ethos Commercial has secured $6.1 million in acquisition financing for Bluff Street Office, a multi-tenant office located at 395 SW Bluff St. in Bend’s Old Mill District. Built in 2003, the 29,000-square-foot building features three suites, storage and surface parking. At the time of financing, the property was fully occupied with long-term leases. Danny Natsch and Matt Illias of Ethos Commercial Advisors sourced the 70 percent loan-to-value, 10-year fixed-rate loan in the mid 5 percent range through a regional credit union for the undisclosed borrower.
By Ben Reinberg, CEO, Alliance Consolidated Group of Cos. In late September, Texas-based software company Dell became one of the latest major companies to announce a full return-to-office (RTO) mandate. In a leaked memo to employees, Bill Scannell, the company president, wrote, “As we enter a new AI world, in-person human interaction will be more important than ever.” Just a few weeks later, Amazon announced a full RTO policy. And over the summer, Meta, the parent company of Facebook, informed employees that remote team members would not be eligible for promotions. These RTO announcements from major organizations have dotted the web for years following the pandemic, leading many investors to hope for a slow-but-steady march back to busy office buildings and revitalized downtowns throughout the Lone Star State. The actual data, however, tells a much different story. Reports on Texas’ commercial real estate markets indicate that nearly a quarter of all office space is vacant nearly four years after the pandemic. According to CommercialEdge, Dallas’ office vacancy rate is 22.9 percent, and Austin’s is 27.8 percent. Workforce trends reflect a similar situation. Austin was named the No. 1 metro for remote workers in 2023 by Coworking Mag, with nearly a …
COPPELL, TEXAS — Allstate has signed a 53,043-square-foot office lease in Coppell, located in the northern-central part of the metroplex. The space is located within the 1,000-acre Cypress Waters mixed-use development. Ryan Buchanan of CBRE represented the insurance giant, which plans to take occupancy of its new space next June, in the lease negotiations. Billingsley Co. owns Cypress Waters.
DALLAS — Lucid Private Offices, a provider of flexible workspace solutions, has opened a 35,234-square-foot coworking space in North Dallas. The space spans the 15th and 17th floors of 80 NCX, a 290,000-square-foot building, and offers 120 private and team offices, five conference rooms and a library. Users have access to building amenities such as a café, coffee bar, lounge, patio and a fitness center. Intercontinental Real Estate owns the building.
NEW YORK CITY — Urban Atelier Group has signed a 25,270-square-foot office lease at 41 Madison Ave. in Midtown Manhattan. The New York-based construction management firm will relocate from an 18,000-square-foot space at 85 Fifth Avenue in the second quarter of 2025 to the entire 12th and 13th floors of the 42-story, 560,000-square-foot building. The lease term is 15 years. Ross Eisenberg of RDE Advisors represented the tenant in the lease negotiations. Robert Steinman represented the landlord, Rudin, on an internal basis.
CHICAGO — DarwinPW Realty/CORFAC International has brokered the sale of a 9,600-square-foot flex building located at 2224 W. Grand Ave. in Chicago for an undisclosed price. The property is home to Rainbow Art Inc. and is currently zoned C2-2, which allows for a mixed-use development. The building is situated in the West Town neighborhood and features clear heights ranging from 12 to 16 feet, one drive-in door and two-story office space. Marc Hale and Ali Nix of DarwinPW Realty/CORFAC International brokered the sale. A residential developer purchased the asset.
NEW YORK CITY — Interior design firm Staged To Sell Home will open a 23,856-square-foot office and showroom in the Sunset Park area of Brooklyn. The lease term is seven years, and the space is located within Building 22 of Industry City, a 35-acre mixed-use development. Noah Jay of Compass represented the tenant in the lease negotiations. Brad Blum internally represented the landlord, a partnership between Belvedere Capital, Jamestown and Angelo Gordon & Co. A tentative opening date was not announced.
NEW YORK CITY — CBRE has arranged a 14,071-square-foot office lease expansion at 575 Madison Ave. in Midtown Manhattan. The tenant, international law firm Kozusko Harris Duncan LLP (KHD), will relocate from the 24th floor, where it occupies 8,629 square feet, to part of the 12th floor of the 25-story building. Chris Mansfield, Zac Price and Tara Rhodes of CBRE represented KHD in the lease negotiations. William Hooks, David Hollander, Gregg Rothkin, Bradley Auerbach and Maxwell Tarter, also with CBRE, represented the landlord.
HOUSTON — Hilco Real Estate has arranged the $27 million bankruptcy sale of a 285,000-square-foot office building in Houston’s Galleria district. The 11-story building is known as TwentyFour25 Galleria and was originally built in 1980 and renovated in 2015, according to LoopNet Inc. Local bankruptcy law firm Jones Murray LLP, the trustee of the property, engaged Hilco to manage the sale process, which was conducted via virtual auction. The buyer was not disclosed.