FRISCO, TEXAS — Wintrust Commercial Finance, a Texas-based division of Wintrust Asset Finance, has signed a 19,000-square-foot office lease renewal at HALL Park in Frisco. Tyler Thomas of Trumont Commercial represented the tenant, which first committed to HALL Park in 2015, in the lease negotiations. HALL Group owns the property, which is currently in the midst of a $7 billion redevelopment.
Woodside Health Development Buys Paradise Valley Plaza Office, Medical Complex in Phoenix for $20.9M
PHOENIX — Cleveland, Ohio-based Woodside Health Development has purchased Paradise Valley Plaza, a multi-tenant office and medical complex in Phoenix, from Cloud Peak Development for $20.9 million. Located at 5010, 5020 and 5040 E. Shea Blvd., the three-building, 100,203-square-foot asset is 95 percent leased to a tenant mix of 50 percent office and 50 percent medical/wellness tenants. The complex features drive-up exterior loading suites, interior and outdoor courtyards, breezeways and balcony spaces. Eric Wichterman, Mike Coover and Chris Toci of Cushman & Wakefield’s Private Capital Markets in Phoenix represented the seller in the transaction.
ST. LOUIS — Global design firm HOK has signed a lease to relocate its St. Louis office to Peabody Plaza at 701 Market St. next year. Avison Young represented the tenant, while CBRE represented the owner, Briar Meads Capital. The lease commences in September 2025. HOK will occupy approximately 42,000 square feet across the building’s fourth and fifth floors, including an outdoor terrace. HOK’s new space is 3,000 square feet larger than its current location at 10 S. Broadway. The firm’s interior designers are crafting the new office with various space types such as outdoor work and gathering spaces, a design resource center and maker space/model shop. HOK announced its intention to stay downtown during a staff meeting earlier this year.
FOLSOM, CALIF. — CBRE has brokered the sale of a medical office building located at 1743 Creekside Drive in Folsom. A private seller sold the asset to an undisclosed buyer for $7.5 million. At the time of sale, the 20,086-square-foot property was fully leased. Tenants include CGT Global, Folsom Orthopedic Surgery and Sports Medicine and Hanger Prosthetics & Orthotics West. The building is situated within the nine-building Willow Creek Medical Office Park, which is adjacent to Dignity Health Hospital. Matt Post, Sammy Cemo and Antony DeLorenzo of CBRE represented the seller in the deal.
CHICAGO — JLL Capital Markets has arranged a $32 million loan for the refinancing of 609 West Randolph, a 15-story boutique office building totaling 95,000 square feet in Chicago. Completed in 2022, the property features touchless technology, cutting edge building systems and flexible floor plates ranging from 5,500 to 7,100 square feet. Amenities include a penthouse lounge and conference room; green rooftop space and amenity terrace; offices with private outdoor terraces; and a lobby design inspired by boutique hotels. The asset is 93.5 percent leased to 10 tenants, including Fetch Rewards, Buford Capital and NTT Data. Christopher Knight, Matt Maksymec and Katia Novi of JLL represented the borrower, Vista Property. JP Morgan Chase & Co. provided the five-year loan, which features a fixed interest rate of 7.23 percent.
CHICAGO — CBRE has negotiated a new headquarters lease for Energize Capital, a Chicago-based investor in climate solutions. The firm is expanding and will occupy 11,070 square feet at 1 South Wacker Drive, more than doubling its footprint within Chicago’s Loop. Brad Serot and Bill Sheehy of CBRE represented Energize Capital, which is relocating within its current building. The tenant has outgrown the spec suite that it has occupied since October 2021. The new space will accommodate a headcount of more than 60, enabling the firm to continue its growth trajectory and more than double its current number of full-time employees. The 40-story property has undergone a complete lobby renovation and includes amenities such as a full-service health club and rooftop deck.
HOUSTON — Consor Engineers LLC has signed a 26,074-square-foot office lease in Houston’s Energy Corridor area. The tenant will relocate from 15340 Park Row Blvd. to the 14-story, 350,000-square-foot Eldridge Oaks building. Brad Fricks and Matt Asvestas of Stream Realty Partners represented the landlord, an affiliate of Los Angeles-based Broadshore Capital Partners, which recently renovated the building, in the lease negotiations. Taylor Wright of Colliers represented Consor Engineers.
WARREN, N.J. — Cushman & Wakefield has brokered the sale of a 207,252-square-foot office building in the Northern New Jersey community of Warren. According to LoopNet Inc., the six-story building at 30 Independence Blvd. was originally constructed in 1997 and renovated in 2020. Amenities include a fitness center, conference facilities and a grab-and-go food counter. David Bernhaut, Frank DiTommaso, Maia Sirabian and Bill Baunach of Cushman & Wakefield represented the undisclosed seller in the transaction and procured the buyer, Signature Acquisitions. Brad Domenico of Cushman & Wakefield arranged an undisclosed amount of acquisition financing for the deal. The building was 52 percent leased to six tenants at the time of sale.
NEW YORK CITY — CBRE has negotiated a 28,850-square-foot office lease at the former headquarters building of WeWork, which is located at 115 W. 18th St. in the Chelsea area of Manhattan. The tenant, culinary importer and distributor Roland Foods, will relocate its own corporate headquarters from Masonic Hall on West 23rd Street to the entire fifth floor of the six-story building. Joseph DeRosa and John Isaacs of CBRE represented Roland Foods in the lease negotiations. ABS Partners represented the landlord, Wasserstein Enterprises.
Commercial property owners in the District of Columbia are crawling out of a post-pandemic fog and into a new, harsh reality where office building values have plummeted, but property tax assessments remain perplexingly high. Realization comes slowly Immediately following the pandemic, many office property owners adopted a wait-and-see attitude toward the volatility permeating the sector, clinging to hopes that the rising popularity of remote work and similar office worker practices would prove temporary. Once the Federal Reserve began raising interest rates to combat generational inflation in 2022, however, hopes for a “return to normal” vanished and a grim reality set in. Recent transactions involving office properties in the District clearly indicate that investors recognize the negative impact these market forces have exerted on office building valuations and are now pricing those changes into the amounts they are willing to bid for acquisitions. These recent sales show office building values have declined by more than 50 percent from pre-pandemic levels. The other shoe began to drop on office market pricing in early 2023 with a rise in distress transactions, in which the office owner sells or forfeits the property to resolve some form of trouble, typically financial. These turnovers in ownership …