WESTLAKE VILLAGE, CALIF. — PSRS has arranged $7.1 million in refinancing for Promenade Office Park, a multi-tenant office building located in Westlake Village. The building features 74,000 square feet of office space. Grady Seldin of PSRS secured the financing through a life insurance company for the undisclosed borrower.
AUSTIN, TEXAS — The Austin office market closed the third quarter with a total vacancy rate of 14.3 percent, up 360 basis points from 10.7 percent at year-end 2019, according to a new report from CBRE. The market saw approximately 371,000 square feet of negative net absorption during the third quarter, fueled largely by vacated sublease space, and has now posted about 625,000 square feet of negative absorption for the year. While the bulk of the market’s negative absorption was concentrated in the CBD, some submarkets performed well, including the Southwest, which posted about 204,000 square feet of positive absorption. According to the report, roughly 400,000 square feet of sublease space was added to the supply between the second and third quarters, yielding a total of 1.6 million square feet of vacant sublease space. While vacancy is down relative to the second quarter of 2020, the report also noted that there are some 29 office projects totaling 6.1 million square feet under construction, suggesting that it may take some additional time for occupancy to return to pre-COVID levels even if absorption turns the corner into positive territory.
NEW YORK CITY — Getting Out Staying Out (GOSO), a youth and career development and nonprofit organization, has signed an 18,467-square-foot office lease at 2283 Third Ave. in East Harlem. The seven-story, transit-served building was constructed in 2006 and spans 50,908 square feet. Lindsay Ornstein, Stephen Powers, Jake Cinti and Ned Pierrepont of Transwestern represented the landlord, Rockfeld Group, in the negotiations for the 10-year lease. Reeves McCall, Anthony Manginelli and Ryan Alexander of CBRE represented the tenant.
TAMPA, FLA. — Heritage Insurance has signed a 10-year, 88,643-square-foot office lease to move its headquarters to Westshore City Center in Tampa. The company will fully occupy the building, which is situated in the Westshore District at 1401 N. Westshore Blvd., five miles west of downtown Tampa. The tenant expects to move in in the second quarter of 2021. Heritage Insurance is currently headquartered in nearby Clearwater. Heritage Insurance plans to house 350 employees at the property upon move-in, with plans to expand to 700 employees in the next five years. Tampa-based Ally Capital Group acquired Westshore City Center in 2019 and is currently implementing a $10 million renovation program. Matt Alexander and Chad Rupp of Franklin Street represented the landlord in the lease negotiations.
THE WOODLANDS, TEXAS — Transwestern Real Estate Services has completed Research Forest Lakeside Building 9, a 134,938-square-foot office project located in The Woodlands, about 30 miles north of Houston. The six-story, Class A building includes floor-to-ceiling glass, a climate-controlled parking garage and proximity to a planned four-acre green space that will feature walking trails and exercise stations. In addition, several restaurants, including Snooze A.M. Eatery, Grub Burger Bar and Bellagreen American Bistro, are located adjacent to Building 9. Research Forest Lakeside is a mixed-use development that spans 77 acres overlooking Lake Woodlands that will ultimately feature 1.8 million square feet of commercial space.
MINNEAPOLIS — Owner Accesso has unveiled plans to renovate Crystal Court, a central gathering place located within IDS Center in Minneapolis. The renovation plan, which was designed in collaboration with Perkins and Will and New History, calls for updating the “functionality and aesthetics of the space to better meet the evolving needs of today’s consumer.” Renowned architect Philip Johnson designed the 57-story, 1.4 million-square-foot office tower, which opened in 1972. The updated Crystal Court will feature new collaborative seating areas, a grove of trees and a new water feature. Accesso, a manager, owner and operator, boasts a portfolio of 35 office properties spanning 15.6 million square feet throughout the U.S.
NEWINGTON, N.H. — Cushman & Wakefield has negotiated a 50,000-square-foot office lease at 90 Arboretum Drive in Newington, located in the southeast corner of the state. Designed by Boston-based SGA Architects, the property is the first commercial office building in New England to be constructed with manufactured timber elements. Denis Dancoes, Thomas Farrelly and Sue Ann Johnson of Cushman & Wakefield represented the owner, Farley White Interests, in the transaction. Kent White of The Boulos Company represented the undisclosed tenant.
CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has topped out FNB Tower, a 29-story mixed-use building located at 401 S. Graham St. in Uptown Charlotte. The developer expects to deliver the asset in the second quarter of 2021. The building will feature 116,915 square feet of office space as well as 196 multifamily units. Pittsburgh-based FNB Corp., the parent company of First National Bank, will occupy 40,000 square feet of the tower to serve as the company’s regional headquarters. Batson-Cook Construction is the general contractor.
MOUNT PLEASANT, S.C. — Serendipity Labs will open a 20,372-square-foot coworking space within Portside at Ferry Wharf by the end of this month. The developer and landlord is Atlanta-based Holder Properties. The building is situated at 75 Port City Landing, five miles north of downtown Charleston and along Cooper River. The office space will have COVID-19 guidelines in place, including touchless check-in and registration. Serendipity Labs will feature offices, meeting and focus rooms, retreats for nursing mothers, prayer and meditation, and a work lounge, each with their own air ducts. Kristie Roe of Colliers International | South Carolina represented the tenant in the lease negotiations. Rye, N.Y.-based Serendipity Labs operates more than 35 locations in 19 states.
TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 47,833-square-foot office building located at 1111 W. Long Lake Road in Troy. The sales price was undisclosed. The three-story property includes an underground parking garage. Mason L. Capitani of the real estate firm represented the buyer, California-based LREH LLC. The building has historically remained at or near 100 percent occupancy, according to Capitani.