Office

Skender Completes Interior Construction of Mondelez International Headquarters in Chicago’s Fulton Market

by Kristin Harlow April 29, 2020

CHICAGO — Skender has completed interior construction of the 90,000-square-foot headquarters for Mondelez International in Chicago’s Fulton Market district. Mondelez, a global snacking company, is the anchor tenant at the new five-story building, which is located at 905 W. Fulton St. The office space features a café, two connecting stairwells, outdoor roof gardens, open workstations, private offices and conference rooms. Skender collaborated with design firms HPA and SCB as well as engineering consultant IMEG Corp.

April 29, 2020

Acquisitions California Office Western

JLL Negotiates Sale of 315,000 SF Office Asset in Pasadena

by Amy Works April 29, 2020

PASADENA, CALIF. — JLL Capital Markets has directed the sale of 101 S. Marengo, a Class A office property in Pasadena. Terms of the transaction were not released. Originally built in 1974, the 315,000-square-foot property was occupied by a single tenant that vacated last year. The asset is now available for a full renovation building to create a multi-tenant environment. Situated on 2.9 acres, the transit-oriented site is one block from the Los Angeles Metro Gold line and close proximity to Pasadena 101, Venture 134 and Foothill 210 freeways. Michael Leggett, Andrew Harper, Will Poulsen and Patrick Church of JLL represented the undisclosed seller in the deal.

April 29, 2020

Acquisitions New Jersey Northeast Office Top Stories

American Real Estate Partners, Independencia Sell Merrill Lynch-Occupied Office Park in New Jersey for $95M

by Kristin Harlow April 29, 2020

HOPEWELL TOWNSHIP, N.J. — American Real Estate Partners (AREP) and Independencia Asset Management have sold 1100-1200 American Boulevard in Hopewell Township, approximately 10 miles west of Princeton, for $95 million. Originally built in 2000 as part of the Merrill Lynch corporate campus, the property consists of three Class A office buildings totaling 380,417 square feet. It is currently fully leased to Merrill Lynch, which Bank of America acquired in 2008. AREP purchased the property in 2013. Under terms of the new agreement, AREP will continue to lease and manage the asset. Cushman & Wakefield brokered the transaction. A New York City-based real estate investment firm was the buyer. “The deal offered positive cash flow from an investment-grade tenant for several years; desirable real estate centrally located between New York City and Philadelphia; and an opportunity to ensure management continuity by leveraging AREP’s operating platform,” says David Bernhaut, executive vice chairman of Cushman & Wakefield’s capital markets group. The Princeton/Route 1 Corridor has been one of New Jersey’s top submarkets for nearly two decades, according to AREP. Since 2004, the area has experienced a 20 percent increase in Class A asking rents. Headquartered in metro Washington, D.C., AREP is an institutional …

April 29, 2020

Leasing Activity New York Northeast Office

HQ Global Workplaces Renews 28,000 SF Coworking Office Lease in Manhattan

by Alex Patton April 28, 2020

NEW YORK CITY — Coworking office space provider HQ Global Workplaces LLC has renewed its 28,000-square-foot lease in Manhattan. The lease is for a coworking office space that encompasses the entire 16th floor of 100 Park Avenue, a 902,000-square-foot office building between East 40th and 41st streets. The landlord, SL Green, was represented internally in the lease negotiations. No brokers representing the tenant were disclosed.

April 28, 2020

Leasing Activity Office Texas

Wordpress Engine Signs 22,536 SF Office Lease at Lavaca Plaza in Austin

by Taylor Williams April 28, 2020

AUSTIN, TEXAS — Web hosting platform Wordpress Engine has signed a 22,536-square-foot office lease at Lavaca Plaza, a four-building office complex located at 504 Lavaca St. in Austin’s CBD. The property was built in 1980 and remodeled in 2001. Marc Vanderslice, Nate Stricklen and John Gump of CBRE represented the tenant in the lease negotiations. Matt Levin and Jason Steinberg of Equitable Commercial Realty represented the landlord, Unico Properties.

April 28, 2020

Leasing Activity Office Texas

Avison Young Negotiates 21,091 SF Office Lease in Houston’s Energy Corridor

by Taylor Williams April 28, 2020

HOUSTON — Avison Young has negotiated a 21,091-square-foot office lease at 777 N. Eldridge Parkway in Houston’s Energy Corridor. Anthony Squillante and Josh Morrow of Avison Young represented the tenant, civil engineering firm Van De Wiele & Vogler. Jon Dutton represented the landlord, Granite Properties, on an internal basis. Van De Wiele & Vogler plans to move about 50 employees into its new space in the third quarter.

April 28, 2020

Acquisitions California Office Western

Voit Real Estate Brokers $14.5M Sale-Leaseback of Office Property in San Diego

by Amy Works April 28, 2020

SAN DIEGO — Voit Real Estate Services Private Client Group has arranged the sale of a two-building office asset located in San Diego’s City Center neighborhood. San Diego State University Research Foundation sold the property to Casey Brown Cos. for $14.5 million. The off-market transaction was structured as a sale-leaseback, through which the seller signed a five-year lease with one five-year extension option. Kipp Gstettenbauer and Ryan King of Voit represented the sellers. Voit Real Estate Services also represented the buyer in the deal. The property includes two of the largest office buildings on El Cajon Boulevard and a four-story, 149-stall parking structure.

April 28, 2020

New Jersey Northeast Northeast Market Reports Office

Office Developers Renovate, Repurpose Outdated Assets in Northern New Jersey

by Alex Patton April 28, 2020

From start-ups seeking flex space to major corporations that are expanding or relocating an entire office, finding a modern office space in the northern New Jersey commercial market is always a challenge. Barbara Gross, Sheldon Gross Realty Overall, it’s a very mature environment, with many older structures and corporate parks lining the highways, and with limited new development. As an example of the resultant complexities, let’s look back to the 1980s and ’90s, when the Route 280 corridor (primarily in western Essex County) was bustling. Office parks had few vacancies, and rental rates were among the highest in the state. Until relatively recently, only a few companies owned the majority of these buildings, thereby “controlling” who went where and at what rental rate. But over time, these owners have been selling the individual buildings in parks to a variety of new owners, resulting in a more competitive marketplace. It’s refreshing to see the new owners investing in renovations and adding new amenities. However, responding to a younger generation coming to or returning home to New Jersey and demanding greener, 24/7 communities, developers are demolishing some of those older office buildings and parks. Projects are before planning boards now that would …

April 28, 2020

Leasing Activity New York Northeast Office

Equity firms InTandem and Sagewind Jointly Sign 10,165 SF Office Lease in Manhattan

by Alex Patton April 27, 2020

NEW YORK CITY — Private equity firms InTandem Capital Partners and Sagewind Capital LLC, have jointly signed a 10,165-square-foot in Midtown Manhattan. The firms will share one office across a portion of the 24th floor of One Vanderbilt Avenue, an approximately 1,750,000-square foot office tower slated for completion later this year. Lloyd Desatnick of JLL represented the tenants in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord, SL Green.

April 27, 2020

Leasing Activity New York Northeast Office

ABS Partners Negotiates 5,000 SF Office Lease in Manhattan’s NoMad Neighborhood

by Alex Patton April 27, 2020

NEW YORK CITY — ABS Partners Real Estate has negotiated a 5,000-square-foot office lease for Canadian trade union Unifor in the NoMad neighborhood of Manhattan. The company’s new space includes the entire eighth floor at 152 Madison Avenue, an approximately 98,000 square foot office building constructed in 1929. The asking rent was $59 per square foot. Ronnie Zimmerman and Ian Weiss of ABS represented the landlord, Heskells, in the lease negotiations. Newmark Knight Frank represented Unifor.

April 27, 2020

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