Wednesday, May 21, 2025
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DevelopmentMidwestNebraskaOffice

Darland Completes Construction of Office Remodel for DMSi Software in Omaha

by Kristin Harlow

OMAHA, NEB. — Darland Construction Co. has completed an office remodel for DMSi Software in Omaha. The project included the removal of a section of the upper floor, creating an open, two-story area with a “floating” conference room. Darland constructed a large, custom staircase to anchor the two spaces. The project also included a large work café with various seating options, interactive games and beer taps. The lobby features a 154-square-foot fabric light fixture. Avant Architects was the project architect. DMSi serves the building products industry.

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AcquisitionsNorth CarolinaOfficeSoutheast

CBRE Arranges Sale of 425,300 SF Office Building in Uptown Charlotte

by John Nelson

CHARLOTTE, N.C. — CBRE has arranged the sale of 525 North Tryon Street, a 425,300-square-foot office building in Uptown Charlotte. Nashville-based Highland Ventures purchased the 19-story property from New York Life Real Estate Investors for an undisclosed price. Patrick Gildea and Matt Smith of CBRE represented the seller in the transaction, and locally based Insite Properties represented the buyer. The office building was constructed in 1998 and was 46 percent leased at the time of the sale.

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GeorgiaLoansMixed-UseOfficeRestaurantRetailSoutheast

Patterson Arranges Refinancing for Adaptive Reuse of Old Highland Bakery in Atlanta

by John Nelson

ATLANTA — Patterson Real Estate Advisory Group has arranged the refinancing for Old Highland Bakery, a two-building adaptive reuse project in Atlanta’s Old Fourth Ward district. Ameris Bank provided an undisclosed amount of financing to the borrowers, Vantage Realty Partners and Braden Fellman Group. Originally constructed in 1930, the all-brick structure was recently renovated to prepare the space for incoming tenants. The 51,000-square-foot property includes redeveloped office and retail space that houses 14 tenants, including Communidad Taqueria and BodyRok. Vantage and Braden Fellman preserved historical features at Old Highland Bakery, including the property’s original wood, metal beams and skylight windows.

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285-Madison-Avenue-Manhattan
New YorkNortheastOffice

Ocean West Capital Arranges Foreclosure of 511,000 SF Office Building in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Ocean West Capital Partners has arranged the foreclosure of 285 Madison Avenue, a 511,000-square-foot office building in Midtown Manhattan. Ocean West represented the mezzanine lender, which was comprised of a consortium of insurance companies based in South Korea. The property owner was not disclosed, but multiple sources, including The New York Business Journal, report that that entity is RFR. The property’s loan fell into maturity default in late 2022 and was subsequently extended to provide time for recovery, but the debt came back into default in late 2024 when the extension expired. Ocean West was brought in at this time to serve as advisor to the mezzanine lenders and evaluate various debt recovery strategies. DLA Piper LLP provided legal representation to the mezzanine lender(s) throughout the process. Newmark managed the Uniform Commercial Code (UCC) auction marketing process, and Daol Asset Management served as the Korean investment advisor for this transaction.

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AcquisitionsFloridaLeasing ActivityOfficeSoutheast

JLL Arranges $40M Sale-Leaseback of Office, TV Studio Building in West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — JLL Capital Markets has arranged the $40 million sale-leaseback of 1100 Banyan, a 70,131-square-foot office and TV studio building in West Palm Beach. Simon Banke, Matt McCormack, Joe Judge and Anna Schaffer of JLL represented the seller, The E.W. Scripps Co., and procured the buyer, a joint venture between Related Ross, Wexford Real Estate Investors and Key International. Cincinnati-based Scripps is leasing the entire property from the new ownership for a minimum of 2.5 years.  Completed in 2000, 1100 Banyan is a two-story building that houses Scripps’ WPTV news studio and office space. The fully leased property also includes a 170-space parking garage and 33 surface parking spaces.

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Leasing ActivityNew YorkNortheastOffice

ElevatedNY Signs 26,000 SF Lease Expansion at The Hippodrome in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Coworking concept ElevatedNY has signed a 26,000-square-foot lease expansion at The Hippodrome, a 620,000-square-foot building located at 1102 Avenue of the Americas in Midtown Manhattan. Designed by LB Architects, the expanded space features 18 fully furnished “team suites” that are designed to accommodate organizations of up to 12 people. ElevatedNY’s footprint within the 21-story building now encompasses 130,000 square feet across four floors. Edison Properties owns The Hippodrome.

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AcquisitionsMidwestMissouriOffice

Altus Properties Sells 10-Story CIBC Place Office Building in St. Louis

by Kristin Harlow

ST. LOUIS — Altus Properties has sold CIBC Place, a 170,157-square-foot, 10-story office building located at 1401 S. Brentwood Blvd. in St. Louis. Bryan King of King Realty Advisors represented the buyer, and the seller was unrepresented. The purchaser was Jim Onder, attorney and founder of the OnderLaw firm, according to the St. Louis Business Journal. The buyer will occupy about 6,000 square feet, leaving the building fully leased. Altus was retained as property manager.

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AcquisitionsIllinoisMidwestOffice

Colliers Arranges Sale of 183,428 SF Office Building in Oak Brook, Illinois

by Kristin Harlow

OAK BROOK, ILL. — Colliers has arranged the sale of a 183,428-square-foot office building in the Chicago suburb of Oak Brook. The sales price of $10 million is 71 percent less than the price that the asset traded for a dozen years ago, according to Crain’s Chicago Business. The buyer, Ashley Capital, plans to relocate its Chicago office to the property at 2001 York Road later this year. The Class A building features a covered parking deck, onsite café, conference facilities, a tenant lounge, fitness center and electric vehicle charging stations. The asset is positioned near I-294 and I-88. Ashley Capital is planning a series of capital improvements and will roll out creative leasing packages to attract new tenants. The project will be fully self-funded until the building reaches a critical occupancy threshold, at which point rental income is expected to support conventional financing. The top four floors offer approximately 120,000 square feet of contiguous space available for lease. Colliers served as the court-appointed receiver, property manager and leasing agent for the building. Alissa Adler and John Homscher of Colliers represented the buyer. Francis Prock and David Florent of Colliers represented the lender, Varde Partners, and have been retained as …

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DevelopmentLoansMultifamilyNew YorkNortheastOffice

Feil Receives $65M Construction Loan for Office-to-Residential Conversion Project in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Locally based owner-operator The Feil Organization has received a $65 million construction loan for an office-to-residential conversion project in Midtown Manhattan. The project will convert the 14-story office building at 140 W. 57th St., which was originally constructed in 1908, into a 47-unit condo building. Units will come in studio, one-, two- and three-bedroom floor plans and will range in size from 502 to 1,776 square feet. Amenities will include a landscaped rooftop deck, indoor resident lounge, fitness center and a tenant storage room. The existing lobby, entryway, elevators and common hallways will be upgraded as part of the conversion. Deutsche Bank provided the loan. Construction is scheduled to begin in the coming weeks and to be complete in late 2026. MdeAs Architects is designing the project, which Feil is developing in partnership with Lloyd Goldman and the Nakash Family.

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DevelopmentOfficeTexas

Silver Lining Construction Completes Redevelopment of Office Space in Dallas Design District

by Taylor Williams

DALLAS — General contractor Silver Lining Construction has completed the redevelopment the office headquarters of Moroch Partners, located at 147 Manufacturing St. in the Dallas Design District. The project saw the Dallas-based marketing agency reduce its footprint by about 50 percent to 24,000 square feet, and the revamped space features a conference room that can seat about 20 people, a 60-desk open office layout and various collaborative workspaces. The design team included locally based interior architecture firm Tangram, Studio Other and OTJ Architects.

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