SAN ANTONIO — Architecture firm Corgan has signed a 5,000-square-foot office lease at Frost Tower, a 24-story building in downtown San Antonio that was completed in 2019. Corgan, which has had an office in San Antonio for 25 years, is relocating from the building at 1777 NE Loop 410. David Ballard and Parker LaBarge of CBRE represented Corgan in the lease negotiations. Christi Griggs, also with CBRE, represented the landlord, Weston Urban, which developed Frost Tower in partnership with Dallas-based KDC.
AURORA, COLO. — NorthPeak Commercial Advisors has arranged the acquisition of an office building in Aurora, a suburb east of Denver. The asset traded for $1 million. The names of the seller and buyer were not released. Located at 14100 E. Evans Ave., the property features 5,092 square feet of office space. Steve Cummock and Drew Williams of NorthPeak Commercial Advisors represented the buyer in the deal.
By Brad Jones of Cushman & Wakefield/EGS Commercial Real Estate Despite ongoing challenges facing the national economy, Birmingham’s commercial real estate landscape remains steady and consistent. Over the past seven years, encompassing both pre- and post-pandemic periods, the overall vacancy rate for Birmingham’s multi-tenant office market has exhibited fluctuations like most markets, ranging from 12.9 percent in 2017 to 19 percent in 2023, according to research from Cushman & Wakefield/EGS Commercial Real Estate. However, for perspective, Birmingham’s year-end vacancy rate of 19 percent remains below the national average vacancy rate of 19.7 percent recorded in 2023, according to research from Cushman & Wakefield. Office leasing activity in Birmingham has maintained momentum, experiencing a notable 12 percent year-over-year increase from 2022. Total leasing activity for 2023 totaled 718,219 square feet. Class A transactions dominated with 564,681 square feet leased, indicating a continued preference for Class A office space (i.e. a flight to quality). This is good news for Class A product in this supposed period of economic slowdown. Office investment sales activity in Birmingham has, however, decelerated in the current economic climate. The impending ripple of debt maturities poses challenges for large institutional owners and creditors. At the same time, it …
WASHINGTON, D.C. — JLL Capital Markets has brokered the $95 million sale of 1099 New York Avenue, an 11-story office building located in Washington, D.C. Situated four blocks away from the White House, the property totals 180,878 square feet. The building, which was 95 percent leased to eight tenants at the time of sale, features floor plates averaging 17,500 square feet. A joint venture between affiliates of Quadrangle Development Corp. and FarmView Ventures acquired the property with plans to add a fitness center and reposition the rooftop. Andrew Weir, Jim Meisel, Matt Nicholson, David Baker and Kevin Byrd of JLL represented the undisclosed seller in the transaction.
SAN ANTONIO — Partners Real Estate has negotiated a 23,880-square-foot office lease in northeast San Antonio. According to LoopNet Inc., the property at 11711 IH-35 was built in 1994, renovated in 2009 and spans 186,337 square feet. Dan Gostylo and Steve Garza of Partners represented the tenant, Workforce Solutions, a provider of job-seeking services, in the lease negotiations. Adam Lippstone of Caisson Real Estate Brokerage represented the undisclosed landlord.
NEW YORK CITY — CoreWeave, a provider of cloud infrastructure services, has signed a 17,421-square-foot office lease at 33 Whitehall St. in Manhattan’s Financial District. CoreWeave will occupy the top floor of the 30-story building, which is known locally as Broad Financial Center. Jonathan Cope and Edward Goldman of CBRE represented the landlord, Stawski Partners, in the lease negotiations. Dan Posy and Ian Lipman of JLL represented the tenant.
NEW YORK CITY — Cushman & Wakefield has arranged a 13,671-square-foot office lease at 300 Park Avenue South in Midtown Manhattan. Rockrose Development owns the 14-story building, which was originally constructed in 1910. Josh Kuriloff, Matthias Li, Drew Braver, Remy Liebersohn and Heather Thomas of Cushman & Wakefield, along with internal agent Rob Fink, represented the landlord in the lease negotiations. Greg Wang, Christine Colley and Thomas Swartz of JLL represented the tenant, e-commerce firm 1stDibs.
HOUSTON — Houston-based Silver Star Properties REIT has received $135 million in financing to facilitate the liquidation of its 4.2 million-square-foot portfolio of office assets in Texas. Silver Star intends to sell all 27 properties in the portfolio, which includes two industrial assets and one retail asset, and to use the proceeds to exclusively acquire self-storage facilities. The financing consists of a $120 million floating-rate senior loan from New York City-based Benefit Street Partners and a $15 million co-terminus second mortgage loan from California-based boutique lender RWBC. Raymond James Financial advised Silver Star, which has already sold the 139,069-square-foot Bent Treen Green office building in North Dallas, on the transaction.
DALLAS — GSR Andrade Architects has signed a 10,491-square-foot office lease at the historic Oilwell Supply Building in the West End district of Dallas. The five-story, 73,384-square-foot building is located at 2001 N. Lamar St. and was originally constructed in 1923. Nate Hruby and Demian Salmon of Stream Realty Partners represented GSR Andrade, which is relocating from the Exposition Park area, in the lease negotiations. A partnership between The Deal Co. and Scarlet Capital owns the building.
NEW YORK CITY — Avison Young has negotiated a seven-year, 7,364-square-foot office lease at 551 Fifth Avenue in Midtown Manhattan. The Feil Organization owns the property, which was originally built in 1927 and is known locally as The Fred F. French Building. Martin Cottingham, Patrick Steffens and Alexis Odgers of Avison Young represented the tenant, BOND Civil & Utility Construction, in the lease negotiations. Andrew Wiener, Kevin Driscoll and Henry Korzec represented Feil on an internal basis.