NEW YORK CITY — Tech company Monacle Vision Inc. has signed a 10-year, 2,000-square-foot office lease at 268 Metropolitan Ave. in the Williamsburg neighborhood of Brooklyn. The company will use the new space as a coworking office aimed at tech companies and ventures. Monocle Vision Inc. creates image capturing solutions for commercial retail use and will continue to provide this service from its Manhattan office. Moshe Akiva led the Tri State Commercial Realty team that represented Monocle Vision Inc. in the lease negotiations. Tri State Commercial represented the landlord, All Year Management.
CHICAGO – Huron has renewed its 134,000-square-foot headquarters lease in Union Tower located at 550 W. Van Buren St. in Chicago. Colliers International’s David Burden and Michael Marrion represented Huron in the lease negotiations, and Cushman & Wakefield represented the building landlord, Onni Group. Huron is a global management consulting company offering services to the healthcare, higher education, life sciences and commercial industries. Onni Group owns the 17-story, 332,000-square-foot office building and has aided Huron in its tenant improvements as well as agreeing to additional upgrades to common areas of the building. The building is currently undergoing renovations to its fitness center and tenant lounge, with expected completion by the end of the year.
PORTLAND, ORE. — An affiliate of Gerding Edlen has acquired the Power + Light Building, an office property located in the central business district of Portland. An affiliate of Beacon Capital Partners sold the asset for $131.5 million. Located at 920 SW Sixth Ave., the 272,079-square-foot property was repositioned in 2018 to appeal to tenants seeking creative office space in a walkable location. The recent $9.4 million repositioning included an overhaul of the building lobby and the addition of a high-end fitness center equipped with shower and locker facilities, bike storage and an indoor/outdoor rooftop tenant lounge. At the time of sale, a diverse mix of office and retail tenants occupied the 15-story building. Power + Light is located a few blocks from Pioneer Square and Portland’s multi-modal transit hub. Nick Kucha and James Childress of Newmark Knight Frank, along with Buzz Ellis and Rob Hielscher of JLL, represented the seller. The buyer was self-represented in the transaction.
PHOENIX — Pueblo Nuevo Holdings has completed the sale of Pueblo Nuevo, an office asset located at 301 E. Bethany Home Road in Phoenix. Beverly Hills, Calif.-based GMK Assets Corp. acquired the property for $11.9 million. Pueblo Nuevo is a garden-style, 95,810-square-foot, multi-tenant office property. The asset features Santa Fe architecture and large central courtyards with gardens, Koi ponds and waterfalls. The property underwent an extensive renovation from 2016 to 2018. Eric Wichterman and Mike Coover of Cushman & Wakefield Phoenix represented the seller in the transaction.
CHERRY HILL, N.J. — JLL has brokered the $33 million sale of Woodland Falls, a Class A office complex located in the eastern Philadelphia suburb of Cherry Hill. Woodland Falls comprises three buildings totaling 217,986 square feet and offers proximity to Cherry Hill Mall and Garden State Park, two retail centers with numerous shopping and dining options. The property was built in the late 1980s and was 92 percent leased at the time of sale. Doug Rodio of JLL represented the seller, Crown Properties, and procured the buyer, Strategic Funding Alternatives.
GLEN ROCK, N.J. — Glen Rock Pediatric Dentistry LLC has signed a 2,300-square-foot office lease in Glen Rock, a northwestern suburb of New York City. The practice will occupy a corner suite of 201 Rock Road, a 30,000-square-foot building leased to a mix of medical, retail and office users. Randy Horning and Darren Lizzack of NAI James Hanson represented the landlord, 201 Glen Rock Road LLC, in the lease negotiations. Joe Lobardi and John Masserano of Masserano Real Estate & Consulting LLC represented the tenant.
DENVER — Lowe has acquired Stanford Place II, an office tower located at 7979 E. Tufts Ave. in southeast Denver, for an undisclosed price. Built in 1982 and situated in the Denver Tech Center, the 18-story building features 366,184 square feet of Class A office space. The property offers 21,000-square-foot floorplates, nine-foot finished ceilings and abundant windows. Hospitality at Work, Lowe’s workplace experience and property management platform, has operated the property on behalf the prior owner since 2014 and oversaw a comprehensive building improvement and upgrade program at the property. Marty Caverly, Alan Chamorro, Mara Fabian and Andy Segal provide in-house representation for Lowe, while Mike Winn and Tim Richey of CBRE represented the undisclosed seller in the deal.
DOWNERS GROVE, ILL. — Crown Castle has leased 48,000 square feet of office space at Highland Landmark II in Downers Grove. The provider of communications infrastructure is consolidating all five of its Chicago-area locations into the new space. Highland Landmark II, located at 3025 Highland Parkway, is a 284,000-square-foot building within a 42-acre office park. Amenities include a deli, conference center and fitness center. David Burden, Tom Berarducci and Jay Kyle of Colliers International represented Crown Castle in the lease transaction. Jeff Shay and Karla Harmon of JLL represented the building owner, James Campbell Co.
CORAL GABLES, FLA. — BGI Capital has provided a $12 million loan for the renovation of a 52,179-square-foot office building in Coral Gables. The borrower, Location Ventures, will renovate the building’s ground floor into a new coworking business known as “FORUM.” Jason Shapiro of Aztec Group Inc. arranged the 24-month loan on behalf of the borrower. The building, located at 299 Alhambra Circle, will be the first location for the coworking platform. Location Ventures expects renovations to be completed within four to five months. The property is three blocks north of Miracle Mile and five miles east of downtown Miami.
ALPHARETTA, GA. — CBRE has arranged the sale of 4800 North Point, a 75,305-square-foot office building in Alpharetta. The buyer, Virtua Capital Management, will occupy 16,567 square feet, bringing the property to full occupancy. The four-story building is located at 4800 North Point Parkway, about two miles from The Avalon mixed-use project and 26 miles north of downtown Atlanta. Tom Shafer and John Hinson of CBRE represented the seller, Alvarez & Marsal Capital Real Estate, in the transaction. The sales price was not disclosed.