Office

KTGY Architecture + Planning Designs South Bend Office Development

by Kristin Harlow July 26, 2019

SOUTH BEND, IND. — KTGY Architecture + Planning has revealed the design of the Barnes & Thornburg Building, a new office development in downtown South Bend. Law firm Barnes & Thornburg LLP will anchor the project. Co-developed by Great Lakes Capital, Bald Mountain LLC and Norris Equity Partners, the five-story building will be situated at 201 S. Main St. It marks the first downtown Class A office project in nearly 20 years. The project, consisting of 35,531 square feet of office space and 6,537 square feet of street-level retail space, is slated for completion in summer 2021.

July 26, 2019

Market Reports Office Texas Texas Market Reports

As Users Flock to Quality Space, Houston Office Owners Focus on “Ecosystems”

by Taylor Williams July 26, 2019

If industry professionals, particularly developers and landlords, don’t make educated attempts to understand the mindsets of their tenants, they have little hope of advancing the dialogue and ultimately furthering their understanding of tenant decision-making. Take the Houston office market, for example, and its inventory of approximately 330 million square feet, according to CoStar Group. This market has experienced rising vacancy and declining rents throughout the four-year oil slump, but continues to see strong tenant demand in the Class A space. To this end, CoStar reports that there are still nearly 3 million square feet of new office projects under construction throughout metro Houston, the vast majority of which is Class A product. The high proportion of Class A deliveries is partially attributable to rising land and construction costs that mandate heftier rent projections. But still, there’s no question that Houston’s growth in certain employment sectors — healthcare, technology, financial services — ensures that many of the jobs being created in the city need to be paired with high-quality office space. Understanding and explaining the actions of the thousands of companies that commit to millions of square feet of office space is a case-by-case endeavor. But as markets of this size …

July 26, 2019

California Development Mixed-Use Multifamily Office Retail Top Stories Western

San Francisco Planning Commission OKs Pinterest-Anchored Mixed-Use Project

by John Nelson July 26, 2019

SAN FRANCISCO — For the second time in a week, the San Francisco Planning Commission has approved a significant mixed-use development in the city’s SoMa (South of Market) district. Following its approval of the Flower Mart redevelopment project, the commission has approved a 1.1 million-square-foot mixed-use development located at 88 Bluxome St. The project, led by developers Alexandria Real Estate Equities Inc. (NYSE: ARE) and TMG Partners, is nearly 60 percent preleased. The co-developers describe 88 Bluxome as a “high-tech office and laboratory project.” Social media giant Pinterest has signed on to anchor the development with a 490,000-square-foot office lease. The Bay Club, a fitness and social club offering events and a wide range of sports classes, will also anchor the project. The 88 Bluxome campus will feature a technology and life science facility with ground-floor retail space and outdoor deck space on multiple levels of the building. The project also includes an expansion of the neighborhood’s existing Gene Friend Recreation Center, adding two swimming pools and a public activity space. Other features of 88 Bluxome will be a childcare center, a pedestrian “art walk” with commissioned pieces from internationally renowned and local artists, light industrial space available for use …

July 26, 2019

Market Reports Office Oregon Western Western Market Reports

Office Expansion Continues in Portland for 10th Consecutive Year

by Taylor Williams July 26, 2019

Consistent investment trends, a steady demand for tenants, stable in-migration and several new additions to the skyline have provided Portland with a strong first half of 2019. With more than 100,000 square feet of positive net absorption this year, the Portland office market shook off any lingering negative sentiment from 2018 and started the year strong. Portland has built a reputation as a second outpost to cities like Seattle and the Bay Area. Companies tend to initially set up small offices before quickly realizing Portland is a viable alternative to other larger hubs. In-migration remains strong but the major growth the market has experienced recently has been from homegrown companies ramping up or expanding their operations. We’re continuing to see office rents grow at almost 12 percent year over year. Portland office rents average $32.12 per square foot, making them nearly 60 percent cheaper than San Francisco and 25 percent cheaper than Seattle. The city is also well situated to attract companies that are being priced out of primary markets but still need to be geographically close. When you layer on our cost of living and high quality of life, Portland becomes even more attractive, which also contributes to its …

July 26, 2019

Features Leasing Activity Office

Coworking Poised to Overtake Tech as Top Office Leasing Sector in 2019, Says JLL

by John Nelson July 26, 2019

CHICAGO — The U.S. office market registered 34.8 million square feet of leasing activity larger than 20,000 square feet during the second quarter, according to JLL’s latest Office Outlook report. This continues the established absorption trend of 30 to 35 million square feet per quarter. Among office-using sectors, tech and coworking remain dominant, having both exceeded the 10 million-square-foot mark halfway through the year and representing 31.1 percent of all activity year-to-date. The year-to-date gap between tech and coworking narrowed even further in the second quarter as WeWork, Spaces and other coworking operators continued to rapidly expand. At the current rate of growth, coworking is likely to be 2019’s largest driver of office leasing. Consolidation and mergers-and-acquisitions, combined with a severe lack of skilled employees, have tempered expansion potential for tech companies, according to JLL. About 58 percent of transaction volumes in the tech sector represented growth or expansion. In comparison, expansion as a share of tech leasing activity routinely reached 75 to 80 percent in 2016, 2017 and early 2018. Densification and office space efficiency are still weighing on legal, consulting and other professional services firms, although active preleasing and relocation is boosting total activity from these users. JLL’s …

July 26, 2019

Leasing Activity Office Texas

Venture X to Open 30,000 SF Coworking Space in Metro Dallas

by Taylor Williams July 25, 2019

LEWISVILLE, TEXAS — Venture X will open a 30,000-square-foot coworking space within Offices at The Realm, a 235,000-square-foot office building located in the northern Dallas metro of Lewisville. Developed by Bright Realty, the property offers a fitness center, conference center, rooftop deck, event space and water design features. Sarah Savage, Ryan Hoopes and Tom Sutherland of Cushman & Wakefield represented Venture X in the lease negotiations. Lincoln Property Co. represented Bright Realty. The space is expected to open in early 2020.

July 25, 2019

Development Office Texas

Bob Moore Construction Breaks Ground on Trade Group Headquarters in Grapevine

by Taylor Williams July 25, 2019

GRAPEVINE, TEXAS — Bob Moore Construction has broken ground on the new headquarters building in the northern Fort Worth suburb of Grapevine for The Trade Group, which provides exhibiting supplies for conventions and trade shows. The Trade Group will occupy 218,000 of the property’s 318,00 square feet upon relocating from Carrollton. Completion of the new facility is slated for mid-2020.

July 25, 2019

Acquisitions Leasing Activity New Jersey Northeast Office

Colliers Secures 90,000 SF Headquarters Lease for Genmab Near Princeton

by Alex Patton July 25, 2019

PLAINSBORO, N.J. — Colliers International has secured a 90,000-square-foot office headquarters lease in Plainsboro, located just east of Princeton University, for global biotechnology company Genmab. The company will move its research and office space into two floors of the property, which is located at 777 Scudders Mill Road. Charlie Hatfield and Brett Incollingo of Colliers, along with Tom Romano of JLL, represented the property owner, Trawler Capital Management, in the transaction. Dan Spero and Craig Eisenhardt of JLL represented Genmab.

July 25, 2019

Leasing Activity Lee & Associates New Jersey Northeast Office

Lee & Associates Negotiates 60,000 SF Medical Office Lease in Totowa, New Jersey

by Alex Patton July 25, 2019

TOTOWA, N.J. — Lee & Associates has negotiated a 60,000-square-foot medical office lease for St. Joseph’s Health in Totowa, located in northwestern New Jersey. The space is housed within a two-building, 120,000-square-foot Medical Arts Complex that CHA Partners is developing. The property is on the corner of Minnisink and Vreeland roads, in close proximity to state routes 80, 46 and 23. Construction is underway and the facility is slated to open in early 2021. Brian Lynch, Peter Rasmusson, Jason Lynch and Joe Torman of Lee & Associates represented St. Joseph’s in the transaction.

July 25, 2019

Acquisitions New York Northeast Office

ABS Partners Arranges $37.2M Sale of Office Property in New York City

by Alex Patton July 25, 2019

NEW YORK CITY — ABS Real Estate Partners has arranged the $37.2 million sale of 62 West 45th Street, a 55,000-square-foot office property in Manhattan. The building rises 12 stories and includes ground-floor retail space, 11 office units and a newly renovated lobby and elevators. The site is expandable by an additional 4,000 square feet. Alan Cohen, Jay Caseley, Steven Hornstock and Alex Warner of ABS represented the seller, 62 West 45th Street Associates LLC, in the transaction. Cohen and Casely will also head up leasing efforts. The buyer was New Jersey-based Renaissance Properties.

July 25, 2019

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