Office

2025-2035-NE-Cornelius-Pass-Rd-Hillsboro-OR

Gantry Secures $9.5M Acquisition Loan for Office Campus in Hillsboro, Oregon

by Amy Works October 11, 2024

HILLSBORO, ORE. — Gantry has secured a $9.5 million loan for the acquisition of a mid-rise office campus in Hillsboro, a suburb of Portland. The borrower, a Los Angeles-based private investor, acquired the asset for $17 million. Situated on 17.7 acres, the campus features two five-story buildings offering a total of 226,000 square feet. The office campus is located at 2025 and 2035 N.E. Cornelius Pass Road. Mark Ritchie and Keegan Bridges of Gantry secured the fixed-rate, interest-only loan through one of the firm’s correspondent insurance company lenders.

October 11, 2024

Indiana Loans Midwest Office

Rubenstein Partners Completes Recapitalization of Parkwood Crossing Office Park in Indianapolis

by Kristin Harlow October 11, 2024

INDIANAPOLIS — Rubenstein Partners LP has completed a new equity investment that fully recapitalizes the Parkwood Crossing office campus in Indianapolis. Rubenstein acquired the eight-building, 1.2 million-square-foot office park in 2016. The company has implemented a comprehensive renovation of the Class A property since taking ownership. The new recapitalization enables Rubenstein to continue to modernize the campus with further amenities and the addition of two large greenspaces. Rubenstein has spent $36 million upgrading building lobbies, restrooms, entry facades and building systems as well as adding a number of indoor and outdoor amenities. The improvements are expected to coincide with two new roundabouts and roadway beautification projects through the center of the campus.

October 11, 2024

Leasing Activity Office Texas

Rocktop Technologies Subleases 15,883 SF of Office Space in Irving

by Taylor Williams October 10, 2024

IRVING, TEXAS — Rocktop Technologies, a provider of AI-driven financial valuation services, has subleased 15,883 square feet of office space at the Toyota Music Factory in Irving. According to LoopNet Inc., the property at 370 W. Las Colinas Blvd is a six-story, 166,698-square-foot complex that was originally built in 2018. Kevin McGee and Zach Stevens of NAI Robert Lynn represented the sublessee in the lease negotiations. The name of the sublessor and building owner were not disclosed.

October 10, 2024

Leasing Activity Office Texas

RBC Wealth Management Signs 11,710 SF Office Lease in Southwest Austin

by Taylor Williams October 10, 2024

AUSTIN, TEXAS — RBC Wealth Management has signed a seven-year, 11,710-square-foot office lease in southwest Austin. The financial services firm is taking space at the 124,405-square-foot Building II at Uplands Corporate Center. Ricky Whiteley of Cushman & Wakefield represented the tenant, which plans to take occupancy by the end of the year, in the lease negotiations. Matt Frizzell and Kevin Granger, also with Cushman & Wakefield, represented the landlord, San Francisco-based Drawbridge Realty.

October 10, 2024

Alabama Development Office Southeast

FiveStone Breaks Ground on 30,000 SF Alabama Office Headquarters for Morgan Stanley in Homewood

by John Nelson October 10, 2024

HOMEWOOD, ALA. — The FiveStone Group has broken ground on a new 30,000-square-foot office building in Homewood that will serve as the Alabama headquarters for global financial services firm Morgan Stanley. The site is located on a one-acre parcel at 740 Shades Creek Parkway, which is adjacent to Shades Valley Lutheran Church, in one of Birmingham’s top office submarkets. Carter Burwell of JLL represented the tenant in the lease negotiations, and Michael Reilly of FiveStone Group and Philip Currie of JH Berry represented the landlord. Additional partners for the development include KPS Group, Schoel Engineering, Renta Urban Land Design and D&A Cos. Hoar Construction is the general contractor for the Class A facility and expects to complete the core and shell of the building in second-quarter 2025.

October 10, 2024

Leasing Activity New York Northeast Office

Corient Signs 24,600 SF Office Lease Expansion in Midtown Manhattan

by Taylor Williams October 10, 2024

NEW YORK CITY — Corient has signed a 24,600-square-foot office lease expansion in Midtown Manhattan. The provider of wealth management services is taking an additional full floor at 101 Park Avenue, a 1.3 million-square-foot building. John Cefaly and Nicholas Dysenchuk of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co., in the lease negotiations. Mark Robbins and Evan Foley of Avison Young represented Corient, which now occupies 74,000 square feet at the property.

October 10, 2024

Acquisitions California Mixed-Use Multifamily Office Restaurant Retail Western

Marcus & Millichap Brokers Sale of 10,734 SF Mixed-Use Property in El Cajon, California

by Amy Works October 10, 2024

EL CAJON, CALIF. — Marcus & Millichap has arranged the sale of a mixed-use property located at 245 E. Main St. in downtown El Cajon. Syrian Investments acquired the asset from Ronald L. Bain for $2.6 million. The buyer plans to occupy the building and open its second restaurant on the street occupying the ground floor. Built in 2007, the fully vacant building offers 10,734 square feet of retail, office and apartment space, a rear parking lot, roll-up door, alley access and Main Street frontage. Nick Totah and Joseph Gutierrez of Marcus & Millichap represented the seller, while Na’il Salem of Premiere Homes procured the buyer in the deal.

October 10, 2024

Acquisitions Office Oregon Western

VW Holdings Closes Sale of 4,030 SF Office Building in Gresham, Oregon

by Amy Works October 10, 2024

GRESHAM, ORE. — VW Holdings has completed the sale of an office building and adjacent 0.4-acre land site at 600 N.W. Farris Road in Gresham, about 16 miles east of Portland. Lewis & Clark Montessori Charter School acquired the asset for $1.7 million. Constructed in 1978 and renovated in 2003, the 4,030-square-foot, single-story property is ADA-accessible and includes 26 parking spots. Tim Budelman of Portland-based Norris & Stevens represented the seller, while Anne Hecht of Cushman & Wakefield represented the buyer in the deal.

October 10, 2024

Market Reports Midwest Midwest Market Reports Minnesota Office

Minneapolis-St. Paul Office Market: It’s a Great Time to Be a Tenant

by Kristin Harlow October 10, 2024

By Michael Gelfman, Colliers Like many major cities across the U.S., the Minneapolis-St. Paul office market remains soft while office users continue to adjust to the shifting dynamics of work brought on by the global pandemic. The gap between performing and non-performing buildings, driven by challenging debt markets, evaporation of building owners’ equity and the impact of hybrid work on office space demand, is growing. Building owners are faced with difficult and often expensive decisions: spend what’s needed to create a highly amenitized environment (necessary to compete) that attracts tenants and draws employees back to the office or face a race to the bottom. For tenants in the market, this perfect storm has created unprecedented opportunity. Hybrid work is here to stay For the last several years, many have wondered where the office market in Minneapolis-St. Paul was heading. The pandemic fundamentally changed the way companies use office space — was hybrid work a temporary solution to a once-in-a-lifetime event or was it here to stay? Today we know the answer: hybrid work is here to stay. As a result of this seismic shift, some of which is due in part to artificial intelligence, many tenants over the last few …

October 10, 2024

Content Partner Data Centers Features Hospitality Life Sciences Loans Midwest Multifamily Northeast Office Self-Storage Southeast Texas Western

C-PACE Maintains Appeal in Lower Interest Rate Environment

by Sarah Daniels October 10, 2024

The Federal Reserve’s decision to begin aggressively hiking the federal funds rate in 2022 threw the commercial real estate market into turmoil. Property investors found it difficult to refinance much cheaper short-term loans that were often used to renovate or develop properties. However, the interest rate spike greatly enhanced the viability of commercial property assessed clean energy (C-PACE) financing, a type of loan that becomes an assessment that borrowers pay along with their tax bill. The program emerged more than a decade ago and generally pays for energy, water and seismic resiliency upgrades in new construction and rehabs, including retroactively. As a result, developers embraced C-PACE as they sought ways to pay down debt to secure new financing or loan extensions and modifications. Sponsored: A smarter way to finance your next CRE project – PACE Loan Group Now that the Federal Reserve has reversed course with its 50-basis-point federal funds rate reduction in September — and with Wall Street anticipating additional rate cuts before the end of the year — will C-PACE demand start to cool? Don’t count on it, says Rafi Golberstein, founder and CEO of PACE Loan Group, a direct lender of C-PACE financing based in Minneapolis, Minn. …

October 10, 2024

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