AYER, MASS. — Cushman & Wakefield has negotiated a 113,382-square-foot headquarters lease in Ayer, located northwest of Boston. The industrial building at 3 Nemco Way features 20 tailboard loading docks, high-bay distribution warehouse capabilities and office space. Nick Bruha, Blake Baldwin and Shayne O’Neil of Cushman & Wakefield represented the tenant, laboratory equipment supplier CELLTREAT Scientific Products, in the lease negotiations. The name and representative of the landlord were not disclosed.
SANTA MONICA, CALIF. — Drawbridge Realty has purchased 2220 Colorado Avenue, a six-story, Class A office building in Santa Monica, from Clarion Partners for an undisclosed price. Universal Music Group (UMG) fully occupies the 225,773-square-foot building on a long-term, net-lease basis. The Netherlands-based company uses the property as its operational headquarters. 2220 Colorado Avenues has two UMG-operated recording studios, several upscale conference facilities, secure parking with direct elevator access, an onsite food commissary and coffee bar, collaboration areas and outdoor decks. Kevin Shannon, Alex Foshay, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark represented the seller in the transaction.
MILFORD, N.H. — Locally based design-build firm PROCON has broken ground on a 57,000-square-foot industrial flex project in Milford, located near the Massachusetts-New Hampshire border. The project is a build-to-suit for Hitchiner, a provider of casting-based components and assemblies for the aerospace and automotive industries, and will serve as a “shared services operations” center on the company’s existing campus. Completion is scheduled for fall 2025.
— By Colin Yasukochi, executive director, Tech Insights Center, CBRE — An increasing supply of distressed properties for sale has been met with enthusiasm by a growing number of opportunistic buyers in San Francisco. Prices up to 70 percent lower than the seller’s cost basis, combined with improving fundamentals, has given investors confidence to make property purchases ahead of substantial leasing market recovery. About $1 billion of office sales volume could be reached by year-end 2024. There are 27 properties totaling 3.6 million square feet that have sold (totaling $338 million), are under contract (totaling $193 million) or being marketed ($453 million). If this occurs, it would be the highest number of properties sold since 2019 and the highest square footage and dollar volume since 2021. The years 2022 and 2023 combined had a total sales volume of $945 million. Stabilization in the office leasing market has emerged with vacancy and rents little changed and much higher space demand. Second-quarter 2024 vacancy ticked up to 36.8 percent (+0.1 percent), while average asking rents ticked down to $68.43 (-$0.12) compared to the previous quarter. Demand indicators strengthened with leasing activity and tenants in the market rising in the second quarter of …
WASHINGTON, D.C.— Law firm ArentFox Schiff has signed a 120,999-square foot lease at Midtown Center, an office building located in downtown Washington, D.C. The firm will relocate its D.C. headquarters to the 14-story property, occupying the entirety of three floors. Fannie Mae also recently signed a 340,000-square-foot lease at the building, which is owned by Carr Properties. The developer completed Midtown Center, which features two towers connected by three pedestrian buildings, in 2017. SHoP Architects designed the property.
IRVING, TEXAS — SiriusXM has signed a 58,350-square-foot office lease renewal in Irving. The Manhattan-based auditory broadcasting giant will remain the sole tenant at Building III of Freeport Business Center, which according to LoopNet Inc. was originally constructed in 1999, for an unspecified period of time. Tim Terrell and Rhett Miller with Stream Realty Partners represented the undisclosed landlord in the lease negotiations. Ryan Buchanan of CBRE represented SiriusXM.
NEW YORK CITY — National general contractor JT Magen has completed the 180,000-square-foot office build-out for law firm Freshfields Bruckhaus Deringer at 3 World Trade Center in Lower Manhattan. The space spans four levels and features a kitchen and cafeteria with food service, a dedicated barista and grab-and-go coffee station, as well as several breakout and meeting spaces that encourage collaborative interactions. Gensler designed the space, and Robert Derector Associates handled engineering initiatives.
NEW YORK CITY — Weaver & Tidwell LLP has signed a 36,500-square-foot office lease expansion at PENN 1, a newly redeveloped office building in Midtown Manhattan. The accounting firm is expanding from an 8,000-square-foot space on the second floor to the entire 28th floor of the 55-story building. Neil Goldmacher and Michael Horn of Newmark represented the tenant in the lease negotiations. Josh Glick, Jared Silverman and Anthony Cugini represented the landlord, Vornado Realty Trust, on an internal basis.
NORTHBROOK, ILL. — Medline Industries LP has signed a long-term office lease for 214,560 square feet at 2375 Waterview Drive in the Chicago suburb of Northbrook. The privately held medical-surgical product manufacturer and supplier plans to move into its new space in mid-2025 and will occupy the north building of the campus. Kyle Robbins, Andrew Davidson and David Burkards of Transwestern Real Estate Services represented the owner of the 432,000-square-foot property. Of the two buildings at the campus, there is approximately 80,000 square feet of available space remaining inside the south building. Tenants have access to a cafeteria, 400-person multi-purpose meeting space, fitness center and outdoor terraces. A new tenant lounge is set to open next year. James Otto, Jon Milonas, Paul Diederich and Peter Livaditis of CBRE represented Medline.
CHICAGO — Workbox, a national workspace operator founded in 2019, has moved its corporate headquarters to Chicago’s Fulton Market neighborhood. In less than three years, the company has grown from nine employees to over 35 nationwide and is relocating a majority of its Chicago-based team to 220 N. Green St. At over 60,000 square feet, Workbox Chicago – Fulton Market is the company’s sixth and largest workspace in Chicago. The Workbox team will share its new corporate space with its member base.