SHAKOPEE, MINN. — GN, a hearing, audio, video and gaming gear solutions company, has unveiled plans to relocate its North American hearing headquarters from Bloomington to Shakopee in 2025. The company will occupy the former Shutterfly Midwest production facility along Highway 169. GN finalized a 12-year lease and has begun planning for renovation and construction to turn the site into a 218,437-square-foot hearing aid manufacturing, repair and shipping facility. The property will also house sales, customer service and marketing support for the company’s lead hearing aid brand, ReSound, as well as professional support services for GN’s other hearing aid brands Jabra Enhance and Beltone. The company currently employs approximately 550 people in Minnesota, more than half in manufacturing jobs. GN, with global headquarters in Copenhagen, has occupied the Bloomington facility at 8001 Bloomington Freeway East since 2001. The new lease represents a 79 percent increase in space from the Bloomington location. Andrew Odney and Andrew Heieie of Colliers represented GN in the lease. Built in 2014, the Shakopee property is situated on more than 22 acres at 5005 Dean Lakes Blvd. The building features 160,000 square feet of production and warehouse space along with approximately 58,000 square feet of office …
NEW YORK CITY — Marcus & Millichap has brokered the $8.5 million sale of two industrial and office buildings in the Long Island City area of Queens. The adjacent properties are located at 37-11 Vernon Blvd. and 814 37th Ave. and include a total of 18,440 square feet of building space and a 6,560-square-foot open lot for shipping and parking. The buildings also feature 20-foot ceilings, conference rooms and overhead crane space. Jakub Nowak of Marcus & Millichap represented the seller, Vernon Associates LLC, in the transaction and procured the buyer, an undisclosed local private investor.
GREENWOOD VILLAGE, COLO. — Dunton Commercial has purchased Prentice Plaza, a Class A office building in Greenwood Village, a suburb 12 miles south of Denver. Granite Properties sold the asset for $14.3 million, or $88 per square foot. Located at 8101 E. Prentice Ave. within the Denver Tech Center, the 12-story, 162,184-square-foot building was 73 percent occupied at closing.
DALLAS — A partnership between locally based oil and gas company Gulf Coast Western and regional investment firm Enverra Real Estate Partners has purchased Parkway Office Center North and South in North Dallas. The two nine-story buildings total 230,000 square feet. JLL represented the seller, Principal Financial, the property’s previous lender that sold its interest in the loan, in the transaction. As part of the purchase, the partnership acquired the loan and foreclosed on the previous borrower. Gulf Coast Western has been the a tenant at the property for the past 12 years, and the partnership plans to undertake capital improvements. Renovations will include façade upgrades; garage and landscaping enhancements; construction of 38,000 square feet of spec suites; facelifts to lobbies, cafés and common areas; and the addition of amenities such as a fitness center, lounge, conference room and a golf simulator.
DALLAS — Public transportation operator Dallas Area Rapid Transit (DART) has signed a 10-year, 4,146-square-foot office lease at Knoll Trail Crossing, a 96,509-square-foot building in North Dallas. The building underwent renovations in 2022 and now includes move-in ready spec suites, a modernized lobby, tenant lounge and an updated conference center. JLL represented the landlord, Prescott Group, in the lease negotiations.
IPA Arranges $75M in Financing for Redevelopment of Former Pfizer Headquarters Building in Manhattan
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $75 million in financing for the redevelopment of the former Pfizer headquarters building in Midtown Manhattan. The project will convert the 10-story, 290,000-square-foot office building at 219 E. 42nd St. into a multifamily complex with 660 units that will come in studio, one-, two- and three-bedroom floor plans. When combined with the adjacent building at 235 E. 42nd St., the development will feature more than 1,400 apartments. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of IPA arranged the financing through Northwind Group on behalf of the developer, a partnership between David Werner Real Estate Investments and Metro Loft Management. Alexandria Real Estate Equities bought the former Pfizer headquarters building in 2018 following the pharmaceutical giant’s announcement that it would be relocating its headquarters to The Spiral, Tishman Speyer’s 2.8 million-square-foot building in the Hudson Yards district.
SAN JOSE, CALIF. — The RMR Group has completed the disposition of a research and development (R&D) office building in San Jose. A confidential buyer acquired the Silicon Valley asset for $10.8 million. Situated on 4.2 acres at 3939 N. First St., the 64,000-square-foot building features modernized interiors, including a lobby, tenant spaces, kitchen/breakroom area and extensive lab infrastructure. Additionally, the building offers 3,000 amps of power and rear-covered dock loading. Joe Moriarty, Michael Taquino, Kyle Kovac, Bob Steinbock and Kati Thabit of CBRE represented the seller in the deal.
GARDEN CITY, N.Y. — The New York State United Teachers (NYSUT) has signed a 15,000-square-foot office lease in the Long Island community of Garden City. The federation of more than 1,200 labor unions is taking space at the 200,000-square-foot building at 100 Quentin Roosevelt Blvd., which was originally built in 1990 and was recently renovated. Jerry Guerra and Jeff Nemshin of The Paragon Group represented NYSUT in the lease negotiations. The landlord, The Feil Organization, was self-represented.
AUSTIN, TEXAS — CBRE has arranged a quintet of office leases totaling 22,823 square feet at Centre II, a 54,696-square-foot building located just south of downtown Austin. The deals include a combination of new leases and renewals, with the largest being an 11,049-square-foot renewal with Alabama-based computer hardware manufacturer Abaco Systems. Casey Ford of CBRE represented the landlord, Los Angeles-based Stanton Road Capital, in the lease negotiations.
WILMINGTON, N.C. — Flagship Healthcare Properties has purchased a 153,526-square-foot office building located at 3601 Converse Road in Wilmington. The Charlotte-based company acquired the property through Flagship Healthcare Trust for an undisclosed price. The seller was also not disclosed. The three-story office building was built as a single-tenant property and was formerly home to Verizon Wireless. Flagship is underway on the conversion of the office building into an outpatient healthcare campus dubbed Flagship Medical Plaza. Novant Health has signed a lease to occupy two floors at the project beginning in 2025. The tenant’s planned services at the clinic will include specialized physicians, lab services, imaging and infusion therapy, according to Ernie Bovio, president of Novant’s coastal region. Novant operates the Novant Health New Hanover Regional Medical Center hospital, which is located two miles from Flagship Medical Plaza.