Office

UBS Opens First Detroit Office in Woodward Shopping District

by Kristin Harlow April 25, 2019

DETROIT — UBS Financial Services Inc. has opened its first Detroit office in the historic downtown Woodward shopping district. The 11,000-square-foot office represents an expansion of UBS’s investment in the metro area. The office spans two buildings and has six meeting rooms, a flexible breakout area and a coffee bar. Visitors will be greeted by a large black-and-white map of Detroit behind the reception area. Bedrock owns the property, which was designed by architecture firm Smith, Hinchman & Grylls. UBS is a global wealth management firm.

April 25, 2019

Features Industrial Office

SIOR Conference Tackles E-Commerce, Technology

by Jeff Shaw April 25, 2019

WASHINGTON, D.C. — The Society of Industrial and Office Realtors (SIOR) held its annual Spring World Conference in Washington, D.C. at the Omni Shoreham hotel from April 10 through April 13. The event drew over 800 SIOR members from 12 different countries around the globe. Major topics of discussion at the conference included: the impact of e-commerce on the industrial market; emerging digital technologies and their practical applications for the brokerage community; a discussion of how brokers and investors can access opportunities with the U.S. Government General Services Administration and the Department of Veterans Affairs; and how emotional intelligence impacts success in our personal and professional relationships. Special guest speakers included: Joseph F. Coughlin, PhD, director of the Massachusetts Institute of Technology’s AgeLab and author of “The Longevity Economy,” who provided insight into how the lifestyles of an aging but energized, tech-enabled, older demographic will impact the built environment Robin Chase, co-founder and former CEO of Zipcar and author of “Peers Inc.” who discussed how a combination of people power and corporate power can unlock the potential of a new, collaborative economy Greg Lindsay, a senior fellow of the New Cities Foundation who gave a talk on the emergence of …

April 25, 2019

Acquisitions Alabama Office Southeast

PointOne Holdings, Biscayne Atlantic Sell Two Office Buildings in Birmingham for $34.5M

by Alex Tostado April 24, 2019

BIRMINGHAM, ALA. — PointOne Holdings LLC and Biscayne Atlantic have sold two office buildings in Birmingham for $34.5 million. The Class A office buildings total 153,000 square feet and are situated at 1800 and 1900 International Park, about 11 miles south of downtown Birmingham. The joint venture originally acquired the property as part of a three-building portfolio that also included Blue Lake, which PointOne Holdings and Biscayne Atlantic will retain. Kevin Markwordt of Transwestern represented the sellers in the transaction. Shamrock Investments acquired the buildings.

April 24, 2019

Development Office Oklahoma Texas

MCA Arranges $10.7M Construction Loan for Renovation of Tulsa Office Building

by Taylor Williams April 24, 2019

TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA), which also has an office in Denver, has arranged $10.7 million in construction financing for the renovation of Reunion Center, a 95,000-square-foot historic office building in downtown Tulsa. The borrower, Oklahoma-based Rose Rock Development Partners, plans to convert the 10-story building into a 79-unit residential property with 10,000 square feet of ground-floor retail space. The new community will offer a pool, outdoor grilling area and a rooftop terrace. Brandon Wilhite of MCA arranged the loan though CrossFirst Bank on behalf of Rose Rock, which will also receive $4.3 million in federal and state historic tax credits for the project.

April 24, 2019

Leasing Activity New York Northeast Office

Med Review Renews, Expands Office Lease at 199 Water Street in New York City

by Taylor Williams April 24, 2019

NEW YORK CITY — Med Review, a subsidiary of the New York County Health Services Organizations that provides healthcare assessment services, has inked a deal to lease 72,439 square feet of office space at 199 Water Street in New York City. As part of the deal, the firm is taking an additional 35,454 square feet on the seventh floor, while also renewing its 36,985-square-foot space that spans the entire 27th floor. Built in 1984, 199 Water Street was renovated in 2014 to offer upgraded signage and lighting, as well as to add a new parking garage and tenant amenities. Brett Greenberg and Adam Rappaport represented the landlord, Jack Resnick & Sons, on an internal basis, along with John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon of Cushman & Wakefield. Mark Ravesloot and Bill Iacovelli of CBRE represented Med Review. Other tenants at the 1.1 million-square-foot property include The Howard Hughes Corp. and Allied World Insurance Co.

April 24, 2019

Leasing Activity Massachusetts Northeast Office

Trammell Crow Co. to Open New Office in Boston

by Taylor Williams April 24, 2019

BOSTON — Dallas-based developer Trammell Crow Co. will open a new office in Boston. Charles Leatherbee, who joins the company from Skanska USA Commercial Development and most recently served as executive vice president in that firm’s Boston office, will head the new Trammell Crow office beginning Monday, May 6. The exact location and square footage of the new office is still being negotiated. The company hopes to announce that information in the coming weeks. Trammell Crow CEO Matt Khourie cited Boston’s diversified economy and deep pool of talent as key reasons behind the company’s decision to open the Boston office, which will offer development services for office, multifamily, life sciences and industrial product.

April 24, 2019

Leasing Activity New York Northeast Office

Real Estate Consulting Firm Signs 10,024 SF Office Lease in Midtown Manhattan

by Taylor Williams April 24, 2019

NEW YORK CITY — Real estate consulting firm Vanbarton Group has signed a 10,024-square-foot office lease at Penn Plaza, located at 132 W. 31st St. in Manhattan’s Midtown area. The lease term spans seven years. Mitchell Konsker, Matthew Astrachan, Adam Haber and Kyle Young of JLL represented the tenant in the lease negotiations. Gabe Marans and Justin Greenstone of Savills Inc. represented the landlord, ExecOnline. The company is relocating from 860 Broadway.

April 24, 2019

Market Reports New Jersey Northeast Northeast Market Reports Office

Strengthening Performance Signals Good Things to Come for Northern New Jersey Office Market

by Kristin Harlow April 24, 2019

Strengthening office performance in the northern New Jersey marketplace signals good things to come as 2019 unfolds. The market yielded approximately 292,000 square feet of net occupancy gains in 2018. This was fueled by three straight quarters of more than 1 million square feet in new leasing activity, with annual demand finishing 15.4 percent ahead of 2017. This progress runs parallel to improving employment numbers. At year-end, the Garden State unemployment rate registered at 4 percent, its lowest point since mid-2001. This marks a 70-basis-point decline year-over-year, with private-sector employment increasing by almost 62,000 jobs. Within this context, the diversity of New Jersey’s tenant mix is making itself apparent. No one sector is predominantly making waves. We are seeing healthy Class A leasing activity among life sciences, technology, financial, professional services and a range of other space users that comprise the state’s balanced occupier base. Last year was proof that both urban and suburban submarkets continue to thrive. Where one company prefers the Hudson Waterfront with immediate access to mass transit and ability to draw talent from New York City, another may seek a suburban campus that draws upon a labor force of commuters driving from the state’s western counties …

April 24, 2019

Acquisitions Office Retail Texas

BCTS Partners Sells 23,080 SF Retail, Office Property in West Houston

by Taylor Williams April 23, 2019

HOUSTON — Local developer BCTS Partners LLC has sold Copper Lakes Shopping Center, a commercial property in west Houston that consists of 16,080 square feet of retail space and 7,000 square feet of office space. Copper Lakes was 91 percent leased at the time of sale to tenants such as Fitness 19, Snowflake Donuts, Homebase Pizza and Hollywood Fashion Nails. Austen Baldridge and Brad Elmore of Houston-based NewQuest Properties represented BCTS Partners, which developed the property in 2007, in the sale. The buyer was Parkway Brothers Investment Inc.

April 23, 2019

Development Northeast Office Pennsylvania

Rubenstein Partners to Redevelop 466,736 SF Office Park in Makefield, Pennsylvania

by Taylor Williams April 23, 2019

MAKEFIELD, PENN. — Rubenstein Partners LP, an investment firm focused on value-add office deals, will redevelop two office parks totaling 466,736 square feet in Makefield, about 40 miles northeast of Philadelphia. The Makefield Crossing North campus consists of five office buildings totaling 190,183 square feet, plus a Hampton Inn hotel that was not included in the acquisition. The Makefield Crossing South campus consists of four office buildings, of which Rubenstein acquired three buildings totaling 276,533 square feet. At both campuses, Rubenstein will convert the interior parking lots to open green spaces, renovate the common areas of the buildings, replace signage and add new amenities, including a fitness center, conference center and a tenant lounge. Rubenstein will also rebrand the properties. JLL will handle leasing of the redeveloped spaces.

April 23, 2019

Newer Posts

Older Posts