Monday, June 16, 2025
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IllinoisLeasing ActivityMidwestOffice

Medline Expands Office Lease to 161,000 SF at The MART in Downtown Chicago

by Kristin Harlow

CHICAGO — Medline has expanded its office lease from 51,000 to 161,000 square feet at THE MART in downtown Chicago. Vornado Realty Trust owns the 3.7 million-square-foot property. Medline’s contiguous space will take up the majority of the 12th floor, and the lease term is through 2036. Headquartered in Northfield, Ill., Medline is a medical-surgical product manufacturer, supply chain provider and clinical solutions partner. The company currently has more than 39,000 employees worldwide. Spanning two full city blocks, THE MART is home to companies such as Motorola Mobility, PayPal, Conagra Brands, Allstate and Grainger. The 25-story building also features more than 250 design showrooms. Vornado recently completed the final phase of a more than $70 million renovation, which incorporates a grand staircase leading to a second-floor amenity program and gathering space. There are a range of food-and-beverage options, a fitness and conference center, exclusive tenant lounge and landscaped River Park. J. Frank Franzese and Steven Bauer of Colliers represented Medline, while Andrea Saewitz, Wendy Katz and Ben Cleveland of Stream Realty represented Vornado.

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DevelopmentIllinoisMidwestOffice

New Ownership Group Revitalizes 161 North Clark Office Tower in Chicago

by Kristin Harlow

CHICAGO — Chicago office tower 161 North Clark has emerged from receivership with a new ownership group that has inked 75,000 square feet of leases so far this year. The 50-story property features a refreshed lobby and a soon-to-open Veteran Roasters coffee shop. The new ownership group is an entity doing business as 161 North Clark Newco LLC. Telos Group is overseeing leasing, CBRE is the property manager and Xroads Real Estate Advisors is the asset manager. The 1 million-square-foot property is situated directly across from Google’s new Chicago headquarters, which are slated to open in 2026. Established in 2017, the veteran-owned Veteran Roasters is opening in the retail space formerly occupied by Freshii. Visitors will also enjoy a multimedia art exhibit from local artist Tom Rossiter. Tenant amenities include a conference center, 12th-floor outdoor roof terrace, fitness center and lounge. The new ownership is working on plans to expand and update the amenity and conference center floor.

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GeorgiaLeasing ActivityOfficeSoutheast

T-Mobile Renews 100,000 SF Office Lease at One Ravinia in Atlanta

by John Nelson

ATLANTA — T-Mobile has renewed its approximately 100,000-square-foot lease at One Ravinia, a 17-story office tower in Atlanta’s Central Perimeter submarket. Boca Raton-based CP Group is the landlord of One Ravinia, as well as sister property Two Ravinia. T-Mobile has been a tenant at the tower since 2007. Eric Ross of CBRE represented CP Group in the lease negotiations, and Kirk Diamond, April Parrish, Erin Smith and Steven Taylor of Cushman & Wakefield represented T-Mobile. CP Group recently completed a series of capital improvements across One and Two Ravinia, including enhancing the lobbies, renovating and expanding the cafe and coffee bar, adding a modern tenant lounge with outdoor seating, upgraded the onsite conference center and introducing 85,000 square feet of worCPlaces, or speculative suites.

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AcquisitionsNew JerseyNortheastOffice

Keystone Property Group Sells Northern New Jersey Office Building for $9.8M

by Taylor Williams

WOODCLIFF LAKE, N.J. — Metro Philadelphia-based investment and development firm Keystone Property Group has sold a 53,730-square-foot office building located at 470 Chestnut Ridge Road in the Northern New Jersey community of Woodcliff Lake. The sales price was $9.8 million. The building was fully leased at the time of sale to Kiewit Infrastructure. Jeffrey Dunne, Doug Rodio, Travis Langer and Dan Blumenkrantz of CBRE represented Keystone in the transaction. The buyer was not disclosed.

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Lakeview-Innovation-Center-Thousand-Oaks-CA
AcquisitionsCaliforniaIndustrialOfficeWestern

JLL Arranges Sale of 276,529 SF Lakeview Innovation Center Flex Campus in Thousand Oaks, California

by Amy Works

THOUSAND OAKS, CALIF. — JLL Capital Markets has arranged the all-cash sale of Lakeview Innovation Center, a flex campus on 22.1 acres in Thousand Oaks. An undisclosed seller sold the asset to a partnership between Alta West Partners, an affiliate of Glendon Capital Management and A2 Capital Management for an undisclosed price. Michael Leggett, Jeffrey Bramson, Andrew Harper and William Poulsen of JLL represented the seller in the transaction. Renovated in 2023, Lakeview Innovation Center offers 276,529 square feet of research-and-development (R&D) and office space. The campus includes an onsite Equinox fitness club, Earthbar, pickleball court, walking trails, a tenant lounge and multiple outdoor patio and collaborative spaces. The tenant roster includes Marvell Technologies and Rawlings, which benefit from the property’s infrastructure, including lab-grade HVAC, excess power capacity, ample clear heights, loading docks and backup generators. Additionally, the asset offers expansion opportunities with M2 zoning, supporting up to 123,000 square feet of additional density for life sciences, R&D or office uses. The new ownership team plans to upgrade the common areas, restrooms, signage and landscaping.

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DevelopmentGeorgiaLeasing ActivityOfficeRetailSoutheast

The Athlete’s Foot Opens Corporate Headquarters, Flagship Store in Midtown Atlanta

by John Nelson

ATLANTA — The Athlete’s Foot, a shoe and sports apparel retailer with 400 stores in 24 countries, has opened its corporate headquarters and flagship store in Midtown Atlanta. The retailer’s new home at 931 Monroe Drive also includes a community center component that will serve as “cultural hub” for community engagement. The Athlete’s Foot’s new headquarters and flagship store is situated along the Atlanta BeltLine adjacent to Piedmont Park. Project partners included prominently Black-owned companies, including T. Dallas Smith & Co. (real estate advisor), J.M. Lee Construction Co. (general contractor) and Aysha Pennerman (mural artist).

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Leasing ActivityNew YorkNortheastOffice

CBRE Arranges 22,530 SF Office Lease in Manhattan’s Flatiron District

by Taylor Williams

NEW YORK CITY — CBRE has arranged a 22,530-square-foot office lease at 111 Fifth Avenue in Manhattan’s Flatiron District. The tenant, beverage provider Vita Coco (NASDAQ: COCO) will relocate its corporate headquarters from 250 Park Avenue to the entire second floor of the 13-story building, which was originally constructed in 1895. Jason Frazier and Jesse de la Rama of CBRE represented Vita Coco in the lease negotiations. The Winter Organization owns the building.

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Leasing ActivityNew YorkNortheastOffice

Philo TV Signs 8,100 SF Office Lease in Downtown Brooklyn

by Taylor Williams

NEW YORK CITY — Philo TV has signed an 8,100-square-foot office lease in downtown Brooklyn. The San Francisco-based provider of streaming services is taking space on the 18th floor of One Willoughby Square, a 34-story building that is the tallest in the borough. Paul Amrich, Neil King, Zachary Price, Alex D’amario and James Ackerson of CBRE represented the landlord, JEMB Realty, in the lease negotiations. Catherine Vilar of The Kaufman Organization represented Philo TV.

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IowaLeasing ActivityMidwestOffice

JLL Opens Second Office in Central Iowa

by Kristin Harlow

ANKENY, IOWA — JLL’s Des Moines commercial real estate leasing team is expanding its presence in central Iowa by opening an additional office in Ankeny. JLL Des Moines will occupy new office space at The District at Prairie Trail, which is owned by DRA Properties. JLL handles the commercial leasing and sales for The District at Prairie Trail. The brokerage firm will continue to maintain its office in downtown Des Moines.

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Canyon-Corporate-Plaza-Phoenix-AZ
AcquisitionsArizonaOfficeWestern

ViaWest Group Sells 311,706 SF Office Campus in Phoenix to CaliberCos

by Amy Works

PHOENIX — ViaWest Group has completed the disposition of Canyon Corporate Plaza, a Class A office campus located on 11.6 acres in Phoenix, for an undisclosed price. The buyer is CaliberCos Inc., a Scottsdale, Ariz.-based financial services company in the alternative asset management space. Steve Lindley and Alexandra Loye of Cushman & Wakefield’s Capital Markets team represented the seller in the deal. Canyon Corporate Center offers 311,706 square feet of office space within a transit-oriented location in Phoenix’s I-17 Corridor and close to two stops on the newly opened light rail extension. At the time of sale, the property was nearly vacant.

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