MALVERN, PA. — General contractor and construction manager Builders Inc. has completed an 11,500-square-foot project for its new headquarters office in Malvern, a northwestern suburb of Philadelphia. The building was constructed using mass timber techniques and a mix of building materials, including stone from the original farm that previously occupied the property. Architecture firm Meyer designed the project, which includes warehouse space, offices, conference rooms and a café that connects to an outdoor deck.
BEVERLY HILLS, CALIF. — Fashion Nova has purchased an office campus in the posh Los Angeles suburb of Beverly Hills that will serve as the new global headquarters for the innovative, tech-enabled fashion retailer. Fashion Nova founder and CEO Richard Saghian acquired the asset from Tishman Speyer for $118 million in an off-market transaction. Located at 407 N. Maple Drive, the 175,000-square-foot office campus offers four floors of office space and three stories of subterranean parking. The Fashion Nova HQ will house Nova Social Club, a private, by-invitation-only collaborative space where creators, influencers, celebrities and VIP guests can enjoy curated amenities and bespoke partnerships. The buyer will also introduce Nova Founders Lab, an incubator-accelerator for emerging brands, designers, creatives and founders across fashion, marketing and technology to become market-ready in a fashion-vertical setting. The office campus will also offer a fitness studio, wellness spa, content and podcast studios, a screening room, meditation and yoga garden, cosmetic micro-treatment bar, an organic culinary outpost and showroom.
PARK CITY, UTAH — Dakota Pacific Real Estate has completed the disposition of two office buildings in Park City’s Kimball Junction community. A local real estate investment firm and operator acquired the assets for an undisclosed price. Park City is a suburb located east of Salt Lake City. Totaling 122,000 square feet, the transaction includes NewPark One at 1441 Ute Blvd. and NewPark Three at 1389 Center Drive. Kip Paul, Michael King and JT Redd of Cushman & Wakefield represented the seller in the deal.
WEST PALM BEACH, FLA. — CBRE has arranged a $96 million loan for the refinancing of Northbridge Centre, a 294,493-square-foot office tower located at 515 N. Flagler Drive in West Palm Beach. The 21-story property was 92 percent leased to 48 tenants at the time of financing. Amy Julian and Andrew Chilgren of CBRE arranged the loan through BMO on behalf of the borrower, a joint venture that includes Vanderbilt Office Properties and Trinity Capital Advisors. The investment group has maintained and renovated the office building with over $18 million of recent capital investments, including multi-tenant floor renovations, speculative suite build-outs, elevator and lobby renovations and exterior upgrades. Since the start of 2022, the owners have executed 88,000 square feet of leases at Northbridge Centre.
PLANO, TEXAS — Aimbridge Hospitality has extended its 248,861-square-foot office lease in Plano. The third-party hotel management firm will remain the sole occupant of HQ53, a four-story building that was developed by locally based firm Cawley Partners, for the next five years. Drawbridge Realty is the current owner of HQ53, having purchased the property from Cawley Partners in mid-2022. No third-party brokers were involved in the lease negotiations. Aimbridge first committed to being the anchor tenant at HQ53 in March 2019 via a 75,000-square-foot lease that was subsequently expanded upon.
PARSIPPANY, N.J. — Day Pitney LLP has signed a 56,000-square-foot office lease in the Northern New Jersey community of Parsippany. The law firm is relocating from the nearby building at 1 Jefferson Road to the entire second and third floors of 8 Sylvan Way, a 176,062-square-foot building that was originally constructed in 2009 to house the operations of pharmaceutical corporation Novartis. Tim Greiner, David Stifelman and Noah Stewart of JLL represented the landlord, Orion Office REIT, in the lease negotiations. Greiner also represented the tenant along with JLL’s Mike Pietrowicz, Dan Loughlin, Kimberly Smith, Brendan McBride and Jonathan Ortiz.
TUCSON, ARIZ. — Arizona Diagnostic Pathology Associates has acquired an office space at Rillito Crossing Corporate Centre in Tucson from Rale Offices LLC for $1 million. The 4,324-square-foot office space is located at 3987 E. Paradise Falls Drive. Jason Shaltiel of Cushman & Wakefield | PICOR represented the buyer, while Georgina Plante of RISING Real Estate Services represented the seller in the deal.
BALDWIN, WIS. — NAI Pfefferle has arranged the sale of a 17,000-square-foot office building in Baldwin, about 50 miles east of Minneapolis. The property is located at 890 Spruce St. The sales price was undisclosed, but the asking price was $2.3 million. TJ Morice of NAI Pfefferle and Don Timmerman of Keller Williams brokered the sale.
— By Nellie Day — Employers all over the nation are looking for ways to bring employees back into the office. In many cases, it’s been a large ask, as employees have adapted to the work-from-home environment and its perceived perks. One of the biggest strategies employers have undertaken is creating an enticing environment where employees want to be. This can include intriguing office spaces, useful amenities, opportunities for socializing and beautiful outdoor spaces. This strategy can go even further when local businesses and municipalities work together. Such is the case with South Coast Metro Alliance, a non-profit corporation of Orange County, Calif.-based property owners and major businesses that have a long-term investment in the area through ownership and/or long-term leases. The economic development organization, which encompasses north Costa Mesa and south Santa Ana, has worked to ensure employers are proud of the spaces they can offer their employees — and that, in turn, employees are excited to return to the office. WREB spoke to Diane Pritchett, executive director of the South Coast Metro Alliance, to discuss the specific strategies employed by businesses and the South Coast Metro Alliance to reactive the local office environment. WREB: How has the introduction …
ALLEN, TEXAS — A partnership between Dallas-based Pillar Commercial and Oklahoma City-based Hall Capital will develop One Bethany North, a 225,000-square-foot office project in the northeastern Dallas suburb of Allen. The Allen Economic Development Corp. owns, which is situated within the Watters Creek business district. The building will rise nine stories and feature a fitness center, tenant lounge and conference facilities, as well as a courtyard with pickleball courts, putting greens and other activated green spaces. The partnership purchased the sister buildings, One Bethany East and One Bethany West, which total about 320,000 square feet combined, over the past several years. Construction of One Bethany North, which has a total price tag of more than $100 million, is expected to last 18 to 24 months.