Saturday, November 23, 2024
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GeorgiaLeasing ActivityOfficeSoutheast

AIG to Open 180,000 SF Office at Perimeter Summit Mixed-Use Campus in Brookhaven, Georgia

by John Nelson

BROOKHAVEN, GA. — Insurance giant AIG plans to establish a new regional office at Perimeter Summit, an 83-acre mixed-use development in Brookhaven, a northeast suburb of Atlanta. The firm will occupy 180,000 square feet of office space across seven floors at Summit Two. The new space will consolidate AIG’s existing offices in Atlanta’s Buckhead and North Fulton submarkets and will triple its current office footprint, according to the office of Georgia Gov. Brian Kemp. The firm plans to house 1,200 employees at the new office and create at least 600 new positions over the next five years. Brooke Dewey, Adam Viente and Alexis Vondersaar of JLL handle leasing efforts for Perimeter Summit on behalf of the developer and landlord, Spear Street Capital. Josh Hirsh, Gregg Metcalf and Patrick Baughman of JLL represented AIG in the lease deal. In addition to the Summit Two office building, Perimeter Summit features a Hyatt Regency hotel and an upcoming 350-unit apartment development by High Street Residential dubbed Residences at Perimeter Summit. Summit Two is a 414,000-square-foot, 18-story office tower that features a coffee shop, large lobby, covered parking, outdoor dining areas, fitness center, market and a café.

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Pictured is an office interior in New York City.
Content PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern

Lee & Associates: Absorption Is Positive Across All Property Types According to Third-Quarter Report

by Sarah Daniels

Perhaps the most salient information within Lee & Associates’ 2024 Q3 North America Market Report pertains to the office market. The third quarter of 2024 ended nine continuous quarters of negative net absorption in the office sector. However, additional occupancy losses may be on the horizon for the office market, even as supply pressures ease for this property type. Positive retail news has led to positive industrial news, as rising demand for retail goods has bolstered tenant demand for industrial space just as additional industrial inventory is coming on line. Steady economic growth and continuing impediments to home ownership have created strong absorption in the multifamily sector. Rent growth and vacancy rates have largely plateaued. Lee & Associates has made their complete third-quarter report available here (with more detailed information broken down according to property type). Below is an overview of the strengths and challenges in the industrial, office, retail and multifamily sectors. Industrial Overview: U.S. Demand Spikes Industrial demand across the United States dramatically improved in the third quarter. There were 52.8 million square feet of positive net absorption in the country in the third quarter, a 76 percent jump from the same period a year ago and more than double the …

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1525-Josephine-St-Denver-CO
AcquisitionsColoradoOfficeWestern

Pinnacle Real Estate Directs $2.1M Sale of Office Building in Denver

by Amy Works

DENVER — Pinnacle Real Estate Advisors has arranged the sale of an office building in Denver. Collaborative Healing Initiative Within Communities (CHIC Denver) acquired the asset from Unbridled Wealth for $2.1 million, or $327.14 per square foot. Located at 1525 Josephine St., the property offers 6,358 square feet of office space. Cody Stambaugh, Liz Morgan and Kyle Moyer of The Morgan Stambaugh Group at Pinnacle Real Estate Advisors handled the transaction.

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AcquisitionsArizonaHealthcareOfficeWestern

Meridian Acquires Vacant 94,569 SF Medical Office Building in Tucson for $8M

by Amy Works

TUCSON, ARIZ. — Meridian, a full-service real estate developer and owner of medical real estate, has purchased a medical office building located at 4888 N. Stone Ave. in Tucson. An affiliate of Tenet Health sold the asset for $8 million. Situated on 9.2 acres, the 94,569-square-foot property was vacant at the time of sale. Meridian plans to renovate and upgrade the facility, which has sat vacant for 15 years. The company will convert the former inpatient cardiovascular hospital into a health center for El Rio Health, a Federally Qualified Health Center, which will occupy the building. Construction is slated to start by the end of the month, with completion scheduled for early 2026. Rick Kleiner of Cushman & Wakefield | PICOR represented the buyer and tenant, while Vince Femiano and Kate Morris of Transwestern represented the seller in the deal.

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Leasing ActivityNew YorkNortheastOffice

Maybern Signs 11,000 SF Office Lease in Manhattan’s NoHo District

by Taylor Williams

NEW YORK CITY — Financial technology firm Maybern has signed an 11,000-square-foot office lease in Manhattan’s NoHo district. The space spans the entire 11th floor of the building at 10 Astor Place. Jonathan Franzel and Leo Kone of Newmark represented the tenant in the lease negotiations. Robert Silver, Anthony Sciacca and Brittany Silver, also with Newmark, along with internal agent Neith Stone, represented the landlord, GFP Real Estate.

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The-Union-Dallas
LoansOfficeRetailTexas

Goldman Sachs Provides $227M Loan for Refinancing of Office, Retail Property in Uptown Dallas

by Taylor Williams

DALLAS — Goldman Sachs has provided a $227 million loan for the refinancing of The Union, a 505,994-square-foot office and retail property in Uptown Dallas. The Union’s 21-story office building was completed in 2018 and offers amenities such as a fitness center, tenant lounge and conference facility. Tenants include Salesforce, Invesco, Akin Gump and Weaver. A Tom Thumb grocery store anchors the property’s retail component, which is also home to restaurants The Henry and North Italia. Jim Curtin, Greg Napper and Rex Cruz of JLL arranged the loan on behalf of the borrower, a joint venture between KB Asset Management and RED Development. The Union also houses a 309-unit apartment community.

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Leasing ActivityOfficeTexas

Morgan, Lewis & Bockius Signs 29,360 SF Office Lease Renewal in Downtown Dallas

by Taylor Williams

DALLAS — Law firm Morgan, Lewis & Bockius has signed a 29,360-square-foot office lease renewal at Comerica Bank Tower, located at 1717 Main St. in downtown Dallas. The length of the new lease term was not disclosed. Rhett Miller, Patrick Cruz and Sam Bass of Stream Realty Partners represented the undisclosed landlord in the lease negotiations. Jon McNeil and Daryl Mullin of JLL represented the tenant. 

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AcquisitionsIllinoisMidwestOffice

Namdar Realty Group, Mason Asset Management Acquire One North LaSalle Office Tower in Chicago

by Kristin Harlow

CHICAGO — Namdar Realty Group and Mason Asset Management have acquired One North LaSalle, a 493,738-square-foot office tower along the LaSalle Street corridor in downtown Chicago, through a deed-in-lieu of foreclosure. Built in 1929, the property was renovated in 2017. Once recognized as the city’s tallest structure, One North LaSalle was designated a Chicago landmark in 1996 and added to the National Register of Historic Places in 1999. The property features “The Landmark” on the 25th floor, which houses a fitness center, conference rooms and a tenant lounge with outdoor terrace. The ownership transition is part of a broader strategy to enhance the building’s appeal. Andy DeMoss of Bradford Allen will continue to lead leasing efforts for the asset. Recent lease signings have included Flanagan Bilton, Youth Guidance, Second Sense, Collins Bargione & Vuckovich, Symmetry Counseling, Reifers Holmes & Peters, Wolf Point Engineers and SRF Consulting Group.

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620-Avenue-of-the-Americas
New YorkNortheastOfficeRetail

RXR Recapitalizes 500,000 SF Office, Retail Building in Manhattan

by Taylor Williams

NEW YORK CITY — RXR has recapitalized 620 Avenue of the Americas, a 500,000-square-foot office and retail building in Manhattan’s Chelsea neighborhood, via a new partnership with global investment management firm Hudson Bay Capital Management. The building, which was originally constructed in 1896, is home to tenants such as footwear provider Cole Haan and labor union SEIU Local 32BJ. The partnership has also secured a five-year, $320 million loan facility to fund the repositioning of the property.  Additional terms of the transaction were not disclosed.

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CaliforniaLoansOfficeRetailWestern

PSRS Secures Refinancing for Two Adjacent Office and Retail Properties in Danville, California

by Amy Works

DANVILLE, CALIF. — PSRS has arranged $14 million and $4.5 million in refinancing for two adjacent properties at Danville Livery in Danville. The properties offer more than 123,000 square feet of retail and office space. The retail and service-oriented office space offers a mix of tenants, including eateries, home goods, salons, real estate offices and title services. James Mulvihill and Kevin Mulvihill of PSRS secured the undisclosed borrower with a separate loan for each property, both of which are underwritten with interest-only payments. The non-recourse loans were provided by correspondent life insurance companies.

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