Office

11811-Teale-St-Culver-City-CA

CULVER CITY, CALIF. — UNFOLD has purchased an ultra-creative office building, located at 11811 Teale St. in Culver City, from Therapy Studios for $11 million. UNFOLD also owns the adjacent building at 11801 Teale St. The buyer plans to create a campus environment with the acquisition of 11811 Teale Street. The 13,110-square-foot property is a semi-circular, Quonset hut-style creative office building featuring polished concrete floors, high/open ceilings and recording studios. The building previously served as a manufacturing support facility for the Hughes Aircraft Co. before being converted and renovated in 2018. Founded in 2012, UNFOLD is a digital creative agency that has grown to over 150 people with full-service capabilities in media, digital advertising, social media, website development and production services. Ben Silver of JLL represented UNFOLD, while Travis Landrum and Trevor Beldon of Industry Partners represented the seller in the deal.

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CHICAGO — CBRE has brokered the $3.2 million sale of 219 W. Chicago Avenue, a boutique creative office property in Chicago’s River North neighborhood. The asset spans 19,615 square feet and is currently 78 percent leased. CBRE’s Dominic Soltero, Tom Svoboda and John Saletta represented the undisclosed seller. The transaction marks the first investment in Chicago for the international buyer. The property benefits from DX-5 zoning, allowing for future conversion to high-rise residential, office or apartment use with ground-floor retail.

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PLANO, TEXAS — Newmark has negotiated a 29,000-square-foot office lease in Plano. The tenant is building materials supplier Amrize, and the space is located within Willow Bend Office Center I, a 124,000-square-foot building that was completed in 1998. Nathan Durham of Newmark represented the landlord, an entity doing business as CFT NV Developments LLC, in the lease negotiations. Steve Wentz and Mark Becker of Cushman & Wakefield represented Amrize.

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Vista-Retail-San-Francisco-CA

SAN FRANCISCO — PSRS has arranged $7.5 million in refinancing for Vista Retail in San Francisco. The four-story, 28,498-square-foot building offers creative office space and ground-floor retail space. The office portion has high ceilings, ample natural light, HVAC and operable windows. Dave Semmer of PSRS secured the nine-year loan, which features a 50 percent loan-to-value ratio and an interest-only term.

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NEW YORK CITY — Pickleball concept CityPickle will open a 37,000-square-foot venue at 1501 Broadway in the Times Square area of Midtown Manhattan. The space will be located on the eighth floor of the 885,000-square-foot tower, which is known locally as the Paramount Building due to its original construction as the home of Paramount Pictures. The venue will feature seven courts, a bar and restaurant, lounge and event space and locker rooms. The space will also serve as CityPickle’s new corporate headquarters office. The opening is scheduled for the fall.

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NEW YORK CITY — Apparel retailer GMA Accessories has signed a 23,698-square-foot office lease extension in Midtown Manhattan. The lease term is approximately 12 years, and the space spans the seventh and 10th floors at 389 Fifth Avenue, a 12-story building that was originally constructed in 1922. Max Koeppel of Koeppel Rosen LLC represented the landlord, the Rosen Family, in the lease negotiations on an internal basis. Michael Joseph of Colliers represented the tenant.

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HOUSTON — Stream Realty Partners has negotiated a 25,938-square-foot office lease renewal at Kirkwood Tower in West Houston. The 15-story, 286,000-square-foot building is located in the Energy Corridor and was recently purchased by affiliates of Apollo Global Management. Adam Ross and Danielle Rothchild of Stream represented the landlord in the lease negotiations. Jim Bailey of CBRE represented the tenant, Texon, a provider of liquids marketing and patented technology blending services.

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NEW YORK CITY — Apparel retailer Capelli Sales has signed a 39,081-square-foot office lease extension in Midtown Manhattan. The lease term is approximately 12 years, and the space spans the eighth, ninth and 10th floors at One East 33rd Street, a 12-story building that was originally constructed in 1913. Max Koeppel of Koeppel Rosen LLC represented the landlord, the Rosen Family, in the lease negotiations on an internal basis. Michael Joseph of Colliers represented the tenant.

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NEW YORK CITY — Apparel retailer Capelli Sales has signed a 39,081-square-foot office lease extension in Midtown Manhattan. The lease term is approximately 12 years, and the space spans the eighth, ninth and 10th floors at One East 33rd Street, a 12-story building that was originally constructed in 1913. Max Koeppel of Koeppel Rosen LLC represented the landlord, the Rosen Family, in the lease negotiations on an internal basis. Michael Joseph of Colliers represented the tenant.

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