Office

Bechtel Signs 289,000 SF Office Lease at Reston Town Center in Northern Virginia

by John Nelson July 31, 2024

RESTON, VA. — Bechtel, a global engineering firm, has signed a 289,000-square-foot office lease at Reston Overlook, a 320,000-square-foot office building within the Reston Town Center mixed-use campus in Northern Virginia. BXP, formerly known as Boston Properties Inc., is the landlord at Reston Overlook. Erin Cotter and Jake Stroman of BXP represented the landlord internally in the lease negotiations, and Cathy Delcoco of CBRE represented Bechtel. The lease represents a renewal and expansion for Bechtel, increasing the company’s occupancy to span 11 floors at Reston Overlook. The company, which has had its headquarters in Reston since 2012, employs 18,000 people across 50 countries. Owned and operated by BXP, Reston Town Center offers 4 million square feet of office space, 50 retailers, 30 restaurants, more than 2,000 residences, outdoor recreation spaces and seasonal events programming.

July 31, 2024

Loans New York Northeast Office Retail

IPA Arranges $50M Loan for Refinancing of Manhattan Office, Retail Property

by Taylor Williams July 31, 2024

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $50 million loan for a 12-story, 144,000-square-foot office and retail property in Manhattan’s SoHo neighborhood. The newly renovated building spans a full city block from Broadway to Crosby Street in between Houston and Prince streets. Matthew Polci, Steven Buchwald and Rachael Krawiecki of IPA originated the loan through a partnership between Maxim Capital Group, Sabal Investment Holdings and GDS Brightstar. The borrower was a partnership between London-based Chelsfield Group and RAM Holdings.

July 31, 2024

Acquisitions California Florida Healthcare Office Oregon Texas Western

IRA Capital, Oaktree Acquire 600,000 SF Medical Office Portfolio Across Four States

by Amy Works July 31, 2024

IRVINE, CALIF. — Irvine-based IRA Capital, in partnership with funds managed by Oaktree Capital Management, has purchased 12 medical outpatient buildings totaling 600,000 square feet. The transaction includes two separate institutional sellers and features a mix of single and multi-tenant medical buildings in California, Texas, Florida and Oregon. Terms of the transaction were not released. The Class A portfolio is anchored by health systems and medical providers including UC Davis Health, Palomar Health, UCLA, CommonSpirit, Ascension, McKesson and SCA Health, which collectively occupy approximately 50 percent of the space.

July 31, 2024

Leasing Activity Office Texas

Bechtel Signs 108,724 SF Office Lease Expansion in West Houston

by Taylor Williams July 30, 2024

HOUSTON — Bechtel has signed a 108,724-square-foot office lease expansion in West Houston. The engineering and construction management firm is taking an additional four floors of space at Building 4 at CityWestPlace, with occupancy slated for the third quarter. Kevin Kushner and William Padon of CBRE represented the tenant in the lease negotiations. J.P. Hutcheson and Rima Soroka represented the owner, a partnership between Parkway and Midway, on an internal basis.

July 30, 2024

Leasing Activity Massachusetts Northeast Office

Commonwealth of Massachusetts Signs 106,000 SF Office Lease in Downtown Boston

by Taylor Williams July 30, 2024

BOSTON — The Division of Capital Asset Management and Maintenance (DCAMM) for the Commonwealth of Massachusetts has signed a 10-year, 106,000-square-foot office lease in downtown Boston. The DCAMM handles facilities management and real estate services and is bringing together employees from six state agencies to two full floors at One Federal Street, a 1.1 million-square-foot building owned by Tishman Speyer. Occupancy is slated for early 2025. Jeffrey Moore and Victoria Robinson of Tishman Speyer negotiated the lease.

July 30, 2024

Leasing Activity Office Texas

Empyrean Benefit Solutions Signs 41,667 SF Office Lease in West Houston

by Taylor Williams July 29, 2024

HOUSTON — Empyrean Benefit Solutions Inc. has signed a 41,667-square-foot office lease in West Houston. The provider of software for the human resources industry will occupy two full floors within Building 4 at the 39-acre CityWestPlace starting early next year. Mark O’Donnell and Jennifer Meehan of Savills represented the tenant in the lease negotiations.J.P. Hutcheson and Rima Soroka represented the owner, partnership between Parkway and Midway, on an internal basis.

July 29, 2024

Acquisitions North Carolina Office Southeast

JLL Brokers Sale of 166,653 SF Landmark at North Hills Office Building in Raleigh

by John Nelson July 29, 2024

RALEIGH, N.C. — JLL Capital Markets has brokered the sale of Landmark at North Hills, a 166,653-square-foot office building located at 4601 Six Forks Road in Raleigh. A joint venture between Edgewater Ventures and Northridge Capital acquired the property for an undisclosed price. Ryan Clutter, Daniel Flynn, C.J. Liuzzo and Sarah Holloway of JLL represented the seller, BentallGreenOak (BGO), in the transaction. Dennis Hurley, Hillman Duncan and Patti Autry of JLL will manage leasing at the property on behalf of the new ownership. Landmark at North Hills, which sits on seven acres and comprises two five-story buildings connected by a sky bridge, was 84.3 percent leased at the time of sale.

July 29, 2024

Florida Loans Office Southeast

FM Capital Secures $11M Bridge Loan for Office Building in Miami Beach

by John Nelson July 29, 2024

MIAMI BEACH, FLA. — FM Capital has secured an $11 million bridge loan for the financing of an office building located at 301 Arthur Godfrey Road in Miami Beach. Formerly known as the HSBC Building, the property is now known as the Citizens Bank Building. Noam Temchin of FM Capital originated the interest-only, floating-rate loan through Sheridan Capital on behalf of the undisclosed borrower.

July 29, 2024

Leasing Activity Office Texas

Colliers Negotiates 14,581 SF Office Sublease in The Woodlands, Texas

by Taylor Williams July 26, 2024

THE WOODLANDS, TEXAS — Colliers has negotiated a 14,581-square-foot office sublease in The Woodlands. According to LoopNet Inc., the building at 1735 Hughes Landing Blvd. was built in 2015 and totals 318,170 square feet. Tom Condon Jr., Jillian Fredericks, Norman Munoz, Michael Wu and Nic Fang of Colliers represented the sublessee, Skyline Industrial Supply, in the negotiations. Lonna Jenks, Beau Bellow and Ronnie Deyo of JLL represented the sublessor, ExxonMobil. An affiliate of Howard Hughes Holdings owns the building.

July 26, 2024

Development Illinois Industrial Midwest Office

Related Midwest, CRG to Develop 128-Acre Quantum Innovation Campus in Chicago

by Kristin Harlow July 26, 2024

CHICAGO — Related Midwest and CRG have unveiled plans to co-develop the Illinois Quantum & Microelectronics Park (IQMP) at 8080 S. DuSable Lake Shore Drive in South Chicago. The quantum innovation campus marks the first phase of a broader 400-acre master plan. PsiQuantum, a quantum computing technology company, will anchor IQMP. The project site is located on the former U.S. Steel South Works site along the Lake Michigan shoreline. IQMP will occupy 128 acres on the southern end of the site. In addition to PsiQuantum, the campus will house cryo facilities and equipment labs as well as research and office spaces for private companies and universities to collaborate. The first phase, designed by Lamar Johnson Collaborative, will occupy approximately 30 acres and is scheduled for completion in 2027. Clayco will serve as the general contractor for the initial phase.

July 26, 2024

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