Office
Read the latest real estate industry news with a focus on traditional office space leases, office property sale transactions, new office project construction and adaptive reuse repositioning programs, and more.
Vornado Divests 480 Broadway & 155 Spring in SoHo
The buildings at 480 Broadway and 155 Spring in SoHo, Manhattan have traded to KPGFunds.com from Vornado for an undisclosed price. The luxury properties will be repositioned as high-end, luxury offices with top-notch amenities and ground floor retail.
Tenants Flock to Merritt 7 Office Park in Suburban Metro New York
The largest and most prominent corporate park in Fairfield County has been seeing notable and consistent office leasing activity, as the extensive renovation program at Merritt 7 buildings 501 and 601 nears its conclusion.
Signature Bank Doubles Footprint at 1400 Broadway
Following the closing of this new, 15-year lease, the New York-based bank will pay an asking rent of roughly $67 per square foot for a total of 280,182 square feet of Manhattan office space spread across 10 floors. The tenant roster at 1400 Broadway also includes the likes of IPG and Burlington Coat Factory, as well as French skincare company Clarins, which recently leased 15,000 square feet in the 37-story building.
Congress Square Office Tower in Downtown Boston Recapitalized
Just off of fresh renovations, 40 Water St, a.k.a. Congress Square, in downtown Boston has been recapitalized with new owners led by Hana Financial and KTB Asset Management which took a 95% ownership stake in the property for $342 million.
NASIS Buys Recently Completed South Bend Corporate Office Property
The Los Angeles investor has recently completed the acquisition of a newly constructed corporate office building that is part of the Ignition Park development in South Bend, Indiana.
Cousins Properties Sells LEED Platinum Austin Office Building
Cousins Properties has been actively restructuring its Sun Belt portfolio throughout 2021. In a recent move, the company sold its Congress Ave LEED Platinum-certified office building.
Goldman Sachs, Lincoln Harris, Honeywell JV Sells Newest Charlotte Legacy Union Office Building
Electronics manufacturer Honeywell International is in the first year of its 15-year Charlotte office space lease at Legacy Union, which is only one of the many points of attraction for investors bullish on the hot North Carolina market.
Columbia Property Trust Inks 2nd Lease Deal at 799 Broadway
Columbia Property Trust signed its second tenant at its ongoing development at 799 Broadway, just one a month after securing its first lease for the building. Bain Venture Capital will occupy the entire 10th floor – roughly 8,756 square feet – of the 10-story Manhattan office space on a 10-year contract. Asking rent was between $150 and $200 per square foot.
Microsoft To Lease 150,000 Square Feet in Union Square Office Tower
Microsoft signed a lease for 150,000 square feet of office space in the 10-story Flatiron District tower at 122 Fifth Ave. in Union Square. The tech giant will occupy roughly half of the property — floors six through 10, which were previously leased to Barnes & Noble. Asking rents remain undisclosed for the time being, and Microsoft has yet to establish a clear move-in date.
Rudin & BXP Sign 2nd Tenant at Brooklyn Navy Yards’ Dock 72
After a long pandemic wait, WeWork is no longer the only name on the tenant roster at Dock 72. Navy Yards will be the new home of Food52, relocating to Brooklyn from Chelsea in 2022.
