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.
National Office Report 2021: Vacancy Rates Stabilize as Listing Rates Slowly Perk Up
While office sales activity has remained below pre-pandemic levels, transactions recorded through July of this year totaled roughly $37 billion. Likewise, investment activity also remains below pre-pandemic levels and, if the current pace of completed transactions holds steady, 2021 office sales could even exceed the $62 billion recorded last year.
Pasadena Office Portfolio Fetches $80 Million
The $80 million Pasadena office portfolio totals 242,000 square feet and includes an 11-story property at 2 N. Lake Ave, a three-story building at 911 E. Colorado Blvd, a one-story structure located at 902 Boston Ct, and an additional six-story parking garage. The properties previously changed hands in 2009 for roughly $52 million.
The Most Ambitious Concept Skyscrapers Ever Envisioned
Skyscrapers are among the most awe-inspiring feats of modern engineering and architecture. However, some concept skyscrapers aim to test or even exceed the limits of engineering. Here are the 10 biggest and most ambitious skyscraper concepts that range from the challenging to the impossible.
CBS Building in Midtown Manhattan to Trade Hands for First Time
Harbor Group International purchased the CBS Building in Midtown Manhattan for $760 million in a seller-leaseback transaction from ViacomCBS which will maintain its presence in the building but reduce its footprint.
Maximizing Property Potential Through Adaptive Reuse: 6 Success Stories
Preserve and showcase the unique local character defined by the craftsmanship of previous generations, while also creating space for modern interiors and uses, through adaptive reuse restoration.
One Town Center Sells in Boca Raton’s Largest Office Deal of 2021
Prime US REIT paid $99.5 million for One Town Center, an office building located in Boca Raton’s retail district, along North Military Trail, Previously owned by a joint venture between CP Group and Siguler Guff, the property went for roughly $514.40 per square foot, making it the largest office deal in 2021 for the Boca Raton market.
Newmark Leads $147.5M Refinance of Presidents Plaza in Chicago
Newmark arranged a refinance of Chicago office space property Presidents Plaza on behalf of Angelo Gordon and Glenstar Properties for $147.5 million from Bank of America. The two Class A adjacent properties each consist of two towers and a three story atrium connecting them.
Return to the Office: Keeping the Workspace Safe & Healthy in 2021
Companies the world over are learning how to ensure an adequate environment for employees. Here are a few ways in which we can each contribute to creating a safe and healthy shared workspace.
43,000 Square Feet of Office Space Leased at 505 Fifth Ave., Brokered by JLL
Pharmaceutical company Mesoblast, investment bank Brean Capital and broker-dealer Brownstone Investment Group all signed multi-year leases at 505 Fifth Ave in Midtown Manhattan, totallying nearly 43,000 square feet of office space.
Wafra Secures $500 Million Construction Loan for 111 Wall St
The loan will fund a complete overhaul of 111 Wall St. led by Studios Architecture and will last approximately two years. The building will be outfitted with the latest in touchless and smart-building technology.
