REGIONAL INDUSTRY NEWS
gling to recover from the COVID pandemic, which saw many employ- ees forced to work from home and launched a new hybrid environment that seems to have become a new normal for certain types of office jobs. Long Island Business News DISCERNING FEATURES WAYLAND, Mass. — R.W. Holmes, one of the largest commercial bro- kerage firms serving tenants and landlords in Massachusetts for more than 45 years, announced that they have been retained to sell Lincoln North, a 128,500-square-foot Class A office building in Lincoln. Since acquiring the property in 2018, Real Capital Solutions (RCS) has revital- ized the building with several capital improvements and amenities to create a first-class office experience. Lincoln North has been home to several prominent companies in the defense and technology industries in its lifetime. The building has sev- eral discerning features that make it unique; the circular parking lot de- signed to make every parking space equidistant to the front entrance, the modern brutalist architecture with glass and steel atrium, and the shape of the footprint of the build- ing intended to be the point of a compass facing north from an aerial perspective. Boston Real Estate Times SOUTH MIXED-USE DEVELOPMENT COPPELL, Texas — Coppell City Council approved plans for a mixed- use development. Three office and retail buildings will be constructed at the northeast corner of SH 121 and North Coppell Road. Each building will be two stories and 9,000 square feet with an overall total of 23,000
square feet for office space and 4,000 square feet for retail. Community Impact MEDICAL OFFICE MADISON, Miss. — Newmark has arranged a $30 million construction loan for a new four-story, approxi- mately 99,000-square-foot medi- cal office building development in Madison, about 15 miles north of Jackson. The healthcare facility will be located on Baptist Memorial Health Care Corp.’s medical campus and is anticipated to be completed in the first quarter of 2024. RE Business Online CLASS A BUILDINGS
NORTHEAST RETHINKING PLANS
NEW YORK — The website for 56 North Moore Street, a former Tribe- ca parking lot slotted for new office space, shows renderings of a Class A, light-filled concept built on century- old bones and flanked by three-sto- ries of terrace space. Navigate to the brokerage Avison Young’s site and the project’s nine floors are listed as immediately available to lease. Metro Loft may instead be eyeing a luxury condo project. This comes as some developers have put a pin in planned office projects, deterred by faltering demand amid rising construction costs, interest rates and turbulence in the tech and fi- nancial industries. But the project’s developer, Nathan Berman’s Metro Loft, may be rethinking plans for the space, a pivot that would come as New York’s office market is in the throes of an existential crisis. The Real Deal STRUGGLING TO RECOVER LONG ISLAND, N.Y. — There is a growing dichotomy between prop- erty classes in the office real estate market on Long Island. The latest numbers show better occupancy rates and leasing activity for Class A office buildings, as compared with many Class B properties, where occupancies continue to shrink and leasing activity wanes. The variation in leasing activity stats suggest what brokers call a flight to quality where companies looking for new space prefer better buildings with more amenities. In addition, brokers say vacancy rates at Long Island’s top office properties pale in comparison to those in the Class B sector, where more buildings are struggling to at- tract and hold onto tenants. Overall, the area’s office market is still strug-
ATLANTA — San Francisco-based Spear Street Capital — an owner operator of distinctive commercial office properties — has completed its $247.5-million purchase of 1001, 2002 and 4004 Summit Boulevard, three Class A office buildings located within Perimeter Summit in Atlan- ta. As part of the Central Perimeter submarket, the largest corporate office market in the Southeast, the Perimeter Summit is surrounded by more than 4,000 businesses. Connect CRE
Compiled by Emily Clingman
BoF
35 The Business of Furniture | Subscribe at bellowpress.com | January 25, 2023
Made with FlippingBook flipbook maker