Pillar Commercial的动态

Renaissance Tower, Downtown Sacramento's 'Darth Vader building,' hits the market for sale Amid a tough market for office demand, one of Downtown Sacramento's best-known towers is on the market for sale. CBRE brokers Jason Goff and Randy Getz are listing Renaissance Tower, the 28-story building at 801 K St. nicknamed the "Darth Vader building" for its black glass and imposing feel. Brokers said they couldn't discuss the listing for the building, which is owned by Office Properties Income Trust, based in Newton, Massachusetts. Another broker familiar with Downtown Sacramento's office market said the listing is likely to be tough going. Not only is demand down with hybrid work schedules increasingly the norm and office footprints shrinking, but many California state government agencies that have typically occupied the building are now relocating to state-owned buildings, said Greg Levi of JLL's Sacramento office. "It's going to be a challenge to sell this thing," said Levi, JLL's managing director in Sacramento. JLL is not involved in the listing. "It was on the market for several years before it sold last time, and that was a relatively good time." Built in 1989, Renaissance Tower has about 338,400 square feet of net rentable area, and a seven-story parking structure. The current owner, with management by The RMR Group (Nasdaq: RMR), has spent more than $1 million on renovating the lobby with new lighting and art features for the first time since the building was new. City records don't show building permits for other building improvements announced two years ago, such as adding a fitness center and tenant lounge. The listing for sale also doesn't mention those plans. Levi said the most recent information for Renaissance Tower, from about two months ago, was that it was about 54% occupied. That's about the same as a year ago, when the lobby work had just been completed. As a property for sale, Renaissance Tower could prompt some speculative concepts like a residential conversion, he said, noting it has a number of existing balconies. To change its trajectory, a new owner would have to bring a bold vision that includes lots of investment and attention, he said. "My guess is that it ends up being what it is now," he said, adding the building also has a challenge in location, with relatively little street activity — but a visible presence of people who are unhoused — on its block of K Street. "It's just a tough corner." For a landlord, the challenge is selling the building as preferable to one in the South Natomas area that leases for about the same rate, Levi said. And tenant improvement costs have soared in recent years, he added. Office Properties Income Trust paid $80 million for 801 K St. in 2016. That price was $7.5 million below its most recent sale before that in 2007. The new listing for sale is unpriced. https://lnkd.in/eTvTpxaT

BH Group Miami and PEBB Enterprises continue to generate momentum at 6600 North Military Trail in Boca Raton. The joint venture completed a significant office lease transaction, with anchor tenant Office Depot signing a long-term lease extension at the property. ODP Corp.’s amended lease ensures that the company’s global headquarters will remain in Boca Raton at 6600 North Military Trail until at least 2033. It is further consolidating space and will now occupy the entire 214,684-square-foot of leasable area within the central tower after previously leasing space spread out across the three towers. @BH Group, PEBB and Related Group are proposing a mixed-use redevelopment to replace the southern office tower with 500 multifamily units to wrap around the southern parking garage and overlook the Old Course at Broken Sound golf course. “Corporate office tenants are quickly catching on to the unique appeal of 6600 North Military Trail,” PEBB Chief Investment Officer Eric Hochman, CCIM said. “Our extensive capital improvements plan for the property will only increase interest in the available office space. We are thrilled that ODP Corp. will continue to operate its corporate headquarters at the property for the foreseeable future.” On Feb. 13, BH Group, PEBB and Related received a critical city zoning ordinance approval for the planned mixed-use redevelopment from the Boca Raton City Council. The partnership’s proposed project includes 500 multifamily units, a 36,700-square-foot luxury gym and four retail and restaurant outparcel buildings totaling +/- 42,000 square feet. The other two office buildings totaling 407,500 square feet will remain with the northern tower being converted into a class-A multi-tenant office building. The partnership expects to complete the site plan city approval process during the fourth quarter of 2024. “In a changing office sector, tenants want to be in dynamic mixed-use environments,” Isaac Toledano of BH Group said.?“We are poised to create a true town center for the area and bring Boca Raton new high-quality residences.” BH Group and PEBB acquired the 6600 North Military Trail site in April 2023. The joint venture was honored with the South Florida Business Journal’s Terry Stiles Deal of the Year Award during the publication’s annual Structures Awards event in recognition of the impactful acquisition. The site includes 650,000 square feet of office buildings on nearly 29 acres overlooking the Broken Sound Club’s golf course. It features an array of amenities for future office tenants to enjoy, such as a state-of-the-art fitness center, cafeteria, auditorium, many conference rooms and covered parking. For office leasing information at 6600 N. Military Trail, reach out to Adam Starr: [email protected], for retail, reach out to Jenny Schuemann: [email protected]. Media Contact: Daniel Benjamin, MBA of BoardroomPR Renderings by: Arcadis

BH Group and PEBB Enterprises continue to generate momentum at 6600 North Military Trail in Boca Raton. The joint venture completed a significant office lease transaction, with anchor tenant?Office Depot?signing a long-term lease extension at the property. ODP Corp.’s amended lease ensures that the company’s global headquarters will remain in Boca Raton at 6600 North Military Trail until at least 2033. It is further consolidating space and will now occupy the entire 214,684-square-foot of leasable area within the central tower after previously leasing space spread out across the three towers. BH Group, PEBB and?Related Group?are proposing a mixed-use redevelopment to replace the southern office tower with 500 multifamily units to wrap around the southern parking garage and overlook the Old Course at Broken Sound golf course. “Corporate office tenants are quickly catching on to the unique appeal of 6600 North Military Trail,” PEBB Chief Investment Officer?Eric Hochman, CCIM?said. “Our extensive capital improvements plan for the property will only increase interest in the available office space. We are thrilled that ODP Corp. will continue to operate its corporate headquarters at the property for the foreseeable future.” On Feb. 13, BH Group, PEBB and Related received a critical city zoning ordinance approval for the planned mixed-use redevelopment from the Boca Raton City Council. The partnership’s proposed project includes 500 multifamily units, a 36,700-square-foot luxury gym and four retail and restaurant outparcel buildings totaling +/- 42,000 square feet. The other two office buildings totaling 407,500 square feet will remain with the northern tower being converted into a class-A multi-tenant office building. The partnership expects to complete the site plan city approval process during the fourth quarter of 2024. “In a changing office sector, tenants want to be in dynamic mixed-use environments,” Isaac Toledano of BH Group said.?“We are poised to create a true town center for the area and bring Boca Raton new high-quality residences.” BH Group and PEBB acquired the 6600 North Military Trail site in April 2023. The joint venture was honored with the?South Florida Business Journal’s Terry Stiles Deal of the Year Award during the publication’s annual Structures Awards event in recognition of the impactful acquisition. The site includes 650,000 square feet of office buildings on nearly 29 acres overlooking the?Broken Sound Club’s golf course. It features an array of amenities for future office tenants to enjoy, such as a state-of-the-art fitness center, cafeteria, auditorium, many conference rooms and covered parking. For office leasing information at 6600 N. Military Trail, reach out to?Adam Starr:?[email protected], for retail, reach out to?Jenny Schuemann:?[email protected]. Media contact: Daniel Benjamin, MBA - BoardroomPR

Our team has successfully acquired a freehold corner site building, presenting a high-yield investment with significant security and growth potential for our client! The property benefits from significant daily traffic flow, approximately 24,000 vehicles, ensuring high visibility and accessibility. Located in the fastest-growing Victorian town with a population of 43,183, projected to grow by 21.33% by 2036, supporting long-term demand for commercial spaces. The asset's revenue is well-diversified, with tenants in government, medical, corporate, retail, and fitness sectors. The Victorian Government Department of Education, a major tenant, recently invested $400,000 in upgrades, indicating a strong, long-term commitment. The property houses four major tenants from diverse sectors and multiple small office leases, reducing the risk associated with tenant turnover and market fluctuations. With a site area of approximately 2,811m2 and a lettable area of 3,811m2, the property includes 41 secure on-title car spaces, 16 of which are undercover, adding considerable value for tenants. The high-profile CBD location offers excellent opportunities for future development, leveraging the city's rapid population growth. The property has significant upside potential in rent and capital value, particularly through potential conversion of existing spaces for higher-paying tenants. Additionally, a potential 50% stamp duty saving applicable to commercial assets in regional Victoria offers an upfront saving of $209,375, enhancing the financial appeal of the investment. Key Highlights: ? 3,811sqm two level freehold building with lift. Diverse income streams Anchored by VIC Gov Dept of Education with recent $400k tenant funded fit-out upgrade. 20 corporate office suites on level 1 with reception, boardroom and kitchen. Fixed 3% annual rent increases and annual CPI reviews. 41 secure car spaces (16 undercover) 2,811sqm corner site across two titles with 107 metres of combined street frontage. High profile CBD position on busy High Street with 24,000 vehicles passing daily. Flexibility with future redevelopment/subdivision upside STCA. ? About Rethink Investing: - Proficient in providing a tailored approach for high-net-worth clients; - Experienced in working with family offices, wealth managers and other trusted advisors to add value to mutual clients; - Australia’s largest and most experienced commercial buyer’s advocacy practice with over $4.25 billion secured for clients since 2015; - 70% off-market opportunities; and - Focus on Australia's highest-yielding commercial properties, emphasising capital growth and value-add strategies ? Stay up to date with our acquisitions as we continue to disrupt the landscape of commercial investments!

Sharing a high yielding freehold commercial property I acquired for one of our clients. With a net yield well above 8%, and a great diversification of tenants, the asset will provide the client strong cashflow for life. But what I liked most about the asset was the huge upside. The rent being charged by the prior landlord was well under market rent. Not only this, vacancies for this type of asset (primarily office) are very tight in Wodonga. This means that when the client adjusts the rents to fair market value, he stands to literally make multiple millions in capital upside. On to the next one!

An office building with favourable revenue potential, ideally situated in Waverly, Johannesburg, will go under Park Village Auctions’ hammer on Tuesday, the 17th?of September. That’s the word from PVA’s Clive Lazarus, who says that the office park directly opposite Melrose Arch on the M1 Highway is primed for corporate tenants. “Now is the perfect time to invest in commercial property of this nature, as demand and rental growth are growing, particularly in Gauteng,” says Lazarus. He adds, “Research suggests that tenants are seeking convenience and accessibility. This property enjoys proximity to upmarket residential and travellers’ accommodation, Melrose Arch with world-class amenities, and several fine recreational establishments, including the Wanderer’s Golf Club. “The 4?034 square meter premises boasts impressive office space, staff and customer parking, and a generator. Between onsite and offsite facilities, corporate tenants will find everything they need within arm’s reach.” 17 Scott Street, the property on offer, is a three-storey low-rise office building comprising two office blocks, a security office, 19 basement parking bays, 26 uncovered customer parking bays, 3-Phase electrical power via the City of Johannesburg Metropolitan Municipality and a backup diesel generator. The two office blocks each have a private entrance and foyer and provide direct access to the basement parking. It must be noted that Block A at the front of the property is part-way through a renovation that has been halted and, therefore, needs restoration. The two offices and basement parking span an estimated lettable extent of 1?704 square meters. Lazarus: “The upcoming sale represents an excellent opportunity to acquire a well-positioned property with much to offer tenants at a highly competitive rate and earn handsome returns through letting.” The auction will run simultaneously onsite and online from 17 Scott Street, Waverly, on Tuesday, the 17th?of September at 11 am.? For more detailed information, please visit website reference number 1636 at?https://lnkd.in/ds7eT_hx, call 011 789 4375, or email?[email protected].

The 401 S 4th Street Office Tower is about to undergo a major renovation to meet the next generation of the office experience. Planned improvements include an upgraded tenant lounge, a new conference area, a renovated main lobby with stadium-style seating, a new coffee shop and an exterior patio. The Tower enjoys a highly advantageous placement at the corner of 4th and Liberty Streets, steps away from multiple, restaurants, bars and other entertainment venues important to improving the overall work experience. In Louisville, the emphasis for successful companies lies in enhancing the employee experience. Their key concerns are employee retention, facilitating return to work, and ensuring overall employee satisfaction. To achieve this, companies are not only improving the physical work environment but also opting for top-tier office buildings with a wide range of amenities for their employees. These amenities go beyond the standard conference rooms and include staffed courtesy desk members, spacious lounge areas for tenants, diverse food and coffee options, fitness facilities, locker rooms, as well as comfortable indoor and outdoor work and relaxation areas. In 2023 over 72% of leasing activity occurred in Class A assets, many of which are highly amenitized. https://www.401s4th.com/

￡1 Billion Mixed-Use Development Set to Revitalise Blackfriars in London London is set to receive a significant boost with a ￡1 billion mixed-use property development in Blackfriars. The green light has been given to a property developer for the redevelopment of 18 Blackfriars, the former site of the Sainsbury's headquarters. This area has remained largely vacant for over two decades, but plans are now underway to construct three buildings. Two of these will provide over 400 new homes, with 40 per cent designated as affordable housing. The third building will offer 800,000 square feet of office space. In addition to the residential and office components, the developers will also build 20,000 square feet of affordable workspace. There will be assembly rooms available for use by the local community, educational facilities, children’s play areas, and a new central public space featuring retail and food outlets. Ross Blair, senior managing director and country head of Hines United Kingdom, expressed enthusiasm about the project, stating, “Businesses are increasingly demanding more from their office spaces, and 18 Blackfriars aims to meet that challenge by delivering the office of the future. We believe our plans will establish a new standard for premium quality workspace in London, seamlessly integrated into its local community and strategically positioned in the heart of our capital city.” This development comes at a time of significant transformation for the UK office market. https://lnkd.in/eAHkzMKm

At a vacant lot in an existing corporate campus in Etobicoke, the plans for a modern, 12-storey office building, appear to have been scrapped, reported Storeys. "The site of the intended build by Starlight Investments is now?listed for sale, with little word on why the proposed development did not progress." "In 2018, the proposal put forth by Starlight, alongside Sweeny&Co Architects Inc., was for a 200,000-sq.-ft, mid-rise office building at 181 The West Mall. The proposed glass structure was intended to sit atop four distinct columns with a raised lobby set to be surrounded by intricate landscaping. The blueprints also allotted space for retail, which would have likely housed a convenience store or cafe." "The new office building would have brought added business to shops in the area, like the nearby Sherway Gardens Mall. Additionally, there was a plan to construct an internal road between the new workspace and the three existing buildings in the West Metro Corporate Centre, improving the surrounding infrastructure." https://lnkd.in/gtgAW4pz #office #developmentsite #sale

Perth CBD office tower Eastpoint Plaza for sale - JLL Landmark 11-storey CBD office tower Eastpoint Plaza, with sweeping Swan River views, 233 Adelaide Terrace Perth for sale by JLL agents Sean Flynn, Nigel Freshwater, Simon Storry and Kate Low. The landmark CBD office tower with over 11,280sqm of NLA and 99 car bays is instantly recognisable in the city’s east-end with its angular and striking fa?ade. ? Sean Flynn JLL Senior Director, Capital Markets - WA commented, “Eastpoint Plaza has recently generated excellent leasing momentum with about 33% of office space in the building having been either newly leased or renewed since 2022. ? Nigel Freshwater JLL Senior Director, Capital Markets - WA said, “In addition to the important work that’s been undertaken to deliver overall building amenity. Simon Storry JLL Executive Director, Capital Markets - Australia said, “WA’s economy is underpinned by a booming resource sector with long-term expectations of continued strong growth and is currently the only state or territory with a triple-A credit rating from both Moody’s and S&P Global. ? Kate Low JLL Head of International Capital, Australia & New Zealand explained that: “Australia continues to be a high priority as an investment destination for offshore capital. RETalk Asia Stuart Crow Daniel Kernaghan Angelo Amara Andrew Peck #jll #jllaus #office #officebuildings #officebuilding #perthre #perthrealestateagent #perthrealestate #realestateinvesting #propertyinvestment