Category: News & Market Reports

Gladstone Commercial Announces Five-Year Lease at Austin, TX Office Building

Posted on by Sarah

MCLEAN, VA / ACCESSWIRE / July 28, 2022 / Gladstone Commercial Corporation (Nasdaq:GOOD) (“Gladstone Commercial”) announced it has entered into a 5.7 year lease with Cognizant Technology Solutions U.S. Corporation (“Cognizant”) for 41,225 square feet of its 320,000 square foot, four story office building, located at 717 East Parmer Lane in Austin, Texas, bringing occupancy to approximately 70%.

“We are delighted to have Cognizant in our portfolio and express thanks to their real estate department for their assistance on the deal. We could not have asked for better partners. This transaction shows the strength of the Austin market and the resiliency of the office sector. I would also like to thank Bethany Perez and Colton McCasland of JLL for their untiring work,” said Perry Finney, Senior Vice President of Gladstone Commercial.

Buzz Cooper, Gladstone Commercial’s President, added, “Cognizant is a great tenant to have and adds to the strength of our already impressive roster of tenants. We appreciate the speed and efficiency in which they acted to execute the deal.” Click to read more at www.gladstonecommercial.com.

Munsch Hardt Commits Long-term to Dallas’ Ross Tower for Corporate Headquarters

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Munsch Hardt Kopf & Harr, P.C. (Munsch Hardt), in conjunction with HPI and Stream Realty Partners (Stream), recently signed a new, 15-year office lease for its Dallas headquarters in Ross Tower at 500 N. Akard St. Ross Tower is a 45-story, 1.1-million-square-foot, Class-A office building that has undergone a $20 million capital improvement project and features world-class amenities.

The commercial law Firm, founded by Rick Kopf and Steve Harr, as well as the late Russ Munsch, signed its first lease with the office property in 2005, occupying floors 36, 38 and 39. Under its new lease, the Firm will relocate to three consecutive floors, 40, 41 and 42.

Today, Munsch Hardt has 176 employees in Dallas, 50% more than when first committing to Ross Tower. Since current CEO Phil Appenzeller took over the reins, the Firm has been focused on growth, adding notable litigation, corporate and real estate attorneys over the past 10 years and earning record profits in 2021.

Stream Managing Directors Craig Wilson and Dan Harris, Vice Chairman Randy Cooper, and Executive Vice President and Partner Tim Terrell represented Munsch Hardt in the renewal. Stream is a national real estate services, development and investment firm headquartered in Dallas. Global architecture and design firm Gensler, which originally designed the Firm’s current Dallas office, as well as the Firm’s 2022 office space in Houston, Texas, is working on efficient architectural plans to allow the Firm continued growth. Pacific Builders has been retained as the General Contractor on the project, with a projected move-in date of Fall 2023.

New Mixed-use Project Coming to Corner of Hwy. 79 and Kenney Fort Boulevard Following Council Approval

Posted on by Sarah

A new mixed-use project could bring up to 530 housing units and commercial space to the northwest corner of Kenney Fort Boulevard and Hwy. 79 following Round Rock City Council’s approval of annexation and rezoning requests as well as a utilities service agreement.

The trio of action items went before council July 28, requesting an 8.955-acre plot of land be rezoned to a planned unit development to allow for mixed residential and commercial use, to be serviced by city water and wastewater utilities and annex 7.287 acres of the property that are not already within the city’s limits. The city previously annexed the property’s frontage along Hwy. 79 in 1979, according to city documents. All were approved unanimously.

The PUD zoning allows for a maximum build height of eight stories, although Brad Wiseman, Round Rock Planning and Development Department director, said the developer, Gulf RC Ventures LLC, is planning a multifamily project with a height of six stories. According to documents detailing the zoning request, 90% of necessary parking for the development will be contained in an attached parking garage, and 25% of units will have balconies. Click to read more at www.communityimpact.com.

First Look: Inside Neiman Marcus’ New Dallas Headquarters

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Neiman Marcus Group is creating three new corporate hubs to promote innovation and collaboration among its employees. It will debut these office hubs within the next year: one each in Dallas, New York City, and Bangalore, India.

The Dallas hub will be Cityplace Tower in Uptown—selected for its close proximity to its flagship store Downtown and its historically highest-grossing store at NorthPark Center. In May, the Dallas City Council approved a $5 million incentive package to keep the luxury retailer in Dallas, fending off efforts by Irving and Plano to lure the company to the suburbs.

According to Neiman Marcus Group’s EVP, Chief People and Belonging Officer Eric Severson, the new Dallas hub will be an innovation center and a place where associates can gather, meet, and strategize.

“The old way of thinking one person to one seat and that the individual stays in his or her assigned seat all day isn’t conducive to the way people work now,” Severson told D CEO. “People now know corporate roles can be productive wherever. We want to create a space where people can come to when they want or need to come together with other people.” Click to read more at www.dmagazine.com.

Stream Realty Helps Dallas-based Construction Firm Expand Footprint in The Guild

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One of the nation’s largest privately held construction firms will expand its Dallas location at a landmark office tower that it is also helping to renovate.

Brasfield & Gorrie will soon occupy all 16,221 square feet of the 10th floor of The Gild at 8350 N. Central Expressway, formerly Cambell Centre. The gold office complex is currently undergoing a multi-million-dollar renovation for which Brasfield & Gorrie is serving as the general contractor. Gensler will serve as the architect for the building renovations.

Renovations at the highly amenitized, two-building office complex make The Gild a prime work and play environment. Updates will include, but are not limited to:

  • Facelift of both tower entries, including removal and installation of new glazing and canopies;
  • Updated tower lobbies featuring a hospitality lounge, coffee bar and grab & go–all with a coffee shop vibe;
  • Renovation of “loft” space between towers to create creative and collaborative space;
  • New coffee bars and dining areas with exterior courtyard views;
  • The addition of several central tenant work lounges with a variety of active and quiet zones;
  • Updated restrooms and tenant corridors;
  • A conference and meeting center;
  • A community “connector” park that brings the buildings together and provides easy access to a shaded walkway and outdoor seating area.

Stream Realty Partners leases the building. Senior Associate Marissa Parkin, Managing Director Matt Wieser, and Associate Patrick Cruz represented owner Fenway Capital Advisors in the transaction. Robbie Baty and Charlie Beck with Cushman & Wakefield and Cribb Altman with Jones Lang LaSalle represented the tenant in the transaction. 

Several speculative suites, ranging from 2,000 square feet to a full floor, recently delivered and are available for lease at The Gild.

Cantor Fitzgerald Income Trust, Inc. Closes $118M in Real Estate

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NEW YORK, July 27, 2022 /PRNewswire/ — Cantor Fitzgerald Income Trust, Inc. (“CF Income Trust”), a non-traded real estate investment trust and affiliate of Cantor Fitzgerald, L.P., announced today the completion of more than $118 million in real estate-related transactions since the beginning of 2022. As of June 30, 2022, the portfolio exceeds 6.9 million square feet1 with total assets controlled of $1.05 billion.2 Chris Milner, President of CF Income Trust, stated, “We have been active, thus far in 2022, and continue to execute on our high conviction themes of acquiring well-located multifamily properties and net lease assets with strong tenants.”

Recent acquisitions include:

Eisai Inc. North American Headquarters – Nutley, New Jersey – Class-A Office

On April 22, 2022, CF Income Trust, through a joint venture with a subsidiary of Cantor Fitzgerald Investors, LLC, indirectly acquired 10% of the interests in a Delaware Statutory Trust that purchased a 15-story, 332,000 square foot Class-A office tower located in Nutley, New Jersey. The property is leased to Eisai Inc. and serves as the North American headquarters for Eisai Co., Ltd. (“Eisai”), a Japan-based global pharmaceutical company.

The property was most recently renovated in 2021 and is designed to nurture the company’s hybrid flexible working model, which allows for collaboration and interaction among colleagues. Additional features include a 405-seat auditorium, private outdoor garden, and amenity area. “The property is located within the master planned ON3 life sciences campus, an area that will ultimately include 1.4 million square feet of office/R&D/medical space, multifamily residential, retail amenities, a full-service hotel, and significant green space,” said Roger Shreero, Managing Director, Cantor Fitzgerald. “This newly renovated, high-quality asset is a great addition to the portfolio and is a centerpiece within the growing life sciences landscapes of the Nutley and Clifton townships.” Click to read more at www.prnewswire.com.