Silverstein Properties Announces Facelift for Midtown Office Building
Silverstein Properties, a Manhattan-based real estate development and management firm, has decided to give an office tower in Manhattan’s Midtown neighborhood a facelift. The firm is adding a 4,500 square-foot amenity floor plus a 500 square-foot terrace. The amenity floor will have a lounge for quiet work, meeting space, and a fitness studio. The terrace will include seating and greenery for workers to enjoy the outdoors. The renovation plans will cost approximately $15 to $20 million and will begin in September 2021.
CIM Group Finishes 44,205 SF Office Building in Austin
CIM Group, a Los Angeles-based real estate development and management firm, has recently constructed a new office building at the mixed-use Penn Field office campus in Austin, Texas. Construction on the structure took approximately one year and yielded a building with 44,205 square-feet of available office space across two floors. The project’s estimated construction costs are unknown.
NWA Business Center Purchases Arkansas Office Park
NWA Business Center LLC, an Arkansas-based real estate investment group, has paid $12.95 million for an office park in northwestern Arkansas. The three-building office park currently boasts a 96% lease rate with the largest tenant being Transplace, a logistics provider who occupies 80,000 square-feet of space. Cawley Partners, a Dallas-based developer, has begun construction on a new 150,000 square-foot addition that will open in Q2 2021.
Quadrant Investment Properties to Build Office and Retail Space
Quadrant Investment Properties, a Dallas-based real estate developer, is going to convert aa row of old warehouse buildings in Dallas’ Manufacturing District into 89,000 square-feet of retail and creative office space. Also planned is 9,000 square-feet of green space along with a rooftop deck. The project is expected to be finished by the end of 2020, though it’s not known how much it will cost.
Time Equities Inc. to Sell 179,000 SF Plot in Long Island City
Time Equities inc., a Manhattan-based real estate development firm, is selling a plot of land in Queens’ Long Island City neighborhood. The site contains 179,000 square-feet of buildable space, with the selling firm advertising its potential for office development. Sale of the site includes three tax parcels and air rights from an adjacent commercial loft office buildings the selling firm currently owns.