The 67,219-square-foot four-story office building at 1717 Newtown Langhorne Road was acquired by a locally-based operator of quick-serve restaurants, which will relocate its corporate headquarters and occupy approximately 13,000 square feet of office space at the property.
Year-over-year average rents jumped 5% to $41.11-per-square-foot. Buildings with the largest rent hikes include 800 Brickell, which went from $42-per-square-foot to $47-per-square-foot during the same period.
"We need real estate investors and brokers in this business bringing capital to deals because we cannot go to banks," say panelists at CCIM's recent Global Conference.
The SL Green portfolio is in a state of transformation, as the New York-based real estate investment trust sells off static assets to identify opportunities for reinvestment within the portfolio.
Portland was one of the nation's biggest movers as it jumped five spots to number 16 in the list of top 50 tech talent markets, a result of the city's recent tech expansion, according to a recent study by CBRE.
Traditional retail is far from dead, according to four specialty concepts that previously were only online or online-wholesale, which have leased space for first-ever physical brick-and-mortar locations in DFW and Houston.