Illumio will occupy three floors of one building in the Class-A office complex in the heart of Santa Clara.
The 1.2M SF Long Island City office is now worth 44% less than its last valuation, but it now has three years to pay off its loan or secure new financing.
New office development in Chicago is constrained by a few factors: more expensive debt, escalating construction costs and a premium placed on equity.
Vanderbilt Office Properties, Hillwood Urban and TriPost Capital Partners partnered to buy the 1.4M SF The Towers at Williams Square office campus in Irving.
Greater Boston's office vacancy rate is above 18%, but executives in the market say that reflects its vast obsolete stock and that tenant demand is strong.
British Land announced strong results and said the great return-to-work debate was over as trophy assets supported momentum despite geopolitical concerns.
Miami beat out Manhattan and Los Angeles for the tightest vacancy rate in the country.
K & L Realty Co. acquired the property for $8.5M, which is less than a third of what Griffith Properties paid in 2013.
The Park Square Building at 31 St. James Ave. sold at an auction two months ago to LNR Partners, which has now retained Eastdil Secured to market it for sale.
The purchase is among the largest in the Bay Area so far this year, second only to the sale of the Transamerica Pyramid.
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