April – Briefs/Leasing & Management
- Mar 26, 2014
Brookfield Awards JLL 1.4 MSF Leasing Gig
Brookfield Office Properties has awarded the JLL Los Angeles team of Carl Muhlstein and Hayley Blockley exclusive leasing representation for The Gas Company Tower. The 50-story, 1.4 million-square-foot asset was designed by Skidmore, Owings and Merrill and sits on Bunker Hill. Brookfield picked up the trophy asset back in October 2013 as part of its acquisition of MPG Office Trust. The purchase made Brookfield the largest owner of Class A high-rise office space in Los Angeles’ downtown core.
NGKF Lands 190 KSF Retail Leasing Assignment
Newmark Grubb Knight Frank has added a major leasing assignment in Chicago. The firm was recently selected as the exclusive leasing agent for 190,000 square feet of space at the John Hancock Center, a 100-story trophy office and residential tower at 875 N. Michigan Ave. The asset features 171,771 square feet of retail at its concourse level, and another 7,000 square feet of restaurant space on the 95th floor. John Hancock Center is owned by a joint venture that includes Madison Capital and an institutional investor.
Hyundai Capital Expands in Georgia
The finance division of automaker Hyundai Motor Group has entered into a 50,000-square-foot lease expansion in Atlanta’s Cumberland/Galleria office submarket. The Atlanta tenant advisory group of Cushman & Wakefield Inc. represented Hyundai Capital in the transaction, which effectively doubles the company’s space at 4300 Wildwood Parkway. The group operates a customer service center at the property and signed its initial lease at the building in May 2013.
Wayfair Expands by 170 KSF with Simon in Boston
Online home furnishings retailer Wayfair has added 170,000 square feet to its lease with Simon Property Group Inc. at The Offices at Copley Place in Boston’s Back Bay. The move comes in anticipation of a June relocation. The additional space brings Wayfair’s new office to a total footprint of 275,000 square feet. The new space is roughly three times the size of the company’s current headquarters. Transwestern | RBJ represented both Wayfair and Simon Property Group Inc. in the transaction.
Design Firm Takes 97,498 SF in Atlanta
Embassy Row, a fund managed by Ares Management L.L.C., has closed a 97,498-square-foot lease with consulting and design firm CH2M HILL at the Embassy Row office complex in Atlanta’s Central Perimeter submarket. CH2M HILL will relocate from nearby 400 Northpark and Sterling Pointe to consolidate its Atlanta operations under one roof at 6600 Peachtree Dunwoody Road NE in Atlanta. Colliers International represented Embassy Row in the transaction. The lease begins April 1, and involves space on floors two through six of the building.
DICK’S Sporting Goods to Expand by 257 KSF in Georgia
Duke Realty has signed DICK’S Sporting Goods to a lease extension and build-to-suit lease expansion totaling 913,800 square feet. The transaction involves a 256,600-square-foot build-to-suit lease and a 657,200-square-foot lease extension for the distribution center at Camp Creek Business Center, a 2.6 million-square-foot asset located in East Point, Ga. Duke will complete the expansion, which will include the relocation and expansion of trailer parking, in the fourth quarter of 2014. JLL represented DICK’s Sporting Goods in the transaction.
Allied World Insurance Signs for 143 KSF in Manhattan
Jack Resnick & Sons has continued its hot leasing streak at 199 Water St. in Manhattan with a 143,297-square-foot lease signed by Allied World Insurance Co. The building has seen more than a quarter million square feet of leasing transactions in the past six months. Allied is a subsidiary of Switzerland-based Allied World Assurance Co. The company currently leases the entire 24th and 25th floors as a subtenant. The new direct lease, which begins on Jan. 1, 2014, will double the firm’s space in the tower.
Mack-Cali Leases 480 KSF in NJ during 4Q13
New Jersey-headquartered owner and developer Mack-Cali had a big fourth quarter last year, with more than 718,588 square feet of space leased. Well more than half of that footprint—or 484,975 square feet, to be exact—was at the company’s office/flex properties in northern and central New Jersey. The largest of those Garden State leases was a 69,999-square-foot contract with Gannett Satellite Information Network Inc., a provider of newspaper publishing services, at 3600 Route 6 in Neptune. Other major leases include Franklin Credit Management Corp. renewing 33,866 square feet of space at 1010 Hudson St. in Jersey City.