April – Briefs/Leasing & Management

Macy’s signs 243 KSF SF office lease; Transwestern takes 230 KSF; JLL lands 530 KSF leasing assignment; Harvest Properties wins 81 KSF management contract; Pearson moves to Hoboken space; and Kennedy Wilson completes 145 KSF in California leases.

Macy’s Signs 243 KSF SF Office Lease

Macy’s.com, the e-commerce division of Macy’s Inc., has signed a lease with a joint venture involving TMG Partners and Rockwood Capital to occupy 242,600 square feet at 680 Folsom St. in San Francisco. TMG Partners and Rockwood Capital have been joint venture owners of the property since 2010, when TMG recapitalized the asset with Rockwood’s investment. The partnership is currently redeveloping the building, with renovations and a 100,000-square-foot addition that will expand the asset to 522,000 square feet of Class A space.
Jones Lang LaSalle Inc. represented TMG Partners and Rockwood in the lease transaction, while Grubb & Ellis Co. stood in for Macy’s. The 15-year lease will allow the company to consolidate its Bay Area operations under one roof. The news of the lease comes just weeks after Riverbed Technology signed for 167,788 square feet at the property.

Transwestern Takes 230 KSF

The South Florida office of Transwestern is assuming leasing responsibilities for 230,000 square feet of Miami-area industrial space. The services firm will now oversee leasing at Seagis Property Group L.P.’s 3450 N.W. 115th, an 87,000-square-foot warehouse facility located in Doral, Fla., as well as a three-building, 140,000-square-foot complex located in Miami Gardens.

JLL Lands 530 KSF Leasing Assignment

LNR Property L.L.C. has tapped Jones Lang LaSalle Inc. to lease Warner Center IV in Woodland Hills, Calif. The 509,923-square-foot Class A office complex is currently 48 percent leased to tenants including Intuit Inc. and Wells Fargo. According to research from services firm Jones Lang LaSalle Inc., there has been recent positive movement in Los Angeles’ office leasing, although it can still use the help, as its average vacancy rate is near 18 percent.

Harvest Properties Wins 81 KSF Management Contract

Investment and management firm Harvest Properties has landed a management contract at 715-721 Market St., an eight-story, 81,416-square-foot mixed-use office and retail building in San Francisco. The property is more than 84 percent leased, and was recently acquired from Ellis Partners by Digital Garage, an Internet-technology firm headquartered in Japan. The property was built in 1908 and expanded in 1967. It received an $8.2 million renovation during the past five years.

Pearson Moves to Hoboken Space

SJP Properties has lured Pearson away from its current home in Upper Saddle River, N.J., to Waterfront Corporate Center in Hoboken. The educational-media and news publication provider’s new lease agreement is for 200,000 square feet at Waterfront Center III, which will be the final segment of SJP Properties’ 1.5 million-square-foot mixed-use complex.

Kennedy Wilson Completes 145 KSF in California Leases

Kennedy Wilson has completed three office leases totaling 145,000 square feet in Los Angeles and San Francisco. The company landed digital agency Hugh at 6100 Wilshire in the Miracle Mile area of Los Angeles. In addition, the services firm found Aecom space at 300 California St. in San Francisco. Kennedy Wilson also completed a 10-year ground-floor retail lease with Buffalo Wild Wings at 7060 Hollywood Blvd. in Los Angeles.