August – Briefs/Leasing & Management
- Aug 10, 2012
Cassidy Turley Wins 895 KSF Management Contract
Clarion Partners L.L.C. has awarded Cassidy Turley the property management services contract for Chevy Chase Pavilion, an 894,900-square-foot mixed-use project in northwest Washington, D.C. Clarion Partners has owned the project since 2005, when the company, in its previous incarnation as ING Clarion, acquired the asset for approximately $212.7 million.
Cassidy Turley will operate across many real estate sectors in its role as property manager for the asset. It features roughly 155,000 square feet of retail space, a 205,000-square-foot, nine-story office building and a 198-room Embassy Suites hotel, with more offerings to come.
The deal marks Cassidy Turley’s second contract with Clarion Partners this year. Earlier in 2012, the firm secured a property management services contract for the real estate investment manager’s approximately 239,000-square-foot office building at 901 15th St., N.W., in Washington, D.C.
C&W Arranges 1.1 MSF Industrial Lease Re-Up
Conopco Inc., a subsidiary of Unilever, has decided to stay put in its 1.1 million-square-foot home at Prologis-owned 305 W. Resource Drive in Rialto, Calif. The company, manufacturer and distributer of Unilever’s personal and home-care products in the United States, renewed its lease for the entire building on a three-year term under the guidance of Cushman & Wakefield Inc. The year-over-year vacancy rate for industrial space in the Inland Empire remains tight, having dropped 2.5 percentage points from 1Q11-1Q12 to 7.7 percent, according to a report by Cushman & Wakefield Inc.
First Potomac Signs Four Leases
First Potomac Realty Trust has signed four new leases totaling 49,308 square feet at its Three Flint Hill property in Oakton, Va. The LEED Gold project was delivered eight months ago and now stands at 51 percent occupancy. The recent transactions include a 17,640-square-foot lease by a law firm, a 14,300-square-foot lease by J. Dwoskin & Associates, a 14,312-square-foot lease by Stratford University and a 3,056-square-foot lease by Ameriprise Financial. First Potomac acquired the then-vacant 181,400-square-foot property in April 2010 for $13.6 million and has since completed a $10 million renovation.
SL Green Renews 373 KSF Lease with NYC Law Division
The city of New York has renewed its lease with SL Green for 372,520 square feet of office space for its law division at 100 Church St. The 21-story, more than 1 million-square-foot building is located in the Financial District. The 20-year lease renewal begins in November 2013 and covers floors two through six, 20 and part of the property’s concourse level. SL Green also announced that it has refinanced the asset with a new $230 million, 10-year loan bearing interest at a rate of 4.675 percent. 100 Church St. was acquired by SL Green in 2010 after it had been 56 percent vacant for more than five years. The company completed a major redevelopment of the property in 2011, and building occupancy now stands at 82 percent.
Green Mountain Takes 424 KSF in Boston BTS
Green Mountain Coffee Roasters Inc. has signed a 424,000-square-foot lease with Gutierrez Co., effectively paving the way for development of its build-to-suit office and R&D facility at the Burlington Research Center in the suburban Boston town of Burlington, Mass. Cushman & Wakefield Inc. represented Green Mountain in the transaction, while Richards Barry Joyce & Partners stood in for the landlord. The lease provides the coffee and coffeemaker company with the option to expand into a third-phase building that has already been permitted for development at the site.
JLL Lands 465 KSF Shorenstein Leasing Contract
Shorenstein Properties, the new owner of Seaport Center in Boston, has appointed Jones Lang LaSalle Inc. as the exclusive leasing agent for the 465,000-square-foot office center. Located in the South Boston Seaport District, the recently upgraded nine-story mid-rise is currently 94 percent leased, with a tenant roster including JPMorgan Chase & Co., Digital Realty Trust, Marine Systems Corp., Verizon and Herald Media.
MB Real Estate Inks Leasing Deal for 4 MSF
Chicago-based MB Real Estate has landed five new office-leasing contracts in its hometown, adding more than 4 million square feet of space to bring the company’s portfolio to more than 14.4 million square feet. The recent leasing assignments include 300 E. Randolph, a 1.8 million-square-foot property currently at 98 percent occupancy; 70 W. Madison, a 1.4 million-square-foot office building with an occupancy of 89 percent; 30 W. Monroe, a 256,000-square-foot building with 52 percent occupancy; 333 N. Michigan, a 303,000-square-foot property with 88 percent occupancy; and 525 W. Van Buren, a 522,000-square-foot office property with an occupancy rate of 74 percent. MB Real Estate will also manage the properties at 30 W. Monroe and 333 N. Michigan.
KBS Fills Georgia Office with 65,259-SF Lease
KBS Real Estate Investment Trust has signed a new, 65,259-square-foot lease with Graphic Dimensions at its Hartman Business Center One in Austell, Ga. The commitment brings the 353,983-square-foot warehouse/distribution complex to 100 percent occupancy. Graphic Dimensions will relocate its printing and design facility to the center. Hailey Realty Co. represented the tenant in the transaction, while Jones Lang LaSalle Inc. represented KBS.
Miller-Valentine Wins Two Portfolio Contracts from Iron Mountain
Miller-Valentine was recently tapped by Iron Mountain Inc. to serve as general contractor for the information management service provider’s portfolio of facilities in the Mid-South and Ohio Valley regions. The services firm is charged with managing all non-maintenance related work—tasks ranging from renovations to new construction—for Iron Mountain’s properties in Virginia; North and South Carolina; eastern Georgia; northern Florida; Ohio; Kentucky; Indiana; and Michigan.