February 2015 – Briefs/Leasing & Management
- Jan 29, 2015
NGKF, TD Bank Sign with SL Green in Midtown Manhattan
SL Green, New York City’s largest commercial property owner, has announced two major 15-year lease transactions totaling approximately 191,000 square feet at 125 Park Ave., a 26-story, 572,705-square-foot building located directly across from Grand Central Terminal. Newmark Grubb Knight Frank will continue on as the largest tenant at 125 Park with its renewal of 101,838 square feet of existing space and expansion of 31,377 square feet. In addition, Toronto-based TD Bank signed a new 15-year lease covering 51,707 square feet of office space together with a separate lease covering 6,234 square feet of ground floor retail space for a new bank branch. Newmark’s Brian Waterman represented his firm in the NGKF transaction, while CBRE’s Robert Alexander, David Mauer-Hollander and Douglas Lehman represented TD Bank.
Target Takes 900 KSF in Memphis
New leases, build-to-suit leases, lease expansions–big-box retailers are staking claim to big chunks of space outside of the leading markets, and Target’s commitment to a 900,000-square-foot facility in Memphis is among the latest transactions. The discount retailer will invest $50 million to tailor the building at 5461 Davidson Road to its specifications. CBRE Group represented Target in the lease transaction, while Cushman & Wakefield stood in for the landlord, which, according to Shelby County property records, is Memphis Industrial Park Inc., an entity affiliated with UBS Realty Investors.
Verizon Wireless Signs NYC Flagship Lease with JEMB
JEMB Realty continues leasing up its revitalized Herald Center, a 10-story, 250,000-square-foot retail and office property at 34th Street and Broadway, with Verizon Wireless taking 4,500 square feet for its new flagship Manhattan store on the ground floor. JEMB acquired the building in 1986. In recent years it began renovations to increase and showcase retail tenants. The property is being completely re-clad. Black glass panels on the first three floors were replaced with transparent panes and floors four through 10 are being transformed with LED panels to create a light display.
Peak Campus Adds 3,155 Beds to Management Portfolio
Atlanta’s Peak Campus Management has been selected as the property manager for a portfolio of five properties totaling 3,155 beds near Florida State University in Tallahassee. The assets—Osceola Ridge, Osceola Suites, Park at Forest Ridge, The Park at Midtown and University Heights—are owned by Collegium Capital Partners. Significant capital improvements, including rebranding, clubhouse renovations and unit improvements, are planned at all five communities in the near future. A dollar value for these improvements was not disclosed. Collegium, which bought the properties for $43.5 million in August, is a joint venture of Calidus Holdings, Pebb Capital and Pragma Investments.
KBS Secures 73 KSF in Chicago Leases
Transwestern secured 73,000 square feet in leases at KBS REIT III-owned 500 West Madison back in December, which brought total leasing activity at the building to 145,000 square feet for all of 2014. Extensive capital improvements are under way at the 1.5 million-square-foot building in Chicago’s CBD, which is now 95 percent occupied. Transwestern’s Michael Lirtzman, executive vice president, and Courtney Baratz, vice president, are the exclusive leasing agents for the building on behalf of the owner. Last December, HERE North America, a division of Nokia, leased 8,559 square feet in its third expansion in 2014, increasing its occupancy in the building to approximately 58,000 square feet. Additionally, National Financial Partners Corp. signed a lease extension and expansion for a total of 36,000 square feet. KBS REIT III acquired the 40-story building in late 2013.
Philly Market Project Lands First Major Retail Tenant
National Real Estate Development and their retail leasing team at The McDevitt Co. has committed MOM’s Organic Market to 16,000 square feet on the ground floor of 34 S. 11th St. The building is part of the larger 4.3 acre, mixed-use East Market redevelopment project. The announcement coincided with the launch of the project’s office leasing efforts at 34 S. 11th St., a newly-renovated office building with 160,000 square feet of contiguous space available. These milestones mark yet another step in the execution of this transformative project. East Market will reopen the city block to pedestrian activity, provide local and global retail and dining experiences, deliver 322 new residential units and offer contemporary, collaborative office space in the heart of Philadelphia.
Brookwood Inks 1.1 MSF of Leases in 2014
Brookwood Financial Partners executed more than 1.1 million square feet of new and renewal leases in its portfolio last year. The more notable new tenant and renewal leases included MC Assembly signing 57,770 square feet in Massachusetts; Barton & Associates taking a 50, 5000-square-foot lease in Peabody, Mass.; Digital Risk executing a 53,715-square-foot extension in Maitland, Fla.; and EBS Dealing Resources Inc. entering a 120-month lease renewal for 29,127 square feet in Parsippany, N.J.