July – Briefs/Leasing & Management
- Jun 25, 2013
TCC, Principal Land 850 KSF Lease
ConocoPhillips has signed on to take 850,000 square feet at Houston’s Energy Center office campus, a two-tower trophy asset being built by Trammell Crow Co. and Principal Real Estate Investors. The energy company will be the sole tenant of Energy Center Three, a 550,000-square-foot tower currently under construction. ConocoPhillips will also take half the space at Energy Center Four, a 600,000-square-foot building scheduled to break ground during the fourth quarter.
Located in the heart of the city’s Energy Corridor, Energy Center Three and Four will bring ConocoPhillips’ Lower 48 Business Unit together at a single address. The new buildings will also be within easy reach of the company’s corporate headquarters campus.
JEMB Realty Signs ASA for 160 KSF
JEMB Realty has signed existing tenant ASA College to a lease extension and expansion that will see the higher-education institution more than double its space at JEMB’s Herald Center, a 10-story, 250,000-square-foot retail and office property at the southwest corner of 34th Street and Broadway in Manhattan. The college currently occupies space on the first three floors of the property, but with its new deal, ASA will leave that space and move to 112,000 square feet on the fourth, fifth, sixth and seventh floors of Herald Center. The lease also allows further expansion when an additional 48,000 square feet becomes available early next year.
SL Green Signs 178 KSF Travelers Renewal
SL Green Realty Corp. has seen its leasing volume remain high throughout the first half of the second quarter of 2013. The REIT’s activity—which totaled 441,651 square feet from April 1 through May 20—was highlighted by a 178,024-square-foot renewal with The Travelers Indemnity Co. at 485 Lexington Ave. in Manhattan. Other notable transactions include a 49,541-square-foot renewal and expansion by Blue Mountain Capital at 280 Park Ave.; a 49,541-square-foot renewal and expansion by Promontory Financial Group at 280 Park Ave.; a 35,113-square-foot renewal at 555 W. 57th St. by Beth Israel Medical Center; and a 21,159-square-foot retail lease at 3 Columbus Circle by CVS.
Alexandria Lands Flagship Tenant in Mission Bay
Alexandria Real Estate Equities Inc. has signed a 97,700-square-foot lease with a mid-cap life science company with an equity market capitalization in the $7 billion to $10 billion range as the flagship tenant at its Bay Area R&D center located at 499 Illinois St. in San Francisco’s Mission Bay area. The tenant signed a 10-year lease for what is 45 percent of the 219,600-square-foot development. The tenant will use the space to open a state-of-the-art R&D center focused on the development of its next generation of products and services.
Simon Signs Wayfair.com for 105 KSF
Online home products and furnishings retailer Wayfair.com has signed a new 105,000-square-foot lease with Simon Property Group Inc. at The Offices at Copley Place in Boston’s Back Bay. The space, which will serve as the company’s new corporate headquarters, is spread across five floors in Tower 4 of Copley Place. The company expects a move in mid-2014, when its current lease at 177 Huntington Ave. (also in Boston) expires. Richards Barry Joyce & Partners represented Wayfair.com in the transaction, while CBRE New England worked on behalf of Simon Property Group Inc. in securing the lease.
Mack-Cali Picks JLL for Newark Leasing Assignment
Mack-Cali Realty Corp. has tapped Jones Lang LaSalle Inc. for leasing and marketing services at One Newark Center, a 416,000-square-foot Class A asset located at 1085 Raymond Blvd. in Newark, N.J. The 22-story office property was designed by Grad Associates and constructed in 1992. The property was acquired by The Praedium Group L.L.C. and Gale Real Estate Services Co. (the latter of which was acquired by Mack-Cali in 2006) in late 2005.
Inland Renews 88,000 with Michaels Stores in Midwest
Inland Real Estate Corp. has renewed four leases with Michael Stores at four shopping centers located in Minnesota, Nebraska and Wisconsin. All of the leases are for five-year terms and total more than 88,000 square feet. The renewals include Michaels locations at Mankato Heights Plana in Mankato, Minn.; Riverdale Commons in Coon Rapids, Minn.; The Shoppes at Grayhawk in Omaha, Neb.; and Pine Tree Plaza in Janesville, Wis.
Transwestern Lands 293 KSF Skokie Leasing Assignment
The Lionstone Group has named Transwestern as the exclusive leasing agent for the Concourse Office Plaza, a 293,280-square-foot Class A office complex located in Skokie, Ill. The 12-story, two-building complex was built in 1971 and is currently 83 percent leased. The building has been part of The Lionstone Group’s portfolio since 2006, when the company acquired the asset from a group of investors advised by Podolsky|Circle. The two towers are connected by a three-story concourse and a five-story parking garage with 710 spaces.