July – Briefs/Leasing & Management
- Jul 09, 2012
Law Firms Signs for 420 KSF at CityCenterDC
International law firm Covington & Burling L.L.P. has ended its search for a new global headquarters, deciding to become the anchor office tenant in the $950 million CityCenterDC mixed-use development. The lease will bring the office space at One and Two CityCenter to more than 80 percent pre-leased. The 10-acre complex has been under construction for around a year. It is being developed by Hines, Archstone and the TFI US Real Estate Fund, a sovereign wealth fund ofQatar.
CityCenterDC is located on the site of the former Washing(WASHINGTON?) Convention Center. The 2.5 million-square-foot development will have more than 295,000 square feet of retail space at the base of seven buildings, with 520,000 square feet of office space, 458 apartments, 216 condominiums, a 350-room luxury hotel and nearly an acre of open space.
Coty Extends Empire State Building Lease
Global beauty products company Coty Inc. has expanded its office space at the Malkin Holdings-owned Empire State Building by 120,000 square feet, bringing its total occupancy to nearly 320,000 square feet. This is the second time that the company has expanded at the property, following the firm’s original lease of 90,000 square feet in 2008. The new arrangement will bring the tenant’s space to six floors once the build-out is complete.
Ventas, Kindred Enter Lease Agreement
Kindred Healthcare Inc. has entered into an agreement to lease 10 long-term acute-care hospitals owned by Ventas Inc. for an initial rent of $28 million per year beginning May 1, 2013. The new lease has a 10-year term and contains annual consumer price index-based escalations ranging from zero to 4 percent.
John Muir Health signs for 114 KSF
John Muir Health has staked its claim to the entire office building at1450 Treat Blvd.inWalnut Creek,Calif.The healthcare company signed a long-term 144,000-square-foot lease with an affiliate of Beard Land Improvement Co. for the Class A property. Jones Lang LaSalle Inc. represented John Muir Health in the transaction, while Cornish & Carey stood in for Beard Land Improvement Co.
BioMed Signs Aveo for 126 KSF
BioMed Realty Trust Inc. has secured a sizable lease in Boston’s life-sciences sector by landing Aveo Pharmaceuticals Inc. for 126,000 square feet of laboratory and office space at the REIT’s 280,000-square-foot property at 650 E. Kendall St. in Cambridge. BioMed owns the six-story, LEED Gold asset in a joint venture with Prudential Real Estate Investors.
NGKF Completes 120 KSF Miami Lease
Newmark Grubb Knight Frank has arranged a lease renewal and extension for Lennar Corp. at Lennar Corporate Center in Miami. The lease, which is one of the largest completed in South Florida in the past year, will boost Lennar Corp.’s footprint by 30,000 square feet, bringing it to 120,000 square feet of space. The office park is now 93 percent occupied, with additional tenants including General Electric and Liberty Mutual Insurance.
State Farm Renews with KBS
KBS Real Estate Investment Trust II has renewed a 24,329-square-foot lease with State Farm Mutual Automobile Insurance at Emerald View at Vista Center, a 139,471-square-foot property inWest Palm Beach, Fla. The REIT acquired the asset in 2010. It is currently 92 percent occupied. Jones Lang LaSalle Inc. represented KBS in the transaction.