May – Briefs/Leasing & Management
- Apr 28, 2014
DLA Piper Leases 175 KSF in Chicago’s West Loop
DLA Piper has signed a 175,000-square-foot lease that calls for the global law firm to relocate its Chicago office into 444 W. Lake St., better known as River Point. The 52-story, 1 million-square-foot, LEED Gold office tower is located in Chicago’s West Loop neighborhood. It was developed by Hines with co-investor Ivanhoé Cambridge. DLA Piper will occupy floors nine through 16 in early 2017. The law firm was represented by JLL and Cushman & Wakefield Inc. Hines represented itself.
Floor & Décor Takes 76 KSF with Alliance Partners
East Coast investor and operator Alliance Partners HSP L.L.C. has closed a 76,384-square-foot lease with Floor & Décor at Square 95, one of the largest freestanding retail buildings in the Washington, D.C., area. The transaction is a big validation of Alliance’s repositioning strategy for the Woodbridge, Va., property, which was previously manufacturing space for aerospace and defense company General Dynamics. The flooring company currently operates 37 stores in 18 metro markets around the country, and will occupy the rear of 14041 Worth Ave. This leaves 79,000 square feet of prime retail space in the front available for lease.
JLL Tapped by Simon for 1 MSF Assignment in Illinois
Simon Property Group has awarded JLL with leasing assignments for a trio of retail assets that total more than 1 million square feet of space in Illinois. The properties include Country Side Plaza, a 400,000-square-foot center in Countryside, Ill., anchored by Home Depot and City Furniture; Lake View Plaza, a 359,000-square-foot property in Orland Park, Ill., anchored by Best Buy and Value City Furniture; and Matteson Plaza, a 267,000-square-foot center in Matteson, Ill., currently anchored by Shoppers World. JLL’s Peter Caruso and Ashley Wagoner will tackle the assignment.
American Tire Signs 1 MSF Lease
Roll Real Estate Development L.L.C., the commercial real estate division of Roll Global, has signed a 1 million-square-foot lease with American Tire Distributors Inc. at its Paramount Logistics Park at 5000 Capital Road in Shafter, Calif. Since 2007, American Tire has occupied a 176,500-square-foot industrial building at the park, which is situated near Bakersfield’s Meadows Field Airport. In May 2013, the company entered into a build-to-suit lease transaction with Roll Real Estate Development for a 350,000-square-foot building within the park. Due to rapidly growing consumer demand in the Western United States, American Tire and Roll recently restructured the lease, tripling the required building size to more than 1 million square feet. Other tenants at the logistics center include Target, Formica, The Hillman Group, Baker Hughes and Ross Dress for Less.
First Potomac Lands 82 KSF Lease with the BSEE
The U.S. Department of the Interior’s Bureau of Safety and Environmental Enforcement (BSEE) has inked a 10-year lease for 82,116 square feet of space at First Potomac Realty Trust’s Atlantic Corporate Park in Sterling, Va. The REIT acquired the newly constructed LEED Gold property in late 2010 for $22.5 million. It comprisestwo four-story Class A buildings that total 220,000 square feet of 82 percent-leased space.
C&W Arranges 75 KSF NJ Industrial Lease
Cushman & Wakefield Inc. has arranged a 75,000-square-foot industrial lease for Global Experience Specialists (GES) at 203 Kuller Road in Clifton, N.J. The producer of trade shows, exhibits, retail spaces and entertainment experiences will relocate its New York metro area presence, thanks to the deal. The warehouse facility is owned by Prologis and totals 330,000 square feet. CBRE Group Inc. represented the industrial REIT in the lease.
Miami Children’s Health System Relocates with TIAA-CREF
Miami Children’s Health System is consolidating its non-clinical support and administrative headquarters under one roof owned by TIAA-CREF. The 79,156-square-foot space is at 5301 Waterford, a nine-story, 204,887-square-foot office in Miami near the hospital’s main campus. CRESA South Florida represented MCHS in the transaction; TIAA-CREF was represented by The Hogan Group. The move is slated for the third quarter of 2014. The deal puts the six-building Waterford portfolio—also including 701, 703, 1000, 5200 and 5201 Waterford—at 92 percent leased. The 5301 building, which recently underwent major enhancements to the lobby and other common areas, is now 89 percent leased.
SJP Properties, Thomson Reuters Sign Hoboken Expansion
SJP Properties has inked a 72,000-square-foot lease expansion with Thomson Reuters in Hoboken. The deal allows the global media giant to move ahead with a plan to bring 450 new employees to the Mile Square City. The move expands Thomson Reuters’ footprint at SJP’s Waterfront Corporate Center II to 93,000 square feet over three floors. The new space is expected to open during the third quarter of 2014 after a buildout.