May – Briefs/Leasing & Management
- Apr 25, 2013
Chambers Street Selects Cassidy Turley for 1 MSF Gig
Chambers Street Properties has selected Cassidy Turley to manage nearly 1 million square feet of office property in Dallas, Houston, Columbus and Raleigh. This is the most recent of several large gigs that 2013 has brought for Cassidy Turley. In February, the firm was tapped by Washington Real Estate Investment Trust to sell a 1.3 million-square-foot office portfolio. In January, Westcore Properties selected Cassidy Turley to manage 11.1 million square feet of office, industrial and retail space in California and Missouri.
Chambers Street Properties is a self-managed Maryland-based REIT that buys and manages high-quality assets on a long-term basis in the U.S., Europe and U.K. The firm currently has a portfolio of 129 properties (116 in the U.S., six in Germany and seven in the U.K.) spread across 40 markets.
Macy’s Extends 646 KSF Vornado Lease
Vornado Realty Trust has completed a lease extension with Macy’s Inc. in its 11 Penn Plaza property in Manhattan. Macy’s will remain the anchor tenant in the 1.1 million-square-foot asset for at least another two decades after committing to its 646,000-square-foot space through 2035. The 23-story property dates back to 1923, with major renovation work done in 1982. Vornado completed a $330 million refinance on 11 Penn back in late 2011.
SL Green Signs 457 KSF in Two Months
SL Green Realty Corp. had a particularly strong start to 2013, with 457,677 square feet of signed leases in the first two months of the year. That figure includes 35 Manhattan leases. The highlight was a 150,865-square-foot lease signed with Eisner Amper at 750 Third Ave. SL Green’s pipeline is strong, as well, with more than 600,000 square feet either in late-stage negotiations or awaiting final signatures.
BioMed Realty to Lease 205 KSF in San Fran
BioMed Realty Trust Inc. has signed two new leases for 15 years with Life Technologies Corp. at its Science Center at Oyster Point in South San Francisco. Life Technologies, a global biotech firm, will fully occupy 200 and 180 Oyster Point Blvd., comprising approximately 204,900 square feet of laboratory and office space. BioMed Realty Trust Inc. has reached an agreement with Elan Corp., the current tenant, on an early lease termination, which will be effective simultaneous with the Life Technologies leases. Pursuant to the agreement, Elan Corp. will pay BioMed Realty Trust Inc. an early lease termination fee of $46.5 million.
Hines Signs American Hospital Association to CityCenterDC
Hines has signed a new lease with national non-profit organization American Hospital Association in Two CityCenter at the developer’s mixed-use CityCenterDC development in downtown Washington, D.C. The project is one of the largest U.S. downtown developments currently underway. The American Hospital Association will occupy 42,000 square feet when it moves into its new digs in September 2014. CityCenterDC is being built by Hines and its partner The TFI US Real Estate Fund. The anchor investor in the fund is Qatari Diar Real Estate Investment Co., the real estate investment arm of the Qatar Investment Authority.
Prologis Leases 239 KSF in Brazil Development Project
Prologis Inc. has inked a new lease agreement totaling 239,000 square feet in Sao Paulo. The lease was signed with Saraiva, the country’s largest bookstore chain and online retailer. Saraiva will occupy the final buildings at Prologis C.C.P. Cajamar I Industrial Park, a 2 million-square-foot development that is now 100 percent pre-leased. Tenants at the master-planned distribution park include Schneider Electric, Penske Logistics, SC Johnson, SKF, Nova Pontocom and Zara Brazil. Prologis has more than 8.7 million square feet of developed or to-be-developed space in the country as of Jan. 1, 2013.
Marshall Hotels & Resorts Adds Three Management Contracts
Marshall Hotels & Resorts Inc. has added three management contracts to its national portfolio. The properties include the Grand Union Hotel, an 88-room boutique property on 34th Street in Manhattan; a 232-room Hilton Garden Inn under construction in Midtown Manhattan; and a 90-room Comfort Inn and Suites in Mt. Laurel, N.J.
CBRE Acquires Czech Management Firm
CBRE Group Inc. has strengthened its global property management capabilities in the Czech Republic and Slovakia with the acquisition of IMPACT-CORTI. The firm has 6 million square feet under management across 140 assets and a current annual revenue of $10 million. IMPACT-CORTI’s team of 160 professionals will join CBRE Group Inc.’s established property management practice in Europe. Notable buildings in IMPACT-CORTI’s Prague portfolio include The GEMINI Business Center, LIGHTHOUSE Waterfront Towers and the Burzovni Palac, home of the Prague Stock Exchange.