November – Briefs/Leasing & Management
- Nov 01, 2013
Alexandria Executes 142 KSF Extension in Cambridge
ARIAD Pharmaceuticals Inc. has executed a lease amendment that increases its space at Alexandria Real Estate Equities Inc.’s 75/125 Binney St. in Cambridge, Mass., by 142,000 square feet. The expansion brings ARIAD’s total leased premises to approximately 386,000 rentable square feet, or 99.5 percent of the project. The remaining 2,000 square feet is slated for retail. Alexandria expects to deliver the asset to ARIAD in the first quarter of 2014.
Jackson Walker Leases 104 KSF in Dallas Arts District
CBRE Group Inc. has been keeping busy in Dallas, announcing its role in the completion of a 104,064-square-foot lease on behalf of Jackson Walker L.L.P. in the future Hall Arts office building in the heart of the Dallas Arts District. Jackson Walker L.L.P. will take four floors at 2323 Ross Ave. from landlord Hall Financial Group when the building opens in 2015. The lease keeps the law firm in the Dallas area after spending nearly 30 years in its current 142,000-square-foot space at Bank of America Plaza.
Google Leases Office Campus at Former Mall from Rockwood, Four Corners
Google Inc. is leasing 500,000 square feet–the largest lease signed so far this year in Silicon Valley–at the former Mayfield Mall in Mountain View, Calif. The asset is being repurposed by Rockwood Capital L.L.C. and Four Corners Properties L.L.C. into Class A office space. The space operated as a mall from 1966 to 1986, when Hewlett-Packard bought it and used it as an office campus; it later closed the site. The property had been set to become a 260-unit housing complex. When plans fell through, Rockwood and Four Corners bought the site for $90 million in late 2012. At that time, it was the largest sale of office space in Silicon Valley, according to Kidder Mathews.
Chambers Street Signs 450 KSF Near Charleston
Chambers Street Properties, a net lease industrial and office real estate investment trust, has signed a 450,000-square-foot lease at Jedburg Commerce Park, a warehouse/distribution property in Summerville, S.C. Located at 1124 Newton Way, Jedburg Commerce Park was built in 2007 and acquired by Chambers Street in the same year. The property is located adjacent to Interstate 26, which provides access to the major highways for goods to be shipped along the Eastern seaboard and is accessible to the Port of Charleston. Chambers Street owns and operates more than 3.6 million square feet of warehouse/distribution properties in South Carolina.
One WTC Launches Build-to-Suit Leasing Program
Big names have staked big claims to office space at One World Trade Center, but now that The Durst Organization has kicked off a new leasing endeavor, size really doesn’t matter at the 3 million-square-foot tower. Durst, co-developer of One WTC along with the Port Authority of New York and New Jersey, recently launched its pre-build/build-to-suit program, earmarking a total of 94,000 square feet for units ranging in size from 2,000 to 20,000 square feet to accommodate as many as 18 tenants. The developer is working with Cushman & Wakefield Inc., the commercial real estate services firm charged with leasing up One WTC, to execute the new program.
Cassidy Turley Fills 90 KSF in Missouri
Serco Inc. is leasing 90,000 square feet of office space in the former U.S. Fidelis building in St. Louis for a five-year term. Cassidy Turley’s St. Louis office negotiated the transaction for both the landlord and future tenant. The 343,000-square-foot asset is located at 100 Mall Parkway in Wentzville, Mo., about 30 mile west of St. Louis. Serco Inc. is a provider of professional, technology and management services focused on the federal government, and is in the process of hiring 600 people.
Liberty Property Trust Breaks Quarterly Leasing Record
Liberty Property Trust has leased 7.5 million square feet in its industrial portfolio during the third quarter of 2013. The figure represents the highest quarterly leasing total in the company’s 41-year history. The two largest deals were Walmart leasing a 1.2 million-square-foot distribution facility under construction in Bethlehem, Pa., and a lease for a 945,720-square-foot build-to-suit distribution facility at 1467 Perryman Road in Aberdeen, Md., that is set to open in 2014.
Transwestern Awarded 700 KSF in Contracts
Transwestern’s Atlanta office has been awarded the management and leasing assignments for nearly 689,000 square feet of Class A office space in metro Atlanta. Hudson Advisors selected the firm to manage and lease its newly acquired 200 Galleria, a 20-story, 438,000-square-foot office building at 200 Galleria Parkway in the Cumberland/Galleria submarket. In addition, Transwestern was selected to provide property management services for 1111 Hammond Exchange. The asset is located in the Central Perimeter submarket and is currently 100 percent leased to State Farm (189,000 square feet) and CHEP (60,000 square feet).