October – Briefs/Leasing & Management
- Sep 25, 2013
CBRE Tapped to Manage London’s Gherkin
CBRE Group Inc. is taking over management of the 516,668-square-foot, 40-story skyscraper in central London known as The Gherkin. One of the world’s most iconic commercial buildings, the mixed-use high-rise is nearing its 10thanniversary. The skyscraper, located at 30 St. Mary Axe, is owned by a joint venture between IVG EuroSelect 14, a closed-end fund managed by IVG Private Funds Management GmbH, and Evans Randall, a U.K.-based investment firm. The joint venture partners bought the building in February 2007 from Swiss Re, which is still the property’s largest tenant. Other tenants include Kirkland & Ellis L.L.P. and ION Trading.
JLL to Manage 640 KSF at Suburban DC Headquarters Campus
Jones Lang LaSalle Inc.’s management responsibilities in suburban Washington, D.C., just grew by 640,000 square feet. The commercial real estate services firm has been tapped by The Meridian Group to manage three buildings at the 18-acre Solutions Plaza corporate headquarters campus in Tysons Corner, Va. It’s a new assignment for Jones Lang LaSalle and a new property for Meridian. The real estate investment and development firm acquired Solutions Plaza in May in a partial sale-leaseback transaction with tenant Science Applications International Corp., which had occupied all three office towers. The buildings sit on 3.4 acres of land and carry the addresses of 1707, 1709 and 1710 SAIC Drive. Post-sale, Science Applications International will whittle its occupancy at the site down to Tower III under a seven-year lease agreement with Meridian.
Pandora Signs with SL Green in Manhattan
Internet music provider Pandora Media has signed a 10-year lease for 52,400 square feet on the 19th and 20th floors of SL Green Realty Corp.’s 125 Park Ave. The 26-story, 572,705-square-foot property is located across from Grand Central Terminal in Midtown Manhattan. Other tenants include Haworth, Canon Business Solutions, Emerge 212 and Newmark Grubb Knight Frank. CBRE Group Inc. represented Pandora Media in the transaction, while Newmark Grubb Knight Frank acted on behalf of SL Green.
Blue Buffalo Completes 391 KSF Lease Acquisition
Natural pet food company Blue Buffalo has closed its 390,766-square-foot lease acquisition for the Monroe Logistics Center Building B in Monroe, Ohio. CBRE Group Inc. represented Blue Buffalo in the transaction. The property is part of a two-building complex developed by IDI that totals more than 1.3 million square feet. Both properties are now 100 percent occupied. The center is strategically located in the northern part of Cincinnati off State Route 63, four miles west of I-75, 10 miles from I-275 and 26 miles from Dayton.
Fairway to Anchor Food Market at Hudson Yards
Fairway Market has become the latest company to lease space in the South Tower of the Hudson Yards project, taking nearly 46,000 square feet on the ground floor of the first office high-rise to be built in the 28-acre mixed-use development on Manhattan’s West Side. The developers, Related Cos. and Oxford Properties Group, made the announcement along with Fairway Group Holdings Corp. Officials for Fairway, a New York City-based specialty food retailer that has been expanding in the tri-state area, said the Hudson Yards Fairway will be comparable in size to its stores at 74th Street and Broadway and 86th Street and Second Avenue in Manhattan.
H&M Takes 63 KSF in NYC
JEMB Realty’s long-held vision for Herald Center, its 250,000-square-foot office and retail property at the intersection of 34th Street and Broadway in Manhattan, is coming to fruition. With exclusive leasing agent CBRE Group Inc. at the helm, the 10-story tower has landed fashion retailer H&M for occupancy of a prominent 63,000-square-foot wraparound retail space under a 25-year lease agreement. It’s a big deal for JEMB, and not a small step for H&M: The new flagship store will be the international retailer’s third address in New York City and its largest in the world.
Vantage, CBRE Land Atlanta Retail Gig
Cousins Properties has tapped CBRE Group Inc. and Vantage Realty Partners to lease retail space at Terminus and Emory Point, two premier mixed-use developments in Atlanta. Gables Residential will continue to manage the residences at Emory Point, which it is co-developing with Cousins Properties. Terminus includes entertainment space, Class A office, luxury multi-family and street-level retail. Emory Point is the first ground-up retail development in Atlanta’s Emory submarket in two decades. The $170 million mixed-use project has approximately 8,000 square feet of retail space available for immediate occupancy, and includes an expansion phase, with an additional 42,000 square feet for lease in two new buildings.
Cushman & Wakefield Inks 250 KSF Lease in Illinois
3D Exhibits Inc. has a new headquarters space, thanks to a long-term lease for 250,000 square feet at 798-800 Albion Ave. in Schaumburg, Ill., closed by Cushman & Wakefield Inc. The transaction marks a consolidation and expansion move for the corporate exhibit and events company, and also represents the largest industrial transaction completed in Schaumburg in the last three years. Darwin Realty brokered the transaction for the building’s owner, an institutional pension fund advisor.