September – Briefs/Leasing & Management
- Aug 26, 2013
C&W Wins WTC Site-Wide Management Contract
Cushman & Wakefield Inc. has landed one of the most coveted real estate assignments in Manhattan, if not the entire country. The firm has been selected by the Port Authority of New York and New Jersey to serve as site-wide property manager for the new World Trade Center site under a seven-year contract with the potential for three one-year extensions. The gig is valued at $5.5 million.
The firm, along with the Durst Organization, is also co-exclusive leasing agent of the 3 million-square-foot One World Trade Center office tower, which is approximately 55 percent pre-leased to publishing stalwart Condé Nast (1 million-square-feet), New York State (415,000 square feet), and Vantone China Center (190,810 square feet).
Emeritus Senior Living Leases 38 Communities
Emeritus Corp. has entered into a definitive agreement with Health Care REIT Inc. and Merrill Gardens to lease 38 seniors housing communities containing approximately 4,400 units. The properties are located across eight states—primarily in Washington and California—and are currently owned by a joint venture between Health Care REIT Inc. and Merrill Gardens. Once the transaction closes, Health Care REIT Inc. will acquire Merrill Gardens’ 20 percent equity interest in the assets and Emeritus will operate the properties under a long-term triple-net master lease. Rental income for the first year is expected to total $54 million. The initial term of the lease is 15 years, and Emeritus has the option to extend the lease for one additional 15-year term.
COPT Leases 1 MSF in 2Q13
Corporate Office Properties Trust signed more than 1 million square feet of leases during the second quarter of 2013. Of that total, nearly 600,000 square feet were for new leases, including 460,000 square feet of new leases for properties under construction. The activity brings the company’s construction pipeline, which was 62 percent pre-leased as of March 31, 2013, to 74 percent occupied as of June 30, 2013. Included in the leasing total was 395,000 square feet of space taken in new buildings under construction in Northern Virginia. Both of the properties are now 100 percent leased, each with a different tenant.
Hudson Pacific Signs 88 KSF in San Francisco
Uber Technologies, a provider of app-based affordable luxury transportation, is the newest tenant at Hudson Pacific Properties Inc.’s 1455 Market St. property in San Francisco. The new 10-year, 88,134-square-foot lease encompasses the entire fourth floor and backfills space currently occupied by the property’s largest tenant, whose lease was scheduled to expire in 2017. Commencement of the lease with Uber is expected for first quarter 2014. 1455 Market St. is a 1 million-square-foot, 22-story, Class A office building located in the Mid-Market submarket of San Francisco.
Skanska Signs for 44 KSF in Cambridge
Skanska USA Commercial Development Inc. has secured a lease at 150 Second St. in Cambridge, Mass., with bluebird bio, a clinical-state biotech company focused on treating severe genetic and orphan diseases using gene therapy. The company will occupy 43,586 square feet of space at the property, which is located in Cambridge’s Kendall Square neighborhood. Completed back in December 2012, 150 Second St. is a LEED Gold pre-certified lab and office building anchored by molecular information company Foundation Medicine. Skanska acquired the property in November 2010 and self-financed the development costs for the three-story Class A project.
Cassidy Turley Lands 2 MSF Management Gig
USAA Real Estate Co. has hired Cassidy Turley to manage more than 2 million square feet of space at three Indianapolis buildings. While Cassidy Turley already represents USAA Real Estate Co. properties in Louisville and Washington, D.C., this is the first partnership in the Plainfield, Ind., area. Properties in the contract include Plainfield Distribution Center at 2150 Stanley Drive (493,500 square feet); GreenParke at Airwest at 3747 Plainfield Road; and Airwest Distribution Center at 2801 Airwest Blvd. In addition to the management contracts, Cassidy Turley will handle leasing efforts at GreenParke at Airwest.
Finard Hires CBRE-Grossman for Mohegan Sun’s Mass. Leasing Assignment
Boston-based Finard Properties has hired CBRE-Grossman Retail Advisors as exclusive leasing agent for the retail, restaurant and entertainment component of the proposed Mohegan Sun Massachusetts resort casino in Palmer. The 300,000-square-foot retail and lifestyle complex will be comprised of premier retail stores, restaurants, nightclubs and entertainment facilities. On the larger level, the nearly $1 billion casino resort project will also feature two hotels, a water park and casino gaming. CBRE-Grossman’s development company, Grossman Development Group, will also join Finard Properties as a development partner in the retail/restaurant/entertainment complex.
Brookwood Signs 92 KSF in New Leases
Brookwood Financial Partners L.L.C. has signed two leases totaling 91,907 square feet at its 300 Jubilee Drive property located in Peabody, Mass. Jones Lang LaSalle Inc. was the listing broker in both transactions. A division of Thermo Fisher Scientific entered into a 10-year lease for 56,000 square feet, and International Transportation Group signed a five-year lease for 35,307 square feet. Newmark Grubb Knight Frank represented Thermo Scientific, while Colliers International represented International Transportation Group. The asset is located in Centennial Park, directly off Route 128 and within a quarter mile of the I-95 and Route 128 interchange.