In this week's issue:
- Arm & Hammer building 1.1 Mil-SF plant in PA.
- Hyundai takes 100,000 SF of office space in Irvine.
- Plus, we give you expansion news of: Amalgamated Life Insurance, CH2M Hill, Curtiss Wright, First DataBank, Kuehne + Nagel, Raymour and Flanigan, Restricted Stock Partners and others.
Arm & Hammer Reaches Out to Pennsylvania
By: Andrew Deichler
Household and specialty products provider Church & Dwight broke ground on its new Arm & Hammer manufacturing facility and distribution center in York County, PA, with the promise of bringing 300 new jobs to the region.
The Davies Facility, named after former Church & Dwight CEO Robert A. Davies III, is slated for delivery at the end of next year. The planned 1.1 million-square-foot industrial property will feature a cutting-edge green design, minimizing waste and energy consumption.
Church & Dwight selected the 232-acre site at 260 Hidden Lane due to its proximity to Interstate 83, U.S. Route 30 and the Pennsylvania Turnpike, as well as its convenient access to rail lines.
After a yearlong search, the company chose the York County site in south central Pennsylvania for its strategic location and its proximity to major highways and railroads. The site is near Interstate 83, U.S. Route 30 and the Pennsylvania Turnpike to the north, and Interstate 81 to the west. The local railroad, York Rail, has ties to the Norfolk Southern, CSX and Canadian Pacific rail lines.
First Industrial Realty Trust is developing the $150 million facility, with The Norwood Co. signed on as the general contractor. First Industrial purchased the site earlier this month from Stewart Associates for $15 million, or $64,655 per acre.
Kevin Hodge of ROCK Commercial Real Estate represented Stewart in the sale. Joseph McDermott of CB Richard Ellis represented First Industrial.
The York County Economic Development Corp. assisted Church & Dwight in obtaining a $3.25 million funding offer from the Department of Community and Economic Development that includes a $900,000 opportunity grant, $1.25 million in infrastructure development program funding, $900,000 in job creation tax credits and $200,000 in job training assistance.
The facility will make and distribute Arm & Hammer brand liquid laundry detergent and laundry additives. The General Contractor for the project is The Norwood Co.
Hyundai Finance Leases 100,000 SF
By: Andrew C. Burr
Not everybody in the auto industry is downsizing. Hyundai Motor Finance Co. (HMFC), the financing arm of the Korean carmaker, has taken 100,000 square feet at Maguire Properties' 3161 Michelson office tower in Irvine, CA.
HMFC will occupy the top four floors of the 20-story building next spring. Peter Johnston, Stefan Khudic and Cori Caso handled the deal in-house for Maguire, while Donald Yahn led a Cushman & Wakefield team in representing the tenant.
Maguire broke ground on the 532,000-square-foot tower, distinct for a white edge reminiscent of a ship-keel that extends from its base far above its roof, in 2006. It delivered last summer and has about 260,000 square feet for lease, according to CoStar information, with big blocks of space leased to law firms Gibson, Dunn & Crutcher and Bryan Cave LLP.
The building fronts the 405 Freeway in Park Place, a 105-acre building campus slated to include hotel, residential and retail space, as well as additional office space, over the next six years.
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Expansions & Relocations
Amalgamated Life Insurance Co. signed a 16-year lease with Cohen Brothers Realty Corp. to occupy 132,000 square feet in the North Building at 333 Westchester Ave. in White Plains, NY. Amalgamated Life Insurance will be relocating from its headquarters at 730 Broadway in Manhattan, where it has been for the past 60 years. The new office is expected to open in late October. David Nevins of Cohen Brothers Realty Corp., represented the landlord, in-house. Herb Goldberg, who was with Edward Warren & Co. at the time the deal, represented the tenant. (By: Brooke Koch)
Atlantic Beverage Co. purchased a 138,000-square-foot condominium unit in the Edison One Commerce Center in Edison, NJ, for $7 million, or about $50 per square foot. Atlantic will be moving its headquarters to the new facility. The seller was a joint venture of Tulfra Realty Co. and Hampshire Cos. James Frank of Cushman & Wakefield represented the buyer. The seller was represented in-house. (By: Danielle Cook)
The California Highway Patrol leased 285,016 square feet of office space in Sacramento, CA, for a state headquarters campus. The terms of the 20-year lease were not disclosed. The CHP will occupy three buildings at 591, 601 and 611 N. 7th St., which together comprise Continental Plaza. The law enforcement agency, which is slated to occupy the space in September 2009, will be consolidating from several locations in the Sacramento area. Bill Newland, Clyde Rawlings and Toss Vallentine of Grubb & Ellis' Sacramento office, represented the lessor, Newport Beach-based Grove Investment Co. Cornish & Carey represented the lessee.
CH2M Hill leased 40,683 square feet at Penn Center West Five in Pittsburgh, PA, from The Soffer Organization. The engineering and construction provider plans to occupy the space in December. Patti Dittman represented Soffer, in-house. Newmark Knight Frank in Farmington Hill, MI, represented the tenant. (By: Michael Freitag)
Coyote Logistics LLC leased 36,556 square feet at Brookside 800 in the North Fulton submarket of Atlanta, GA. Coyote Logistics will relocate its headquarters to Brookside 800 and occupy the entire building. The third-party-logistics provider is subleasing space formerly occupied by a mortgage firm. Monty Harris and Kirk Adams of Newmark Knight Frank represented the previous tenant in the sublease transaction. The Alter Group owns the property. Colliers Spectrum Cauble's John Thornton and Michael Lipton represented Coyote.
Crimson Exploration, an oil and gas company, signed a 27,144-square-foot lease deal at 717 Texas Ave. in the central business district of Houston, TX. Chrissy Wilson represented the landlord in-house. Ed Prejean and Don King of Jones Lang LaSalle represented the tenant. (By: Dameon Makinde)
Curtiss Wright Corp. expanded its operations and leased 29,974 square feet at 10 Waterview Blvd. in Parsippany, NJ. The aerospace and defense component manufacturer will be relocating from its 22,000-square-foot headquarters in Roseland, NJ. Dan Ackerman and Susan Lulla of Linque Management Co. represented the landlord, McMorgan & Co. Steven Pavon and Bart Oates of J.H. Cohn Real Estate represented Curtiss Wright. (By: Nashira Smith)
Delta Petroleum Company Inc. leased 129,000 square feet of rail served warehouse space at 10521 Sheldon Road in Houston, TX, from AFG Investment Fund 2 LLC. B. Kelley Parker, III, SIOR, John F. Littman, SIOR, MAI and Jon Farris, SIOR, CCIM of this office Cushman and Wakefield of Texas Inc.'s Houston office represented the landlord. Ryan Fuselier of Jones Lang LaSalle represented the tenant.
First DataBank, a provider of integrated drug data base products, leased 34,680 square feet at 701 Gateway Blvd. in South San Francisco, CA, from Broadway Partners. The company will relocate from 1111 Bayhill Drive in San Bruno. First DataBank will occupy the entire sixth floor and a portion of the second floor. Mike Moran, Clarke Funkhouser, and Kevin Waldman of NAI BT Commercial represented Broadway Partners, while Mark McGranahan represented First DataBank. (By: Kristin Vanderluit)
The General Services Administration's Department of Homeland Security and
Department of Veterans Affairs each signed 60,000-square-foot leases at 1717 H St. NW in Washington, DC. The GSA will be occupying the space previously leased by the Corporate Executive Board, a management research company that had a short-term lease in the building prior to its relocation to Waterview in Rosslyn, VA. The GSA leases are for 10 years each. The agencies will reside on four floors of the 11-story building. Peter Marcin, Brian Sullivan and Lauren LeHew of Cushman & Wakefield represented the landlord, Matomic Operating Co.
Kosmos Energy LLC leased 50,000 square feet of new office space at The Offices at Park Lane in Dallas, TX. The Dallas-based international oil exploration and production company will expand, consolidate and relocate its headquarters from One Lincoln Park to 8190 Park Lane in February. The new, five-story, 98,000-square-foot, Class A office project is currently under construction and is expected to open to the public early next year. Grant Sumner and T.D. Briggs of Peloton Real Estate Partners represented the landlord in-house. Robert Droke, an independent broker formerly with Banner Commercial, represented Kosmos Energy. (By: Brian Barga)
Kuehne + Nagel leased 208,000 square feet at the Tahoe-Reno Industrial Center, a master-planned distribution park located along Interstate 80 approximately nine miles east of Sparks, NV. Kuehne + Nagel plans to operate the space on behalf of several clients. It also leased 178,000 square feet at ProLogis Park Tracy I, a 1.3-million-square-foot distribution park located in Tracy, CA. Both properties are owned by ProLogis.
National Sales & Supply, a provider of outdoors and landscape supplies, leased 120,000 square feet in the Expressway 95 Industrial Park in Bensalem, PA, from Boston-based Realty Associates Advisors. Michael Borski Sr., from The Flynn Co. represented the landlord. Ben Altman from The Prestige Group represented the tenant. (By: Latricia Miller)
Raymour and Flanigan agreed to lease Griffin Land's 308,000-square-foot warehouse in Manchester, CT, from Griffin Land & Nurseries Inc. The lease is for seven years and includes an option to purchase the property. The lease is expected to start in September.
Restricted Stock Partners, a division of Green Drake Capital Corp., signed a 23,500-square-foot sublease at 26 Broadway in New York. The liquidity solutions provider will be occupying space on the 12th floor in November. Restricted Stock Partners is moving from its 17 Battery Place location to meet expansion needs. Stephen Chasanoff of GVA Williams represented the sublessor. Jim Wenk of Jones Lang LaSalle represented the sublessee. (By: Donna Boccuzzi)
CoStar Columns
For news of companies shedding commercial space, see
Closures & Layoffs, a weekly listing of future corporate downsizings.
For news of property financing and a listing of loans nearing their maturity, see
Property Finance, a weekly column of commercial real estate finance news and loan leads.
For news of properties about to go through a change of ownership, see
Under Contract, a weekly listing of properties to be sold or acquired.
For news of distressed properties, see
Watch List, a weekly column of property and credit market conditions and real estate investment opportunities.
For development and construction news, see
In the Pipeline.
For retail news including expansions, closings and mergers and acquisitions, see
CoStar's Retail News Roundup.
For green building news from CoStar, see
Green Lede.