CoStar compiles news of company expansions and relocations, as well as consolidations, closures and layoffs. Look for Lease Up and Lease Down every week, to stay updated on major corporate moves affecting commercial real estate.
In this week's issue:
SL Green inks deals for CBS, Healthfirst, PepsiCo and Citigroup
The NFL signs a big lease but cuts back on space
LEGO adds to its North American HQ
Ford begins its $400 million expansion in Chicago
True Value inks a 1.2 million-SF renewal
New Breed Logistics continues to grow in Memphis
ASM Research relocates in Fairfax, VA
Onyx Pharmaceuticals relocates in San Francisco
Fuel Systems of Angola announces 140 new jobs in Indiana
SL Green Signs CBS & Healthfirst to Major Office Deals
It was another landmark week for SL Green. The office REIT inked long-term deals for CBS Broadcasting and Healthfirst in Manhattan, while one of its subsidiaries closed two leases for PepsiCo and Citigroup in the Westchester/Southern Connecticut region.
The four leases total up to more than 610,000 square feet.
Three out of the four transactions were renewals, which Steven Durels, executive vice president and director of leasing and real property for SL Green, cited as further proof that more tenants are sticking with landlords they know they can trust, given the current market. "Large tenants are choosing to lock in favorable occupancy costs with financially stable landlords while also providing building owners with long-term stability and rent increases over and above the in-place rent," he said.
CBS signed an early extension of its 281,896-square-foot lease at 555 W 57th St. The television network has agreed to remain in the space through the end of 2023.
The 20-story, 1 million-square-foot office tower was built in 1973 in the West Side. Additional tenants include BMW of Manhattan, the City University of New York and St. Luke's Roosevelt. SL Green purchased the property in 1999, according to CoStar information.
Michael Laginestra, Scott Gottlieb and Andrew Sussman with CBRE represented CBS in the lease transaction, while Durels represented SL Green.
Healthfirst signed a 20-year, 172,577-square-foot lease for floors 16 through 19 at 100 Church St. in downtown Manhattan, slated to commence in fall 2011. Rent was not disclosed by asking rates for the building's upper floors are $36 per square foot, according to CoStar information.
The nonprofit managed care organization is relocating its headquarters from 25 Broadway, where it currently occupies 87,322 square feet. Healthfirst's offices at 123 William St., which total 73,500 square feet, are also being moved to the new location.
SL Green acquired 100 Church in January, through a foreclosure auction. Built in 1958, the 21-story, 1.05 million-square-foot office tower is in the World Trade Center area.
At the time of SL Green's acquisition, the building was 58% vacant. According to Durels, SL Green immediately stepped up the marketing of the property and completed major improvements to the lobby, entrance and windows, along with mechanical upgrades.
"Our goal was to revitalize a building that had been languishing for over 5 years," he said. "The building is fundamentally very strong with large and efficient center core floors, exceptional convenience to public transportation and a strategic location bridging Tribeca and the Financial District."
Derek Trulson, Bill Peters and Daoud Awad with Jones Lang LaSalle represented Healthfirst in the lease. Brian Waterman, James Kuhn, John Fanuzzi, Hal Stein and Lance Korman of Newmark Knight Frank handled the deal for SL Green.
Further north, SL Green subsidiary Reckson signed two major renewals.
PepsiCo inked a 75,000-square-foot extension at 100 Summit Lake Drive in Valhalla, NY. The beverage company will continue to anchor the building for another 10 years. Paul Jacobs of CBRE represented PepsiCo.
The four-story, 250,000-square-foot office building delivered in 1988 and is part of Reckson's Summit at Westchester business park. Additional tenants include ConEdison Solutions and Towers Watson.
Reckson also signed Citigroup to a five-year early renewal at 750 Washington Blvd. in Stamford, CT. The financial services giant will continue to occupy 82,000 square feet on floors seven through nine. Steve Banker and Neil Goldmacher with Newmark Knight Frank represented Citigroup.
The 11-story, 192,000-square-foot office building was built in 1989 and is one half of Stamford Towers. Oppenheimer & Co. and UBS Financial Services also occupy space in the building.
NFL Relocates, Cuts Back on Space
The National Football League (NFL) officially announced Tuesday that it is relocating its headquarters to 345 Park Ave. in Manhattan. But although the nation's most popular sports league inked one of the New York's largest office leases this year, it also cut back on a significant amount of space.
The Rudin Family signed the NFL to a 20-year, 175,000-square-foot deal, slated to commence in third quarter next year. That is about 15% less space than the league's current 205,000-square-foot headquarters lease at nearby 280 Park Ave.
Occupying a smaller space makes sense for the NFL, which has been attempting to cut costs since the start of the financial crisis. In late 2008, the league laid off about 150 employees in an effort to cut expenses by $50 billion.
Eric Grubman, executive vice president of NFL ventures and business operations, said the new space "will enable us to be more efficient."
345 Park Ave. is a 44-story, 1.8 million-square-foot skyscraper built in 1969 in the Plaza District. Additional tenants include KMPG LLP, The Blackstone Group, Bristol-Myers Squibb and Deutsche Bank.
The NFL intends to fully occupy floors five, six and seven (about 150,000 square feet), as well as about 30,000 square feet of below-grade space to be used for operational and administrative departments.
Franklin Speyer and Lou D'Avanzo with Cushman & Wakefield, along with Peter Hennessy and Daoud Awad with Jones Lang LaSalle handled negotiations for the NFL. Tom Keating represented Rudin Management, in-house.
Building Blocks: Lego Expanding North American HQ
Lego, the world's fifth largest toymaker, is expanding its North American headquarters in Enfield, CT.
The Danish manufacturer of plastic building blocks, a long-time staple at the Enfield Business Park, is increasing its footprint by about 80,000 square feet. The toymaker's new space will include multiple operations, such as consumer services, direct-to-customer retail, IT and human resources, finance and facilities management. Sean Duffy of Cushman & Wakefield handled the lease.
"This Enfield site has been the Lego Systems home for 35 years, and we are very happy to be able to assume incremental space to meet the needs of our company growth here," said Michael McNally, brand relations director, Lego Systems. He added that the location is very convenient to Lego employees, who hail from both Connecticut and Massachusetts.
The expansion may come as a surprise to some since Lego, which has struggled with sluggish sales in recent years, opted to realign certain aspects of its business in 2007. The toymaker moved its manufacturing and warehouse operations out of the Enfield Business Park, costing about 300 local workers their jobs. However, the layoffs were not exclusive to Enfield - Lego cut approximately 1,200 total jobs worldwide.
But Lego still maintained a presence at the Enfield Business Park, where it currently occupies a 105,483-square-foot office building. Owned by a joint venture of entities formed and managed by Hackman Capital Partners, Calare Properties and KBS Real Estate Investment Trust, the 1.1 million-square-foot campus consists of five buildings on 115 acres.
According to McNally, Lego currently employs about 500 people in Enfield, and that number is expected to increase. "Our business has grown such that we will be expanding existing areas and adding new roles to our roster," he said.
McNally was unable to provide a specific number of new jobs at this time, simply stating that it would be "dictated by the needs of the business moving forward." Lego has more than 8,000 employees worldwide.
The build-out of Lego's new space is slated to begin over the next few weeks and should conclude by March of next year.
Ford Unveils New Explorer, Launches Chicago Expansion
Ford Motor Co. unveiled the new Explorer model on Monday, kicking the automaker's expansion in Chicago into high gear.
Ford
said back in February that the launch of its new, fuel-efficient Explorer would lead to a $400 million expansion in Illinois and the creation of approximately 1,200 jobs at its Chicago Assembly Plant and nearby stamping facility. With Ford's Chicago-area facilities now beginning production on the vehicle, that plan is being fully implemented.
"Ford has a long and proud history of building great vehicles and creating jobs in Illinois going all the way back to the Model T," said Bill Ford, executive chairman, Ford Motor Co. "We are very excited that legacy continues with the reinvented Ford Explorer and we appreciate the Governor's support."
But the expansion isn't just good news for Illinois workers. The new Explorer will consist of components from Ford's suppliers, located in 48 states. Suppliers in Illinois, Michigan and Indiana have already agreed to add more than 600 total jobs.
According to estimates by the Center of Automotive Research, 1,200 direct Ford jobs in Chicago could spawn about 12,000 indirect jobs nationwide.
Ford is investing about $180 million in manufacturing costs at its assembly plant and stamping facility. The remaining $220 million is being used for launch and engineering costs. Ford took advantage of the Economic Development for a Growing Economy (EDGE) tax credit, which Governor Pat Quinn recently enhanced for the benefit of auto manufacturers
The EDGE program, which provides a tax incentive to companies that expand in Illinois when there is strong competition in other states, now allows for the auto industry to retain employee tax withholdings as an alternative to the current EDGE corporate tax credit and reinvest those funds into operations that create more jobs.
Ford's 2011 Explorer boasts a significant improvement to fuel economy over the current model. When outfitted with Ford's 2.0-liter EcoBoost I-4 engine, the new Explorer delivers the horsepower and torque of a comparable vehicle equipped with a V6 engine but with 30% better fuel economy. When equipped with a V6 engine, the Explorer's fuel efficiency is said to still to be about 20% better.
Ford's commitment to sustainability can also be observed in its 3.5 million-square-foot Chicago Assembly Plant, located at 12600 S Torrence Ave. Built in 1955, the plant is one of 11 Ford facilities participating in the U.S. Department of Energy's Advanced Technology Vehicles Manufacturing Incentives Program, introduced by the Obama Administration last year. The program provides incentives to automakers that re-equip, expand or establish plants for the purpose of producing fuel-efficient vehicles and their components.
President Obama is scheduled to tour the Chicago Assembly Plant next week.
True Value Renews 1.2 Million SF in Harvard, IL
By Laurie Forbes
True Value Co. renewed 1.19 million square feet of warehouse space for 10 years in Harvard, IL. The distribution center, one of 12 the retailer-owned hardware cooperative owns in the U.S., will continue to ship products from this location to its stores in the Midwest.
Mirvac Industrial Trust, a REIT based in Australia, acquired the 1.3 million-square-foot industrial property at 308 S. Division St. from True Value 12 years ago as part of a purchase-leaseback deal. The property is on 60 acres in McHenry County, about 97 minutes northwest of Chicago.
John Cash, SIOR and David Haigh of NAI Hiffman negotiated the transaction. NAI Hiffman was retained to market the remaining 139,500 square feet.
New Breed Logistics Expands Further in Memphis
New Breed Logistics has increasing its presence in Memphis, TN. CalPERS signed the Greensboro, NC-based third party logistics provider for more than 400,000 square feet at the Southpoint Distribution Center.
New Breed renewed its 236,600-square-foot lease in the warehouse at 4895 Citation Drive and is expanding into the remaining 163,632 square feet. The transaction is valued at $5 million.
The 400,232-square-foot facility, known as Southpoint VI, delivered in 1996 in the Southeast Industrial submarket. New Breed has been a tenant in the building since 2005.
Treat MacDonald with Crump Commercial LLC/CORFAC International, Steven Podolsky of Podolsky Northstar CORFAC International and David Saltzman of Newmark Knight Frank handled the deal.
The new lease is the latest in a string of recent expansions for New Breed. Last year, the logistics company expanded another Memphis facility by 127,000 square feet. In 2008, New Breed inked two industrial deals totaling 469,232 square feet.
In the past five years, New Breed has signed a total of six transactions in Tennessee and Mississippi for more than 1.75 million square feet. The two CORFAC firms were involved in all of these transactions.
ASM Research Relocating to Centerpointe One
ASM Research, a provider of IT services and systems engineering solutions to the Department of Defense (DoD) and other government branches, is relocating in Fairfax, VA. The contractor signed a 12-year, 91,366-square-foot lease at Centerpointe One.
The 11-story, 214,652-square-foot office building at 4050 Legato Road delivered in 1987 in the Fairfax Center submarket, near the Fair Oaks Shopping Center. It is part of the two-building Centerpointe office park.
ASM is consolidating two nearby locations: its 49,000-square-foot headquarters at 3025 Hamaker Court, and a 30,000-square-foot space at 8500 Executive Park Drive. The move is slated for April 2011.
Larry Bank and Bill Zonghetti with Newmark Knight Frank represented ASM. Michael Pepper of CB Richard Ellis represented the landlord, Thomas Property Group.
"The transaction marks an expansion and relocation from approximately 80,000 square feet at two existing locations in Fairfax," said Bank. "This facility enhancement will support their continued growth, well into the future."
Onyx Pharmaceuticals Inks 126,493-SF Office Deal
By Megan Gilmore
Onyx Pharmaceuticals Inc., the cancer biopharmaceutical company, signed for 126,493 square feet at 249 E. Grand Ave. in South San Francisco, CA. The deal includes 68,738 square feet subleased from Exelixis and the entire first and second floor space leased directly from Alexandria Real Estate Equities Inc., the owner. Onyx is relocating its headquarters from 2011 Powell St. in Emeryville.
The sublease term commences in September, with an expiration date of November 2015. The direct term commences upon the earliest of the completion date of tenant improvements in April of next year and is a 10-year term. The monthly rate for both the lease and sublease totals approximately $276,000 in the first year.
Built in 2008, the Class A office building is 135,000 square feet and is known as Building Four in the Alexandria Technology Campus. The structure is LEED Silver certified.
David Black of CBRE represented the landlord. Jay Leslie and Randy Scott of Cornish & Carey represented the sublessor, Exelixis. Mark Pearson of CresaPartners represented Onyx.
Fuel Systems of Angola to Lease 140,000 SF
By Kerri Califano
Fuel Systems of Angola, an up-and-coming manufacturer of automotive and recreational fuel components and assemblies, has announced its intention create up to 140 new jobs in Indiana.
The company is investing more than $2.5 million to lease and equip the 140,000-square-foot industrial building at 1501 Wohlert St. in Angola. The manufacturing facility was built in 1986 and is owned by Real Property Group III LLC, according to CoStar information.
Fuel Systems intends to begin hiring additional production and supervisory employees as new work is phased in. Additional hiring will take place over the next few years.
Fuel Systems could receive up to $750,000 in performance-based tax credits from the Indiana Economic Development Corp., depending on its job creation plans. Additionally, the city of Angola is providing property tax abatement at the request of the Steuben County Economic Development Corp.
"The EDC team, from the top down has turned the Angola site from an afterthought to a focal point of growth," said Les Thornton, president of Fuel Systems of Angola. "I am looking forward to starting the process of building the FSA team and starting operations."
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AMS, a contract electronic manufacturing company, signed a 65-month lease for about 45,360 square feet in the industrial building at 4616 W. Howard Lane, Building 5 in Austin, TX. The building totals 113,400 square feet in the NorthTech Business Center Park. World Wide Technology Inc. is the other tenant. Dan Steakley of Stanberry Commercial Realtors represented AMS. Andy Thomas and Ace Schlameus were the in-house representatives for the owner, HPI Real Estate. (By: Andrea Lester)
Advanced Distribution Services-Nashville LLC signed a 53,000-square-foot lease at 701 Space Park Drive in the Space Park Distribution Center in Nashville. The 181,000-square-foot distribution building was built in 1975 in the Southeast Industrial submarket. Max Smith of Colliers International represented the tenant. Georga Rowe of ProLogis was the in-house rep for the landlord. (By: Rebecca Payne)
Alticor/Access Business Group, a Michigan-based manufacturer and distributor of consumer goods for Amway and other companies, signed a seven-year lease with Golden Springs Development Co. at the Golden Springs Business Center. It will fully occupy building D2. The 155,484-square-foot industrial property is at 12825 Leffingwell Road in Santa Fe Springs, CA. It was built in 2000 as part of one of the largest business parks in the Mid-Counties submarket. Stephen Calhoun and Clyde Stauff of Colliers International represented the lessor. Paul Sablock and Greg Matter of Jones Lang LaSalle represented the lessee. (By: Tyler Boyd)
Angiotech Pharmaceuticals signed a 101-month lease (nearly eight and a half years) for 19,260 square feet at 1633 Westlake Ave. N in Seattle. Located in the Lake Union area, the four-story, 93,492-square-foot office building was built in 2000 on about half an acre. Angiotech is taking occupancy in September and will have almost the entire top floor of the building. Lloyd Low and Rod Keefe of GVA Kidder Mathews represented the landlord, Union Bay Investors. Ric Brandt of CB Richard Ellis represented the tenant. (By: Nick Bell)
Appleton Papers signed a 219,648-square-foot lease with IDI at the Monroe Logistics Center in Monroe, OH. Occupancy is slated for October. The five-year deal will see Appleton move from its 195,000-square-foot location at SkyPort 2 on Progress Drive in Hebron, KY. The Monroe Logistics Center, Building A at 1025 Logistics Way totals 721,000 square feet. Delivered in September of last year, it is in the Interstate 75 North Industrial submarket. Si Pitstick and Josh Young of Cincinnati Commercial Realtors/Cushman & Wakefield represented Appleton. Doug Armbruster was IDI's in-house representative. (By: Thomas Wojehowski)
Atlas Box and Crating Co. renewed its 62,400-square-foot lease at 619 Distribution Drive in Morrisville, NC. The facility measures about 136,000 square feet and was built in 1966. Ed Brown of NAI Carolantic Realty represented the landlord, Liberty Property Trust. (By: Kelsey Fralick)
Booz Allen Hamilton renewed its lease for 34,577 square feet at Twin Oaks II in Norfolk, VA. The four-story, 92,000-square-foot office building at 5800 Lake Wright Drive is in the Lake Wright Executive Center. It was constructed in 1999. Tim McEvoy of ExclusiveTenantRep.com represented Booz Allen Hamilton. Bill Carbaugh of Guardian Realty Investors represented the landlord, in-house. (By: Cassandra Jones)
Brune & Richard LLP signed a long-term, 25,460-square-foot sublease and expansion at One Battery Park Plaza in New York. The law firm is slated to occupy the entire 34th floor at the end of October. The 35-story, 750,000-square-foot office tower was built in 1971 in the Financial District. Additional tenants include Liberty International, Hughes Hubbard & Reed and Seward & Kissel LLP. The move is an expansion for Brune & Richard, which is relocating from a 16,000-square-foot space at 80 Broad. John Johnson and Nick Farmakis of Studley represented the sublandlord, Bingham McCutchen LLP. Ted Rotante from Colliers International represented Brune & Richard.
Cabinets Now LLC signed on to lease 24,040 square feet of warehouse space for five years at the Monarch Business Center in Las Vegas. The triple-net lease's gross value was reported at more than $740,000. The 123,372-square-foot warehouse at 4375 S Valley View Blvd. was built in 1988 in the West Las Vegas Industrial submarket. It features 12,337 square feet of office space. Xavier Wasiak of Grubb & Ellis represented the lessee. (By: Justin McClure)
Citibank signed a 21,000-square-foot renewal at 330 Madison Ave. in New York. The bank locked in a long-term extension to start in the beginning of 2014. Located in the Grand Central submarket, the 39-story, 742,000-square-foot office tower was built in 1963 and renovated in 1991.Other notable tenants include Morgan Stanley, HSBC Bank and Ann Taylor. Citibank’s space includes retail space on the ground floor, basement and mezzanine level of the building. Richard Bernstein and Ralph Giordano represented Citibank. The landlord, Vornado Realty Trust, handled the deal in-house. (By: Lauren Hale)
Confluence Solar leased 45,620 square feet at 1600 Park 370 Place in Hazelwood. The solar technology company is expanding from its current 17,860-square-foot space in August. The 144,400-square-foot warehouse was constructed in 2001 in the North County Industrial submarket. Jeff Hawley, Casey Urkevich and Joseph Hill of Block Hawley Commercial Real Estate Services represented the landlord, JB Management, in the transaction. (By: David Parks)
Consolidated Container Co. (CCC) signed a five-year, 22,500-square-foot lease renewal at Building 1 of the Tampa Distribution Center. The 135,000-square-foot industrial building at 4901 - 4961 Distribution Drive was built in 1973. The property, which features dock-high and grade-level loading, is rail served via CSX. Tampa Distribution Center is a 955,000-square-foot industrial park located on U.S. 41, just north of SR 60 (Adamo Drive) in the East Side Industrial submarket. Jeff Lamm, director of leasing at Taylor & Mathis of Florida LLC, represented the landlord, MetLife. Blaine Kelley and Brian Rettig with CB Richard Ellis represented the tenant. (By: Yaw Frempong)
DJSP Enterprises Inc. leased 12,868 square feet of office space at the Landmark Center II in Orlando. The company, which provides processing services to mortgage lenders in Florida, moved into the building this month. The six-story, 226,221-square-foot office building at 225 E Robinson St. was constructed in 1990 on two acres of land. Jamie Barati of Colliers Arnold represented the tenant. Catherine Reeves of Highwoods Properties represented the landlord, in-house. (By: Vanessa Hicks)
Guy Carpenter, a leading global reinsurance intermediary, renewed at Wachovia Financial Center in Miami, signing a four-year deal for 15,403 square feet. Completed in 1984, the 55-story, 1.2 million-square-foot office tower at 200 S Biscayne Blvd. is in Downtown Miami. Don Cartwright and Nichole Lamoureaux of Cushman Wakefield represented the landlord. Barbara Liberatore Black and Matthew Goodman of CresaPartners represented Guy Carpenter. (By: Emery Uwimana)
International Dairy Foods Association signed a lease extension at 1250 H St. NW in the East End district. The seven-year, 17,291-square-foot restructuring deal allowed IDFA to remain in its current location while reducing overhead. The structure, located at the corner of 13th and H Streets, is an 11-story, 187,875-square-foot office building. Jeff Shargo and Chase Bourdelaise of Studley represented IDFA. The property owner is a REIT out of Massachusetts. (By: Covell Fitzgerald)
Jam'n Products Inc., a Vernon, CA-based wholesaler, signed an 85,550-square-foot lease for three years with Vernon Bandini Partnership. Jam'n will occupy more than half of the building. The 147,300-square-foot industrial property is at 4177-4199 Bandini Blvd. in Los Angeles. It was built in 1972 and renovated in 1978. Thomas Condon and Kevin Curtis of Colliers International represented the lessor. Ken Coward of the same brokerage firm represented the lessee. (By: Tyler Boyd)
The John S. and James L. Knight Foundation extended its lease at Wachovia Financial Center in Miami. The nonprofit journalism organization signed a 10-year 22,822-square-foot deal. Don Cartwright and Nichole Lamoureaux of Cushman Wakefield represented the landlord. Jack Lowell of Flagler Real Estate Services, along with John Esposito and Greg Katz of Studley, represented The James S. and James L. Knight Foundation. (By: Emery Uwimana)
KVT-Koening LLC, a Swiss supplier of sealing plugs and flow control devices, signed a seven-year, six-month lease for 17,608 square feet at 73 Defco Park Road in North Haven, CT, in the Wharton Brook Industrial Park. The 30,000-square-foot industrial building was constructed in 1966 in New Haven County. The property was recently renovated in 2006. Albert Scafati of Press/Cuozzo Commercial Realtors represented the landlord, MADMAT Properties LLC. Steven Inglese of New Haven Group represented KVT-Koening. (By: Timothy Weber)
Keiser University fully leased the 90,000-square-foot office building currently under construction at the Crossroads at Dolphin Commerce Center in Miami. The forthcoming office building broke ground last month and is scheduled to be completed by 2011. It is being constructed on a 19-acre parcel and will feature four stories of Class A office space that withstand a Category-5 hurricane. Debra Kremblas of Procacci Development Corp. represented the landlord. (By: James Abrino)
Lacoste is renewing and expanding its U.S. headquarters. The popular apparel company signed a 35,000-square-foot deal at 551 Madison Ave. in Manhattan, well in advance of its current lease's 2014 expiration. Lacoste will occupy a portion of the 13th floor, along with the entire 14th, 15th, 16th and 17th floors of the 17-story, 149,263-square-foot office building. Lacoste's previous lease was for 32,000 square feet. Frank Coco, Don Preate and Jamie Katcher with Cushman & Wakefield represented Lacoste. Owen Hane and John Fitzsimmons, also of Cushman & Wakefield, represented the landlord, LaSalle Investment Management.
Les Concierges Inc. has decided on 77 Maiden Lane for the new location of its San Francisco headquarters. The world leader in assistance-based loyalty solutions will occupy a portion of the fifth floor in the building, along with the entire sixth and seventh floors, a total of 25,575 square feet. Move-in is slated for September. The seven-story, 120,334-square-foot office/retail building is in the heart of the Union Square retail district, and within one block of Union Square Park. Steve Anderson of The CAC Group represented the owner, Geary-Grant LLC. David Ditchman of Ditchman West represented Les Concierges. (By: Dan Bates)
Luxco is expanding in the St. Louis region. The beverage company, producer of such products as Admiral Nelson's Spiced Rum and St. Brendan's Irish Cream, is relocating some of its warehouse operations to the Park 370 business park in Hazelwood. Luxco signed a full-building lease with HSA Commercial Real Estate for the 213,558-square-foot distribution facility at 1619 Park 370 Blvd. Occupancy is slated for this month. The move more than doubles Luxco's industrial space in the area. Its current manufacturing facilty at 5050 Kemper Ave. in St. Louis totals 75,000 square feet. However, Luxco plans to maintain its presence at that location, as well as its downtown corporate headquarters. William Boudoures with Wm. Boudoures Co. represented Luxco in the lease. John Langa with Jones Lang LaSalle represented HSA.
McDermott, Will & Emery signed a 15-year lease for 25,000 square feet at Wells Fargo Center in Miami. The international law firm will be relocating from its current location at Miami Center in October 2011. Located at 333 Avenue of the Americas, Wells Fargo Center stands 47 stories tall and offers 750,000 square feet of leasable office space. Jack Lowell of Flagler Real Estate Services represented the landlord. Barbara Liberatore Black and Matthew Goodman of CresaParters represented the tenant. (By: Emery Uwimana)
NewSouth Window Solutions, a manufacturer of windows and other products, signed a seven-year lease for 44,800 square feet at Fairfield V in Tampa. The 101,000-square-foot industrial building at 4901-4917 Oak Fair Blvd. is now 100% leased. It was developed in 2000 and is in the East Side Industrial submarket. This transaction also brings the nine-building, 1 million-square-foot Fairfield Distribution Center to 99% occupancy. Nancy Phaneuf of NPR Development Corp. represented the tenant. Tim Hain of Duke Realty represented the landlord, in house. (By: Chicora Chatmon)
The Oregon Institute of Technology signed a 10-year lease for the entire office building at 27500 SW Parkway Ave. in Wilsonville, OR. The four-story, 131,793-square-foot building was built in 2001. OIT is planning extensive renovations at the building, which is scheduled to open for classes in summer 2012. David Squire and Jake Lancaster, executive vice president and associate vice president with Grubb & Ellis's Portland Office, represented the building owner, Washington Capital. Pat Schreck and Tim Parker of Melvin Mark Brokerage Co. represented OIT. (By: Michael Poole)
Potter Anderson & Corroon LLP signed a long-term lease extension of 90,000 square feet at the Hercules Plaza at 1313 N Market St. in Wilmington, DE. Delaware's oldest law firm will remain in the space through 2028. The Hercules Plaza is a 12-story, 520,000-square-foot office building constructed in 1982. It is in Wilmington's CBD. Scott D Johnson of The McConnell Cos. represented the owner, Brandywine Associates LLC. (By: Tammy Kelly)
Production Resource Group, a leading entertainment technology company, has leased the 220,000-square-foot industrial building at 915 Secaucus Road in Secaucus, NJ. The warehouse building was built in 1972 and is owned and managed by Hartz Mountain Industries. Known as the Children’s Place Building, it is located in the Harmon Cove Industrial Park, just off the New Jersey Turnpike. The facility features 72,000 square feet of office space. Charles Reese and Ernest Christoph of represented Hartz Mountain, in-house. Cushman & Wakefield of New Jersey represented the tenant in the transaction. (By: Steve Franck)
Raleigh Offset Inc., a commercial printer, renewed its 53,000-square-foot lease at 627 Distribution Drive in Morrisville, NC. The property is about 136,000 square feet and is on 10 acres. The structure was built in 1997 and the exterior of the property is reinforced concrete. Bryan Everett of Grubb & Ellis Thomas Linderman Graham represented Raleigh Offset, while Ed Brown of NAI Carolantic Realty represented the landlord, Liberty Property Trust. (By: Kelsey Fralick)
Weltman, Weinberg& Reis Co., L.P.A., a law firm, signed a 10-year lease to renew the 37,082 square feet it occupies on the second and third floors of 323 W. Lakeside Ave. in Cleveland. The four-story office building totals 97,045 square feet according to tax records. Lakeside Place LLC purchased the property in 1989. Mary Izant of CB Richard Ellis represented landlord, and the team of Bill Nice, David Wagner and David Lang of Chartwell Group LLC represented the tenant. (By: Marcus L. Smith)
Zephyr Express, a wine storage and delivery company, signed a 101,250-square-foot lease for 40 months with Panattoni Development Co. at the Napa Airport Centre in Napa, CA. Zephyr will complete the move in August and occupy the entire building. The industrial building is located at 770 Skyway Court. It was constructed in 2000. Chris Neeb, Matt Bracco and Glen Dowling of Cushman & Wakefield represented Panattoni. Steve Crocker of Colliers International represented Zephyr Express. (By: Brad Tuyay)