Lease Up (Aug. 11-15): Snyder's-Lance Takes a Big Bite of Charlotte Office Space
Other Major Corporate Moves from: Academy Sports, Atlas Merchant Capital , Diablo Clinical Research, Enor, Enova, L-3, NOAA, Politico, Red Lobster, Samsung, Sony Music, Wintrust and more
August 14, 2014
By Ashley Martin
Snyder's-Lance Inc., a Charlotte-based international snack food company, signed a lease to fully occupy the office building at 13515 Ballantyne Corporate Place in Charlotte.
The 104,368-square-foot, five-story building, known as Ballantyne Three, delivered in 2001 and will become the new headquarters for Snyder's-Lance, which will vacate its current 80,638-square-foot space at the Harris Building in Charlotte in Q4 2014.
Barry Fabyan, Kim Kendall and Rett Turner of Bissell Cos. represented the owner in-house.
Wintrust Leases 180,000 SF in Central Loop
By Becca Kline
Wintrust, a Rosemont, IL-based financial corporation, signed a 20-year lease for 179,332 square feet in the office building at 231 S. LaSalle St. in Chicago.
Constructed in 1924, the 23-story building totals 1,119,467 square feet in the city's Central Loop and underwent renovations in 1994.
Wintrust's lease includes the second, third, fourth, and 13th floors, and will commence in early 2015. Other major tenants in the building include The Northern Trust Co. and the U.S. Army Corps of Engineers, according to CoStar information.
Michael Caruso and Patrick Caruso of L.J. Sheridan & Co. represented Wintrust in the deal, while Jamey Dix and Jack O'Brien of The Telos Group represented the landlord.
NOAA Preleases 225,000 SF in Grandview
By Jacob Bundrick
The General Services Administration (GSA), on behalf of the National Oceanic and Atmospheric Administration (NOAA), leased 225,000 square feet for the agency's national logistics support center and national reconditioning center at 14200 Merritt Rd. in Grandview, MO.
NOAA, which was the last agency in the Bannister Federal Complex to find a home, will be the first in the new business and industrial park in Grandview.
NOAA’s building is being developed by Kessinger/Hunter & Co., while the project designer and general contractor is Burns & McDonnell.
NOAA expects to complete its move by the end of 2015.
Enova International Leases 160,000 SF at Insurance Exchange Bldg
By Alec Forde
Enova International, an online loan provider, signed a 12-year lease for 160,240 square feet at 175 W. Jackson Blvd. in Chicago's Central Loop.
The 23-story building totals 1,452,390 square feet. Built in 1912 and renovated in 2002, the Insurance Exchange Building, as it is also known, is home to a tenant roster that includes The Warranty Group, U.S. Securities and Exchange Commission, and Sedgwick Claims Management Services Inc.
Enova's lease includes the entire tenth floor, and more than 30,000 square feet on the fifth and sixth floors. Sean Murphy of Jackson Management and Investment Co. represented the landlord, while Brad Serot of CBRE represented the tenant in this deal.
Red Lobster Leases 91,000 SF in Downtown Orlando
By Scott Layton
Red Lobster signed a 91,226-square-foot lease at CNL Center I, located at 450 S. Orange Ave. in Orlando, FL.
The restaurant plans to relocate its headquarters in early 2015. The deal represents the largest lease transaction since the Great Recession for Orlando’s central business district.
The 14-story, 366,015-square-foot, 4-Star office building was built in 1999 in the downtown Orlando submarket.
The CNL Commercial Real Estate team of Alex Rosario and Paul Reynolds represented the landlord in-house. Sean McConnell of McConnell Capital represented Red Lobster in lease negotiations.
Politico Signs New Lease in Rosslyn
By Michael Horwitz
Amidst a struggling office market in Northern Virginia comes some reassuring news for one building owner. Politico has decided to stay in Rosslyn, choosing space in Monday Properties' 1000 Wilson Blvd.
In fact, the political news outlet has decided to move from its current headquarters at 1100 Wilson Blvd. to a larger, more amenity-filled building right next door. The 4-Star office building was constructed in 2002 and stands tall at 31 stories and a total of 558,958 square feet.
This is a new lease for Capitol News Co. subsidiary Politico, which is branching off from broadcast co-tenants WJLA and NewsChannel 8 for a total of 72,000 square feet. The company is expected to move in spring of 2015.
Thomas Fulcher, Arthur Greenberg and Adam Brecher of Savills Studley represented Politico, while Brendan Owen, Edwin Clark and Steve Hoffeditz of Newmark Grubb Knight Frank worked with Monday Properties' John Wharton as representatives of Monday Properties.
Sony Music Signs 39,000-SF Lease at Meadows Office Complex
By Kimberly Mughal
Sony Music is the latest tenant to sign a long-term lease at The Meadows Office Complex I at 301 SR 17 N. in Rutherford, NJ. The company will be occupying 39,200 square feet, relocating from its current offices in Lyndhurst.
The 12-story, 295,000-square-foot office building was constructed in 1981 in the Meadowlands submarket of Bergen County.
Over the past 15 months, the landlord has signed several new tenants at Meadows I and II totaling more than 216,000 square feet following $3.4 million in property renovations. Current tenants in the twin buildings include Shisheido, Admiral Indemnity Company, MALO Dental Implants, SGS North America, Cancer Genetics, Kid Brands, Medcon Financial and Origin Healthcare.
Timothy Greiner, Frank Recine, Blake Goodman and Kenneth Porreca with Newmark Grubb Knight Frank teamed up with Adam Karafiol at Onxy Equities, which owns the building, to represent the landlord in lease negotiations. Daniel DePalma, Thomas Reilly and Martin Horner with JLL represented Sony Music.
RWS & Associates Moves from Manhattan to Long Island
RWS and Associates Entertainment closed a 32,000-square-foot lease at 34-01 38th Ave. in Long Island City.
The company relocates from 1560 Broadway in Manhattan to join other film and television production companies in Queens.
RWS and Associates Entertainment has signed a long term lease for two floors of space at its new location and is expected to occupy 19,000 square feet on part of the third floor, and 13,000 square feet on the ground floor later this year.
The Emmy-winning company is a full-service, worldwide production company that offers custom-designed, as well as pre-packaged events and live shows for corporations, theme parks, cruise ships, resorts, shopping centers and the fashion industry.
Jeffrey Rosenblatt of Coldwell Banker Commercial Alliance handled the deal, which was originally arranged during his previous tenure at Newmark Grubb Knight Frank.
Tesco Inks Lease Deal at Westway Plaza Development
By Kenneth Broadnax Jr.
Tesco Corp., a world leader in oil field services, signed a lease for 26,510 square feet at 11330 Clay Rd. in Houston.
The five-story, 312,000-square-foot, Class A office building is currently under construction and is scheduled to be completed in March of 2015. It is in the FM 1960/Hwy 249 submarket.
Tesco is the second tenant to sign on at the development, following GE Oil & Gas' 150,000-square-foot lease signed earlier this year.
Charlie Neuhaus, Scott Fikes and John Pasta of Avison Young represented Tesco. Eric Anderson and Peter Johnston with Transwestern represented the landlord in-house.
Health Choice Arizona Expands at Three Gateway
By Justin Sumner
Health Choice Arizona has signed a lease renewal and expansion for an additional 21,669 square feet, bringing its total occupancy to 74,000 square feet at the Three Gateway office building located at 410 N. 44th St. in Phoenix, AZ.
Located in the center of the Phoenix metro, the 11-story, 217,314-square-foot, 4-Star office was built in 1988 on 4.7 acres in the 44th Street Corridor submarket of Maricopa County. It is part of the Phoenix Gateway Center, a three-building business park that features landscaped courtyard, fitness center, food service, and views of the Phoenix skyline with immediate access to routes 202 and 143, light rail, Sky Train, and Sky Harbor International Airport.
The asset is now 92 percent leased to multiple tenants, including Arcadis US, the Transportation Security Administration (TSA), and Mesa Air Group. 18,544 square feet is still available in the building, divisible to 1,300 square feet.
Bill Zurek and Jim Achen Jr. with Transwestern represented building ownership, a joint venture between Pearlmark Real Estate Partners LLC and an affiliate of Oaktree Capital Management LP. Mike Ragland with CBRE represented the tenant.
L-3 Renews 23,122 SF at Tampa’s Kennedy Center
L-3 Communications will continue to lease 23,122 square feet at the Kennedy Center at 5100 West Kennedy Blvd. in Tampa from Realty Equity Partner Inc., while retaining prominent building signage rights in Tampa’s Westshore business district.
“This renewal not only affirms a long-term commitment to Westshore by a prime aerospace and security provider, but also demonstrates the continued vitality of this thriving business district,” said vice president Philip J. Weber of CBRE Asset Services and Office Services.
The L-3 Communications Systems business segment delivers products and services for the global communications market, specializing in strategic and tactical airborne, space, ground and sea-based communication systems.
CBRE’s Jack Hoskins represented L-3 Communications and Phil Weber represented Realty Equity Partner Inc., the landlord.
Vulcan Materials Inks 21,202-SF Lease at Perimeter Place
By Chris Owes
Vulcan Materials, a Birmingham, AL-based producer of construction aggregates, will occupy an entire floor at Perimeter Place in Atlanta after agreeing to a lease deal for 21,202 square feet.
Perimeter Place is located at 800 Mount Vernon Highway in Atlanta's Central Perimeter submarket. The office building is four stories and totals 82,776 square feet. The building will provide free parking in an adjacent three-level parking deck and convenient access to MARTA rail service, as well as several nearby retailers and dining amenities.
Vulcan is currently subleasing office space at the nearby One Glenlake office tower located at 1 Glenlake Pky. in Atlanta.
Stuart Alston and Dale Lewis of Cassidy Turley’s Commercial Real Estate Services in Atlanta represented Vulcan Materials in the lease, which commences February 1, 2015. Chip Adair and Scott Jackson of Jackson Corporate Real Estate represented the landlord in-house.
Atlas Merchant Capital Signs Full Floor Lease at 375 Park Ave
Global financial services firm Atlas Merchant Capital signed for 17,519 square feet-the entire 21st floor-at 375 Park Ave.
Located on Park Avenue between 52nd and 53rd Streets, 375 Park Avenue houses some of the world’s premiere sovereign wealth funds, private equity firms, hedge funds and boutique financial services firms.
The lease follows a flurry of activity in the landmarked building, including Invemed Associates’ 7,000-square-foot renewal, Fintech Advisory’s 10,000-square-foot renewal and expansion, and Arden Asset Management’s 17,500-square-foot renewal for the entire 32nd floor.
Steve Morrows, RFR Realty executive vice president and director of leasing, represented the landlord in-house in the lease negotiations.
Samsung Signs 10 Year Office Lease in New York
By Chris Ulrich
Samsung signed a ten-year lease for 15,000 square feet in the office building at 113-133 W. 18th St. in New York, NY.
The eight-story, 280,000-square-foot office building was constructed in 1917 on eight-tenths of an acre in Midtown South’s Chelsea submarket, between Sixth and Seventh Avenues in Manhattan. Samsung will be occupying the seventh floor, where asking rents top $58 per square foot.
David Cohen of Avison Young represented the tenant. Andrew Udis of ABS Partners Real Estate LLC represented the landlord.
Academy Sports To Add Distribution Center in Tennessee
Academy Ltd. (d/b/a Academy Sports + Outdoors), a premier sports, outdoor and lifestyle retailer, will open a distribution center in Cookeville, TN, to support its continued expansion.
Academy Sports will begin construction on the facility later this month with plans to become operational in early 2016. The company is expected to hire 700 associates over a five-year period with initial hiring to begin in Fall 2015. This will be the company’s third distribution center.
Academy Sports’ new distribution center will be over 1.6 million square feet on 200+ acres near the Highlands Industrial Business Park along I-40 on the west side of Cookeville. The future site is south of Old Stewart Road, north of Bob Gentry Road, and east of Mine Lick Creek Road.
Academy Sports currently operates nine stores in Tennessee with a 10th store planned to open this fall in Memphis.
Diablo Clinical Research Renews at Ygnacio Woods Office Complex
By Nick Bell
Diablo Clinical Research renewed its leased of 13,106 square feet at 2255 Ygnacio Valley Rd. in Walnut Creek, CA for an additional seven years.
Known as the Ygnacio Woods Office Complex, the two-story medical office building measures 36,000 square feet in the Walnut Creek-Shadelands submarket of Oakland.
Diablo Clinical Research administers clinical trials and studies in several areas, including diabetes, cholesterol and osteoporosis. The tenant plans to make improvements to its space, including reconfiguring the second floor to increase workflow.
John Donatoni of R&D Commercial Properties represented the tenant. Sonny O'Drobinak and Kyle Snyder of Transwestern represented the landlord.
Michael Baker Relocates in Allentown
Michael Baker International committed to a long-term lease in the new Two City Center Class A office tower at 645 West Hamilton St. in Allentown.
Baker’s new space in the heart of the downtown PPL Center arena block efficiently accommodates current engineering and construction services staff as well as anticipated growth.
“With this move to Two City Center, Baker gains an office identity that reflects our strong Pennsylvania presence,” said Ralph Eberhardt, P.E., office manager in Baker’s Pennsylvania Construction Services practice. “Geographically, our new downtown office will reaffirm and optimize our existing client relationships and confirm Baker’s commitment to the ongoing redevelopment efforts.”
Enor To Establish Toy Manufacturing Plant in SC
Enor Corp., a family-owned manufacturer of plastic toys, outdoor games and junior sports items, is establishing a new manufacturing facility in Fairfield County, SC, to supply U.S.-made toys to Walmart stores. The multi-million-dollar investment is expected to create 151 jobs in the area.
Part of Walmart’s US. Manufacturing initiative, Enor’s investment in South Carolina will amplify the delivery of U.S.-made toys to retail stores. The Northvale, N.J.-based company will be locating in a 78,000-square-foot former golf-cart distribution facility at 1 Ruff & Tuff Drive in Winnsboro, SC.
Enor officials expect to begin limited operations in Fairfield County in September and accelerate production rapidly over the next nine months. Enor intends to transfer the majority of its off shore production to the new Winnsboro facility as quickly as practical without disrupting supply.