Office Lease Up (Jan 25) You Know about the Big Snow, Now Here Are the Big Leases Last Week along East Coast and Elsewhere
Wrap-Up of Latest Largest Office Leases Reported Include: Bloomberg, CACI, Citigroup, DLA Piper, ING and more
January 25, 2016
CACI Leases 220,551 SF in Chantilly
CACI International Inc. executed a 220,551-square-foot lease extension with Equus Capital Partners at Commonwealth Centre in Chantilly, VA.
The defense contractor occupies 100% of 14370 Newbrook Drive and 37% of 14360 Newbrook Drive within Commonwealth Centre, a 100-acre mixed-use campus within Westfields, a cyber-security hub anchored by several large government agencies including the National Reconnaissance Organization.
Mike Shuler of Avison Young represented the landlord. Jeff Groh and Robert Shue of Jones Lang LaSalle represented the tenant. Commonwealth Centre was acquired in 2005 on behalf of BPG Investment Partnership VII and VIIA, L.P., a discretionary fund managed by Equus. By Mark Heschmeyer
DLA Piper Extends 200,000-SF Office Lease at 1251 Avenue of the Americas
DLA Piper amended its lease with Mitsui Fudosan America Inc. for an extension as well as re-stacking and modifications to its 200,000-square-foot New York office at 1251 Avenue of the Americas in Midtown Manhattan. The firm will undertake phased renovations and new construction to be completed prior to the end of 2019.
Located in Midtown, 1251 Avenue of the Americas has served as a base for DLA Piper's New York office for 20 years. The firm has agreed to remain in the same building in contiguous space through 2035. The New York office is DLA Piper's largest U.S. office. DLA Piper was represented in the transaction by Newmark Grubb Knight Frank's Moshe Sukenik and Brian Cohen.By Mark Heschmeyer
Bloomberg Renews and Extends 192,000 SF
Ppproperty owner Alexander’s Inc. renewed and extended 192,000 square feet with Bloomberg LP at 731 Lexington Ave. The space is part of 889,000 square feet Bloomberg leases for its global headquarters at 731 Lexington, which now constitutes one lease expiring in February 2029, with a 10-year renewal option.
The news and data provider's space that it extended was previously leased under two separate lease agreements for terms expiring in December 2020. By Mark Heschmeyer
Durst Signs ING to 132,000 SF Lease at 1133 Avenue of the Americas
ING Group, a Dutch multinational banking and financial services firm, leased 132,000 square feet at 1133 Avenue of the Americas in New York City. The 44-story Class A office building totals 1.1 million square feet in the Times Square submarket. Durst developed the property in 1970 and continues to serve as its landlord.
ING's lease includes the seventh through 10th floors in the office tower. Other tenants include the National Basketball Players Association, Bank of America and Steinway Hall. ING will relocate from nearby 1325 Avenue of the Americas. Rocco Romeo and Thomas Bow represented the Durst Organization in-house, while Robert Stillman and Michael Geoghegan of CBRE represented ING. By Jordan Boyd
Cost Plus Leases 107,000 SF in Alameda
Cost Plus Inc., a specialty/import retail store chain headquartered in Oakland, CA, signed a lease for 107,000 square feet of office space within Marina Village in Alameda, CA.
The company will fully occupy 1201 Marina Village Pkwy., an 83,000-square-foot, three-story building completed in 1990, and 1151 Marina Village Pky., a 24,000-square-foot, single-story building completed in 1996. Both buildings were recently renovated.
Grant Jones, Mark Kol, Mike Keely and Cori English with CBRE represented the landlord, Brookfield Office Properties, while Robin Leamy and James Leahy with Leamy Realty Group represented the tenant. By John Lucero
The Graham Co Renews 77,000-SF Lease in Philly
The Graham Company has been a tenant at 1 Penn Sq. W in Philadelphia, PA since 1986, and has renewed its lease for another 10 years. The company will continue to occupy the top eight floors of its namesake property, totaling 76,812 square feet, which it will also renovate under its new lease agreement.
The Graham Bldg is at 30 S. 15th St. in the Market Street West submarket. The 25-story office building was constructed in 1985 and totals 241,867 square feet in City Center. Peter Soens, partner with SSH Real Estate represented The Graham Company. Mike Dolan of Stockton Real Estate Advisors represented the landlord, C-III Asset Management. By Nashira Smith
Citigroup Leases 75,000 SF in Tampa
Citigroup signed a three-year lease for 74,670 square feet in the Corporate Center Two office building at 14025 Riveredge Dr. in Tampa, FL. The six-story building totals 137,433 square feet in the Hidden River Corporate Park. Crescent Communities LLC developed the property in 1998.
Clay Sovich and Ron Ruffner of Cushman & Wakefield represented the landlord, a joint-venture partnership between Oaktree Capital Management and Banyan Street Capital. By Benjamin Caffey
Northwell Health Takes another 52,400 SF on Long Island
Northwell Health, formerly North Shore-LIJ Health System, leased an additional 52,400 square feet of space with T. Weiss Realty Corp. at one of its class-A Melville office buildings. The Great Neck-based health system, which has occupied a 20,000-square-foot call center at T. Weiss’ Melville Corporate Center II since 2013, secured a lease for an additional 52,400 square feet in the building for administrative offices.
The 88,000-square-foot Melville Corporate Center II, at 330 S. Service Road, is set on six acres off of the Long Island Expressway, Exit 49, near the Route 110 business corridor at the corner of Maxess Road. Northwell is the largest private user of office space on Long Island and the largest private employer in the state with more than 61,000 employees.
Northwell was self-represented. Craig Weiss, president of T. Weiss Realty, was the in-house representative for the landlord. By Mark Heschmeyer