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Office Lease Up (July 5) UBS, Piedmont Sign Publicis and Winston & Strawn to 900,000 SF at The Leo Burnett Bldg in Chicago's Central Loop

Weekly Wrap-Up of Largest Reported Office Leases Including Goodwin Procter, Point72 Asset Management, Hartford Funds, The National Institutes of Health and more.
July 5, 2016
Publicis, a Paris-based multinational advertising and public relations company, and Winston & Strawn, an international law firm, have renegotiated and extended their respective leases at the 1.12 million-square-foot Leo Burnett Building in Chicago's Central Loop.

Publicis agreed to a seven-year extension for the company's 642,545-square-foot space - its third renewal at the 50-story high-rise in the last 27 years. The Roche & Dinkleloo-designed Leo Burnett Building was developed by The John Buck Co. in 1989 on the Chicago River on behalf of American advertising executive Leo Burnett.

In order to accommodate Publicis and its new lease, Winston & Strawn agreed to renegotiate and extend its headquarters lease in the tower. With the renegotiations, the building is now 94 percent leased.

Drew Nieman and Christy Domin of CBRE represented ownership in negotiations, which involved a tri-party agreement between all parties involved including the landlord. Mike Christian and Steve Schneider of Cushman and Wakefield represented Publicis, while Nancy Pacher of CBRE represented Winston & Strawn.

Goodwin Procter Inks 375,000-SF Lease for New Boston HQ in City's Seaport District

Another major tenant is set to relocate its headquarters to Boston's Seaport District after international law firm Goodwin Procter signed a lease for 375,000 square feet across floors seven through 17 and a portion of the sixth floor at the recently completed 100 Northern Ave. building.

The firm will shift its corporate offices from 53 State St. to anchor the 17-story, 395,202-square-foot build-to-suit tower, which delivered in March to LEED Silver specifications. This is the first time in Goodwin Procter's 104-year history that the firm will not have its head offices on State St.

The news follows Boston Consulting Group's recently signed deal that will relocate the management consulting firm's headquarters to 202,000 square feet at Tishman Speyer's 13-story, 375,000-square-foot Pier 4 office tower currently under development in the Seaport District.

CBRE - New England’s Timothy Howe represented the landlord in negotiations.

Cohen's Point72 Asset Management to Move Offices to 55 Hudson Yards in 2018

Point72 Asset Management, a family office currently managing the assets of billionaire hedge fund manager Steven A. Cohen, has announced it plans to lease 175,000 square feet at 55 Hudson Yards for its New York headquarters.

The tenant will take six floors in the new boutique office tower at 550 W. 34th St. on Manhattan's West Side when it consolidates from 11 floors it occupies in two buildings located a mile apart at 510 and 330 Madison Avenue. The new deal will see the firm expand its occupied office space by 20 percent while improving employee collaboration and efficiency.

Point72 is the third commercial office tenant to sign on at the in-development tower, which will rise 51 stories encompassing 1.56 million square feet of 5-Star office space when it delivers to the Penn Plaza / Garment District submarket in early 2018. Related Companies, with equity partner Mitsui Fudosan America and Oxford Properties Group, is developing the asset, designed by A. Eugene Kohn of Kohn Pedersen Fox (KPF) to LEED Gold standards and featuring early modernisim-inspired exterior design and efficient interior planning.

Point72 has executed a letter of intent (LOI) with plans to finalize the lease by year-end. The firm will then take occupancy of its new space in 2018.

Hartford Funds Leases 76,000 SF in Wayne

Hartford Funds signed a lease for 75,922 square feet in the office building at 690 Lee Rd. in Wayne, PA. The Fortune 500 national investment and insurance company will occupy the entire building in a deal that commences in mid-2017.

The three-story, 75,922-square-foot office building was constructed in 1988 on 10.1 acres in the King of Prussia / Wayne submarket of Chester County, within the Chesterbrook Corporate Center.

Daniel Dagit and Michael Bronstein of CBRE represented the landlord in the lease negotiations with Hartford Funds.

NIH Renews 62,000-SF Lease in Rockville

The National Institutes of Health (NIH), an agency of the United States Department of Health and Human Services, signed a renewal deal to remain at the Executive Building at 6100 Executive Blvd. in Rockville, MD for an additional two years.

NIH occupies 62,120 square feet on the first through sixth floors of the eight-story building. NIH has worked out of 6100 Executive Blvd. since the agency signed its first lease deal back in 1996.

Wilco Construction developed the 124,241-square-foot property in 1979 near I-270 and just north of downtown Bethesda. The remainder of the building is currently occupied by another government tenant.

Lovell Safety Mgmt Renews 25,000-SF FiDi Lease

Lovell Safety Management Co. renewed its lease for 25,398 square feet of office space on the 12th floor of 110 William St. in Manhattan.

Savanna and KBS own the 928,000-square-foot, 32-story property, completing multiple updates including a new lobby and entrance, renovated roof and façade, new pre-built office spaces, and upgraded bathrooms and corridors throughout the building. Other notable tenants in the building include the New York City Economic Development Corporation, Perseus, and Nigel Frank International, Inc.

Peter Sabesan and Richard Selig of CBC Advisors represented the tenant. Savanna handled the renewal in-house.

Multivision Leases 25,000 SF in Reston

Multivision, an information technology solutions provider, signed a lease for 25,379 square feet in the office building at 11730 Plaza America Dr. in Reston, VA.

The seven-story building totals 205,536 square feet within the Plaza America building park. Atlantic Realty Cos. developed the property in 2002.

Robert Faktorow and Terry Reiley of CBRE represented the landlord, Tamares, in negotiations.

Texas Mutual Leases Space on Katy Freeway

Texas Mutual, an Austin, TX-based insurance company, signed a lease for 23,451 square feet of office space on the eighth floor of the Air Liquide Center - South building located at 9811 Katy Freeway in Houston. The tenant plans to move in to the space in October 2016.

The 20-story office tower totals 452,370 square feet along I-10 and adjacent to Memorial City Mall in Houston's Katy Freeway East. Anslow Bryant Construction completed construction on the MetroNational Corp.-owned high-rise last November.

Brad MacDougall and John Green of MetroNational represented the landlord in-house.

Ameriprise Financial Signs New Lease at 530 Fifth

Ameriprise Financial, a financial services company, signed a 10-year lease that expands the amount of space they occupy at 530 Fifth Avenue to 20,170 square feet.

The 26-story office building sits two blocks from Grand Central Terminal in the 5th Avenue Shopping District. Ameriprise’s new lease expands the amount of space they occupy on the 26th floor by about 50 percent. Other tenants there include Diageo, Cablevision and Mass Mutual.

Josh Kuriloff and Andrew Braver from Cushman & Wakefield represented Ameriprise. John Ryan, Michael Leff, Anthony LoPresti and Henry Fuentes with Avison Young, along with Dan Birney and Alexandra Budd with RXR Management, represented the landlord.

DOJ Inks 20,000-SF Deal in Crystal Mall

The United States Department of Justice (DOJ) completed a 19,760-square-foot office lease at the Crystal Mall Office 4 building at 1901 S. Bell St. in Arlington, VA. The 277,056-square-foot building is located one block from the Metro and directly across from the Crystal City Marriott within Crystal Mall.

Home to various government contractors, 1901 S. Bell is convenient to Reagan National Airport, I-395, US Route 1, the George Washington Parkway, and I-66. The owner, Vornado/Charles E. Smith, was represented in-house by Leanne Berthiaume, Randall Lennon, and Gary Cook.

The Department of Justice is a federal executive department of the U.S. government, responsible for the enforcement of law and administration of justice in the U.S., equivalent to the justice or interior ministries of other countries.

Moovel Transit Inks Deal in Portland

moovel transit, a maker of public transportation apps that use real-time information and mobile payments, has signed a lease for 17,176 square feet in the Overland Building at 205-219 NW 4th Ave. in Portland, OR.

The 26,681-square-foot office building in Portland's CBD was originally delivered in 1889 as a multifamily property with street-level retail. The property is undergoing a renovation to make it an office building with storefront retail. moovel will occupy the building when construction is complete later this year.

Kristen Hammond of CBRE represented the tenant. Charlie Fogelberg and Annalore Rodman of JLL represented the landlord, Urban Development Partners.

Pinellas County Leases 15,000 SF

Pinellas County leased 15,275 square feet in the Northside Square office building located at 29399 US Highway 19 N. in Clearwater, FL.

The 49,939-square-foot building was constructed in 1986. The three-story office building is located in the North Pinellas County submarket.

Alan Feldshue and Melanie Jackson of Colliers International Tampa Bay represented the landlord.
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