Weekly Wrap-Up of Largest Reported Office Leases Include: Forest City, National Interstate Insurance, PPM America, Illinois Action for Children and more
In one of the largest office leases in Oakland on record, Blue Shield of California will move its corporate headquarters
into 200,000 square feet at 601 City Center, a project finally under development by Shorenstein Properties and MetLife Inc. after being stalled for several years.
The health plan said the move aims to reduce administrative costs and provide upgraded office surrounding for about 1,200 employees. Blue Shield plans to keep a major presence in San Francisco, where its Blue Shield of California Foundation will remain headquartered.
Shorenstein Realty Services, LP is developing the project on behalf of a joint venture between a Shorenstein investment fund and MetLife. The project was first approved in 2000 but was delayed by the recessions of 2000 and 2007.
After renewing its development plan, Shorenstein will begin construction on the 24-story building this year, with a completion date of third-quarter 2019.
Tom Maloney of JLL represented Blue Shield in the lease. Tom McDonnell of Shorenstein Realty Services, L.P., and John Dolby and Dane Hooks of Cushman & Wakefield represented the joint venture. By Randyl Drummer
Forest City Leases 147,795 SF at Key Center Tower in Downtown Cleveland
Forest City, a real estate owner, developer, and manager, signed a 15-year lease
for 147,795 square feet in the Key Center Tower at 127 Public Square in Cleveland, OH.
The 57-story building totals 1,325,000 square feet in downtown Cleveland. Richard E. Jacobs Group developed the property in 1993. Columbia Property Trust sold it to The Millennia Cos. in January of 2017, according to CoStar information.
Chandler Converse of CBRE represented Forest City. John Klayman and Cindy Greiner of Jacobs Real Estate Services represented The Millennia Cos. By Prescott Woolley
National Interstate Insurance Preleases 115,000-SF Spec Project in Richfield
National Interstate Insurance will expand its world headquarters after the leading insurance holding company preleased
a 115,500-square-foot building currently under construction at 4059 Kinross Lakes Pky. in Richfield, OH.
Snavely Development broke ground this past December on the four-story building located just southwest of the I-271/I-77 interchange in suburban Cleveland. Construction on the project is slated to wrap up in December.
The newly constructed property will be the third building in National Interstate Insurance's headquarters, which has its main offices at 3250 Interstate Dr. in Richfield. By Kerri Black
PPM America Renews, Expands HQ to 100,000+ SF at 225 W. Wacker
PPM America has renewed and expanded
its corporate headquarters at 225 W. Wacker Dr. in a deal that increases the company's footprint to more than 100,000 square feet.
After eyeing several other locations, PPM elected to re-up its roughly 75,000-square-foot lease a few years prior to its expiration, noting the property's ability to accommodate the company's expected growth, and sign for an additional 25,000 square feet. The new lease boosts PPM/Jackson's presence in the building to 100,671 square feet and offers the option for future expansion.
Andrew Davidson, Jay Beadle and Craig McCaw of MBRE's corporate services team represented PPM America, while Brian Atkinson of Hines represented the owner, Seoul-based Mirae Asset Global Investments. By Mark Brener
Illinois Action for Children Staying at The Hastings Center
Illinois Action for Children, a non-profit organization that creates systems of early care and education to help strengthen families and communities, renewed a five-year lease
for nearly 40,000 square feet at 1340 S. Damen Ave. in Chicago.
The four-story office building totals 193,000 square feet in South Chicago and was last renovated in 2006. Illinois Action for Children’s lease includes the entire second floor of the building. Other tenants in the building include Vitas Healthcare and Lutheran Social Services of Illinois.
Juliette Lane of Bradford Allen Realty Services represented Illinois Action for Children in negotiations. By Kyle O'Connor
JLM Energy Leases 40,000-SF Office Bldg. in Rocklin
JLM Energy signed a lease
to fully occupy a 39,869-square-foot church-turned-office building in Rocklin, CA.
The solar energy equipment supplier will move in later this year to 3735 Placer Corporate Dr., a vacant single-story building that previously housed the Bridgeway Christian Church, according to CoStar information.
Kevin Larscheid and Scott Rush of CBRE represented the landlord in negotiations. By Lorna Dorfman
Walsh/Shea Corridor Constructors Leases 24,000 SF in Inglewood
Walsh/Shea Corridor Constructors took the entire first and seventh floors
, totaling 24,274 square feet, in the La Brea Plaza office building at 111 La Brea Ave. in Inglewood, CA.
The national construction company has been selected by the Los Angeles County Metropolitan Transportation Authority to build the Metro Line connecting Downtown Los Angeles to LAX. The tenant decided on Inglewood as its main hub during construction due to its close proximity to several future metro stops.
Katie Bernhisel and Dillon Moscone of Cushman & Wakefield represented the landlord, 111 La Brea LLC. Aaron Weiner from The Tenant Group represented Walsh/Shea Corridor Constructors. By Jenny Zhan
IBM Renews +22,000 SF in Reston
International Business Machines Corp. (IBM) has agreed to stay in its offices
at 11107 Sunset Hills Rd. in Reston, VA. IBM will continue to occupy 22,639 square feet on the fifth and sixth floors of the building.
The six-story Sunset Corporate Plaza I building totals 101,194 square feet in the Sunset Corporate Plaza office park. IBM occupies the top two floors.
Jeff Tarae, Andy Klaff and Katherine Pelonero of Newmark Grubb Knight Frank represented the landlord in this transaction. Meghan Walters of CBRE represented IBM. By Christian Powell
Cushman & Wakefield to Consolidate Baltimore Operations at 1 E. Pratt St.
Cushman & Wakefield has signed a lease
to consolidate its Baltimore offices to 1 E. Pratt St. in the city's central business district.
The largest commercial brokerage firm in the area will move later this month to 21,646 square feet on the eighth floor of the 355,779-square-foot, 10-story office building, relocating all 110 local employees from 33,000 square feet at the 100 Light St. tower located across the street.
Cushman & Wakefield's Tim Jackson and Stuart Rienhoff negotiated the transaction. By Dina Thomas
Salvation Army Leases 20,000 SF in North Charleston
The Salvation Army has leased 19,515 square feet
in the office building at 6209 Rivers Ave. in North Charleston, SC.
The single-story office building was constructed in 1992 on 1.4 acres in the North Charleston submarket of Charleston County. The Salvation Army will occupy the entire building, previously home to Labinal Power Systems.
Lindsey Halter and Bob Nuttall with Lee & Associates represented the tenant. Woodman Kapp with Meyer Kapp & Associates LLC represented the landlord, Stuckey-Carolina Bedroom LLC. By Justin Sumner
Law Firm O’Donoghue & O’Donoghue Leases Top Floor of Chevy Chase Plaza
The top floor of Chevy Chase Plaza, a 250,155-square-foot, nine-story office building located at 5301 Wisconsin Ave. NW in Washington D.C.’s Friendship Heights area, has been leased by the law firm of O’Donoghue & O’Donoghue.
The firm's new 16,809-square-foot office
allows for up to 30 windowed offices and includes private terraces.
Joe Michel and Scott Fetterolf of Transwestern represented building owner Barrings Real Estate Advisors in negotiations. By John Kerr
Southwest Immunodiagnostics Renews 15,758 SF in Ashford Oaks Bldg.
Southwest Immunodiagnostics, Inc. a diagnostics healthcare provider, has renewed its 15,758-square-foot lease
at the Ashford Oaks office building located at 8122 Datapoint Dr. in San Antonio, TX.
The 13-story, Class A building totals 190,819 square feet off I-10 and just northwest of the University of Texas San Antonio Health Center in San Antonio's Far Northwest submarket
Southwest Immunodiagnostics fully occupies the ninth floor of the building, which also houses offices for Cox Enterprises and N&D Surgical, among others.
Charlie Weil and Kelly Ralston of Transwestern handled negotiations on behalf of the owner, Bear Stearns Commercial Mortgage Securities. By Aderonmu Zainab
Booz Allen Hamilton Extends 13,000-SF Lease at Paul Roberson Bldg.
Booz Allen Hamilton (NYSE: BAH
) has renewed and expanded
to 13,000 square feet at the Paul Roberson Building located at 3133 General Hudnell in San Antonio, TX.
An American management consulting firm headquartered in Tysons Corner, VA, Booz Allen Hamilton has occupied space in the building since 2010, according to CoStar information.
Russell Noll of Transwestern represented the landlord in this deal. By Aderonmu Zainab
CRIF Lending Solutions Leases 10,348 SF in Greenwood Village
CRIF Lending Solutions, a financial software company, leased 10,348 square feet
in the office building located at 7730 E. Belleview Ave. in Greenwood Village, CO.
The four-story building totals 96,760 square feet in the Denver Tech Center. The property most recently traded in 2007.
Robert Whittelsey and Katy Sheehy of Colliers International represented the landlord in this transaction. Harrison Archer and Michael Olmstead of Cushman & Wakefield represented the tenant. By Benjamin Caffey
Hickory Farms Moving Corporate Offices to Chicago's West Loop
Hickory Farms, a gourmet food gift company, will relocate its headquarters from Toledo, OH to Chicago following news the company signed a seven-year lease
for 7,349 square feet at 311 S. Wacker Dr.
Mark Gunderson and Wendy Katz of Cushman & Wakefield represented ownership, while Molly Carroll and Andrea Van Gelder of JLL represented Hickory Farms. By Devon Munos