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Office Lease Up (March 28) McGraw Hill Financial Signs 900,000-SF Office Renewal at 55 Water Street

Weekly Wrap-Up of Largest Reported Office Leases Include: CareFirst, PennyMac, Capital One, GuildNet and more
March 28, 2016
McGraw Hill Financial, the parent company of Standard & Poor's, has renewed its office lease for 900,027 square feet at 55 Water St. in New York City.

The extension, covering the entire 34th through 46th floors and a portion of the concourse and 52nd floor in the building, commences in 2020 when the anchor tenant's existing term was set to expire. The financial research and analysis firm is consolidating its space, giving back the 33rd, 47th and 49th floors that it currently leases.

The 52-story, 3.6 million-square-foot, 4-Star office tower was constructed in 1973, rising 687 feet above 3.8 acres in the Financial District submarket of Manhattan, between Old Slip and Broad Street. It features two public plazas, a 600-car covered parking garage, on-site cafeteria, and advanced infrastructure including above-standard power with emergency generator and extended HVAC hours.

The owner is currently undergoing an extensive capital improvement program that includes planned upgrades to the lobby, completed upgrades to the building cafe, and more than $100 million in general improvements following Superstorm Sandy that include a flood barrier system and the relocation of various critical systems above grade or enclosing systems in submarine-like waterproof enclosures to ensure uninterrupted service in the event of another disaster.

Howard Fiddle, Dave Caperna, Brad Gerla, Evan Haskell and Mary Ann Tighe with CBRE represented the landlord. Meyer Last, Jennifer Yashar and Mallory Beberman with New York law firm Fried Frank acted as counsel to New Water Street Corp.

Cara Chayet, Michael Liss, Ken Meyerson, Paul Myers and Ramneek Rikhy, also with CBRE, represented McGraw Hill Financial in lease negotiations. By Justin Sumner


CareFirst BlueCross BlueShield Retains 655,000 SF in Owings Mills


CareFirst BlueCross BlueShield renewed 655,000 square feet across six locationsin Owings Mills, MD, including its headquarters building at 10455 Mill Run Circle in the Owings Mills Corporate Center.

The region's largest health insurer, CareFirst occupies space on multiple floors of the BECO Towers and Owings Mills Corporate Center Buildings on Mill Run Circle, as well as several single and two-story spaces on Red Run Blvd.

The renewed spaces are situated within the Reisterstown Road Corridor submarket. The company also has space in the Canton area of Baltimore and in Washington, D.C.

Philip Leibow and Michael Singer of JLL handled negotiations on behalf of CareFirst. The building owners included BECO Management (10451 Mill Run Circle); AVG Partners (10453 and 10455 Mill Run Circle); and Merritt Properties (10715, 10800 and 10802 Red Run Blvd.). By Amy Brouse


PennyMac Financial Services Takes 75,825 SF in Plano Corporate Center East


Moorpark, CA-based specialty financial services firm PennyMac Financial Services (NYSE: PFSI) leased 75,825 square feet in the Plano Corporate Center East building at 2201 W. Plano Pky. in Plano, TX.

The 154,245-square-foot office building was constructed in 1999 within the 34-acre Plano Corporate Center park, located in the northwest corner of the W. Plano Pky. and Custer Rd. intersection and near the George Bush Tollway.

Johnny Johnson, Trey Smith and Layne Mayfield with Cushman & Wakefield negotiated the lease on behalf of Griffin Partners and Angelo, Gordon & Co., a joint venture that acquired the two-building Plano Corporate Center in 2012. Steven Eyler with Travers Cresa - Los Angeles represented the tenant. By James Lutz


Capital One Leases 42,584 SF at Parkway Place


Capital One (NYSE: COF) signed a 10-year lease for 42,584 square feet in the office building at 255 Consumers Rd. in Toronto.

The five-story building totals 200,100 square feet in the Parkway Place office park. Agellan Commercial REIT purchased this property in 2007. Gallean Property Management, a subsidiary of Agellan, handles the property management and is located on-site.

Capital One’s lease includes the entire third floor. The McLean, VA-based bank holding company plans to take occupancy during the first quarter of 2017, joining such tenants as BM, Shoppers Drug Mart and CH2M Hill in the building.

Brad Robinson of Cushman & Wakefield represented Capital One, while Adrian Lee, Tony Gill and Ryan Panet of CBRE represented Agellan Commercial REIT. By Holly Polivka


GuildNet Leases 38,000 SF on 57th


GuildNet has leased 37,680 square feet at 250 W. 57th St. in New York City. The insurance affiliate of Lighthouse Guild International, Inc. will take occupancy of the entire 10th and partial 9th floors of the building this summer.

Built in 1921, the 26-story, 527,627-square-foot, 4-Star office tower sits on six-tenths of an acre in the Columbus Circle submarket of Manhattan, between Broadway and Eighth Ave. It features 10-foot-6 slab heights, 10 passenger elevators, on-site management and in-building access to five subway lines.

Brian Gell and Laurence Briody Jr. with CBRE represented the tenant. Harry Blair and Sean Kearns at Cushman & Wakefield teamed up with Keith Cody at ESRT in representing the landlord. By Justin Sumner


BlackRock Signs MakeOffices to 35,184-SF Deal in NW Washington, D.C.


MakeOffices, a shared co-working and private office space provider, signed a 12-year lease for 35,184 square feet in the office building at 1015 15th St. NW in Washington, D.C.

The 12-story building totals 213,234 square feet and was renovated in 1998. Akridge developed the property currently owned by BlackRock, according to CoStar information.

Richard Tonner, Mark Sullivan and Matthew Venos of Cushman & Wakefield represented BlackRock, while Nate Krill of Avison Young represented MakeOffices. By Adam Kosna


Autoliv Asp to Open Office in REDICO'S American Center in Southfield


Autoliv Asp, Inc., a Swedish-American automotive safety company that launched following the merger of Autoliv AB and Morton Automotive Safety Products, signed a lease with building owner REDICO for 20,088 square feet in the American Center office complex in Southfield, MI.

The company will join Jaffe, Raitt, Heuer & Weiss, P.C., AECOM and Citizens Bank, among others, at American Center I, a 25-story, 497,144-square-foot office tower completed in 1975 at 27777 Franklin Rd. in the Southfield N of 10 Mile market. Autoliv Asp will occupy the entire fifth floor.

American Center I may soon be paired with a second office building as part of Phase II of REDICO's plan for the suburban Detroit office complex. A proposed 160,000-square-foot build-to-suit property, with the potential to reach 300,000 square feet, is currently being marketed to prospective tenants.

John Fricke, John Gordy and Jeffrey Trepeck of Signature Associates served as dual agents in the transaction. By Claire Meyer


Act-On Software Leases 18,000 SF in CBD, Twice


Act-On Software, a marketing automation software platform with email marketing, lead nurturing, lead scoring, CRM integration, social media, and tracking tools, signed two office lease deals on the same day at 121 SW Morrison St. in Portland, OR.

Act-On signed a sublease to complete a master term for the entire 16th floor of the building, which totals 18,189 square feet. The sublease expires in May 2017. Act-On's separate renewal contract will extend occupancy of the leased space directly by one more year, yielding an expiration date of May 2018.

Chris Elsenbach of JLL represented Act-On in both lease deals. Mark Carnese and Thomas Usher of Cushman & Wakefield represented the sublandlord on the 16th floor, InsideTrack, Inc. For the extension deal, Sean Turley of JLL represented the building landlord, Terrace Tower Group U.S.A. By Krishna Chandrasekaran
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