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Office Lease Up (September 18) NRG to Significantly Expand Presence in Downtown Houston with 400,000-SF Sublease at One Shell Plaza

Weekly Wrap-Up of Largest Reported Office Leases Include Deals by Consumer Cellular, TriHealth, University of Kansas Hospital, UWorld and more
September 18, 2017
NRG Energy (NYSE: NRG) has finalized a deal to sublet 431,037 square feet at One Shell Plaza in downtown Houston from Shell Oil Co.

A leading American energy company dual-headquartered in Princeton, NJ and 1201 Fannin St. in downtown Houston, NRG will fully occupy 18 floors within the 50-story, 1,228,923-square-foot, Class A high-rise completed in 1970 in Houston's central business district.

The Jackson Walker, LLP team of Pat Sharkey and Amanda Sheneman represented NRG Energy in negotiations, while Joseph Peddie, Tim Relyea and Morgan Relyea Colt of Cushman & Wakefield represented Shell Oil Co. By James Saris


Consumer Cellular Leases 164,000 SF at I-17 Office Center


Consumer Cellular leased the entire 163,607-square-foot office building located at 17500 N. Black Canyon Hwy in Phoenix, AZ.

Built in 1987, the single-story office building is situated on an 11.5-acre parcel in the Deer Valley / Airport submarket of Maricopa County, within the I-17 Office Center business park.

Ashley Brooks and James Bayles of CBRE represented the landlord, Everest Holdings LLC, in negotiations with the tenant. By Matt Mendoza


TriHealth Signs for +106,000 SF of Office Space at Baldwin Center


TriHealth has signed a three-year lease for 106,223 square feet within the Baldwin Offices at 625 Eden Park Dr. in Cincinnati, OH.

The locally-based unified health system will fully occupy the first floor as well as the sixth through 12th floors at the 12-story tower, which totals 209,955 square feet at 625 Eden Park Dr. within the Baldwin Center in Cincinnati's Clifton/Midtown submarket. TriHealth's lease is scheduled to commence in the second quarter of 2018, according to CoStar information.

Douglas Altemuehle, Darin Armbruster and John Rubin of Newmark Knight Frank, in collaboration with in-house rep Rob Murphy of Neyer Properties, represented the landlord in negotiations. By Ummama Bashir


University of Kansas Hospital Preleases Proposed Office Bldg. in Overland Park


The University of Kansas Hospital has signed a lease to fully occupy a 75,000-square-foot office building coming to the Highlands Corporate Campus in Overland Park, KS.

Located at 10710 Nall Ave., the four-story building will be constructed just north of I-435 in the College Blvd. submarket of south Kansas City.

Douglas E. Weltner of Colliers International represented the landlord in this deal. By Connor Martz


UWorld Leases 50,000 SF at Brand New Spec Development in Cypress Waters


UWorld will relocate this January from its space at 545 E. John Carpenter Fwy. in Irving, TX to 50,000 square feet at the brand new 9111 Cypress Waters Blvd. building in Cypress Waters.

The leader in online practice question banks signed a lease to occupy the third floor of the 217,000-square-foot, four-story office building, which delivered earlier this year as the newest speculative project within the 1,000-acre Cypress Waters development.

Dallas-based Billingsley Co. developed and owns the Good Fulton & Farrell Architects-designed property. Clay Vaughn and David Glasscock of CBRE handled negotiations on behalf of UWorld. By John Semaie


GCP Signs Vallen Distribution to 10-Year Office Renewal in Belmont


Graham Commercial Properties (GCP), a commercial real estate investment, development and management firm headquartered in Birmingham, AL, has signed leading industrial supplier Vallen Distribution to a 10-year extension for the company's 42,000-square-foot office space at 2100 Oaks Pky. in Belmont, NC.

Concurrent with the renewal, GCP disclosed plans to separate the 42,000-square-foot office component and 83,213-square-foot warehouse component into two separate leases. By Shae Yeager


The Marketing Store Expands HQ at 55 W. Monroe


The Marketing Store finalized a deal with building owner John Hancock Life Insurance Co. to expand the company's corporate headquarters at 55 W. Monroe St. to 35,955 square feet.

The customer engagement agency consolidated several suburban locations back in 2013 to establish its corporate headquarters at 55 W. Monroe, a 965,500-square-foot, 40-story tower completed in 1981 in Chicago's Central Loop. The expansion increases The Marketing Store's presence in 55 W. Monroe by 15% and gives the agency occupancy of the 13th and 15th floors.

Andrea Saewitz of Cushman & Wakefield represented John Hancock Life Insurance Co. in negotiations, while Robert Sevim and Joe Learner of Savills Studley negotiated the expansion for The Marketing Store. By Kyle O'Connor


Sageworks Inks Deal at Brand New 104,000-SF Office Development in Raleigh


This January, Sageworks will have a brand new 33,885-square-foot office in Raleigh, NC following news the financial analysis solutions company signed a lease to occupy the top floor of Dominion Realty Partners and PGIM Real Estate's Wade IV project slated to deliver early next month in west Raleigh.

The 104,071-square-foot, four-story office project broke ground last September on a completely speculative basis at 5444 Wade Park Blvd. minutes from I-40, the Wade Ave. thoroughfare and the campus of NC State University.

Avison Young's Arnold Siegmun and Carlo DiGiorgio represented the landlord in negotiations, while Dave Bodart of Kennedy Advisors represented Sageworks. By Vicente Garces


Envision Healthcare Leases 26,000 SF in Burton Hills III


Envision Healthcare signed a five-year lease for 26,000 square feet in the Burton Hills III office building at 20 Burton Hills Blvd. in Nashville, TN.

Envision’s lease includes the entire fourth floor and a portion of the fifth in the 109,390-square-foot building.

Bill Adair of JLL represented the landlord. Thomas Harwell of Eakin Partners represented the tenant. By Ryan Sompayrac


SouthernSun Leases 20,000 SF in Memphis


SouthernSun Asset Management, an investment management firm, signed a 10-year office lease for 20,000 square feet in the Hickman Building at 240 Madison Ave. in Memphis, TN.

Built in 1926, the eight-story building totals 99,159 square feet in downtown Memphis. In 2005 it was purchased by Walk-Off Properties LLC, and major renovations are expected to be completed in August 2018.

Stuart Harris of Walk-Off Properties LLC represented the landlord in-house. By Zach Hernandez


CityWorth Mortgage Leases 19,872 SF in Fairfax


CityWorth Mortgage, a direct mortgage lender, signed a seven-year lease for 19,872 square feet in the office building at 12015 Lee Jackson Memorial Hwy/ in Fairfax, VA.

The eight-story building totals 153,256 square feet in the Greenwood office park. CityWorth Mortgage will occupy the entire 7th floor and is expected to move into the space in December.

Brian Connolly, Yorke Allen and Brent Mathis of JLL represented the landlord, while Norman Corkhill of Potomac Real Estate Partners represented CityWorth Mortgage. By Gebar Hagos


Tiffany & Co. Leases 17,000 SF in Chelsea


Tiffany & Co. leased 16,909 square feet in the office building at 53 W. 23rd St. in New York City.

The 12-story, 230,000-square-foot office building was originally constructed in 1915 on one-third of an acre in the Chelsea submarket of Manhattan. The renowned jewelry company will take occupancy of the entire seventh floor.

Greg Taubin with Savills Studley represented Tiffany & Co. James Buslik, Alan Bonett and Brad Cohn with Adams & Company Real Estate LLC represented the landlord in-house. By Daniel Griffin


Mass Mutual Leases 14,000 SF in Clark Tower


Mass Mutual Life Insurance Company signed a 10-year office lease for 14,486 square feet in the Clark Tower office building at 5100 Poplar Ave. in Memphis, TN.

The 34-story building totals 668,505 square feet. It delivered in 1973 on 8.9 acres in the East submarket of Shelby County, and underwent renovations in 2007. Mass Mutual will take occupancy of its space in the fourth quarter of 2017.

Ron Riley and Laura Taylor of Colliers Management Services LLC represented the landlord, In-Rel Properties. Barry Maynard of Loeb Properties, Inc. and Jacob Biddle of Avison Young represented the tenant in lease negotiations. By Jennifer Jones


Outfront Media Leases 13,000 SF in Phoenix


Leading outdoor advertising firm Outfront Media, formerly CBS Outdoor, leased 13,187 square feet in the Biltmore Center I building located at 2390 E. Camelback Rd. in Phoenix, AZ.

The 211,624-square-foot office building is situated on a 2.7-acre parcel in Maricopa County. The tenant is slated for 4th quarter 2017 occupancy.

Ryan Timpani and Phillip Breidenbach of Colliers International represented the landlord. By Matt Mendoza


BDO USA Inks Deal for New 12,000-SF Office in Downtown SLC


BDO USA, LLP, a Chicago-based accounting and advisory organization and the United States member firm of global accounting network BDO International, finalized a deal to open a new 12,183-square-foot office in the Wells Fargo Center in downtown Salt Lake City, UT.

BDO's relocation comes after four years of unprecedented growth for the firm, which in that span more than doubled its revenue from $683 million in 2013 to $1.41 billion in 2017, according to BDO assurance office managing partner Matt McReynolds. The company will occupy the 10th floor in Wells Fargo Center with a move-in slated for next quarter.

Collin Perkins of Newmark Grubb ACRES represented BDO in this transaction. By Elizabeth Nutt
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