NEW YORK CITY — Hazen & Sawyer has inked a 44,000-square-foot office lease extension at 498 Seventh Ave. in Manhattan’s Times Square area. The engineering firm will continue to house its headquarters across the entire 11th floor of the 960,000-square-foot building through 2035. Curtis Dean of CD Commercial Real Estate Services represented Hazen & Sawyer, which has been a tenant at the building since 1999, in the lease negotiations. Matt Coudert and Andrew Conrad internally represented the landlord, George Comfort & Sons.
SAN ANTONIO — U.S. Foods has signed a lease to occupy space at Riggy’s Foster Ridge, a 10-acre industrial outdoor storage (IOS) facility in San Antonio. The newly developed facility is located at 6600 Lancer Blvd. on the city’s east side and features a seven-acre truck parking and trailer storage area with 140 demarcated tractor trailer spaces, as well as a 2,000-square-foot common area office and lounge. Ty Bragg of Cavender & Hill represented the landlord, Texas-based real estate and logistics firm DryPort Capital, in the lease negotiations. Rob Burlingame of CBRE represented the tenant.
NEW YORK CITY — PubMatic Inc., a software provider for the digital publishing and advertising industry, has signed a 60,000-square-foot office lease at 498 Seventh Ave. in Manhattan’s Times Square area. The company already subleases the entire 18th floor of the 960,000-square-foot building and will expand to the entire 19th floor early next year under the terms of the new deal. Greg Taubin of Savills represented PubMatic in the lease negotiations. Matt Coudert and Andrew Conrad internally represented the landlord, George Comfort & Sons.
COLLINGSWOOD, N.J. — Cooper University Health Care has opened the 3,800-square-foot Center for LGBTQ+ Health in Collingswood, located outside of Philadelphia in Southern New Jersey. The site is about four miles from Cooper University Hospital and houses six exam rooms, a therapy and counseling room, staff lounge, provider offices and a central medical assistant station. Spiezle Architecture Group designed the clinic, and general contractor Gary F. Gardner Inc. handled the build-out.
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Multifamily Markets See Silver Lining Despite Economic Headwinds
Like other property sectors, rental housing assets have experienced big swings in fortunes over the past few years. Historically high rent growth during the pandemic came to a halt amid new supply in many markets. And the end of cheap debt has stymied investment sales and is stressing investors who paid handsomely for apartments using short-term financing. But the situation could be worse. Housing remains in high demand, and despite higher mortgage rates and a collapse in home sales, a severe lack of inventory on the market continues to prop up home values and price out would-be buyers. In May, home prices across the country increased 5.9 percent over the previous year, according to the latest S&P CoreLogic Case Shiller U.S. National Home Price NSA Index. Rental housing owners and operators are the obvious beneficiary of those challenges, says Ivy Zelman, executive vice president and co-founder of Zelman & Associates, a Walker & Dunlop company that provides housing research, analysis and consulting. Move-outs attributed to home purchases clearly illustrate the trend. An apartment and single-family rental operator in Phoenix recently told Zelman that such move-out activity has dropped to about 13 percent from an historical average of 30 percent, she …
AMARILLO, TEXAS — Coldwell Banker Commercial First Equity has negotiated a 51,848-square-foot office lease in Amarillo. The 237,204-square-foot building at 701 S. Taylor St. is located in the downtown area. Rachel Shreffler of Coldwell Banker represented the landlord, an entity doing business as 1908 Properties LLC, in the lease negotiations. The name and representative of the tenant were not disclosed, but the space can support more than 300 employees.
BENSENVILLE, ILL. — American Bear Logistics Corp. has signed a 56,264-square-foot industrial lease at 1065 Thorndale Ave. in the Chicago suburb of Bensenville. Chris Nelson and Calvin Gunn of Lee & Associates represented the landlord, Prologis. Nick Krejci of CORE Industrial Realty represented the tenant, which is a logistics company that focuses on integrating international freight forwarding, warehouse management, U.S. inland road transportation and import/export customs declaration services.
HOUSTON — Noble Corp. has signed a 110,250-square-foot office lease in West Houston. The global offshore drilling contractor is taking three floors at Building 1 at the 39-acre CityWestPlace, with occupancy slated for early 2025. Mark O’Donnell, Jim Bell and Jennifer Meehan of Savills represented the tenant in the lease negotiations. J.P. Hutcheson and Rima Soroka internally represented the owner, a partnership between Parkway and Midway.
BLOOMINGTON, MINN. — Burns & McDonnell, an engineering, construction and architecture firm, has signed a 67,000-square-foot office lease at Norman Pointe II in Bloomington. Michael Gelfman and Nate Karrick of Colliers represented ownership. The lease marks one of the largest office leases in the Minneapolis market this year, according to Colliers. Burns & McDonnell previously occupied 45,000 square feet at 8201 Norman Center Drive in Bloomington. Built in 2007, Norman Pointe II is located at 5600 American Blvd. at the I-494 and Highway 100 interchange. The 10-story building totals 331,447 square feet and offers amenities such as a café, 100-person conference center, fitness center, daycare and covered parking. Doug Fulton and Rob Youngquist of Avison Young represented Burns & McDonnell, which secured building signage. Norman Pointe II is now 95 percent leased.
NEW YORK CITY — Daiwa Capital Markets America Inc. (DCMA) has signed a 20-year, 44,100-square-foot office lease in Midtown Manhattan. The financial services firm will occupy the entire 49th floor at 1251 Avenue of the Americas. Erik Schmall and Scott Weiss of Savills represented DCMA in the lease negotiations. David Falk and Peter Shimkin of Newmark represented the landlord, Mitsui Fudosan America. A tenant-only conference facility is under construction at the building, and the lobby was recently renovated. Three new food-and-beverage concepts are also set to open at the building in the coming weeks.