DALLAS — Taylor Team Relocation, an Ohio-based copier shipping firm, has signed a 50,070-square-foot industrial and office lease at Marsh Business Park West, a 636,725-square-foot development in North Dallas. The space comprises 23,220 square feet of office space and a 26,850-square-foot warehouse. Hudson Sheets and Andrew Gilbert of Holt Lunsford Commercial represented the tenant in the lease negotiations. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as GKI Industrial Dallas LLC.
NEW YORK CITY — International law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP has signed a 765,000-square-foot office lease at 1345 Avenue of the Americas in Midtown Manhattan. The lease term is 20 years, and the space spans 18 floors. Fisher Brothers, in partnership with J.P. Morgan, owns the building, which recently underwent a $120 million capital improvement program. Moshe Sukenik, Chris Mongeluzo and Brian Cohen of Newmark represented the tenant in the lease negotiations. Howard Fiddle, Peter Turchin, Ben Josephs, Bill Lacovelli and Antony Dattoma of CBRE represented ownership in conjunction with Marc Packman, Clark Briffel, Charles Laginestra and Josh Fisher of Fisher Brothers.
NEW YORK CITY — Locally based landlord Olshan Properties has secured two new leases at 99 Hudson Street, a 17-story, 175,000-square-foot office building in Manhattan’s Tribeca area. Community College Campus Inc. will relocate to a 9,300-square-foot space on the 12th floor in November, and HR&A Advisors renewed its lease for 12,111 square feet on the third floor. Eric Cagner, Jon Franzel, Claire Koeppel and David Falk of Newmark represented Olshan Properties in the lease negotiations. Darell Handler and Kyle Galin of Handler Real Estate represented Community College Campus Inc., and Michal Mathias of Cushman & Wakefield represented HR&A Advisors.
The term “adaptive reuse” in real estate circles typically conjures images of repurposing old, obsolete commercial buildings. Meanwhile, academic buildings, administrative offices and other properties on college campuses rarely come to mind. But NAI has noted a growing need among higher learning institutions with vacant or underused assets, particularly as a result of growing online learning options, says Larry Gautier, senior vice president of NAI Miami | Fort Lauderdale. As a result, the brokerage is focused on finding solutions for schools. “NAI hasn’t historically been involved with higher institutions of learning — we’ve typically focused on conventional real estate transactions,” Gautier acknowledges. “But a few years ago, when students weren’t going in to class, colleges and universities were facing a challenge: what do you do with facilities — that were built for thousands of students — in a remote-learning setting? For many schools, remote learning is here to stay.” Options include leasing buildings to commercial users or entering a joint venture with, for example, an aerospace or engineering company for educational programs, he adds. Colleges that suddenly have vast unused parking lots could also enter into long-term leases with multifamily, office or mixed-use developers. “Our position is to help these schools create …
MARIETTA, GA. — Poag Development Group, a Memphis-based company formerly known as Poag Shopping Centers, has signed six new tenants to join the roster at The Avenue West Cobb, an open-air retail development in Marietta that houses 80 shops, restaurants and businesses. The new tenants include two brands that recently opened: fitness boutique StretchLab and Walk-On’s Sports Bistreaux, a Cajun restaurant chain co-owned by former New Orleans Saints quarterback Drew Brees. The other four tenants — apparel retailer J. Crew Factory, dessert shop The Peach Cobbler Factory, medical primary care office Vera Whole Health and eyeglass retailer Warby Parker — are set to open the first half of the year. JLL is the property manager of The Avenue West Cobb, which locally based Cousins Properties opened in 2003.
HOUSTON — Locally based brokerage firm Finial Group has negotiated an 18,471-square-foot industrial lease at 6832 Bourgeois Road in Houston. The tenant, global energy services firm Interwell US, will occupy space within Four Seasons Business Park on the city’s northwest side. John Buckley and Jack Gaffney of Finial Group represented the undisclosed landlord in the lease negotiations.
NEW YORK CITY — MetLife has signed a 400,000-square-foot office lease extension at 200 Park Avenue in Manhattan, a deal that keeps the insurance giant in its headquarters and namesake building through 2038. MetLife consolidated its New York City offices at the 58-story building in 2017 by occupying the entire third and sixth floors and parts of the fourth and fifth floors. Patrick Murphy and Peyton Horn of Cushman & Wakefield represented MetLife in the lease negotiations. Megan Sheehan and Sam Brodsky of Tishman Speyer, which owns the building in partnership with Irvine Co., represented the landlord on an internal basis.
DETROIT — Blue Cross Blue Shield of Michigan has renewed its office lease at 500 River East Tower in downtown Detroit. The health insurance company remains the sole tenant within the 307,000-square-foot building, which has been part of the Blue Cross downtown campus since 2011 and is within close proximity to other Blue Cross and Blue Care Network facilities located on East Lafayette and Jefferson Avenue. According to Crain’s Detroit Business, Friedman Real Estate recently purchased both 500 River East Tower and 600 River East Tower from a New Jersey-based publicly traded utility company. Friedman is marketing 600 River East Tower for lease to prospective corporate users.
HIALEAH, MIAMI AND WEST PALM BEACH, FLA. — Dollar Tree has opened three new stores in South Florida. The retailer now occupies 13,500 and 14,000 square feet in Hialeah and Miami, respectively. Dollar Tree has also opened a 9,000-square-foot store in West Palm Beach. Additionally, the retailer is currently underway on the development of two stores in Sunny Isles Beach and Lauderhill, Fla. Steve Miller of The Rotella Group represented Dollar Tree in the lease negotiations.
WHITEHALL, PA. — Lecangs, a third-party logistics company and subsidiary of Loctek, has signed a 504,000-square-foot industrial lease at 3585 Church St. in the Eastern Pennsylvania community of Whitehall. According to LoopNet Inc., the single-tenant property was built in 2001. Del Markward and Mike Capobianco of locally based brokerage firm Markward Group represented Lecangs in the lease negotiations. JLL represented the undisclosed landlord. Jeff Collins of Commercial Florida Realty Inc. also assisted in closing the deal.