NEW YORK CITY — LifeSpire Inc., an educational organization that supports individuals with developmental disabilities, has signed a 20,026-square-foot office lease in Midtown Manhattan. The tenant is relocating from the Financial District to the fourth and fifth floors of the 462 Seventh Avenue, a 23-story building that was originally constructed in 1925. Darell Handler of Handler Real Estate Organization represented Lifespire in the lease negotiations. Michael Heaner and Sam Stein represented the landlord, The Kaufman Organization, on an internal basis.
FORT WORTH, TEXAS — Giti Tire USA, a global manufacturer and distributor based in Singapore, has signed a 267,000-square-foot industrial lease in Fort Worth. Clay Balch, David Eseke, Andrew Morrow and Luke Rivera of Cushman & Wakefield represented Giti Tire USA in the lease negotiations. Becky Thompson of Lee & Associates represented the landlord, Atlanta-based Stonemont Financial Group. The deal was finalized before the completion of construction, which began in mid-2022.
CARROLLTON, TEXAS — Bradford Commercial Real Estate Services has secured a 129,611-square-foot, full-building industrial lease renewal at Valwood Industrial Park in the northern Dallas metro of Carrollton. Joe Santaularia of Bradford represented the tenant, North Carolina-based Network Wireless Solutions, in the lease negotiations. Sara Ozanne and Mac Hall of Stream Realty Partners represented the landlord, an affiliate of Blackstone Real Estate Income Trust (BREIT).
CHICAGO — The Apartment Source (TAS) has begun pre-leasing efforts for The Ivy, a newly rehabbed apartment building in Uptown Chicago. TMG Management owns the 63-unit property, which features seven studios, 54 one-bedroom units and two two-bedroom units. The renovated apartments feature high-efficiency stainless steel appliances, in-unit laundry and Italian cabinetry. Amenities include a fitness center, bike room and laundry room. TMG acquired the asset in May 2022. The building is set to reopen in early 2024.
MIDDLETON, WIS. — Cardinal Capital Management Inc. has opened The Social at Middleton Market in Middleton, a northwest suburb of Madison. The bar is located within the Middleton Market Food Hall, which is connected to Aviary at Middleton Market Apartments. The Social provides residents and visitors a space to enjoy crafted beverages. Under the guidance of Nancy Allen, general manager of Middleton Market, and Lynn Haker of Babes Grill & Bar in Madison, The Social offers a curated menu of signature cocktails, locally sourced beers, an extensive selection of wines and shareable appetizers.
JERSEY CITY, N.J. — Franklin Credit Management Corp. has signed a 15,000-square-foot office lease renewal at 101 Hudson St. in Jersey City. The 42-story, 1.2 million-square-foot tower is located in the city’s Exchange Place neighborhood and is known as The Merrill Lynch Building. Conor Dolan, David Opper and Mike Nieliwodski of CBRE represented the landlord, The Birch Group, in the lease negotiations. The tenant representative was not disclosed.
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Multifamily Operators Adopt Property-Wide Internet Access as New Standard Amenity
Multifamily residents want to take their internet connections with them beyond their unit’s four walls and throughout the complex. The National Multifamily Housing Council has found for years that 90 percent of renters say good internet access is a necessity. But the meaning of good connectivity has changed. “Ten, fifteen or twenty years ago, the most popular trend was cocooning — where people would go to work, come home and run into their apartment. They’d close the door, and you wouldn’t hear or see from them again until the next day,” says Bryan Rader, president of MDU at internet service provider Pavlov Media. “Today, multifamily renters spend more time around the community,” he continues. “Developers are playing to that lifestyle change by building amenities and encouraging residents to spend time together. Having a really strong managed Wi-Fi network that is safe, secure and authenticates the user is very valuable.” Put more simply, Wi-Fi within amenities is important to renters. Take fitness centers, for example. When was the last time you saw anyone on a treadmill without headphones relaying music from the internet through a phone or tablet? The move toward property-wide internet demand started in universities as students needed internet …
MIAMI — The Container Store and Sweet Paris Creperie & Café have signed leases to join the tenant roster at Miami Worldcenter. The Container Store will occupy 15,681 square feet and Sweet Paris will occupy 2,330 square feet at the $6 billion, 27-acre mixed-use development underway in downtown Miami. Both retailers are set to open by the end of 2024. Miami Worldcenter Associates, led by developers Art Falcone and Nitin Motwani, is the master developer of Miami Worldcenter in partnership with CIM Group. More than 90 percent of the development’s 300,000 square feet of planned retail, dining and entertainment space has been leased, according to the developers. CIM Group and The Comras Co. are leading retail leasing.
WASHINGTON, D.C. — Newmark has arranged a 27,581-square-foot office lease at 11 Dupont, a six-story, 153,228-square-foot office building in Washington, D.C.’s Dupont Circle district. The tenant is American Enterprise Institute (AEI), a public policy think tank. Brendan Owen, Ed Clark and Max Planning of Newmark represented the landlord, The RMR Group, in the lease transaction. Mark Wooters and Aaron Pomerantz of Cushman & Wakefield represented AEI. The RMR Group recently completed a multimillion-dollar renovation to 11 Dupont.
MISSOURI CITY, TEXAS — Colliers has negotiated a 131,112-square-foot industrial lease at Cravens Logistics Center, a 249,370-square-foot development located in the southwestern Houston suburb of Missouri City. The newly built facility sits on 17.6 acres and features 36-foot clear heights, 180-foot truck court depths and 49 trailer parking spaces. John Nicholson of Colliers represented the landlord, Johnson Development, in the lease negotiations. The tenant was mattress and bedding products provider Nap Queen.