Leasing Activity

Texas-Tower-Houston

By Taylor Williams The American office market remains awash in change as both tenants and landlords continue to grapple with now-familiar quandaries, from devising ideal hybrid work schedules to rightsizing inventory to putting forth the best mix of amenities, all while negotiating down to the last nickel of rent and last day of term.  There are no right or wrong answers to these dilemmas outside of what works best for a particular company or building. Aside from flight to quality, there are very few common denominators across the spectrum of office usage from the tenant perspective. And aside from certain “must have” amenities and features, from the landlord perspective, there is no one-size-fits-all formula for wooing tenants back into buildings. For Texas cities with growing populations and well-located, obsolete office buildings, there are rarely obvious, cost-effective options for revitalizing or converting those structures. And above all else, there’s not a lot of clarity on the future of office utilization as a whole.   So in the meantime, all that tenants and landlords — and their brokers — can do is try to make the smartest deal possible based on the information they have today. “In today’s market, every deal has …

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NASHVILLE, TENN. — Stream Realty Partners has inked five leases over the past two months at 5 City, a newly delivered, 344,000-square-foot office tower in Nashville. Chicago-based Convexity Properties is the owner and developer of the 15-story tower. National law firm Dickinson Wright signed a 16,116-square-foot lease, relocating from its previous office in downtown Nashville, while investment management and financial advisory firm Nephila Advisors signed a 9,954-square-foot lease. Additional tenants include Jay-Bee Oil and Gas, which is opening its first Nashville office; Precision Field Services, a mortgage services and property preservation business; and a San Francisco-based music label and publisher. The five leases total approximately 35,000 square feet. Charlie Gibson, Stewart Lyman and Maddy Sickels of Stream Realty manages the office leasing efforts at 5 City for Convexity. Liz Craig of Foundry Commercial oversees the property’s retail leasing. JLL represented Dickinson Wright and Nephila Advisors in their lease transactions, while CBRE represented Jay-Bee Oil and Gas and Precision Field Services. Kasa Real Estate represented the music label and publisher. Designed by Goettsch Partners, 5 City offers a mix of amenities including an outdoor terrace space; a tenant lounge; training and conference center with seating for up to 100 people; an onsite …

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NEW YORK CITY — Candid Health, a provider of healthcare revenue cycle software, has signed a 28,687-square-foot office lease in Midtown Manhattan. The lease term is seven years, and the space is located on the third floor of the building at 675 Avenue of the Americas. Justin Haber, Kyle Riker and Emma Gill of JLL represented the tenant in the lease negotiations. Anthony Sciacca and Scott Gutnick of Newmark, along with internal agents Jeffrey Gural and Alphie Toro, represented the landlord, GFP Real Estate.

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HOUSTON — BNY Mellon has signed a 26,849-square-foot office lease in downtown Houston. The bank is taking space at 811 Main, a 974,884-square-foot office building. Eric Anderson and John Heard of Transwestern represented the landlord, Atlanta-based Invesco Real Estate, in the lease negotiations. David Bale and Cody Little of JLL represented the tenant.

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NEW YORK CITY — Perplexity has signed an office lease expansion in Manhattan’s Union Square area. The AI platform now occupies 22,000 square feet across two full floors within the adjoining buildings at 841-853 Broadway. Andrew Wiener, Robert Fisher and Henry Korzec represented the landlord, The Feil Organization, in the lease negotiations on an internal basis. Marcella LaHara, Derek Feinman and Adam Spector of Newmark represented Perplexity.

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JOLIET, ILL. — Hyundai Translead, a subsidiary of Hyundai Motor Co., has signed a 1.4 million-square-foot lease in Joliet. Industrial Realty Group LLC (IRG) owns the property, which was formerly Caterpillar’s main plant. In addition to the Joliet facility, Hyundai Translead will also move into a second Will County location at the former Lion Electric site. The two expansions will collectively create approximately 2,500 new full-time jobs and represent $450 million of investment. Onno Steger represented IRG on an internal basis. Jerry Sullivan and Ed Wabick of DarwinPW Realty/CORFAC International represented the landlord, while Shamus Conneely of John Greene Commercial represented the tenant.

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CHICAGO — FTK Capital has selected Stream Realty Partners to oversee the leasing and property management of 111 W Jackson, a 25-story, 567,531-square-foot office tower located at 111 W. Jackson Blvd. in Chicago’s Central Loop. Ownership is undertaking a strategic reinvestment program to enhance the asset. OTJ Architects is collaborating on the planned improvements, which include updates to the lobby and common areas, expanded amenities and the addition of new spec suites. Plans call for 50,000 square feet of pre-built suites, with an initial 25,000 square feet expected to be completed by late 2026. Matt Lerner and Erica Marshall of Stream will lead leasing, while Charlie Andersen and Jen Bilinski of Stream will oversee property management.

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HOUSTON — Seyfarth Shaw has signed a 40,487-square-foot office lease in downtown Houston. The law firm is taking space at 811 Main, a 974,884-square-foot office building. Eric Anderson and John Heard of Transwestern represented the landlord, Atlanta-based Invesco Real Estate, in the lease negotiations. Melissa Copley and Joshua Brown of Newmark represented the tenant.

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SAYREVILLE, N.J. — Worldwide Logistics USA, the American affiliate of Chinese freight company Worldwide Logistics Group, has signed a 451,916-square-foot industrial lease in the Central New Jersey community of Sayreville. The deal is for the entirety of Building 3 within Arsenal Trade Center, a newly constructed development that spans roughly 1.1 million square feet across three buildings. Jimo Liu of Cushman & Wakefield represented Worldwide Logistics in the lease negotiations. Tom Monahan, Larry Schiffinhaus and Brian Golden of CBRE represented the landlord, a partnership between Trammell Crow Co. and CBRE Investment Management.

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NEW YORK CITY — Zeta Charter Schools will open a 35,000-square-foot temporary high school facility in the Washington Heights area of Upper Manhattan. The lease term is two years, and the space is located within St. Rose of Lima Catholic Church. Lindsay Ornstein and Alexander Smith of OPEN Impact Real Estate represented Zeta Charter Schools in the lease negotiations. The landlord, the Archdiocese of New York, was self-represented.

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