AUSTIN, TEXAS — IBM has signed a 50,000-square-foot office and life sciences lease at Parmer Impact Labs in Austin. CBRE represented the landlord, Karlin Real Estate, in the lease negotiations. Cushman & Wakefield represented IBM. The New York-based tech giant follows University of Texas at Austin, which announced in September that it would locate its first off-campus wet lab site at Parmer Impact Labs. A timeline for occupancy was not disclosed.
PLANO, TEXAS — Holt Lunsford Commercial has negotiated a 13,936-square-foot office lease renewal and expansion at Lincoln Legacy Two in the northern Dallas suburb of Plano. Chase Stone and Caroline Hix of Holt Lunsford represented the landlord, Larson Capital Management, in the lease negotiations. Scott Jessen of Citadel Partners and Tyler Thomas of Trumont Commercial represented the tenant, The Mathworks, a provider of mathematical computing software.
NEW YORK CITY — DoorDash has signed a 115,382-square-foot office lease expansion at 200 Fifth Avenue in Manhattan. The San Francisco-based online food delivery platform is expanding from a 57,691-square-foot space that it had previously subleased to the ninth floor of the 860,000-square-foot building. Bruce Mosler, Ethan Silverstein, Anthony LoPresti and Bianca Di Mauro of Cushman & Wakefield represented the landlord, Boston Properties (NYSE: BXP), in the lease negotiations. Adam Ardise and Greg Pickett, also with Cushman & Wakefield, represented DoorDash, which plans to take occupancy of the new space before the end of the year.
HOUSTON — ChipTech, a manufacturer of low-voltage cables for the communications industry, has signed a 14,350-square-foot industrial lease in northwest Houston. The space is located within Pine Timbers Distribution Center and includes 1,655 square feet of office space. Andrew Bischoff and Tyler Holt of Finial Group represented ChipTech in the lease negotiations. Bridge Commercial Real Estate represented the undisclosed landlord.
NEW YORK CITY — JLL has negotiated a 5,084-square-foot office lease at 76 Trinity Place, a 26-story building in Manhattan’s Financial District that was completed in 2022. The lease term is five years. John Wheeler, Andrew Coe and Margaux Kelleher of JLL represented the landlord, Trinity Church Wall Street, in the lease negotiations. Jeff Szczapa, Ed DiTolla and Finley Burger, also with JLL, represented the tenant, Boston-based financial technology company Lendbuzz.
The multifamily industry has its hands full: finance in adverse economic conditions, rapidly rising operation costs, as well as the challenge of attracting and keeping quality tenants as the biggest jump in new inventory creates more competition than the industry has seen in decades. Technology is an enabling and defining tool in the midst of these challenges. Tenants often expect services like internet access, telephone, television and Wi-Fi hotspots throughout a complex. Multifamily property staff need data access, speciality software, as well as the ability to schedule prospective resident visits, remote viewing, maintenance and more. Relatively few multifamily operations have the scope, scale and economics for an IT staff that can handle the support and repair requirements necessary to install systems, keep them working, protect data and networks while assisting tenant and staff users, particulary 24 hours a day, 7 days a week. Managed IT services are third-party companies that remotely provide the IT expertise and the help a company requires. “If a resident can’t get on Wi-Fi, if a phone stops working, if there’s an issue with the network or if there’s a problem with the ability to share or store or retrieve data — that’s where we step …
OLD BRIDGE, N.J. — Paragon Packaging has signed a 192,000-square-foot industrial lease in Old Bridge, about 40 miles south of Manhattan. The packaging firm is taking space at Building 2 at the 4.2 million-square-foot Central 9 Logistics Park, which is under construction and expected to be complete in the second quarter. Mindy Lissner, Bill Waxman, Christine Eberle, David Gheriani, Jeff Volpi and Morgan Nitti of Cushman & Wakefield represented the landlord, 2020 Acquisitions, in the lease negotiations. Kyle Eaton of Newmark represented Paragon Packaging.
VERNON HILLS, ILL. — Six new tenants are slated to open at Hawthorn, a regional shopping center undergoing redevelopment in the Chicago suburb of Vernon Hills. Sephora, Anthropologie, FP Movement and The Lovesac Co. will open this year at the new Hawthorn Row outdoor streetscape. Also this year, Perry’s Steakhouse & Grille will open on an outparcel along Milwaukee Avenue. In 2025, Dom’s Kitchen & Market will open along Townline Road next to the Sleep Number store. The Domaine, a 311-unit luxury apartment complex, recently opened on the east side of the Hawthorn property. The next phase of development calls for another 250 apartment units and a three-acre amenitized plaza, a new food gallery on the upper level, and the addition of curated food and beverage tenants for the center’s ring road outparcels. Hawthorn originally opened 50 years ago.
CARY, N.C. — Two new retailers and five office users have signed on to join the tenant roster at Fenton, a 92-acre mixed-use development in the Raleigh suburb of Cary. The nearly $1 billion development is co-owned by Hines and Columbia Development. The new retailers, Brewery Bhavana and Vega Vitality, plan to open their locations at Fenton before the end of the year. Two other retailers opened in late 2023: Johnny Was and Rejuvenation. Bruce Koniver of Odyssey Retail Advisors is leading Fenton’s retail leasing, which is currently 94 percent committed. The five companies that signed office leases at Fenton include Cushman & Wakefield, IPS, Prologis, AIMA and Surety Systems. The property’s office component currently spans 200,000 square feet, with future phases allowing up to 1 million square feet.
VIRGINIA BEACH, VA. — KPMG LLP, one of the “Big Four” audit, tax and advisory firms, has leased 13,044 square feet of office space at Town Center of Virginia Beach, a 25-acre mixed-use district in Virginia Beach. The firm will move into its space at the development’s 23-story office tower this month. Divaris Real Estate represented the landlord and developer, locally based Armada Hoffler, in the lease negotiations. Cushman & Wakefield | Thalhimer represented KPMG. The new lease brings Town Center of Virginia Beach’s office component, which spans 800,000 square feet, to 98 percent occupancy, according to Armada Hoffler.