Leasing Activity

Office Building in Century City, California Achieves Full Occupancy

by Jeff Shaw June 16, 2023

CENTURY CITY, CALIF. — An office property in Century City, 2000 Avenue of the Stars, has reached full occupancy with the addition of new leases. A multi-national law firm will relocate from downtown Los Angeles and occupy 57,887 square feet, while CBRE secured 21,000 square feet. The 865,000-square-foot property is also home to Creative Artists Agency, Ares Management and UBS. The property forms part of the Century Park campus, which also includes Century Plaza Towers. CBRE’s Pat McRoskey, Patti Gilbert and Amanda Calof comprise the leasing team responsible for the Century Park area.

June 16, 2023

Leasing Activity Midwest Minnesota Office

Law Firm Fredrikson & Byron Moves Into 158,000 SF Office at 60 South Sixth in Minneapolis

by Kristin Harlow June 15, 2023

MINNEAPOLIS — Midwest law firm Fredrikson & Byron has moved into a 158,000-square-foot office space at 60 South Sixth, a 40-story tower in downtown Minneapolis. KBS Real Estate Investment Trust III owns the 710,332-square-foot property. Fredrikson & Byron signed the lease in 2020. Amenities at 60 South Sixth include a fitness center, underground parking, concierge services, free Wi-Fi hotspots, a tenant lounge, pool table and conference center. KBS also recently signed leases with Best & Flanagan LLP, a locally based law firm, and Dacotah Bank, a Midwest financial institution. Brent Robertson, Andrea Leon and Jon Dahl of JLL represented KBS in all three leases. Mike Salmen, Larry Serota and Will McDonald of Transwestern represented Fredrikson & Byron. Brent Erickson of Newmark represented Best & Flanagan, and Kevin O’Neill of Colliers represented Dacotah Bank.

June 15, 2023

Leasing Activity Midwest Minnesota Restaurant Retail

Ruth’s Chris Steak House to Open at Kahler Grand Hotel in Rochester, Minnesota

by Kristin Harlow June 15, 2023

ROCHESTER, MINN. — Ruth’s Chris Steak House is opening at the Kahler Grand Hotel in Rochester. The location marks the second in Minnesota for Ruth’s Chris following one in downtown Minneapolis. The 7,800-square-foot restaurant will feature outdoor seating, a full bar and private dining area. Kraus-Anderson Construction has begun demolition of the Grand Grill in the hotel lobby to make way for Ruth’s Chris. Construction of the steakhouse is scheduled to begin late this summer and be completed in early 2024. Kahler Hospitality Group recently renovated the 600-room hotel. The four-year renovation project was one of the most extensive renovations ever completed at the hotel, which was originally constructed in 1921. Darci Fenske of Paramark Real Estate Services represented Kahler Hospitality Group in the lease with Ruth’s Chris.

June 15, 2023

Leasing Activity Michigan Midwest Restaurant Retail

Knock Twice Speakeasy Opens in West Bloomfield Township, Michigan

by Kristin Harlow June 15, 2023

WEST BLOOMFIELD TOWNSHIP, MICH. — Knock Twice Speakeasy has opened in West Bloomfield Township, a northwest suburb of Detroit. Eric Banks and Rachele Downs of Dominion Real Estate Advisors represented the landlord, Hariram Properties Inc., in the five-year lease for 5,383 square feet. The space was formerly home to Lark restaurant and later Sizzle and Spice Indian Cuisine. Knock Twice has invested $250,000 in its space, which features an outdoor patio, cigar lounge and VIP area.

June 15, 2023

Industrial Leasing Activity Northeast Pennsylvania

Lexora Home Signs 70,000 SF Industrial Lease in York, Pennsylvania

by Taylor Williams June 15, 2023

YORK, PA. — Lexora Home, a wholesale distributor of luxury bathroom fixtures and accessories, has signed a 70,000-square-foot industrial lease in York, about 100 miles west of Philadelphia. The building at 145 Morgan Lane was constructed in 2017 and features a clear height of 30 feet, two drive-in doors and an ESFR sprinkler system. Nicholas Klacik, Kevin Dudley, Chad Hillyer, Kate Granahan, John La Prise and Sean Bleiler of CBRE represented Lexora Home in the lease negotiations. Jason Turnbull of Rock Commercial Real Estate represented the undisclosed landlord.

June 15, 2023

Leasing Activity Office Texas

Texas AirSystems Signs 103,000 SF Office Lease in Irving

by Taylor Williams June 14, 2023

IRVING, TEXAS — Texas AirSystems has signed a 103,000-square-foot office lease in Irving. The manufacturer of commercial HVAC systems will occupy the entirety of Royal Ridge II, a two-story building that recently underwent a capital improvement program. Dan Harris and Ryan Boozer of Stream Realty Partners represented Texas AirSystems in the lease negotiations. John Brownlee and Michael Williams of JLL represented the landlord, an affiliate of Silicon Valley-based investment firm Menlo Equities.

June 14, 2023

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 25,125 SF Industrial Lease in Mansfield, Texas

by Taylor Williams June 14, 2023

MANSFIELD, TEXAS — Lee & Associates has negotiated a 25,125-square-foot industrial lease in Mansfield, a southern suburb of Fort Worth. According to LoopNet Inc., the property at 2151 Heritage Parkway consists of two buildings with 30-foot clear heights and 3,800 square feet of office space. Robert Miller of Lee & Associates represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

June 14, 2023

Georgia Leasing Activity Office Southeast

Financial Tech Firm Debuts Headquarters at One Phipps Plaza in Atlanta’s Buckhead District

by John Nelson June 14, 2023

ATLANTA — Resurgens Technology Partners, a tech-focused private equity firm, has opened its new 15,000-square-foot headquarters office at One Phipps Plaza, a newly built, Class A office tower in Atlanta’s Buckhead district. The office building anchors the newly expanded Phipps Plaza mixed-use campus, which is owned by mall REIT Simon and includes the Nobu Hotel & Restaurant, five-story Life Time athletic club and Citizen’s Market food hall. Resurgens Technology Partners has offices in Austin, London and Silicon Valley in addition to Atlanta. Other office tenants at One Phipps Plaza include aluminum rolling and recycling company Novelis and financial giant Goldman Sachs & Co.

June 14, 2023

Content Partner Features Industrial Leasing Activity Midwest NAI Northeast Southeast Texas Western

Rewards, Risk Mitigation Fuel Cell Tower Lease Sales

by Sarah Daniels June 14, 2023

A rapidly evolving connectivity frontier is shaping the future of cell tower lease sales and encouraging many commercial property owners who rent space to tower companies to sell their leases at values at the top of the market. Telecom carriers have considerably slowed their buildouts for 5G networks and are already preparing for 6G mobile networks, expected to roll out around 2024. Brokers are seeking to amend and renegotiate old cell tower leases in the face of predicted wireless infrastructure obsolescence and connectivity innovations, which may negate some physical infrastructure needs entirely. The key to maximizing sale proceeds in this landscape is to secure landlord-friendly terms and ensure clarity in a new lease or renewal. Among other elements, building owners must insist on strong insurance indemnities and well-defined subordination, non-disturbance and attornment (SDNA) in the amended agreements. But no landlord demand may be more important to future value than denying the tenant a right of first refusal to purchase the lease, says David Moore, CEO and principal of NAI Global Wireless, a Redlands, California-based national wireless real estate brokerage that represents landlords. Cell tower leases in which tenants don’t have right of first refusal are more appealing to buyers, a …

June 14, 2023

Development Leasing Activity Mixed-Use Restaurant Retail South Carolina Southeast

RocaPoint Signs Perch Kitchen & Tap to Lease at $1B Greenville County Square Development

by John Nelson June 13, 2023

GREENVILLE, S.C. — RocaPoint Partners has signed Perch Kitchen & Tap to open a restaurant and brewery at Greenville County Square, a $1 billion mixed-use development in Greenville. Perch Kitchen & Tap is the first committed food-and-beverage tenant and will join Whole Foods Market in the development’s first phase. Charleston-based Palmetto Brewing Co. is partnering with Perch to operate the restaurant’s brewery portion. Perch is based in Chicago and is part of the 4 Star Restaurant Group. The new restaurant and brewery will feature 7,200 square feet of indoor dining and kitchen space and a 2,100-square-foot outdoor patio. Additionally, the new 250,000-square-foot Greenville County administrative building is set to open soon at the development.

June 13, 2023

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