NEW YORK CITY — Spanish fashion and fragrance retailer Puig has signed a 25,200-square-foot, long-term office headquarters lease at 45 Rockefeller Plaza in Midtown Manhattan. The company is relocating and expanding from a 12,762-square-foot space at 183 Madison Ave. to the 32nd floor of the 40-story building, which was originally constructed in 1935. Tishman Speyer owns 45 Rockefeller Plaza.
Content PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesLoansMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern
Lee & Associates’ Second-Quarter 2023 Economic Review by Sector
Lee & Associates’ newly released 2023 Q2 North America Market Report outlines industrial, office, retail and multifamily outlooks trends in the United States. This sector-based review of commercial real estate trends for the second quarter of the year examines the difficulties facing each property type and where opportunities in the landscape may be emerging. Troubles with absorption dogged each sector, with the exception of retail, throughout the first half of 2023. Scheduled deliveries for industrial, office and multifamily indicate this trend will continue throughout much of the United States for the foreseeable future. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). The summaries from each sector below provide high-level considerations of the overall outlook and challenges in the market. Industrial Overview: Industrial Growth on Track for Least Gain in Years In a reversal from the ballooning logistics capacities required during the pandemic, demand for industrial space has slowed across North America. After continuously rebuilding inventories from the fall of 2021 through the third quarter of last year, many retailers and wholesalers are taking a breather, pausing further inventory accumulation out of caution over …
NORTH CHARLESTON, S.C. — Redline Property Partners has completed renovations at Port 26, an 85,000-square-foot creative office/flex building located at 2155 Eagle Drive in North Charleston. The firm purchased the former industrial facility in December 2021. Building renovations included transforming the building’s exterior, common areas and restrooms; redesigning entrances and lobbies; and creating tenant lounges, outdoor patios and a dog park. Redline also fully upgraded most of the building’s systems. Situated along I-26, Port 26 will soon be home to its first tenant, RXO, a transportation and logistics provider. Nick Tanana and Brady Dashiell of Cushman & Wakefield provide leasing services for Port 26 on behalf of Redline.
CHICAGO — Analytics8, a consulting firm that specializes in data strategy implementation, has signed a 13,355-square-foot office lease at 55 East Monroe in Chicago for its new U.S. headquarters. The firm is more than doubling its current 6,000-square-foot space at 150 N. Michigan. Victor Sanmiguel of Bespoke Commercial Real Estate represented Analytics8. Michael Lirtzman, Marina Zelenkova and Michelle Levy of Colliers represented the landlord, PGIM Real Estate. Rising 49 stories and totaling 1.2 million square feet, 55 East Monroe is situated in the city’s East Loop submarket. Amenities include a 3,400-square-foot conference center, 10,000-square-foot fitness center and the 10,000-square-foot Forum 55 food hall. More than 90,000 square feet of leases have been signed at the property within the last seven months. PGIM has unveiled plans to upgrade the building’s common areas, including the lobby, conference center and other amenity spaces in 2024.
ALSIP, ILL. — SVN Chicago Commercial has negotiated the lease renewal for a roughly 45,000-square-foot warehouse located at 12600 S. Hamlin Court in Alsip. The Hines Building Supply division of US LBM is the tenant and has occupied space at the property since 2010. The new lease term is five years. Karen Kulczycki of SVN Chicago represented the undisclosed landlord, while CBRE represented the tenant. The property is situated on nearly five acres and features rail service.
SANTA MONICA, CALIF. — Fitness concept Club Studio has announced plans to open a 48,000-square-foot studio at Santa Monica Place, a Macerich property in Santa Monica. Located on the first level of the property, the space will feature five boutique studio rooms, as well as a recovery space, steam rooms, infrared saunas, a juice bar and retail store. A timeline for the opening was not disclosed.
PASADENA, CALIF. — Pacific Clinics has leased 18,370 square feet of office space at 625 Fair Oaks Ave. in South Pasadena. This lease brings the office building to 98 percent occupancy. It also represents one of the largest direct leases for a Class A office building in the greater Pasadena office market within the past 14 months. NAI Capital’s Tina LaMonica represented the landlord, Greenbridge, in facilitating the lease transaction. Jeff Boucher of Radius represented Pacific Clinics.
NEW YORK CITY — The Legal Aid Society has signed a 72,091-square-foot office lease renewal at One Seaport Plaza in downtown Manhattan, where the social justice firm has operated its headquarters for the past 20 years. The 1.1 million-square-foot building was constructed in 1984. Adam Rappaport and Brett Greenberg represented the landlord, Jack Resnick & Sons, in the lease negotiations on an internal basis. Craig Reicher and Christopher Mansfield of CBRE represented The Legal Aid Society.
DALLAS — Financial advisory firm Preston Hollow Community Capital has relocated its office headquarters from Comerica Bank Tower to PwC Tower at Park District in Uptown Dallas. The space overlooks Klyde Warren Park and spans 15,000 square feet. The firm’s new headquarters space on the sixth floor was designed by BHA and built out by Metroplex General Contractors. Scott Hage of JLL represented the tenant in the lease negotiations. MetLife Investment Management owns the 20-story, 500,000-square-foot building.
OLATHE, KAN. — BCB Development has signed leases with two new tenants at Southpark Commerce Center in Olathe. Rob Holland and Jack Goldsborough of Cushman & Wakefield represented BCB in each of the leases. United Rotary Brush leased the entire 135,000-square-foot Building B. Joe Accurso of Cushman & Wakefield represented the tenant. Groundworks leased the entire 112,550-square-foot Building A. Whitney Freeburn of Flowers Capital Holdings represented the tenant. Southpark Commerce Center consists of three buildings totaling 382,500 square feet and delivered in December. There are 54,000 square feet remaining available for lease in Building C.