CHICAGO — Moody Bible Institute has renewed its 36,956-square-foot industrial lease at 2701 S. Western Ave. in Chicago. Situated in the city’s Little Village neighborhood, the property features a clear height of 20 feet, four loading docks and convenient access to I-290 and I-55. Mandy Lewandowski and Chris Mergenthaler of DarwinPW Realty/CORFAC International represented the landlord, Welbic IV. Julie Lane of Cresa represented the tenant.
ELGIN, ILL. — Civil engineering firm Hampton, Lenzini & Renwick has signed a 15,129-square-foot office headquarters lease at Fisher Corporate Center in Elgin. The firm will relocate its executive team and office functions from its current space at 380 Shepard Drive in Elgin once the new lease begins in September. The company will continue to use 380 Shepard Drive as a field office. Built in 1993 and located at 1707 N. Randall Road, Fisher Corporate Center rises four stories and totals 436,000 square feet. Amenities include onsite food service, a fitness center and conference center. Jonathon Connor and Steve Kling of Colliers represented the owner, John B. Sanfilippo & Son Inc. David Rogers of RVG Commercial Real Estate represented the tenant.
ALPHARETTA, GA. — Morgan Stanley has signed an office lease extension including an additional 100,000 square feet at The Edison Alpharetta, an office park roughly 30 miles north of downtown Atlanta. The New York City-based investment bank and financial services provider will now occupy a total 216,000 square feet across Buildings 1 and 3 at the property. Bryan Heller and Peter McGuone of Stream Realty Partners represented the landlord, Invesco Real Estate, in the leasing transaction. JLL represented the tenant.
SHELBY TOWNSHIP, MICH. — The Dufresne Spencer Group LLC dba Ashley HomeStore has signed a lease for 48,700 square feet of retail space in Shelby Township, a northern suburb of Detroit. Dufresne Spencer Group is the largest Ashley Furniture licensee globally, owning and operating more than 163 Ashley retail stores, 29 distribution centers and three corporate offices. The Shelby Township store is slated to open in the fourth quarter. Brian Whitfield of Colliers Detroit represented the tenant in the lease.
HOUSTON — Six tenants have signed leases at West on West, a 90,000-square-foot mixed-use development that is under construction in Houston. Tsujita Artisan Noodle will open a 2,814-square-foot restaurant at the property, and Paris Baguette has committed to 3,150 square feet. Korean dessert concept SomiSomi and boba chain The Alley have also leased 1,637 and 2,436 square feet, respectively. Additionally, Lady M will open a 2,793-square-foot bakery next spring, and Kaiten-sushi Ginza Onodera will debut a 3,976-square-foot restauraunt at the development in spring 2025. Heather Nguyen internally represented the landlord, NewQuest Properties, in the lease negotiations. Cobo Fajardo of NewQuest also represented the landlord in the leasing negotiations with Lady M. Rebecca Le of NewQuest represented The Alley, and Joe AmecAngelo of CBRE represented Paris Baguette.
FARMERS BRANCH, TEXAS —Bradford Commercial Real Estate Services has negotiated an 18,445-square-foot industrial lease at Westwood Business Park in the northern Dallas metro of Farmers Branch. The development consists of 12 buildings totaling 227,905 square feet. Jason Finch of Bradford represented the landlord, Dallas-based Pegasus Real Estate, in the transaction. The representative of the tenant, Colt Facility Maintenance, was not disclosed. Westwood Business Park is now 95 percent leased.
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.
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.
