Leasing Activity

Cushman & Wakefield Arranges 200,147 SF Lease for Warehouse Underway in South Florida

by John Nelson October 13, 2022

TAMARAC, FLA. — Cushman & Wakefield has arranged a new lease totaling 200,147 square feet for Sonny’s Enterprises LLC to fully occupy a new industrial warehouse being developed at Tamarac Business Center. Sonny’s Enterprises is the parent company of car wash chain Sonny’s The CarWash Factory. The locally based company already leases 345,000 square feet of space within Tamarac Business Center. Upon completion in 2023, the industrial warehouse will sit on a 12-acre site located at 5601 N Hiatus Rd. in Tamarac. The land currently houses a 100,000-square-foot office building that will be demolished. Chris Metzger, Rick Etner Jr., Christopher Thomson and Matt McAllister of Cushman & Wakefield’s South Florida Industrial Team represented the landlord, Hiatus Industrial Venture LLC, which is a joint venture between BlackRock and Butters Construction & Development.

October 13, 2022

District of Columbia Leasing Activity Office Southeast

Law Firm Signs 21,065 SF Lease at 1601 K Street Office Building in D.C.

by John Nelson October 13, 2022

WASHINGTON, D.C. — Law firm Cravath, Swaine & Moore LLP has signed a 21,065-square-foot office lease at 1601 K St. in Washington, D.C. The firm will occupy the entire third floor of the 11-story office building. The D.C. space will serve as the second domestic location for the law firm, which has offices in New York and London. Kyle Luby, Andy Eichberg and Matt Pacinelli of Stream Realty Partners represented the unnamed landlord in the transaction. Lou Christopher, Asher Inman, Jordan Brainard O’Neil, Lewis Miller, Andrew Sussman and Munish Viralam of CBRE represented the tenant in the lease negotiations. Stream also provides property management and construction management services for building ownership, which plans to debut two new speculative suites next year.

October 13, 2022

Leasing Activity New Jersey Northeast Restaurant Retail

Birdsmouth Beer to Open 12,080 SF Brewery in Oceanport, New Jersey on Oct. 15

by Taylor Williams October 12, 2022

OCEANPORT, N.J. — Birdsmouth Beer will open a 12,080-square-foot brewery in the coastal New Jersey community of Oceanport on Saturday, Oct. 15. The craft beer provider will operate out of The Commissary, a 53,000-square-foot food hall that is part of the redevelopment of the former Fort Monmouth military base. Gary Krauss of Pierson Commercial represented Birdsmouth Beer in the lease negotiations. Suzanne Macknow of CBRE represented the owner, Denholtz Properties, which also recently inked a 19,567-square-foot lease with MGT Foods.

October 12, 2022

Leasing Activity New York Northeast Office

New York Life Insurance Signs 47,000 SF Office Sublease in Manhattan

by Taylor Williams October 11, 2022

NEW YORK CITY — New York Life Insurance Co. has signed a 47,000-square-foot office sublease at One World Trade Center in Manhattan. The company is subleasing the entire 39th floor of the 104-story skyscraper for 10 years from Advance Magazine Publishers Inc. One World Trade Center was built in 2013 and offers amenities such as a café, conference center and a sky lounge. Peter Riguardi, Steven Rotter, Joseph Messina, Jessica Berkey, Brett Harvey and Andrew Coe of JLL represented Advance Magazine Publishers in the sublease negotiations. Matthew Astrachan, Nicole Tiger, George Gemelos and Kristen Morgan, also with JLL, represented New York Life. The Port Authority of New York/New Jersey owns the building in partnership with The Durst Organization, whose internal agent Eric Engelhardt also worked on the deal. New York Life plans to relocate from 120 Broadway to the new space in May 2023.

October 11, 2022

Aaron Hargrove Walker Dunlop Affordable Housing

Affordable Housing Content Partner Features Leasing Activity Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Affordable Housing’s Appeal Grows for Investors

by Sarah Daniels October 11, 2022

With transaction volume for market-rate housing beginning to ebb, affordable housing investment is poised to play a more central role in the months ahead. Several factors have broadened the allure of affordable housing as an investment vehicle in recent years. When the pandemic began taking a toll on market-rate housing performance, investors saw federal, state and even local governments enact measures to help residents at affordable communities maintain their rent payments and help ensure housing remained available for people struggling financially. We saw the interest level in Section 8 properties, for example, increase significantly during the pandemic, due chiefly to federal guarantees backing those rent streams. From a financing perspective, the strong commitment shown by Fannie Mae, Freddie Mac and the Federal Housing Administration to preserve liquidity for affordable housing has bolstered development and investment in the space. Due to the required hold periods, affordable housing investments are less affected by market cycles, so liquidity should remain strong. Now, changing economic forces promise to drive new equity to the affordable sphere and fuel further investment. The Federal Open Market Committee’s resolve to combat record inflation is exerting upward pressure on mortgage rates and, eventually, cap rates, which could discourage sellers …

October 11, 2022

Leasing Activity New York Northeast Office

Suntory Signs 100,000 SF Office Headquarters Lease at 11 Madison Avenue in Manhattan

by Taylor Williams October 10, 2022

NEW YORK CITY — Japanese alcoholic beverage supplier Suntory has signed a 100,000-square-foot office headquarters lease at 11 Madison Avenue in Manhattan. About 150 employees will work in the full-floor space, which includes two bar areas, a tasting room, interactive conference room, a digital art exhibit and flexible workstations. David Kleinhandler, Joe Cybulski, James Whalen and Maura Flanagan of CBRE represented Suntory, which is relocating from Chicago, in the lease negotiations. Zach Freeman, David Kaufman and Neil Kessner represented the landlord, SL Green, on an internal basis.

October 10, 2022

First-Logistics-Center-@-283-Elizabethtown

Development Industrial Leasing Activity Northeast Pennsylvania

First Industrial Inks 1.1 MSF Lease in Elizabethtown, Pennsylvania, Breaks Ground on 700,000 SF Facility

by Taylor Williams October 7, 2022

ELIZABETHTOWN, PA. — Chicago-based First Industrial Realty Trust has inked a 1.1 million-square-foot lease with boohoo, an online fashion retailer based in the United Kingdom, at First Logistics Center @ 283 in Elizabethtown, a southeastern suburb of Harrisburg. Jeff Lockard, Paul Torosian, Ryan Barros and Kyle Lockard of JLL represented the landlord in the lease negotiations. First Industrial has also broken ground on a 700,000-square-foot building at the site that will feature a clear height of 40 feet, 143 loading doors, 194 trailer parking stalls and 318 car parking spaces. Completion of that building is scheduled for the second quarter of 2023.

October 7, 2022

Development Industrial Leasing Activity Michigan Midwest

ONE to Invest $1.6B in Battery Cell Manufacturing Plant in Michigan

by Kristin Harlow October 7, 2022

VAN BUREN TOWNSHIP, MICH. — Our Next Energy (ONE), a Michigan-based energy storage technology company, has unveiled plans to invest $1.6 billion in a new battery cell manufacturing plant in Van Buren Township, about 28 miles southwest of Detroit. The recently constructed facility will be named ONE Circle and is expected to create 2,112 jobs when operating at full capacity by the end of 2027. The 659,589-square-foot facility will produce 200,000 electric vehicle battery packs annually. ONE will begin upgrades and equipment installation at the property in January 2023. Production at the plant is slated to begin in 2024. Ashley Capital owns the property, which is located at 42060 Ecorse Road within the Crossroads Distribution Center.

October 7, 2022

Leasing Activity New York Northeast Office

Applause Signs 17,500 SF Office Lease at 355 Lexington Avenue in Manhattan

by Taylor Williams October 6, 2022

NEW YORK CITY — Applause, a Massachusetts-based provider of digital testing and quality control services, has signed a 17,500-square-foot office lease at 355 Lexington Avenue in Manhattan. Chris Foerch of Savills represented the tenant, which plans to take occupancy of the entire seventh floor later this month, in the lease negotiations. Robert Steinman internally represented the landlord, Rudin, which originally developed the 270,000-square-foot building in 1959.

October 6, 2022

Leasing Activity Office Southeast Tennessee

Foundry Commercial Arranges 125,008 SF Office Lease at McEwen Northside in Nashville’s Cool Springs District

by John Nelson October 6, 2022

FRANKLIN, TENN. — Foundry Commercial has arranged a 125,008-square-foot office lease at McEwen Northside, a 45-acre mixed-use campus in Nashville’s Cool Springs submarket. Located in the city of Franklin, the development features 1 million square feet of office space, 113,000 square feet of restaurants and specialty retail, a 150-room hotel, 770 luxury apartment units and green spaces. The tenant, procurement and supply chain management organization OMNIA Partners, will occupy all five floors of office space at the project’s Block A building starting in early 2023. The building also houses 19,000 square feet of retail and restaurant space on the ground level. OMNIA is relocating from its current headquarters, which is also in Franklin. Vince Dunavant of Foundry Commercial represented the tenant in the lease negotiations. The landlord is Boyle Investment Co., co-developer of McEwen Northside alongside Northwood Ravin.

October 6, 2022

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