DALLAS — Multifamily investment and management firm RPM Living has signed a 16,403-square-foot office lease at Preston Commons, a 427,799-square-foot office park in North Dallas that is owned by California-based KBS. The three-building campus offers a health and wellness center, multiple dining options, business lounge, open-air courtyard with Wi-Fi and an upgraded lobby. Alexandra Cullins, Dennis Barnes and Jackie Marshall of CBRE represented KBS in the lease negotiations.
CAMBRIDGE, MASS. — Japanese pharmaceutical giant Takeda has signed a 600,000-square-foot life sciences lease in Cambridge’s Kendall Square neighborhood. Takeda will occupy the entirety of the 16-story building at 585 Third St., which is being developed by San Diego-based REIT BioMed Realty and is slated for a 2026 completion. CBT Architects designed the facility, which will include 15,000 square feet of flexible space and a 300-seat theater, both of which will be open to the public. CBRE represented BioMed Realty in the lease negotiations. Cushman & Wakefield represented Takeda.
DANBURY, CONN. — Target (NYSE: TGT) will open a 126,000-square-foot store at Danbury Fair, a regional mall located in southern Connecticut’s Fairfield County. The Minneapolis-based retailer will backfill a two-level space that was previously occupied by Sears for its first location in the city. J.C. Penney, Macy’s, Dick’s Sporting Goods and Primark are the other anchors at Danbury Fair, which is owned by Southern California-based REIT Macerich. An opening date was not disclosed. Target also recently backfilled a former J.C. Penney store at Macerich’s Kings Plaza in Brooklyn.
INDIANAPOLIS — Trends International Inc. has renewed its 180,000-square-foot industrial lease at 5110 W. 74th St. within Park 100 Business Park in Indianapolis. The tenant, which produces licensed posters, calendars, stickers and stationery products, renewed its lease for seven years. Sean McHale of Avison Young represented the tenant, while Grant Lindley of Cushman & Wakefield represented the landlord, LINK Industrial. The location serves as Trends International’s corporate headquarters.
WESLACO, TEXAS — Johnson Controls, a manufacturer and distributor of building products and equipment, will open a 123,000-square-foot industrial facility in the Rio Grande Valley city of Weslaco. The facility, which is scheduled to open late in the fourth quarter, sits on a 2.3-acre site and includes assembly, distribution and office space. The move is expected to add about 100 new jobs to the local economy. The company’s initial investment in Weslaco is approximately $5.5 million.
SAN ANTONIO — Total Quality Logistics, a provider of intermodal freight services, has signed a 17,590-square-foot office lease expansion at Exchange Tech Center in San Antonio. Total Quality Logistics now occupies 42,269 square feet at the building. Bryan Sethney of Cushman & Wakefield represented the tenant in the lease negotiations. Shawn Gulley and Rob Gish represented the landlord, Worth & Associates, on an internal basis.
ELK GROVE VILLAGE, ILL. — The GSA Justice Department has signed a 55,000-square-foot industrial lease at 2500 York Road in Elk Grove Village. GSA will fully occupy the property, which is owned by Chicago-based Dayton Street Partners (DSP). The building, which is located directly across the street from the Chicago O’Hare International Airport, features three drive-in doors, parking for 110 cars and ceiling heights ranging from 24 to 38 feet. GSA will utilize the space for central operations for the airport. DSP acquired the property in January 2020.
SALEM, N.H. — Tuscan Brands has welcomed new tenants to Tuscan Village, its 170-acre flagship shopping, dining and entertainment destination located north of Boston in Salem, New Hampshire. Nike (15,000 square feet) and Chick-fil-A (5,000 square feet) both recently opened, and Mass General Brigham will open a primary and specialty care medical facility later this summer. The Container Store will launch a 15,000-square-foot store this winter. Other tenants that have committed to Tuscan Village include T-Mobile, Xfinity, Crumbl Cookies, Banfield Pet Hospital, LensCrafters and Bennett’s Sandwich Shop.
NEW YORK CITY — Shawmut Design & Construction has signed a 27,015-square-foot office lease at 488 Madison Avenue in Midtown Manhattan. The lease term is 15 years. The 23-story building was originally designed in 1949 and was known as the “The Look Building” for the defunct magazine that was its primary tenant until 1971. David Hollander and Jared Freede of CBRE represented the tenant represented the tenant in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis.
What should potential landlords know about leasing space for cell towers or renegotiating their legacy leases? “Landlords need to understand what economic opportunity they have available to them,” says David Moore, CEO and principal at NAI Global Wireless. Involving cell tower lease consultants, especially for existing leases, and considering cell site buyouts are two powerful tools available to cell site landlords today. For decades, Moore explains, property owners have been willing to sign less-than-ideal agreements with carriers and tower companies. Over the years, landlords, thinking that just because these cell tower sites are small and out of the way or because they did not want to turn down “free money,” were willing to sign disadvantageous lease agreements. Landlords often do not understand the impact of signing a lease agreement with a potential term of 30 years (made up of five-year terms), especially when tenants might use leases to constrain certain real estate negotiations (including rights like tenant approval for buyers, rights of first refusal and noncompetition clauses). In many cases, tenants have the unilateral right to terminate their lease without notice, a right about which landlords frequently aren’t aware. Rent escalations, terms and conditions, inflation and more need to be …