FAIRVIEW HEIGHTS, ILL. — The Illinois Department of Public Health has leased 9,923 square feet of office space at 11 Executive Drive in Fairview Heights, just east of St. Louis. Brokerage firm Barber Murphy represented the landlord, RETKO Group LLC. The representative of the tenant was not provided.
NEW YORK CITY — Standard Security Life Insurance Co. of New York has signed an 11,314-square-foot office lease at 488 Madison Avenue in Manhattan. Known as The Look Building, 488 Madison Avenue was originally constructed in 1949, rises 24 stories and spans 447,000 square feet. Scott Gutnick of Newmark represented the tenant, which will relocate from 485 Madison Avenue, in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis.
BALTIMORE — Cushman & Wakefield has secured a new 26,000-square-foot office lease in Baltimore for Design Collective, a locally based architecture and design firm. The firm will relocate from its current location in The Power Plant at 601 East P. St. to 100 E. Pratt St. The new office location offers a David & Dad’s Café Express, Starbucks, fitness center, concierge service and outdoor seating. Bronwyn LeGette and David Downey of Cushman & Wakefield represented Design Collective in the transaction. Linn Worthington of Cushman & Wakefield represented the landlord, Vision Properties.
HOWELL, MICH. — Metro Infusion Center has leased the remaining 1,458 square feet at Shops at Westbury in Howell, about 30 miles north of Ann Arbor. Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented the undisclosed landlord. Todd Schultz of Schultz Real Estate represented the tenant. Metro Infusion Center, a provider of infusion therapies for complex chronic conditions, now operates 15 locations across the state of Michigan.
CARROLLTON, TEXAS — Packing and crating firm DGM Services Inc. has signed a 69,590-square-foot industrial lease at 1545 Crescent Drive in the northern Dallas suburb of Carrollton. According to LoopNet Inc., the property was built in 2021. Andrew Gilbert and Keaton Brice with Holt Lunsford Commercial represented the landlord, Boston-based TA Realty, in the lease negotiations. Steven Berger with CBRE represented the tenant.
PITTSBURGH — Private wealth management firm Glenmede Trust Co. has signed a 7,989-square-foot office lease at the historic Union Trust Building in downtown Pittsburgh. The move-in is scheduled for May. The Union Trust Building originally opened in 1917 and spans 460,000 square feet. The landlord, The Davis Cos., recently completed a $100 million redevelopment of the property, which also houses 40,000 square feet of restaurant space in addition to a fitness center, conference facility and an auditorium.
WARREN, MICH. — Family Dollar has signed a 10,500-square-foot retail lease to open a store at Village Plaza in Warren, about 20 miles north of Detroit. Located at the northwest corner of 13 Mile and Mound roads, Village Plaza spans roughly 100,000 square feet. Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented the landlord, Shango Enterprise Group. Scott Sonenberg of Landmark Commercial Real Estate Services represented Family Dollar.
DALLAS — Global investment bank Houlihan Lokey has signed a 74,805-square-foot office lease at The Link at Uptown, a 25-story building in Dallas. Houlihan Lokey will occupy the top three floors of the Class A building beginning in early 2023. Travis Ewert of Colliers and Jihane Boury of CBRE represented the Los Angeles-based tenant in the lease negotiations. JLL’s Blake Shipley and Thirty-Four Commercial’s Sarah Kennington and Bryce Jackson represented the landlord, Kaizen Development Partners. Other tenants at The Link at Uptown include global law firm Shearman & Sterling and digital marketing agency PMG.
HOLMDEL, N.J. — CentralReach, a provider of electronic medical record software, will open a 25,000-square-foot office at Bell Works, an office and retail campus owned by Somerset Development in the Northern New Jersey community of Holmdel. The company will relocate from its current office in Matawan late this summer. CentralReach employs about 400 people who work remotely on a full-time basis and views the new office as a “collaboration-focused space” that represents “the office of the future.” CentralReach is designing the space in collaboration with G3 Architects and NPZ Style & Décor.
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Lee & Associates’ First-Quarter 2022 Economic Rundown by Sector
Lee & Associates’ newly released Q1 2022 North America Market Report scrutinizes first-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This class-by-class review of commercial real estate trends for the first quarter of the year focuses on how real estate is adjusting to long-term post-COVID attitudes. 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), but the overviews offered below provide sweeping looks at the overall health and obstacles for four major commercial real estate sectors. Industrial: Rents Pushed on Strong Demand Strong demand for industrial space throughout North America continued in the first quarter as vacancies fell to record lows and rent growth hit double digits. First quarter net absorption in the United States totaled 92.8 million square feet, which was up 25 percent year over year but down 35 percent from the 143-million-square feet average of the last three quarters of 2021. Annualized rents rose 10.1 percent in the U.S. and the average vacancy rate fell to 4.1 percent. Part of this trend was due to a pause in new construction starts early in the pandemic. However, …