NEW YORK CITY — Serendipity Labs, a provider of flexible workspace solutions, will open a 41,000-square-foot space at 205 East 42nd Street, a 532,000-square-foot building in Midtown Manhattan. The lease term is 10 years. The space encompasses three floors and can support up to 450 desks and 100 people. Robert Becker and Lauren Ferrentino internally represented the landlord, The Durst Organization, in the lease negotiations. Michael Berman of JLL represented Serendipity Labs. An opening date was not disclosed.
CHATHAM, N.J. — Helping Hands Family, a provider of support services for children with autism, has signed a 4,830-square-foot medical office lease in the Northern New Jersey community of Chatham. The single-tenant building includes 14 parking spaces. Zach Schwartz of MSC Retail represented the tenant in the lease negotiations. Andrew Kirshenbaum of NAI James E. Hanson represented the landlord, an entity doing business as 330 Main Street Chatham LLC.
CAROL STREAM, ILL. — Roma Tang Soo Do, a traditional martial arts school, has signed a 3,678-square-foot retail lease in the Chicago suburb of Carol Stream. The property at 330 W. Army Trail Road is now fully leased. Rick Scardino of Lee & Associates represented the landlord, American Sale. Bruce Heller of Coldwell Banker Commercial represented the tenant.
WARREN, MICH. — Liquidation sales retailer Big Discount Lot has signed an 8,000-square-foot retail lease at Pickwick Plaza in Warren, a northern suburb of Detroit. The shopping center is located at the southeast corner of 12 Mile and Schoenherr roads. Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord.
GLENDALE, ARIZ. — Cubework, a City of Industry, Calif.-based industrial co-working company, has signed a long-term lease to occupy a 916,150-square-foot industrial warehouse/distribution building in Glendale. The property is located within Cotton 303 Logistics Center at 6801 N. Cotton Lane. With this lease, Cubework now occupies nearly 2 million square feet of space in greater Phoenix metro. Cubework offers on-demand warehouse units and co-working spaces complete with on-site staff. Don MacWilliam and Payson MacWilliam of Colliers Arizona represented the landlord, Chicago-based Heitman Capital Management, while Kander Paciific represented Cubework in the lease negotiations.
COPPELL, TEXAS — Lightbeam Health Solutions, a provider of software for the healthcare industry, has signed a 33,000-square-foot office lease at Cypress Waters in Coppell, located north of DFW International Airport. Cribb Altman, Jon McNeil and Harrison Burt of JLL represented the tenant, which is increasing its local footprint by 50 percent, in the lease negotiations. Marijke Lantz Flowers internally represented the landlord, Billingsley Co.
KATY, TEXAS — Poag Development Group has welcomed four new tenants to LaCenterra at Cinco Ranch, a shopping center located in the western Houston suburb of Katy. Restaurants The Crack Shack and Nando’s will lease 4,065 and 2,754 square feet, respectively. One Medical, a primary care practice, will occupy 3,843 square feet, and eyewear brand Warby Parker has committed to 2,364 square feet The openings are slated for the summer.
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Arbor Report Finds Rental Housing Insulated from Economic Contraction, Risk Factors Endure
— By Ivan Kaufman, founder, chairman and CEO of Arbor Realty Trust, Inc.; and Sam Chandan, a professor of finance and director of the Chen Institute for Global Real Estate Finance at the NYU Stern School of Business Rental housing is uniquely positioned to withstand tremendous economic headwinds. Although some observers point to the slowdown in apartment rent growth as a sign of growing weakness, this trend is a cyclical feature that is not reflective of any structural change in the profile of demand or supply. It is normal to expect a period of slowing rent growth while there is uncertainty in the economic outlook. In-depth findings on these trends, plus a thorough economic outlook for 2023 and a complete breakdown of risk factors, are detailed in Arbor Realty Trust Special Report Spring 2023: Navigating a Corrective Environment, from which this article is excerpted. While no asset class is immune from the challenges of higher interest rates, the presence of amortization, which spreads out a loan into a series of fixed payments over time, makes the multifamily sector less likely to see mounting distress. All Department of Housing and Urban Development (HUD)-conforming multifamily loans are fully amortizing. Moreover, Fannie …
LANCASTER, TEXAS — BlueTriton Brands Inc., a Connecticut-based beverage provider, has signed a 603,328-square-foot, full-building industrial lease at 2900 West Drive in Lancaster, a southern suburb of Dallas. According to LoopNet Inc., the property was built on 41.6 acres in 2021 and features 40-foot clear heights. Canon Shoults, John Gorman and Mitch Cantwell of Holt Lunsford Commercial represented the landlord, Boston-based AEW Capital Management, in the lease negotiations. Caleb McCoy of JLL represented the tenant.
LOS ANGELES — Sherman & Roylance has arranged new leases for two skilled nursing facilities totaling over 150 licensed beds in downtown Los Angeles. Sherman & Roylance sourced a selection of competitive offers and recommended the new tenant.