Leasing Activity

Verizon Signs 140,000 SF Office Lease at Essex Crossing on Manhattan’s Lower East Side

by Taylor Williams November 4, 2021

NEW YORK CITY — Verizon has signed a 140,000-square-foot office lease to be an office anchor tenant at Essex Crossing, a 2 million-square-foot mixed-use development under construction on Manhattan’s Lower East Side. Josh Kuriloff, Andrew Braver and Peyton Horn of Cushman & Wakefield represented Verizon in the lease negotiations. Taconic Partners is developing Essex Crossing in partnership with L+M Development Partners, BFC Partners, The Prusik Group and Goldman Sachs Asset Management. The development will ultimately comprise 350,000 square feet of office space, along with 1,000 residences, 300,000 square feet of retail space and 100,000 square feet of green space.

November 4, 2021

Alabama Development Leasing Activity Office Southeast

Tech Company Shipshape Signs Office Lease at 2222 Arlington Project in Birmingham

by Julia Sanders November 3, 2021

BIRMINGHAM, ALA. — Shipshape, an Austin-based smart home software tech company, has signed a lease at the 2222 Arlington Ave. office building in Birmingham, which is slated to break ground this month. New York-based D&A Cos. is the developer for the restoration project. The building has 55,000 square feet of office space. Shipshape is joining Atlas Senior Living as anchor tenants in the office project. Shipshape will house its Network Operations Center on the top floor, including signage rights for the building. The company is taking 6,000 square feet of space with an option to expand to 12,000 square feet after one year. The property is currently vacant, but is 50 percent preleased. Previously, the property was the headquarters for Bayer Properties. 2222 Arlington Ave. will offer covered parking, secure building access, a double-height lobby atrium with coffee bar and potential for food service. D&A Cos. plans to install floor-to-ceiling windows, as well as a new east lobby with a grand atrium and exterior reflecting pool. Construction for 2222 Arlington Ave. is slated to complete and be open for occupancy in late 2022. D&A Cos. partnered with The FiveStone Group, a Birmingham-based commercial real estate firm, on the redevelopment project. …

November 3, 2021

Industrial Leasing Activity Michigan Midwest

Vintage King Audio Signs 17,220 SF Industrial Lease in Troy, Michigan

by Kristin Harlow November 3, 2021

TROY, MICH. — Vintage King Audio has signed a 17,220-square-foot industrial lease at 2032 Heide St. in Troy. Sean Jamian of Dominion Real Estate Advisors LLC represented the undisclosed landlord in the seven-year lease. Sam McLean of Team Core represented the tenant, which is an audio-visual equipment supplier.

November 3, 2021

Leasing Activity New York Northeast Retail

Target to Open 90,000 SF Store at Macerich’s Kings Plaza Shopping Center in Brooklyn

by Taylor Williams November 3, 2021

NEW YORK CITY — Target will open a 90,000-square-foot store at Kings Plaza, an enclosed shopping center by California-based REIT Macerich (NYSE: MAC) in Brooklyn. Target will backfill a three-story anchor building previously occupied by J.C. Penney. An expected opening date was not released. Other retailers at Kings Plaza include Macy’s, Zara, Burlington, Primark and Michael Kors.

November 3, 2021

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 146,748 SF Industrial Lease in Grand Prairie, Texas

by Taylor Williams November 1, 2021

GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated a 146,748-square-foot industrial lease at 2750 114th St. in Grand Prairie, located roughly midway between Dallas and Fort Worth. According to LoopNet Inc., the property was built in 1998 and spans 196,012 square feet. Mark Graybill and Reed Parker of Lee & Associates represented the landlord, Prologis, in the lease negotiations. The representative of the tenant, third-party logistics firm Amplex Corp., was not disclosed.

November 1, 2021

Leasing Activity New York Northeast Retail

Bathhouse Signs 34,328 SF Retail Lease in Manhattan’s Flatiron District

by Taylor Williams November 1, 2021

NEW YORK CITY — Bathhouse, a provider of high-end spa services, has signed a 34,328-square-foot retail lease at 7 West 21st St. in Manhattan’s Flatiron District. The location within Friedland Properties’ 289,809-square-foot residential building will be the company’s first in Manhattan to accompany its space in Brooklyn’s Williamsburg area. Jason Pruger and Lucas Kooyman of Newmark represented Friedland Properties in the lease negotiations. Ross Eisenberg of RDE Advisors Inc. represented Bathhouse.

November 1, 2021

Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector

by Sarah Daniels November 1, 2021

The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …

November 1, 2021

Illinois Industrial Leasing Activity Midwest

Lithotype Signs 81,079 SF Industrial Lease in Bolingbrook, Illinois

by Kristin Harlow October 29, 2021

BOLINGBROOK, ILL. — Lithotype, a commercial printing company, has signed an 81,079-square-foot industrial lease at 2 Territorial Drive in Bolingbrook. Lithotype is moving to the 101,844-square-foot building from a nearby location in Bolingbrook and is more than doubling its space. Trinity Scurto of Brown Commercial Group represented the tenant in the lease transaction. Cushman & Wakefield represented the undisclosed landlord.

October 29, 2021

Leasing Activity Restaurant Retail Texas

Midway Announces New Retail Tenants at East River Mixed-Use Project in Houston

by Taylor Williams October 29, 2021

HOUSTON — Midway has announced new retailers and restaurants joining East River, the locally based developer’s 150-acre mixed-use project in Houston’s Historic Fifth Ward. Broham Fine Soul Food & Groceries will occupy 4,000 square feet; Austin-based Lick Honest Ice Creams has signed a 1,124-square-foot lease; and URBN Dental has committed to a 2,612-square-foot space. Construction of the first phase of East River is underway and expected to be complete in 2023.

October 29, 2021

Industrial Leasing Activity Texas

Drilling Tools International Signs 27,150 SF Industrial Lease in Houston

by Taylor Williams October 29, 2021

HOUSTON — Drilling Tools International, a manufacturer of products for the downhole land and offshore drilling industries, has signed a 27,150-square-foot industrial lease at 1612 Southcreek Lane in Houston. The crane-served property is located on a 2.9-acre site within Candle Ridge Business Park on the city’s north side. Ed Frantz, John Amini and Boomer White of CBRE represented the tenant in the lease negotiations. Jason Tangen of Colliers International represented the landlord, TRECAP Southcreek Partners.

October 29, 2021

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