PHILADELPHIA — Capital One Finance Corp. has signed a 22,382-square-foot office lease at 1735 Market Street, a 54-story building in downtown Philadelphia. The lease term is nine years. Scott Gabrielsen of CBRE represented the tenant, which will relocate to the 37th floor from a suburban office next spring, in the lease negotiations. Internal agents Jeremy Moss and Keith Cody, along with Anthony LiVecchi, Tom Weitzel and Mitch Marcus of JLL, represented the landlord, a partnership between Silverstein Properties and Arden Group.
GRAND PRAIRIE, TEXAS — Andretti Indoor Karting & Games will open a 96,000-square-foot racing and entertainment facility in Grand Prairie, located in the central part of the Dallas-Fort Worth (DFW) metroplex. In addition to the namesake activity, the center will include laser tag, arcade and virtual reality games and duckpin bowling. The facility, which will be the second in the DFW area and seventh nationwide for the Orlando-based concept, is scheduled to open before the end of 2023.
HOUSTON — Law firm Brown Sims has signed an 35,198-square-foot office lease at Post Oak Central in Uptown Houston. The national litigation firm will occupy two full floors at the three-building, 1.2 million-square-foot campus. Amanda Nebel represented the landlord, Parkway, in the lease negotiations on an internal basis. Griff Bandy of Partners represented Brown Sims.
MISSION, KAN. — The Other Place, a sports-themed pizzeria and grill, has signed a 4,050-square-foot lease to open its fourth Kansas City-area location. The restaurant will occupy space within the Mission West shopping center at 6522 Martway St. The Other Place expects to open its Mission location in the beginning of 2023. Block & Co. Inc. Realtors serves as the leasing agent and property manager for Mission West. Block & Co.’s Phil Peck and Dakota Grizzle represented the tenant, while David Block, Max Kosoglad and Darren Siegel represented ownership. The Other Place now operates 11 locations throughout Kansas and Iowa. Its first location opened in Cedar Falls, Iowa, in 1970.
ORANGEBURG, S.C. — Pet Supplies Plus, a pet food retail chain based in Michigan, has fully leased a newly built, 534,702-square-foot industrial facility located within Shamrock Commerce Park in Orangeburg. NAI Earle Furman represented the landlord, Appian Investments, in the lease transaction. Pet Supplies Plus’ $53 million investment is expected to create 275 new jobs. Operations at the new distribution center are expected to begin in early 2023. The new facility is the fourth U.S. distribution center for Pet Supplies Plus, which operates 630 stores across 40 states. Appian’s project partners include Pacolet Milliken and Jim Roquemore.
NASHVILLE, TENN. — Brookfield Properties has inked a 37,429-square-foot office lease at Fifth + Broadway, a mixed-use development in downtown Nashville. The tenant, law firm Polsinelli, is relocating from nearby Truist Plaza to the 501 Commerce office building. Stewart Lyman of Cushman & Wakefield and Rob Lowe of Stream Realty Partners represented Brookfield Properties in the lease negotiations. Harrison Johnson, Kevin McLennan, Ian Murphy and Brad Serot of CBRE represented Polsinelli. In addition to the 367,000-square-foot 501 Commerce building, Fifth + Broadway also includes a residential tower with over 380 units, approximately 200,000 square feet of retail and dining, including the Assembly Food Hall, and the National Museum of African America Music. Developed by OliverMcMillan before being acquired by Brookfield Properties, Fifth + Broadway opened in 2020.
EVANSTON, ILL. — Energy, engineering and resource consulting firm Grumman/Butkus Associates has signed a 26,000-square-foot office lease renewal at 820 Davis Street in Evanston. The newly renovated building rises five stories and spans 85,985 square feet. The owner, Free Market Ventures, updated the exterior façade, lobby, common areas and amenities. Adam Showalter and Jessica O’Hara of Stream Realty Partners represented the landlord in the lease. Grumman/Butkus has occupied space in the building for the past 20 years.
NEW YORK CITY — CBRE has secured a 30,688-square-foot office sublease at One SoHo Square, a 768,000-square-foot building located at 233 Spring St. in Manhattan’s Hudson Square district. Harly Stevens, Jared Freede and Josh Pernice of CBRE represented the subtenant, e-commerce marketing platform Yotpo, which is relocating from 400 Lafayette Street, in the negotiations. The original tenant was Flatiron Health. Stellar Management owns One SoHo Square.
PHILADELPHIA — UBS Financial Services has signed a 22,625-square-foot office lease at 1735 Market Street, a 54-story building in downtown Philadelphia. UBS will relocate within the building to a space on the 44th floor in August 2023. Jack Meyers of Cushman & Wakefield represented the tenant in the lease negotiations. Internal agents Jeremy Moss and Keith Cody, along with Anthony LiVecchi, Tom Weitzel and Mitch Marcus of JLL, represented the landlord, a partnership between Silverstein Properties and Arden Group.
Elizabeth Barnes, COO of NAI Plotkin, knows property management is always a labor- and people-intensive profession, no matter the day or time of year. In that regard, the pandemic did not change the best practices for the Springfield, Mass.-based full-service brokerage and management company. “The number-one best practice has always been — and remains to this day — to manage the property as if you own it, with the awareness that you don’t,” Barnes says. Treat the Asset as Your Own For Barnes, this means focusing on the asset’s value at all times. “Common area maintenance (CAM) reconciliation, capital planning, value engineering options — they need to be front and center,” she continues. “It’s not just about cutting expenses. Look at how you can add value or reduce upfront costs.” All this should be done, she states, with the owner’s goals for the property in mind. Those goals may differ based on whether the owner is, for example, looking to divest the asset. Or if the tenant’s space has gone dark. Or if a pandemic is occurring. “There is a definite focus on health and safety now, regardless of the product type,” Barnes says. “Many owners wanted HVAC and air-handling …