CHICAGO — IRI, a data analytics and market research firm, has signed an 80,594-square-foot office lease at 203 N. LaSalle in Chicago’s Central Loop submarket. IRI has relocated to the property after 30 years at 150 N. Clinton St. in the West Loop. Rising 27 stories and spanning 624,724 square feet, 203 N. LaSalle is a Class A office tower. Eric Myers and Jeff Dowdell of Transwestern represented the landlord, Sumitomo Corp. of Americas, in the transaction. Meredith O’Connor, Jake Ehrenberg and Matt Carolan of JLL represented the tenant.
CHANNAHON, ILL. — Global Logistical Connections LLC has signed a 100,000-square-foot industrial lease at Route 6 Business Center, which is located at 23647 W. Eames St. in Channahon, about 50 miles southwest of Chicago. The company is relocating and expanding from its current 17,000-square-foot space at 60 Rawls Road in Des Plaines. The new lease commences in June. Route 6 Business Center is a 442,000-square-foot building that features a clear height of 36 feet, 75 exterior docks, 88 trailer spots, 60-foot loading bays and two drive-in doors. Ned Frank of Colliers International Chicago represented the tenant in the lease transaction. David Bercu, Charles Canale and Kataline Villalpando of Colliers represented ownership, Clarion Partners.
FORT WORTH, TEXAS — Lee & Associates has negotiated a 308,777-square-foot industrial lease renewal at 1000 Terminal Road in Fort Worth. According to commercialcafé.com, the Class B property was built on 25.9 acres in 1991, totals 600,000 square feet and offers 366 parking spaces. Becky Thompson of Lee & Associates represented the tenant, Marco Co., a locally based manufacturer of retail fixtures and displays, in the lease negotiations. George Curry of JLL represented the landlord, Blackstone.
GRAND PRAIRIE, TEXAS — Austin-based logistics firm Lykes Cartage Co. Inc. has signed a 68,818-square-foot industrial lease at 2880 113th St. in the central metroplex city of Grand Prairie. Joe Santaularia of Bradford Commercial Real Estate Services and Russell Todd of Centric Commercial represented the tenant in its negotiations for the new space and the subsequent sublease of its existing 28,000-square-foot warehouse in Grapevine. Michael Peinado of Lincoln Property Co. represented the landlord, Columbia Texas 113th Industrial LP.
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Walker & Dunlop: U.S. Economy Displays Long-Term Signals for Recovery, Growth
Back to Normal? The U.S. economy has improved significantly since April 2020, the peak of the pandemic-induced recession. The national unemployment rate stood at 6.0 percent in March of this year, well below the peak of 14.8 percent in April 2020. Companies were effective in implementing work-from-home technology, keeping unemployment rates for office-based service sectors relatively low. For those with a bachelor’s degree or higher, unemployment rates were only 3.7 percent as of March 2021. In 2020, third-quarter GDP growth made up much of the second-quarter losses, followed by 4 percent annualized economic growth in the fourth quarter. Retail sales also rebounded quickly, returning to pre-pandemic levels by June and continuing to increase through the beginning of 2021. However, the U.S. economy is still far from “normal.” Of the 22 million people who lost jobs in March and April 2020, only 57.8 percent had regained employment by March 2021. Stronger growth should return jobs to industries hit hardest during the pandemic. In March of this year, restaurants and bars added 176,000 jobs; arts, entertainment and recreation venues added 64,000 jobs and accommodations added 40,000 jobs. Still, employment in the overall leisure and hospitality sector is down by 3.1 million, or 18.5 …
BENSENVILLE, ILL. — Yahee Technologies has signed a 306,918-square-foot industrial lease at 1010 Foster Ave. in Bensenville. Mark Baumhart of Lee & Associates represented the owner, Prologis. Terry Herlihy of NAI Hiffman represented the tenant, which is relocating from Arlington Heights.
NEW YORK CITY — Locally based landlord Jack Resnick & Sons has negotiated two new office leases at 8 W. 40th St. in Manhattan’s Bryant Park neighborhood. Global commodity merchandiser Trammo Inc. signed a lease for 6,667 square feet, and The American Friends of Tel Aviv University (AFTAU) inked a deal of an undisclosed size. Greg Taubin of Savills represented Trammo Inc., while Glenn Roberts of Fenway Equities represented AFTAU. Brett Greenberg and Fran Delgorio represented Jack Resnick & Sons on an internal basis.
MORRISVILLE, N.C. — CBRE | Raleigh has arranged a full-building lease for Invitae Corp. at The Stitch, the former Morrisville Outlet Mall that was converted into a life sciences campus. San Francisco-based Invitae Corp., a medical genetics company, will occupy 245,159 square feet of Class A creative office, research and lab space. The company is expected to create 374 jobs over the next five years for the Raleigh area. The Stitch, owned and developed by Equator Capital Management and OCS Holdings, features a 18,000-square-foot indoor amenity center with a fitness center, onsite healthcare provider, coffee bar with food offerings, prep kitchen, private phone booths and quiet gathering areas. Outdoor amenities include a yoga lawn, outdoor conference rooms, bocce ball court and walking paths. Architecture firm Gensler led the project design, and Atlanta-based Choate Construction led the base building construction. John Brewer and Hastings Crockard Jones of CBRE | Raleigh represented the landlord in the lease transaction, and Newmark represented Invitae.
STAMFORD, CONN. — Beiersdorf Inc., the US affiliate of global skin care company Beiersdorf AG, has signed a 27,942-square-foot office lease at Stamford Plaza, a 1 million-square-foot campus in southern Connecticut. Margaret Carlson represented the landlord, RFR Realty, on an internal basis, along with agents from Cushman & Wakefield. Edward Tonnessen and Paul Tortora of JLL represented the tenant.
HOUSTON — National mortgage origination and servicing firm NewRez has signed a 60,188-square-foot lease at 17000 Katy Freeway, a 174,521-square-foot office building in West Houston. Eric Anderson and Parker Burkett of Transwestern represented the owner, an affiliate of Insite Realty Partners LP, in the lease negotiations. Marshall Clinkscales with Colliers International represented NewRez. With the signing of this transaction, the building is now 70 percent leased.