Leasing Activity

KPMG to Relocate Headquarters to Two Manhattan West in 2025

by Kristin Harlow August 24, 2022

NEW YORK CITY — U.S. audit, tax and advisory firm KPMG has unveiled plans to relocate its headquarters to Two Manhattan West, a new office building under construction in Midtown Manhattan’s West Side neighborhood. The 58-story tower is part of Brookfield Properties’ 7 million-square-foot Manhattan West mixed-use development. KPMG’s new space at Two Manhattan West is slated for completion in late 2025. The firm will relocate its roughly 5,500 New York-based employees and lease approximately 450,000 square feet. The new lease signing represents a more than 40 percent decrease in KPMG’s existing New York office space, according to The Wall Street Journal. The newspaper reports that KPMG is pursuing a hybrid work strategy where employees are expected to gather at company or client offices on some days. The firm is following suit of a number of companies that have downsized office footprints in exchange for nicer space following the pandemic. KPMG currently occupies space at 345 Park Ave., its headquarters, as well as 560 Lexington Ave. and 1350 Sixth Ave. The firm has been based in New York City since its inception in 1897. “As we celebrate our 125th anniversary and think about our firm’s future, this is an incredible …

August 24, 2022

Work from Home WFH employees multifamily_460

Arbor Realty Trust Content Partner Features Leasing Activity Midwest Multifamily Northeast Southeast Texas Western

Arbor: Multifamily Market Well-Positioned to Withstand Economic Headwinds

by Sarah Daniels August 24, 2022

While rising interest rates, inflation and economic volatility have hurt many sectors of the economy, the rental housing market has maintained solid footing, according to Arbor Realty Trust’s Summer 2022 Special Report: Rental Housing Market Exhibits Cyclical Stability, Contains Structural Questions. The report was written by Ivan Kaufman, Arbor’s chairman and CEO, and Sam Chandan, founder of Chandan Economics. In a time of economic uncertainty, renting has become more appealing. Households seeking an affordable place to live, those who are delaying homeownership and others who prefer the flexibility and amenities associated with multifamily units all add to the increasing numbers of potential renters. Less traditional factors may also increase interest in renting, especially outside of tier-one markets. The expansion of work-from-home (WFH) culture is likely to be another reason rental demand is high right now. Meanwhile, the flexibility to work where the cost of living is lower and space is at less of a premium is pushing some renters who work remotely to explore living outside traditional hotspots. Economic Uncertainty Spreads as Interest Rate, Inflation Rise The Arbor Realty Trust report highlights a host of factors that are leading to economic uncertainty. Inflation (and its secondary effects) are contributing to …

August 24, 2022

Development Leasing Activity Restaurant Retail South Carolina Southeast

Branch Properties Adds New Tenants at Publix-Anchored Shopping Center Underway in Metro Charleston

by John Nelson August 23, 2022

MONCKS CORNER, S.C. — Branch Properties has added new retailers and restaurants to the tenant lineup at Moncks Corner Marketplace, a Publix-anchored shopping center in the Charleston suburb of Moncks Corner. Branch Properties co-lists the 75,267-square-foot center with Hannah Kamba and Tim Rowley of Coldwell Banker Commercial Atlantic. Set to open at the corner of U.S. Highway 52 and Cypress Gardens Road later this summer, the shopping center’s 48,387-square-foot Publix store will feature a covered outdoor café on the second floor. Other tenants joining Moncks Corner Marketplace include locally owned pub Dog & Duck; pet retailer and groomer Woof Gang Bakery; family-owned taco kitchen Viva Tacos & Tequila; Japanese restaurant Kyoto Sushi & Hibachi; Chinese takeout restaurant Super Pan; locally owned beverage store EJ’s Wine & Spirits; nail salon Magic Nail; forestry insurance firm Swamp Fox Agency; Pacific Dental Services; and hair removal studio Brazilian Wax & Spa by Claudia. In addition to Moncks Corner Marketplace, Branch Properties is currently developing six other Publix-anchored centers around the Southeast.

August 23, 2022

Leasing Activity New Jersey Northeast Retail

PREIT Welcomes New Tenants to Cherry Hill Mall in Metro Philadelphia

by Taylor Williams August 23, 2022

CHERRY HILL, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has welcomed several new tenants to Cherry Mill Mall in metro Philadelphia. Apparel brands Psycho Bunny and Levi’s have signed leases for 2,390 and 3,000 square feet with plans to open in mid-2023 and late 2022, respectively. Seafood restaurant Eddie V’s has also committed to 8,685 square feet and is targeting a spring 2023 opening. Laura Pomerantz of Cushman & Wakefield represented Levi’s in the lease negotiations. Steve Gartner and Drew Schaul of CBRE represented Psycho Bunny, and David Orkin, also with CBRE, represented Eddie V’s.

August 23, 2022

Leasing Activity New Jersey Northeast Office

LT Apparel Opens 13,086 SF Office at Bell Works in Holmdel, New Jersey

by Taylor Williams August 23, 2022

HOLMDEL, N.J. — LT Apparel, a manufacturer of children’s clothing, has opened a 13,086-square-foot office within Campus, a 72,000-square-foot flexible workspace located within the Bell Works mixed-use development in the Central New Jersey community of Holmdel. Jeff Garibaldi, Tara Keating and Lindsey Florio of The Garibaldi Group represented the landlord, Inspired by Somerset Development, in the lease negotiations. Global cloud communications firm Vonage has also committed to an undisclosed amount of space at Campus, which houses breakout rooms and conference facilities.

August 23, 2022

Development Georgia Leasing Activity Retail Southeast

Macy’s Debuts 30,000 SF Market by Macy’s Store in Suwanee, Georgia

by John Nelson August 22, 2022

SUWANEE, GA. — Macy’s has opened its “off-mall” store concept, Market by Macy’s, in the metro Atlanta area. The 30,000-square-foot store is located within Johns Creek Town Center at 3630 Peachtree Parkway in Suwanee, a northeast suburb of Atlanta in Gwinnett County. The store, the third Markey by Macy’s in the Atlanta area, includes a rotating installation of apparel called “Trend Village,” a Toys ‘R’ Us store-within-a-store and home décor and cosmetics departments. By the end of the year, Macy’s plans to expand Market by Macy’s to eight total locations, including new stores coming to metro St. Louis and Chicago, as well as a couple stores in the Dallas-Fort Worth area.

August 22, 2022

Leasing Activity Michigan Midwest Retail

Two New Retailers Join Tenant Lineup at Green Oak Village Place in Brighton, Michigan

by Kristin Harlow August 22, 2022

BRIGHTON, MICH. — Spencer’s and European Wax Center have signed leases to open new locations at Green Oak Village Place in Brighton, a western suburb of Detroit. Both retailers are slated to open by this fall. Spencer’s, which sells edgy T-shirts, jewelry and accessories, will occupy 2,528 square feet. The European Wax Center location will span 1,710 square feet. Green Oak Village Place is home to more than 50 retailers and restaurants. REDICO and Lormax Stern developed the 500,000-square-foot property.

August 22, 2022

Leasing Activity Retail Texas

Northwood Retail Signs Four New Tenants to Leases at Hillside Village in Dallas

by Taylor Williams August 19, 2022

DALLAS — Northwood Retail has signed leases with four new tenants at Hillside Village, the Dallas-based owner’s outdoor shopping and dining plaza in the city’s Lakewood neighborhood. Phoenix-based grocer Sprouts Farmers Market and spa and salon concept Alchemy 43 will open this fall. Sugared + Bronze, which offers hair removal and tanning services, will open this winter, and California-based veterinary clinic Modern Animal will follow in 2023.

August 19, 2022

Industrial Leasing Activity Midwest Ohio

DSV Signs 368,537 SF Industrial Lease in Suburban Cleveland

by Kristin Harlow August 19, 2022

STREETSBORO, OHIO — Third-party logistics company DSV has signed a 368,537-square-foot industrial lease at a former Best Buy distribution center in the Cleveland suburb of Streetsboro. Located at 9780 Mopar Drive near I-480, the property features 68 docks, two drive-in doors, 14,500 square feet of office space and a clear height of 32 feet. DSV will move into the facility in September. David Stecker of JLL represented ownership, Industrial Logistics Properties Trust, which is managed by The RMR Group. Joe Messina and Dominic Carbonari of JLL represented DSV.

August 19, 2022

Industrial Leasing Activity NAI Texas

NAI Partners Negotiates 50,995 SF Industrial Lease in Northwest Houston

by Taylor Williams August 18, 2022

HOUSTON — NAI Partners has negotiated a 50,995-square-foot industrial lease at 6410 Langfield Road in northwest Houston. According to LoopNet Inc., the property was built in 2015. Travis Land and A.J. Williams of NAI Partners represented the landlord, an entity doing business as HOU IND 2 LLC, in the lease negotiations. Patrick McKiernan and Jason Mashni of First Houston Properties represented the tenant, Legion Piping Fabricators Inc.

August 18, 2022

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