PASSAIC, N.J. — Atlanta-based IDI Logistics has signed a 111,111-square-foot, full-building industrial lease with an undisclosed home improvement retailer at 26 Jefferson St. in the Northern New Jersey community of Passaic. The facility sits on 7.5 acres and features a clear height of 40 feet, 27 docks, two drive-in doors and parking for 61 cars and eight trailers. David Knee and Chris Hile of JLL represented IDI Logistics in the lease negotiations.
ATLANTA — Jamestown has signed Anduril Industries, a defense tech firm, to an 180,000-square-foot industrial lease at Allied Studios, a three-building mixed-use campus located at 1435 Hills Place in Atlanta’s Upper Westside district. Anduril will invest $60 million and bring 180 jobs to the new manufacturing and research facility. The facility will house Area-1, a subsidiary of Anduril that manufacturers unmanned aircraft systems. When complete, Area-1 will operate offices, research and development space and production space across two buildings at Allied Studios. Capital Real Estate Group represented Jamestown in the lease transaction, and Hughes Marino represented Anduril.
NEW YORK CITY — JLL has negotiated a 60,000-square-foot office headquarters lease at 825 Seventh Ave. in Midtown Manhattan. Owned by a partnership between Edward J. Minskoff Equities and Vornado Realty Trust (NYSE: VNO), the building spans 196,616 square feet. Matthew Astrachan, Ellen Herman and Hale King of JLL represented the tenant, New Alternatives for Children, in the lease negotiations. Edward Riguardi of Vornado and Jeffrey Sussman of Edward J. Minskoff represented building ownership in conjunction with John Ryan III of Avison Young.
SHREWSBURY, MASS. — SGPS Showrig, a provider of entertainment equipment, has signed a 49,524-square-foot industrial lease in Shrewsbury, located outside of Worcester in the central part of the state. The space is located within Centech Park North, a 310,000 square-foot campus that is set to be delivered at the end of the year. Kevin Brawley, Stephen Woelfel, P.J. Foster, Kevin Hanna, Ovar Osvold and Wayne Spiegel of Colliers represented the landlord, Northbridge Partners, in the lease negotiations. Rhett Delk and Nate Heilbron of Cresa represented the tenant.
SHELBY TOWNSHIP, MICH. — Five Iron Golf, an indoor golf and entertainment experience, is scheduled to open in August in Shelby Township, about 30 miles north of Detroit. The 6,000-square-foot location at 70773 Corporate Drive will offer six TrackMan golf simulators, custom club fitting by The Fitting Lab, a putting green, full-service bar, widescreen TVs and shuffleboard. Five Iron Golf also plans to open a Detroit location later this year.
NEW YORK CITY — Multifamily development and investment firm Beachwold Residential has signed a 12,637-square-foot office lease at 257 Park Avenue South in Manhattan’s Flatiron District. The 20-story building was constructed in 1912 and spans 226,000 square feet. Jared Stern of Savills represented the tenant in the lease negotiations. Rob Fisher represented the landlord, The Feil Organization, on an internal basis.
CHICAGO — Riverside Investment and Development has inked leases with three new tenants for 320 S. Canal, its newest office property in Chicago. Law firm Skadden Arps leased 89,100 square feet, National Futures Association (NFA) leased 55,364 square feet, and insurance company Ullico will occupy 8,445 square feet. NFA is the self-regulatory organization for the U.S. derivatives industry. The new tenants join anchor tenant BMO and two other law firm tenants, Chapman & Cutler and Faegre Drinker, which have already welcomed employees to the property. Developed by Riverside and Convexity Properties and designed by Goettsch Partners, the 52-story building opened in January. The Green, a 1.5-acre, privately owned outdoor park, sits on the west side of the building. Dan McCarthy and Bill Rogers of JLL represented Skadden Arps. Mark Keebler and Brad Serot of CBRE represented National Futures Association, while Brady Wolfe and Bill Sheehy of CBRE represented Ullico. Christy Domin and Drew Neiman represented Riverside on an internal basis.
NEW YORK CITY — British apparel designer Paul Smith has signed a 12,617-square-foot lease for its new office and showroom at 257 Park Avenue South in Manhattan’s Flatiron District. The 20-story building was constructed in 1912 and spans 226,000 square feet. Will Grover and Ben Shapiro of Newmark represented the tenant in the lease negotiations. Rob Fisher represented the landlord, The Feil Organization, on an internal basis.
SEATTLE — Redfin, the residential real estate brokerage giant, has reported that the national median asking rent in June is $2,016 per month, a 14.1 percent increase year-over-year. The Seattle-based company analyzed data from 20,000 separate multifamily and single-family properties from its RentPath platform across the top 50 U.S. metro areas. The June figure is a slight increase from May at 0.7 percent, which represents the smallest month-over-month gain since the start of the year. The median asking rate is also the smallest annual increase since October 2021. Daryl Fairweather, Redfin’s chief economist, says while still elevated, the current slowdown in rent growth could be anticipatory on the part of landlords in reaction to overall inflation. (The Consumer Price Index saw its biggest annual gain since 1981 in May, according to the U.S. Bureau of Labor Statistics). “Rent growth is likely slowing because landlords are seeing demand start to ease as renters get pinched by inflation,” says Fairweather. “With the cost of gas, food and other products soaring, renters have less money to spend on housing.” “This slowdown in rent increases is likely to continue, however rents are still climbing at unprecedented rates in strong job markets like New York …
WEST DUNDEE, ILL. — Elgin Recycling has signed a 63,800-square-foot industrial lease at 1101 Wesemann Drive in West Dundee, a far northwest suburb of Chicago. The newly built facility is located less than two miles from Elgin Recycling’s headquarters at 46 East End Drive in Gilberts. The new property will be utilized for the company’s electronics division, which disassembles and recycles a wide variety of computer equipment. Dan Brown and Collin Tyrrell of Brown Commercial Group represented the tenant in the lease. The landlord was not disclosed.