Leasing Activity

491-Edward-H.-Ross-Drive-Elmwood-Park-New-Jersey

BioReference Laboratories Signs 160,000 SF Life Sciences Lease in Elmwood Park, New Jersey

by Taylor Williams December 8, 2021

ELMWOOD PARK, N.J. — BioReference Laboratories, an operator focused on the genetics, women’s health, oncology and urology fields, has signed a 160,000-square-foot life sciences lease renewal in the Northern New Jersey community of Elmwood Park. The tenant now operates three full-building labs totaling 209,904 square feet at 481, 487 and 491 Edward H. Ross Drive. Chris Olsen of Eagle Real Estate Group represented the tenant in the lease negotiations. Stephen Jennings represented the landlord, New Jersey-based Alfred Sanzari Enterprises, on an internal basis.

December 8, 2021

Illinois Leasing Activity Midwest Restaurant Retail

Edie’s All Day Café & Bar to Open Second Location in Chicago

by Kristin Harlow December 8, 2021

CHICAGO — Edie’s All Day Café & Bar has signed a lease for approximately 4,000 square feet of ground-floor space at Kingsbury Center in Chicago. Scheduled to open in spring 2022, the new location is Edie’s second in Chicago’s River North neighborhood. Edie’s will offer a café, restaurant, workspace and wine bar. Kingsbury Center is a six-story, 90,689-square-foot office building owned by an affiliate of Next Realty LLC and The Habitat Co. David Goldberg and Allan Perales of Goldstreet Partners represented Edie’s in the lease transaction.

December 8, 2021

Leasing Activity New York Northeast Office

Bloomberg Signs 191,207 SF Office Lease Expansion at 919 Third Avenue in Manhattan

by Taylor Williams December 7, 2021

NEW YORK CITY — Bloomberg has signed a 191,207-square-foot office lease expansion at 919 Third Avenue in Manhattan. The media giant is taking an additional five floors, increasing its total footprint at the 47-story, 1.5 million-square-foot building to 748,415 square feet. Craig Reicher and Howard Fiddle of CBRE represented Bloomberg in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Chabrier and Alex D’Amario of CBRE represented the landlord, SL Green. The building is currently undergoing renovations.

December 7, 2021

Acquisitions Hospitality Leasing Activity Maryland Mixed-Use Northeast Pennsylvania Restaurant Retail Southeast Top Stories

Cordish to Sell Three East Coast Casinos in $1.8B Deal with Gaming and Leisure Properties

by John Nelson December 7, 2021

PHILADELPHIA, PITTSBURGH AND HANOVER, MD. — The Cordish Cos., a privately held retail entertainment and hospitality owner and operator based in Baltimore, has reached a sale-leaseback agreement with Gaming and Leisure Properties Inc. (NASDAQ: GLPI) for three of Cordish’s East Coast casinos. The properties include Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh. Under terms of the agreement, Cordish will immediately lease back all the properties and continue to own, control and manage all the gaming operations of the facilities. The leases will have an initial term of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. The total price was approximately $1.8 billion, including applicable long-term ground leases. Consideration for the three-property real estate transactions will comprise a mix of qualified debt assumption (to be satisfied by GLPI), cash and $323 million of newly issued operating partnership units. The transaction for the three properties includes a binding partnership on future Cordish casino developments. For seven years post-closing, GLPI will co-invest with Cordish on any new gaming development projects and provide 20 percent of Cordish’s equity on those projects. (This agreement excludes existing Cordish or third-party gaming licensed facilities.) …

December 7, 2021

Content Partner Features Leasing Activity Lee & Associates Midwest Multifamily Southeast Texas Western

Six Factors Helping to Power Interest in Multifamily Markets

by Sarah Daniels December 6, 2021

When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a year-long national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord. Multifamily-property values have increased 13 percent since before the pandemic and more money is being invested now in apartment buildings than in any other type of commercial real estate. How did this happen and what explains this? Lee & Associates’ research will delve into why the multifamily sector, contrary to past predictions and present-day misperceptions, is flourishing as never before. 1. Measured on an annual basis, national asking rents rose 10.3 percent in August. That marked the first double-digit increase in the more than 20 years the data of 13 million professionally managed apartments has been collected, and in several cities, the rent increases were much more significant than the national figure.[1] August rents rose more than 20 percent year-over-year in Phoenix, Las Vegas and Tampa. Similarly, monthly rents were up more than 20 percent in comparable markets such as Boise, Idaho and Naples, Florida. 2. Multiple factors explain this …

December 6, 2021

100-Tice-Boulevard-Woodcliff-Lake-New-Jersey

Leasing Activity New Jersey Northeast Office

Party City to Relocate Corporate Headquarters to Woodcliff Lake, New Jersey

by Taylor Williams December 6, 2021

WOODCLIFF LAKE, N.J. — Accessories retailer Party City will relocate its corporate headquarters to 100 Tice Boulevard, a 208,911-square-foot office building located in the Northern New Jersey community of Woodcliff Lake. The company is consolidating its current headquarters offices in Rockaway and Elmsford, New York, into one location beginning next year. Ben Brenner of Cushman & Wakefield and Harlan Hollander of Savills represented Party City in the lease negotiations. Joe Sarno Sr., Jon Meisel and Jeff Babikian of CBRE represented the landlord, Signature Acquisitions.

December 6, 2021

Healthcare Leasing Activity New York Northeast

Northwell Health Signs Lease Renewals Totaling 32,413 SF in Lake Success, New York

by Taylor Williams December 6, 2021

LAKE SUCCESS, N.Y. — Northwell Health, New York State’s largest health provider and private employer, has signed eight lease renewals totaling 32,413 square feet for an additional 10 years in Lake Success, located in Nassau County on Long Island. The practices of Northwell, which include primary care, gastroenterology and pulmonary disease, are spread among multiple floors at 2001 Marcus Avenue, a 214,000-square-foot medical office building. Kevin Driscoll represented the landlord, The Feil Organization, in the lease negotiations on an internal basis. Tom Ruggiero and Brian Palumbo provided in-house legal counsel to Feil, while David Leno provided counsel to Northwell Health on an internal basis.

December 6, 2021

Illinois Leasing Activity Midwest Office

The Motion Agency Signs 19,681 SF Office Lease in Chicago

by Kristin Harlow December 3, 2021

CHICAGO — The Motion Agency has signed a 19,681-square-foot office lease at the Reid Murdoch Building located at 325 N. LaSalle Drive in Chicago’s River North neighborhood. The creative communications agency had been a subtenant in the space since summer 2018. Built in 1913, the property spans 325,000 square feet. Dougal Jeppe of Colliers Chicago represented the tenant in the lease transaction. Landlord information was not provided.

December 3, 2021

Connecticut Industrial Leasing Activity Northeast

Solar Seal Signs 201,000 SF Industrial Lease in Norwich, Connecticut

by Taylor Williams December 3, 2021

NORWICH, CONN. — Solar Seal, a manufacturer of insulated glass units, has signed a 201,000-square-foot industrial lease at 40 Wisconsin Ave. in Norwich, located in Connecticut’s New London County. According to LoopNet Inc., the property was built on 25 acres in 1980 and features a clear height of 28 feet. Nicholas Morizio and Sean Kumnick of Colliers represented the tenant and the landlord, an affiliate of Massachusetts-based Grossman Cos., in the lease negotiations.

December 3, 2021

Development Leasing Activity Mixed-Use Office Retail Southeast Tennessee

KBS Signs Three Tenants, Completes Renovations at 175,262 SF McEwen Building in Metro Nashville

by John Nelson December 3, 2021

FRANKLIN, TENN. — KBS has signed three new tenants at The McEwen Building, a 175,262-square-foot office and retail property in Franklin, about 21.5 miles south of Nashville. Together the three tenants occupy 66,611 square feet. One of the new tenants, Kaiser Aluminum Corp., a global aluminum supplier, has committed to 27,356 square feet of office space. Kaiser will be relocating its corporate functions from Foothill Ranch, Calif. American Renal Associates LLC, a Massachusetts-based dialysis clinic operator, signed a 26,695-square-foot lease. Lastly, an undisclosed financial institution based locally signed a lease for 12,560 square feet, which includes 1,290 square feet for retail and 11,270 square feet of first-floor office space. The lease transaction occurred after KBS made investments to the property, including the completion of 24,130 square feet of built-out spec suite space and upgrades to the first and second floor lobbies, restrooms, coffee bar and café. Blake Newton of Cushman & Wakefield represented KBS in the recent leasing transactions. Rick Sherburne, Wesley Sherburne and Taylor Hillenmeyer of CBRE represented Kaiser Aluminum Corp., Tom Hooper of JLL represented American Renal Associates and Shane Douglas of Colliers represented the local financial institution in the negotiation of the leases. KBS also completed a …

December 3, 2021

Newer Posts

Older Posts