DALLAS — Jackson Walker LLP has signed a 26,016-square-foot office lease expansion and extension at KPMG Plaza in the Dallas Arts District. The deal brings the law firm’s footprint within the property, where it has been an anchor tenant since 2015, to 147,915 square feet across six floors. Matt Wieser, J.J. Leonard and Marissa Parkin of Stream Realty Partners represented the undisclosed landlord in the lease negotiations. Phil Puckett and Jeff Ellerman (who now works at Stream Realty) of CBRE represented Jackson Walker.
FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 25,400-square-foot industrial lease renewal in Fort Worth. The tenant, The Rios Group, which provides utilities engineering and consulting services, will remain a tenant at the 32-building, 1.4 million-square-foot Riverbend Business Park. Grayson Fleitz and George Jennings of Holt Lunsford represented the landlord, Riverbend Properties, in the lease negotiations. The tenant was self-represented.
BREWSTER, N.Y. — Lesser Evil, a Connecticut-based provider of healthy snacks, has signed a 303,100-square-foot industrial lease in Brewster, about 60 miles northeast of New York City. The space is located within Lincoln Logistics 84×684 Crossings, a 921,000-square-foot development that features a clear height of 40 feet, 56 dock doors and parking for 252 cars and 19 trailers. Adam Petrillo, Art Ross, Bradley Soules and Jack Chatwin of Newmark represented the landlord, Lincoln Equities Group, in the lease negotiations.
WASHINGTON, D.C. — Freshfields US LLP has signed a 117,000-square-foot lease at Midtown Center, a two-tower, 869,000-square-foot office property in downtown Washington, D.C. The global law firm will relocate its D.C. office from 700 13th St. NW to occupy floors six through eight in the West Tower at Midtown Center. Amy Bowser and Brooks Brown of CBRE represented the landlord, Carr Properties, in the lease negotiations, along with internal staffers Kaitlyn Rausse and Ryan Lopez. Rob Copito and Harry Stephens of CBRE represented Freshfields in the lease. Built in 2017, Midtown Center is now 80 percent occupied. Carr plans to add new amenities to the West Tower, including a rooftop penthouse and new conference and entertainment facilities. Existing amenities and features at Midtown Center include pedestrian bridges connecting the two towers, a two-level fitness center, rooftop terrace and restaurants on the ground level including Shoto, Grazie Nonna, Dauphines and Blue Bottle.
CHICAGO — Rhaeos has relocated and expanded its headquarters and laboratory to a 7,344-square-foot space at Fulton Labs in Chicago. Trammell Crow Co. (TCC) owns the life sciences campus. Rhaeos, a clinical-stage medical device technology company, occupies space within a lab-ready graduation suite on the fifth floor of 400 North Aberdeen. The company’s previous headquarters was in Evanston, Ill. Born out of the Rogers Research Group at Northwestern University, Rhaeos is developing noninvasive wearable flow sensors for various chronic medical conditions for hospital and home use, starting with hydrocephalus. Dan Lyne of CBRE represented TCC, while Andria Winters and James Otto of CBRE represented Rhaeos. Additional tenants at 400 North Aberdeen include Portal Innovations, Mattiq, the Chan-Zuckerberg BioHub, the Chicagoland Climate Investment Alliance and the Illinois Institute of Technology.
HOUSTON — Partners Real Estate has negotiated a 164,640-square-foot industrial lease within Cedar Port Industrial Park in southeast Houston. The tenant, German freight and forwarding operator deugro, will occupy the entirety of the cross-dock building at 2828 FM 1405, which sits on 47 acres and features 214 doors and 1,000 trailer positions. Gray Gilbert and Chris Haro of Partners represented the landlord, Illinois-based Dayton Street Partners, in the lease negotiations. Zane Carman, also with Partners represented the tenant.
FORT WORTH, TEXAS — UMC Energy Solutions has signed a 25,898-square-foot industrial lease in North Fort Worth. The provider of oil and gas production systems is taking space at Sylvania Industrial Park, a 64-acre, rail-served development that spans 890,000 square feet. Vic Meyer, Trey Goodspeed and Carter Sells of Holt Lunsford Commercial represented the tenant in the lease negotiations. Todd Hubbard of NAI Robert Lynn represented the landlord, CanTex Capital.
MELVILLE, N.Y. — The Long Island Board of Realtors has signed a 24,585-square-foot office lease in Melville, about 25 miles east of Queens. The lease term is 15 years. The space is located on the third floor of the building at 1305 Walt Whitman Road, which according to LoopNet Inc. was originally built in 1955 and totals 165,310 square feet. Harvey Kolin of Corporate Commercial Realty LLC represented the tenant in the lease negotiations. Tim Parlante and Andrew Wiener internally represented the landlord, The Feil Organization.
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Lee & Associates Report: Final Quarter 2024 Net Absorption Trends in Industrial, Office Likely Temporary; Multifamily, Retail Net Absorption Trajectories Stickier
Lee & Associates’ 2024 Q4 North America Market Report looks back at the tenant demand, absorption rates and vacancy trends for industrial, office, retail and multifamily sectors nationwide to extrapolate what might be on the horizon for 2025 and beyond. While net absorption in industrial and retail is down from the same period in 2023, the reasons — too much supply in the pipeline versus too little — are opposite for each sector. Similar mirroring due to reverse factors can be seen in the net positive absorption last quarter in office and multifamily. Net industrial absorption was down 45 percent in the last quarter of 2024, compared to the same quarter in 2023. However, vacancy rates are likely to decline this year due to a lower volume of construction starts completing in 2025. New in-office policies among prominent companies contributed to the office market’s second consecutive quarter of positive absorption, but overall, office vacancy numbers are expected to continue rising until 2026. Low vacancy and factors challenging development meant very few options for retail tenants seeking new, high-quality space. Retail tenants in the food and beverage arena have been taking advantage of increased national spending on food outside the home …
FORT WORTH, TEXAS — Sunon Furniture has signed a 34,175-square-foot industrial lease in North Fort Worth. The Asian furniture manufacturer will use the space within Building 4 at the 61.4-acre Basswood 35 Business Park as a national distribution center. Todd Lambeth and Luke Clardy of Bradford Commercial Real Estate Services represented Sunon Furniture in the site selection and lease negotiations. Todd Hubbard and Joe McLiney of NAI Robert Lynn represented the landlord, Mississippi-based EastGroup Properties.