STAMFORD, CONN. — Colliers International has arranged two office leases in Stamford, for a total 15,320 square feet. Law firm McCarter & English LLP has renewed a long-term lease for 11,058 square feet in the Canterbury Green building. Spruce Investment Advisors has renewed a five-year lease for 4,262 square feet in the 1 Stamford Plaza building. Jeffrey Williams and Hollis Pugh of Colliers arranged both leases. RFR Realty owns both properties.
EAST GARDEN CITY, N.Y. — RIPCO Real Estate has secured a 68,000-square-foot retail lease for department store chain Century 21 Stores on Long Island. The property is located in the Roosevelt Field shopping center of East Garden City, which also includes a Bloomingdale’s Furniture, Nordstrom, Macy’s and a variety of other retail and dining businesses. The store is scheduled to open in spring of 2021. Gene Spiegelman of RIPCO represented Century 21 Stores in the transaction. Simon Property Group owns Roosevelt Field.
UNION, N.J. — Jeffrey Realty has arranged a 46,800-square-foot retail lease in Union, a town just southwest of Newark, for Burlington Coat Factory. The property, formerly a Toys R Us, is located in the West Branch Commons shopping center, which is anchored by a Lowe’s and other retail businesses. Bill Farkas and Mike Testa of Jeffery Realty represented the landlord, Urban Edge, in the transaction. Cliff Simon of CNS Real Estate represented Burlington Coat Factory.
BATAVIA, ILL. — DHL has signed a 60,000-square-foot industrial lease in Batavia, a western suburb of Chicago. The recently completed, 102,000-square-foot building is located at 1100 N. Raddant Road within the Northeast Business Park. Principal Construction built the facility on behalf of developer Midwest Industrial Funds. Approximately 42,000 square feet remain available for lease.
HOUSTON — Burns & McDonnell, a Missouri-based, employee-owned engineering, architecture and construction firm, has extended and expanded its office lease at 1700 West Loop South in Houston. The company has grown its footprint at the building, which is owned by Virginia-based Lingerfelt CommonWealth Partners LLC, from 158,000 square feet to 218,000 square feet, and plans to hire an additional 300 employees by 2021. Scott Fikes and Jenny Mueller of JLL represented the landlord in the lease negotiations. Joe Peddie of Cushman & Wakefield represented Burns & McDonnell, which has about 7,000 employees across 50 offices worldwide.
HERNDON, VA. — Griffin Capital has signed a 270,000-square-foot office lease with a Fortune 100 company in Herndon. Griffin did not release the name of the tenant, though several media outlets report it is Amazon Web Services. The 12-year lease is expected to commence in April 2020 when Griffin completes renovations at 13820 Sunrise Valley, a 10-story office building. Situated about 25 miles west of downtown Washington, D.C., the office building has been undergoing renovations since 2018 when its previous tenant, Time Warner Communications, consolidated its space and broke its lease. Griffin was able to use the money from Time Warner’s buyout to immediately begin upgrading the building. Furthermore, the property is situated about 20 miles northwest of National Landing, where Amazon’s announced HQ2 will be located.
SHELBY TOWNSHIP, MICH. — Club Pilates has signed a lease to open its ninth location in Michigan. The boutique fitness tenant will occupy 2,091 square feet in Roseland Plaza at the southeast corner of 21 Mile and Hayes roads in Shelby Township. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, ODK Investments, in the lease transaction.
CHICAGO — The U.S. office market registered 34.8 million square feet of leasing activity larger than 20,000 square feet during the second quarter, according to JLL’s latest Office Outlook report. This continues the established absorption trend of 30 to 35 million square feet per quarter. Among office-using sectors, tech and coworking remain dominant, having both exceeded the 10 million-square-foot mark halfway through the year and representing 31.1 percent of all activity year-to-date. The year-to-date gap between tech and coworking narrowed even further in the second quarter as WeWork, Spaces and other coworking operators continued to rapidly expand. At the current rate of growth, coworking is likely to be 2019’s largest driver of office leasing. Consolidation and mergers-and-acquisitions, combined with a severe lack of skilled employees, have tempered expansion potential for tech companies, according to JLL. About 58 percent of transaction volumes in the tech sector represented growth or expansion. In comparison, expansion as a share of tech leasing activity routinely reached 75 to 80 percent in 2016, 2017 and early 2018. Densification and office space efficiency are still weighing on legal, consulting and other professional services firms, although active preleasing and relocation is boosting total activity from these users. JLL’s …
POMPANO BEACH, FLA. — Cushman & Wakefield has negotiated six industrial leases totaling 132,798 square feet at Pompano Center of Commerce II, a warehouse and distribution campus in Broward County. Butters Construction & Development developed the property, the existing buildings of which are now at full occupancy. Tenants represented in the new leasing activity include Milestone Pavers (14,640 square feet), Empire Delivery (26,605 square feet), Larsen’s Manufacturing (17,436 square feet), Farco Plastics (17,381 square feet), Event Effects Group (37,786 square feet) and ATI Electrical Supply (18,950 square feet). Chris Metzger, Richard Etner, Christopher Thomson and Matthew McAllister of Cushman & Wakefield represented the landlord, a joint venture between Butters and an institutional capital partner, in all of the lease negotiations.
LEWISVILLE, TEXAS — Venture X will open a 30,000-square-foot coworking space within Offices at The Realm, a 235,000-square-foot office building located in the northern Dallas metro of Lewisville. Developed by Bright Realty, the property offers a fitness center, conference center, rooftop deck, event space and water design features. Sarah Savage, Ryan Hoopes and Tom Sutherland of Cushman & Wakefield represented Venture X in the lease negotiations. Lincoln Property Co. represented Bright Realty. The space is expected to open in early 2020.