Leasing Activity

Lions Logistics Signs 25,054 SF Industrial Lease in Elk Grove Village, Illinois

by Kristin Harlow April 15, 2019

ELK GROVE VILLAGE, ILL. — Lions Logistics has signed a 25,054-square-foot industrial lease in Elk Grove Village. The 50,117-square-foot building, located at 1260 Lunt Ave., is now fully leased. Chris Lydon and Chris Tecu of Avison Young represented the landlord, CenterPoint Properties. Main Street Real Estate Group represented Lions Logistics, a third-party logistics company. The building includes 2,929 square feet of newly constructed office space as well as two interior docks and one drive-in door.

April 15, 2019

Leasing Activity Retail Top Stories

Discount Retail Chain Fred’s to Close 159 U.S. Stores by June

by Taylor Williams April 15, 2019

MEMPHIS, TENN. — Fred’s Inc. (NASDAQ: FRED), a discount chain and pharmacy, will close 159 underperforming U.S. stores, approximately 30 percent of the company’s total footprint. Memphis-based Fred’s will have about 400 general merchandise stores left open following this round of closures. Fred’s, which competes with smaller-format discount retailers like Dollar General as well as big-box stores like Walmart, also owns and operates two additional chains: Getwell Drug & Dollar and Yazoo Trading Co. The majority of those stores house full-service pharmacy departments, but the company is also looking to sell its pure-play pharmacy assets. In September of last year, Fred’s struck a deal to sell prescription files of its pharmacy patients and inventory information at 179 stores across the Southeast to Walgreens (NASDAQ: WBA). The shuttered stores are located in Texas, Arkansas, Alabama, Georgia, Louisiana, Mississippi, Kentucky and Tennessee, according to CNN. Liquidation sales are underway at these stores, which are expected to fully close by the end of May. Fred’s CEO Joseph Anto noted that in addition to losing profitability, most of the shuttered stores are nearing the ends of their lease terms. “After a careful review, we have decided to rationalize our footprint by closing underperforming stores, …

April 15, 2019

Georgia Leasing Activity Office Southeast

CommonGrounds Workplace Signs 49,506 SF Office Lease in Midtown Atlanta

by Alex Tostado April 12, 2019

ATLANTA — CommonGrounds Workspace has signed a 13-year, 49,506-square-foot office lease at 999 Peachtree St. in Midtown Atlanta. The coworking company will occupy two of the 28 floors and is expected to move in in early 2020. This marks CommonGrounds’ first signed lease in 2019 as part of its $100 million Series A expansion program. Five locations are already open around the country. Amenities at 999 Peachtree include Empire State South restaurant on the ground floor, The Peachtree Club and roof deck on the top floor, parking, a fitness center and a communal green space. Other tenants include AARP, Gensler, Akerman LLP, Ballard Spahr LLP, Meunier Carlin & Curfman LLC, Oxford Industries and Eversheds Sutherland. Charles Roach Jr. and Stephen Clifton of Madison Marquette represented the landlord, Franklin Street, in the lease transaction. Jim Sumber, Andrew Lechter and Matthew Barnes of Savills-Studley represented the tenant.

April 12, 2019

Leasing Activity New Jersey Northeast Office

Celularity Signs 147,215 SF Office Lease in New Jersey

by David Cohen April 12, 2019

FLORHAM PARK, N.J. — Commercial-stage cell therapeutics company Celularity has signed a full-building, 147,215-square-foot office lease in Florham Park. The property is part of a two-building office campus at 170-180 Park Ave. that totals 368,780 square feet. The lease marks the largest new office lease in New Jersey for the first quarter of 2019. James Postell, Matt McDonough and Dan Ligorner of Transwestern Commercial Services represented the building owner in the transaction. Charlie Hatfield and Ryan Healy of Colliers International represented Celularity in the transaction.

April 12, 2019

Florida Leasing Activity Retail Southeast

Bromley Cos. to Bring True Food Kitchen to $500M Midtown Tampa Project

by Alex Tostado April 11, 2019

TAMPA, FLA. — The Bromley Cos. has signed True Food Kitchen to a 5,000-square-foot lease in Midtown Tampa, a $500 million, 22-acre development in Tampa. This marks True Food’s first west central Florida location. Integrative medicine expert Andrew Weil co-founded the Oprah Winfrey-backed health-driven restaurant that operates several locations in Jacksonville, Naples and Boca Raton, Fla. The Bromley Cos., in collaboration with Casto Southeast Realty Services, Jeffrey Anderson Real Estate Co., Crescent Communities and Concord Hospitality, has already signed Whole Foods Market. Whole Foods will relocate its existing Tampa store and occupy 48,000 square feet at Midtown Tampa in 2020.

April 11, 2019

Leasing Activity Retail Texas

PINSTACK to Open 50,000 SF Entertainment Venue in Austin

by Taylor Williams April 11, 2019

AUSTIN, TEXAS — PINSTACK, an entertainment concept that combines bowling with other activities, as well as food and beverages, will open a 50,000-square-foot venue at Tech Ridge Center in Austin. This will be the first location outside of the DFW metroplex for PINSTACK, which is owned by Entertainment Properties Group Inc. In addition to bowling, the Austin center will offer a rock climbing wall, virtual reality games, laser tag, bumper cars and a ropes course, as well as a chef-driven menu featuring craft cocktails, wine and draft beer. The opening is scheduled for late 2019.

April 11, 2019

Leasing Activity New York Northeast Office

Knotel Signs Two Leases Totaling 70,924 SF in New York City

by Kristin Harlow April 10, 2019

NEW YORK CITY — Knotel, a locally based designer and builder of flexible office space, has signed leases to open two locations totaling 70,924 square feet in New York City. Knotel will open a 43,520-square-foot space at 88 Pine Street in the Financial District and a 27,404-square-foot space at 1407 Broadway in Times Square. Elie Reiss of Skylight Leasing represented Knotel in negotiations for the first lease, and Michael Cohen and John Pavone of Colliers International represented Knotel in the second deal, which is a sublease from web hosting company GoDaddy. Jon Wheels and Chris Perry of Aquila Commercial represented GoDaddy in the latter transaction. Knotel, which operates locations in New York, San Francisco, Los Angeles, London, Berlin, Paris and Brazil, now has a global footprint of more than 3 million square feet across 200 sites.

April 10, 2019

Leasing Activity Northeast Office Pennsylvania

CBRE Arranges 20,000 SF Office Lease for Urban League of Greater Pittsburgh

by Kristin Harlow April 10, 2019

PITTSBURGH — CBRE has arranged a 20,000-square-foot office lease for the Urban League of Greater Pittsburgh at Warner Centre, located at 332 Fifth Ave. in downtown Pittsburgh. The agency will occupy the entire fourth floor of the building. CBRE’s Christopher Koch, leasing agent for Warner Centre, negotiated the lease on behalf of the building’s owner, JJ Operating Inc., a family-owned real estate investment and management company based in New York City. The Urban League of Greater Pittsburgh, which recently celebrated its 100th anniversary, plans to occupy Warner Centre this summer. The move will provide the agency with the efficiency of operating on a single floor versus multiple floors at its existing Wood Street location. Warner Centre is situated in the center of downtown Pittsburgh, located next to the newly completed Point Park Playhouse. The landlord recently made improvements to the lobby of Warner Centre and plans to make upgrades to the elevators beginning this year. The mission of the Urban League is to enable African Americans to secure economic self-reliance, parity and power, and civil rights. The HUD-certified housing counseling agency offers a wide variety of programs.

April 10, 2019

Leasing Activity Office Top Stories Washington Western

Dropbox Signs 120,886 SF Lease at Spec Office Tower Under Construction in Seattle

by Kristin Harlow April 10, 2019

SEATTLE — Dropbox Inc. has leased four floors totaling 120,886 square feet at a speculative office tower currently under construction in Seattle’s central business district. Skanska is developing the 38-story building, known as 2+U. Dropbox, a San Francisco-based file storage and sharing company, is expected to occupy the space at 2+U in late 2020. With this new signing, 2+U is now 60 percent leased. Other tenants joining Dropbox include Indeed.com and coworking firm Spaces. The 686,000-square-foot tower is scheduled for completion this summer. Located at the corner of Second Avenue and University Street, the development is adjacent to the Seattle Art Museum and Benaroya Hall. The property is lifted 85 feet off the ground in order to create an outdoor “urban village” underneath the building. The village area will include nearly a half-acre of open space with 17,000 square feet of retail and arts space. Floor plates at 2+U will range from 18,000 to 30,000 square feet. In addition to a rooftop deck, tenants will enjoy unobstructed views of the Puget Sound and Olympic Mountains. Dropbox currently occupies space at the Columbia Center in the city. “We’re thrilled to expand in Seattle,” says Greg Conklin, engineering director and Seattle site …

April 10, 2019

Leasing Activity Office Texas

Madison Marquette Negotiates 95,883 SF of Office Leases at Bank of America Center in Downtown Houston

by Taylor Williams April 9, 2019

HOUSTON — Madison Marquette has negotiated 95,883 square feet of lease transactions at Bank of America Center, located at 700 Louisiana St. in downtown Houston. Deal highlights include international law firm Kilpatrick Townsend & Stockton LLP leasing 17,519 square feet; asset management firm Carlson Capital LP renewing its 8,774-square-foot lease; and financial services provider BMO Capital Markets Corp. renewing its 30,275-square-foot lease and taking an additional 7,065 square feet of space. John Spafford and Madeline Gregory represented the landlord, Houston-based M-M Properties, in the lease negotiations.

April 9, 2019

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