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.
PLAINSBORO, N.J. — Colliers International has secured a 90,000-square-foot office headquarters lease in Plainsboro, located just east of Princeton University, for global biotechnology company Genmab. The company will move its research and office space into two floors of the property, which is located at 777 Scudders Mill Road. Charlie Hatfield and Brett Incollingo of Colliers, along with Tom Romano of JLL, represented the property owner, Trawler Capital Management, in the transaction. Dan Spero and Craig Eisenhardt of JLL represented Genmab.
TOTOWA, N.J. — Lee & Associates has negotiated a 60,000-square-foot medical office lease for St. Joseph’s Health in Totowa, located in northwestern New Jersey. The space is housed within a two-building, 120,000-square-foot Medical Arts Complex that CHA Partners is developing. The property is on the corner of Minnisink and Vreeland roads, in close proximity to state routes 80, 46 and 23. Construction is underway and the facility is slated to open in early 2021. Brian Lynch, Peter Rasmusson, Jason Lynch and Joe Torman of Lee & Associates represented St. Joseph’s in the transaction.
DALLAS — Rehrig Pacific Co., which manufactures and distributes plastic products for the food and agriculture industries, has signed a 127,789-square-foot industrial lease renewal at 613-625 Mockingbird Lane in Dallas. Canon Shoults of Holt Lunsford Commercial represented the landlord, Alpha Industrial, in the lease negotiations. Craig Jones of JLL represented the tenant.
BLUE BELL, PA. — Colliers International has negotiated a 52,000-square-foot office headquarters lease in Blue Bell, located outside of Philadelphia, for national landscaping firm BrightView. Located at 980 Jolly Road, the property recently underwent $6 million in renovations, including the addition of a new fitness center, conference space and café. John Susanin and Kyle Hilbert of Colliers represented BrightView, which will occupy the top two floors of the building, in the lease negotiations. Kairos Real Estate Partners is the landlord.
PHILADELPHIA — CBRE has arranged a 62,000-square-foot lease in Philadelphia’s Center City for CommonGrounds Workplace, a San Diego-based coworking company. The new space will span two floors of the 32-story Market building, and the company’s in-house design division will renovate the space. The property will also house CommonGrounds’ East Coast regional office. Joseph Wolff, Kevin Maloney, George Cauffman and David Mendez of CBRE represented the landlord, Shorenstein Co. Jim Suber of Strategic Real Estate Advisory and Michael Gallagher of The Flynn and Co. represented CommonGrounds in the transaction.
TERRELL, TEXAS — A group of anchor tenants that includes Ross Dress for Less, Hobby Lobby and Five Below have opened their stores at Crossroads at Terrell, a 275,000-square-foot shopping center located about 35 miles east of Dallas. Marshalls, Rack Room Shoes, Ulta Beauty, Petco, and Academy Sports + Outdoors are scheduled to open later this year. Film Alley, an entertainment concept with movies, bowling and arcades, opened at Crossroads at Terrell earlier this year. Future restaurant users at the property will include Olive Garden, Raising Cane’s and Chili’s, which will accompany the likes of Whataburger, Chick-fil-A and Chipotle Mexican Grill. RealtyLink and Oakridge Investments are co-developing the property, and CBRE is leasing it.
