WILTON, CONN. — Cushman & Wakefield has negotiated a 12,000-square-foot office lease in the southern coastal Connecticut community of Wilton. The tenant is Fairfield Chemical, and the space is located within the freshly renovated building at 187 Danbury Road. Adam Klimek and Steve Baker of Cushman & Wakefield represented the landlord, Time Equities Inc., in the lease negotiations. The representative of the tenant was not disclosed.
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Lee & Associates: Tariffs Add to Q1 Industrial Challenges; All Sectors See Constrained Development
The end of the first quarter of 2025 saw market uncertainty in the face of new U.S. trade and tariff policies combined with an unclear geopolitical outlook, according to Lee & Associates’ 2025 Q1 North America Market Report. The effect of these concerns within the commercial real estate world are most evident in the industrial sector, which is also contending with oversupply and softening rent growth. Development is slow across property types. Retail, despite high-profile store closures in early 2025, remains historically tight on space as years of underbuilding keep availabilities near record lows. Office demand has stabilized in several major metros following years of contraction, though vacancy remains elevated. The pipeline of new construction is both drying up and favoring new types of tenants beyond traditional office spaces. Multifamily is seeing strong tenant demand in certain markets despite a flood of new deliveries. Lee & Associates has made their full market report available here (click through for detailed breakdowns and city-by-city information). The information below for the industrial, office, retail and multifamily sectors offers clarity on market-wide demand, rent growth trends and challenges likely to shape trajectories throughout 2025. Industrial Overview: Soft Markets Face Tariff Disruptions North America’s industrial markets …
AUSTIN, TEXAS — Archer Systems, a Houston-based provider of comprehensive legal settlement solutions, has renewed its 17,000-square-foot office lease at Stonecreek, a 76,910-square-foot building in northwest Austin. Built in 2000, Stonecreek features a conference room, lobby and a tenant break room. Matt Frizzell, Brian Liverman and Kevin Granger of Cushman & Wakefield represented the landlord, Drawbridge Realty, in the lease negotiations. Alecia Schneider and Drew Morris of Savills represented the tenant.
NORTH RICHLAND HILLS, TEXAS — Federated Mutual Insurance Co. has signed a 15,731-square-foot office lease at Corporate Centre at the Crossing in North Richland Hills, located north of Fort Worth. The 226,650-square-foot complex was built in phases between 1991 and 2003. James Stein of CBRE represented the tenant in the lease negotiations. Jake Neal, Matt Carthey and Vic Meyer of Holt Lunsford Commercial represented the landlord, Capital Commercial.
NEW YORK CITY — Marcus & Millichap has brokered the $4.2 million sale of a 3,360-square-foot office and retail building in the Astoria area of Queens. The two-story building at 30-23 30th Ave. comprises five retail spaces and two office suites. Matt Fotis, Lazarus Apostolidis and Hunter Barocas of Marcus & Millichap represented the seller in the transaction. Fotis and Apostolidis also procured the buyer. Both parties requested anonymity. Steve Filippo with Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.
MELVILLE, N.Y. — Nationwide Mortgage Bankers has signed a 28,552-square-foot office lease in the Long Island community of Melville. The provider of home financing solutions is taking space at the 165,000-square-foot building at 1305 Walt Whitman Road. Joseph Lopresti of JLL represented the tenant in the lease negotiations. Andrew Wiener and Tim Parlante represented the landlord, The Feil Organization, on an internal basis.
FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged a 33,827-square-foot lease for MSC Cruises USA, the North American arm of the Geneva, Switzerland-based international cruise line, at BayView Corporate Tower in Fort Lauderdale. MSC Cruises USA will expand its office by 15,000 square feet, using the sixth floor of the tower to house its finance, outbound sales, IT and human resource teams. The lease will expand the company’s presence in South Florida ahead of the opening of its North American Cruise Division Headquarters in downtown Miami’s Sawyer’s Walk development. Deanna Lobinsky and Chase Kulp of Cushman & Wakefield represented the landlord, Somerset Properties, and its equity partners, while Alan Kleber, Tyler Reynolds and Scott Quick of Cushman & Wakefield represented MSC Cruises USA. Situated at 6451 North Federal Highway, BayView Corporate Tower was originally built in 1973 and renovated in 2019. Amenities at the property — which totals 413,000 square feet — feature a conference facility, gym, café/lounge, gift shop and a five-story covered parking garage.
O’Connor Capital to Redevelop Former Saks Fifth Avenue Store at The Esplanade in Palm Beach, Florida
PALM BEACH, FLA. — New York-based O’Connor Capital Partners plans to redevelop the former Saks Fifth Avenue retail space at The Esplanade, a 146,000-square-foot shopping center located at 150 Worth Ave. in Palm Beach. The two-level, 50,000-square-foot store will be transformed to feature high-end retail, office space and lifestyle offerings. Fairfax & Sammons Architecture will design the redevelopment project, while Odyssey Retail will lead leasing efforts and tenant curation. Current luxury retailers at The Esplanade include Louis Vuitton, Emilio Pucci, Akris, Christofle, Panerai, Hublot, Carolina Herrera, Lugano Diamonds and Worth Avenue Watches.
LIVERMORE, CALIF. — Gantry has secured a $15 million permanent loan for the purchase of North Canyons Business Center, located at 3025-3095 Independence Drive in Livermore. The six-building business offers 105,000 square feet of industrial and office space. Tony Kaufmann and Joe Foley of Gantry arranged the 10-year, fixed-rate loan for the borrower, a private real estate investor. The loan was structured with one of Gantry’s correspondent insurance company lenders with an interest-only period transitioning to 30-year amortization. Gantry will service the loan. The borrower plans to reposition the asset, including increasing industrial use ratios at the property and activating a leasing program.
ANDOVER, MASS. — Newmark has brokered the sale of 150 Minuteman Road, a 112,148-square-foot office and life sciences building in the northern Boston suburb of Andover. The building is one of six within the 1 million-square-foot Minuteman Park campus and was fully leased at the time of sale to global medical technology company Smith + Nephew. Institutional investment firm BentallGreenOak (BGO) sold the building to Optimum Asset Management for an undisclosed price. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark brokered the deal.