July – Briefs/Leasing & Management

Tesla Adds 430 KSF with TDC in California

Courtesy Tesla Motors.

Tesla Motors Inc. has leased 430,770 square feet with Transpacific Development Co. in what is one of the largest new industrial leases in Northern California over the past year. The space is located at 18269 Harlan Road in Lathrop, Calif. In addition to the existing building, there is excess land for expansion in the event that Tesla continues growing. JLL’s Greg Matter, vice president, and Bob Taylor, executive vice president, represented Tesla in the contract. Landlord TDC was represented by Kevin Dal Porto and Blake Rasmussen, senior vice presidents at CBRE Group Inc.

KONE Lease Kicks Off Texas Office Park Development

Elevator and escalator company KONE has committed to be the lead tenant for the first phase of a 700,000-square-foot, 22.5-acre master-planned office park development in Allen, Texas. The Class A asset is being developed by Sentinel Capital L.L.C. in partnership with Centra Partners L.L.C. and Triad Real Estate. KONE, which currently occupies office space in Allen and testing space in nearby McKinney, will occupy all of the first building at AllenPlace and a portion of the second building in the first phase of the development.

Ratkovich, AIG Sign 132 KSF Renewals, Expansions in L.A.

Two core tenants have signed renewal and expansion deals at The Alhambra, a 45-acre mixed-use property in Alhambra, Calif., operated by The Ratkovich Co. and AIG Global Real Estate. Eastern Los Angeles Regional Center signed a 10-year renewal that expands its foot-print to 91,728 square feet. Pratt College also extended its lease term by seven years, and has expanded to 40,812 square feet to make room for additional classroom facilities. The Alhambra’s campus was originally developed in the 1920s as the headquarters for petrochemical engineering firm C.F. Braun and Co. The Ratkovich Co. acquired the asset in 1999, and has since completed a $56 million renovation.

Medela Grabs 154 KSF with Stockbridge in Illinois

Medical device company Medela Inc. has some new digs, thanks to a 154,233-square-foot lease orchestrated by Entre Commercial Realty L.L.C. The industrial space is located at 2768 Spectrum Drive in Elgin, Ill. Lee & Associates represented landlord Stockbridge Capital Partners in the transaction. Medela will use the space to handle warehousing and distribution in an expansion from its McHenry, Ill., headquarters.

Michelin Inks 1.7 MSF Build-to-Suit Lease in Chicagoland

Tire-manufacturing giant Michelin has entered into a build-to-suit agreement under which it will lease 1.7 million square feet of distribution space at the RidgePort Logistics Center in Wilmington, Ill. The landlord is Ridge Development, the industrial arm of Transwestern Development Co. The deal makes Michelin the first major tenant at RidgePort, a 1,500-acre, rail-served intermodal park with room for 14 million square feet of industrial, warehousing and logistics buildings, all located about 40 miles southwest of Chicago. Construction on the Michelin building will begin shortly, with delivery expected in mid-2015.

Witkoff Group Taps CBRE to Market Times Square Retail

The joint venture developing 20 Times Square in Manhattan has named CBRE Group Inc. as the exclusive leasing agent for the 76,000-square-foot retail component. Witkoff Group, Winthrop Realty Trust, New Valley L.L.C., Maefield Development and Ian Schrager Co. are developing the mixed-use asset, which will rise on the northeast corner of the Times Square bow-tie. The retail component features 200 linear feet of wraparound frontage at the corner of 47^th Street and Seventh Avenue, a 25-foot-tall glass storefront and flexible floor sizes ranging from 10,700 to 14,700 square feet. 20 Times Square will also feature a 452-guest Times Square EDITION hotel and a 120-foot-tall, 18,000-square-foot LED sign.

Parkway Properties Awards Transwestern 356 KSF Leasing Gig

Parkway Properties has hired Transwestern to lease Courvoisier Centre, a 346,000-square-foot office building located on man-made island Brickell Key in Miami. Parkway Properties bought the two-building Class A asset in early April for $146 million. It is the sole office project on the island, with amenities including banking facilities, a gourmet grocery store, a dry cleaner and other retailers. In 2013, the center underwent a facelift that entailed upgrades to the lobbies, restrooms and corridors, as well as the addition of a new fitness center. The gated island community also includes luxury residential condos and a five-star Mandarin Oriental Hotel.

Chambers Street Signs 316 KSF Industrial Lease in NC

Industrial and office investor Chambers Street Properties has signed a five-year lease with a new tenant at its Union Cross Building II in Winston-Salem, N.C. The new contract is for 316,000 square feet, and maintains 100 percent occupancy at the facility. Chambers Street picked up the property back in 2007. The property is located near the Piedmont Triad and Smith-Reynolds airports, and has an expansion capacity of approximately 101,250 square feet.