September 2014 – Briefs/Leasing & Management

CommonWealth REIT Taps CBRE for 43 MSF Management Gig

CBRE’s management portfolio is set to grow by 43 million square feet on or around Oct. 1, thanks to a new 156-property contract with CommonWealth REIT. The national portfolio features assets in 31 markets, necessitating the need for a powerhouse like CBRE. Josh Greenwood, who will serve as CBRE’s Strategic Accounts relationship manager, is tasked with coordinating the delivery of services for the landlord.

NGKF Completes 607 KSF Renewal with the DoD

The U.S. GSA has signed a lease renewal on behalf of the U.S. Department of Defense for 606,575 square feet at Hoffman Tower II in Alexandria, Va. NGKF’s Brendan Owen, chairman of the asset services group, and principal Scott Johnston, represented the owner, The Hoffman Co. CBRE represented the tenant side of the transaction. The deal is the largest in Washington, D.C., for 2014 thus far, and is one of the top five in the region over the last five years, according to NGKF.

Savills Studley Reps AMN Healthcare in 175 KSF Lease

AMN Healthcare Services Inc. has renewed the lease for its 175,000-square-foot corporate headquarters at 12400 High Bluff Drive in the Del Mar Heights area of San Diego, Calif. The publicly traded firm’s headquarters have been at the property since 2003, when Kilroy Realty Corp. developed the 210,000-square-foot Class A property as a build-to-suit. The long-term renewal is valued at approximately $120 million, the largest lease transaction in San Diego County for 2014 based on total dollar consideration. Savills Studley’s Life Science, Healthcare and Technology Real Estate Advisors Practice represented AMN in the early lease restructure and renewal.

Samsung Takes 55 KSF in NYC’s Meatpacking District

NYC’s famed meatpacking district continues to evolve into a trendy place to work and play. Companies like Samsung have taken note. The electronics giant has signed a long-term lease for the entirety of 837 Washington St., an eight-story office asset located between Little West 12^th and West 13^th streets that was developed by Taconic Investment Partners and Thor Equities. The building features a fully restored two-story landmark brick façade anchoring a new, six-story steel-and-glass shell. CBRE represented Samsung Electronics North America in the transaction. The landlords were self represented, with additional help coming from NGKF. Located roughly 15 blocks south of the massive redevelopment of Hudson Yards, the Meatpacking district benefits from the Highline elevated park, high fashion retailers and a happening restaurant and nightlife scene.

Brixmor Signs 97 KSF at Repositioned Denver Retail Center

Brixmor Property Group has leased more than 97,000 square feet of retail space to five national retailers at Westminster City Center in Westminster, Colo. The transactions follow a repositioning of several anchor spaces, and the end result is the addition of five new retailers: Ross Dress for Less, Jo-Ann Fabric and Craft Store, Ultra Beauty, Dress Barn and The Tile Shop. All stores will open this year. A former Circuit City was re-designed to accommodate two new anchors: Ross Dress for Less, which opened in 26,000 square feet in March, and Jo-Ann Fabric and Craft Store, which opened in 24,496 square feet in July. Ultra Beauty leased an 11,200-square-foot store that opened in July. Women’s apparel retailer Dress Barn leased the remaining 8,800 square feet and will open in the fall.

Neuehouse Inks 93 KSF Lease with Kilroy in Hollywood

Kilroy Realty Corp. has signed collaborative workspace company Neuehouse for 93,000 square feet at the newly renovated historic Radio and Business buildings that anchor Columbia Square in Los Angeles. Neuehouse will bring its private membership collaborative concept to the site in the first quarter of 2015. The 15-year transaction is the largest lease to be signed in Hollywood in more than five years. This is the second location for NeueHouse, which plans to open 20 collaborative offices around the world by 2020. The first such space opened in May 2013 in New York and sold out within three months. Built in 1938 at a cost of $2 million, the Radio Building was the most expensive broadcasting facility ever constructed at the time.

MediaMath Signs First Private-Sector Lease at 4 WTC

MediaMath has signed a 15-year, 106,000-square-foot lease at 4 World Trade Center, becoming the 72-floor tower’s first private-sector tenant. The rent was not disclosed, but various published reports list the asking rent in the neighborhood of the mid-$70s per square foot. Reports also show that MediaMath received $5.8 million in incentives through the federally funded Job Creation and Retention Program, offered jointly by Empire State Development and the Economic Development Corp. With the new lease, the global technology company will consolidate its more than 300 city-based employees from three Midtown locations into the 44th, 45th and 46th floors of the building when it moves into the tower in early 2015.

Transwestern Awarded Leasing, Management for 2.2 MSF Office Complex in Detroit

Two months after the $177.5 million sale of the five-building, 2.2 million-square-foot Southfield Town Center in Michigan, Transwestern has been retained to lease and manage the trophy office property in the Detroit metro area. New York-based 601W Cos. bought the office complex from Blackstone Group L.P. in early May. The complex is currently 68 percent leased, with several contiguous blocks of space available.