Deals
Focusing on commercial property transactions? Stay up to date with the latest investment sales and lease agreements across all major commercial property types: Both traditional and flexible office space properties, retail spaces, industrial real estate, life sciences, data centers, and more.
Rubenstein Partners Signs New Tenant at 25 Kent
Altana, an artificial intelligence platform for supply chain management, has signed a 10-year lease for roughly 21,000 square feet of office space at 25 Kent Ave. in the Williamsburg neighborhood in Brooklyn, N.Y. Whitten Morris and Peter Riguardi of JLL represented the landlord (Rubenstein Partners), while Sam Seiler and Joe Sipala, also of JLL, negotiated on behalf of Altana.
The deal allows the company to shift its workforce from its current location at 134 N. Fourth St. to the eight-story building owned by Rubenstein Partners. Altana’s expansion into its new headquarters comes on the heels of a recent $100 million Series B investment.
Santander to Occupy 95,000 Square Feet at New Miami Office
Located in the heart of Brickell and equipped with the latest in office amenities, the building has attracted a lot of attention. At the time of this deal, 830 Brickell was nearly fully leased, sporting an impressive roster of high-profile tenants that have driven up asking rents past $120 per square foot — a record for the Miami market.
Slate Office REIT to Buy Pfizer-Leased Property in Lake Shore
At the time of the negotiations, 275 North Field Drive was occupied and owned by Pfizer. The pharmaceutical giant had moved into the premises following its $17 billion merger with Hospira in 2015. As part of the current deal, Pfizer agreed to a long-term lease for most of the Lake Shore property, which also includes another 65,000 square feet of space available for a potential tenant.
Great Central Transport Leases 2 Compton Warehouse Spaces
Trucking, storage and distribution company Great Central Transport has signed two leases totaling 344,000 square feet of industrial space in Compton, Calif. The largest of the two deals included a 200,000-square-foot industrial building at 601-615 W. Walnut St., which is owned by the San Francisco-based warehousing giant Prologis. The second deal was for a roughly 144,000-square-foot property at 921 Artesia Blvd. that’s owned by JPMorgan Asset Management.
LuminUltra Inks Lease for New Headquarters at BWI Tech Park
LuminUltra has penned a lease deal with St. John Properties for 14,000 square feet at 805 Pinnacle Drive in Linthicum, Md. The Canadian company will relocate its U.S. headquarters to the new facility located within BWI Tech Park — a 156-acre business campus that encompasses more than 1 million square feet of Maryland commercial real estate, including office, flex, R&D and retail space.
O’Melveny & Myers Plans Move to 1301 Avenue of the Americas
Paramount Group — one of the largest real estate investment trusts in the U.S. — has announced the closing of a 15-year lease agreement with O’Melveny & Myers LLP (OMM) for 142,000 square feet of office space at 1301 Avenue of the Americas. The law firm will occupy the 17th through 20th floors in the 1.7-million-square-foot trophy tower located between 52nd and 53rd streets in Midtown Manhattan. The move is scheduled to occur in late 2024 or early 2025.
Truist Joins Vista Equity & Meta at 50 Hudson Yards
Truist Financial will join a select list of tenants — comprised of the likes of Meta, Vista Equity Partners and ServiceNow — at the soon-to-be-completed 50 Hudson Yards in Midtown Manhattan. Even before construction began on 50 Hudson Yards, the building was already attracting the attention of major players. Social media giant Meta signed in 2019 and also has space at other Hudson Yards properties, while BlackRock had agreed to move its headquarters to the skyscraper as early as 2016.
Bright MLS Inks Deal for 13KSF in Bethesda
The Bethesda office space is part of a 24-acre, mixed-use development that also includes 765 apartments, 99 condos, and a 177-room hotel, as well as 80,000 square feet of additional office space and more than 40 retailers. Notably, the campus also provides access to event spaces, such as the private dining options at Owen’s Ordinary and Summer House, as well as the ballrooms at Canopy by Hilton and Pinstripes.
Home Depot Leases 500,000 Square Feet at Duke Realty Warehouse in LA County
Home Depot inked a lease deal that will allow it to fully occupy Duke Realty’s newly built smart industrial building in Los Angeles County. The 529,866-square-foot Irwindale, Calif., industrial space is equipped with a building automation system (BAS), smart metering system, solar panels and high-efficiency air conditioning units.
Kaufman Borgeest & Ryan Signs New Lease Deal for Midtown Office
Law firm Kaufman Borgeest & Ryan recently closed a 15-year lease deal at Global Holding’s 875 Third Ave. The company will occupy 27,000 square feet of prime Manhattan office space located between East 52nd and East 53rd streets, marking a significant downsizing from its current 48,000-square-foot lease at Silverstein Properties’ 120 Broadway. The move reflects a wider trend of companies adjusting their office space needs to accommodate employees’ preferences for flexible work schedules.
