A commercial realty group specialising in the Brooklyn market have relocated in order to capitalize on the nearby Atlantic Yards Development.
Terra CRG will be the new tenants of 592 Pacific Street after moving from their current office lease at Sunset Park. The move is thought to coincide with their new plan to target a new area of development.
Their former site gave them an advantage in cornering the South Brooklyn market whereas the new location will open the company up to cover the Atlantic Yards area.
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Vornado Realty Trust have been eyeing up the purchase of a five-storey office space at 510 Avenue situated on the corner of 43rd Street in New York.
Reaching 61,159 feet tall, the building has been long established on the site having been designed and constructed in 1954 for Manufacturers Hanover Trust by Skidmore, Owings and Merrill.
The glass-fronted offices now belong to Tahl-Propp Equities who acquired the office space in 2000 from Chase. It was previously bought for $22 million but it is currently estimated to hold a mortgage of $33 million. Chase still own a branch in the mezzanine of the building.
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Speakeasy, an Atlanta communications consultancy, has agreed to lease 14,000 sq ft of office space in the Phipps Tower.
The new office space development is just one of the companies competing for tenancies in the Buckhead neighbourhood. The Lenox Building and the Two Alliance Center are two office blocks competing with the Phipps Tower to secure occupants for their desk space.
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W.P. Carey & Co have acquired 386,000 sq ft of prime office space following a lucrative purchase from JPMorgan Chase in Texas.
Investment management company W.P. Carey have bought the JPMorgan Chase Operations Center office site from Brookfield Real Estate Opportunity Group, a branch of Brookfield Asset Management.
The sale follows the recent news that Brookfield had acquired 2.9 million sq ft of real estate from JPMorgan Chase. George DuGan, President and CEO of W.P. Carey & Co. LLC, commented on the company’s commercial real estate purchase in a company press release, “The acquisition of the JP Morgan Chase facility adds a well-located, quality property leased to a premier tenant to our public company property portfolio.”
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America’s biggest pizza chain will be moving the headquarters of its business from current leases in Addison to 170,000 sq feet of office space in West Plano, Texas.
Yum Brands Incorporated and Yum Restaurants International, a Louisville corporation of which Pizza Hut is an affiliate branch, will be accompanying the restaurant giant in their move.
A new “restaurant support center” estimated to cost in the region of $20 million will be created on 20.5 acres of the Legacy Business Park.
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New York City sees another key commercial real estate deal confirmed this week as The Metropolitan Transportation Authority signs a 10-year lease on SL Green Realty Corporation’s 333 West 34th Street.
The MTA will occupy 112,940 sq ft of desk space and the move will consolidate several of their services under one roof from across New York city.
News of the acquisition marks an upturn for the fortunes of the site. Steven Durels, Director of Leasing and Real Property at SL Green disclosed in a press release that the “lease raises office occupancy at the building to over 81%” and further stated, “It’s a tremendous accomplishment given that the building was scheduled to be 100% vacant only five months ago.”
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Peerless Industries, a manufacturer and distributor of audio visual ware will move operations from two campuses in Melrose Park to one consolidated office space in Aurora, Illinois.
In a bid to withdraw production from China and return manufacture to home workers, Peerless are gathering their resources into one modern facility. The decision was made in 2009 to relocate their industry efforts to home ground.
The planned new headquarters will be the 1997 established 2300 White Oak Circle in Aurora on Interstate 88 near Eola Road. Peerless will occupy 307,813 sq ft of desk space on the 22.5 acre plot with their sights set on a further 22,000 sq ft expansion.
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Over the coming ten years, more than 22 acres of San Francisco industrial space will be renovated into office space to accommodate the growing biotech industry.
The ‘Gateway Project’, as it is known, will boost office space capacity from 300,000 sq ft to nearly 1 million sq ft as part of the massive expansion scheme. A main draw for the biotech industry is that South City has already established a hub for the biotech industries with 70 companies having found a home there.
New office space campuses will be developed by Chamberlin Associates while the area’s infrastructure of roads and sewers will be supplemented to serve the new industry community.
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Two new office developments in the Coral Gables and Brickell areas are among real estate in the region battling it out to secure tenancies, showing a continuing upturn for the US commercial real estate sector.
The 396 Alhambra development is currently awaiting construction to provide 273,000 sq ft of new office space to the area. Each floor plan provides 31,000 sq ft of desk room and the site has further amenities alongside a 884 space garage for parking. The North Tower of the project is expected to reach completion by the end of 2011.
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The fortunes of the global commercial real estate market have taken a turn for the better, figures from Cushman and Wakefield have shown.
The US is the largest commercial real estate market in the world and is expected to report a huge leap in volume of sales this year as it emerges from the grip of recession.
The property consultants undertaking the research into current real estate trends are predicting a rise and are expecting even their figures to be outdone by the improving market.
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A commercial realty group specialising in the Brooklyn market have relocated in order to capitalize on the nearby Atlantic Yards Development.
