Construction continues on The Fashion District Philadelphia, a joint venture partnership between PREIT and Macerich, which announced more than two dozen new lease deals at the property.
400 Summer St. is a 16-story laboratory building that is part of WS Development's 23-acre Boston Seaport development that is designed by Morris Adjmi Architects of New York City in collaboration with the Boston office of Stantec.
Strong tenant demand has also caused rents to rise, with the overall average rent higher by 7.8% year-over-year, including 10 submarkets that record rent increases of more than 10% during that period.
The firm has signed a 14,020-lease expansion, increasing its leased space at the property to more than 27,000 square feet. The latest deal marks the customized employee discount firm's second expansion in 13 months.
The IRS will vacate more than 32,000 square feet in the third quarter of this year, which will lower the building's occupancy to 61.1% and create what Cushman & Wakefield terms as a tremendous value-add opportunity for Capstone.
The leader in the firm's Atlanta office tells the next generation to remember that you are never as smart as you think you are when the market is great and you are never as bad as you think you are when the market is terrible.
One of the few remaining headquarters facilities available in Silicon Valley has been acquired by a joint venture between Embarcadero Capital Partners and PCCP at a purchase price of about $70 million.