"We are pleased that our new Corporate Trail Distribution Center could meet all of Trane's needs," says Toby Martin, SVP of Duke's St. Louis office. "This recently completed facility's location and visibility in Earth City, gives Trane ready access to highways and ultimately their customers. This state-of-the-art distribution facility offers tremendous value and efficiency to sophisticated distribution customers such as Trane."
The lease details were not released for the deal. According to CB Richard Ellis Q2 market information, the average lease rate in the Earth City submarket is $4.59 per square foot.
S.P. Richards also leases 124,600 square feet of space within the building, located at 3655-3673 Corporate Trail. Cushman & Wakefield's Bob Sheehy and Gateway Commercial's Joe McGauley represented Trane. Jon Hinds represented Duke.
The Trane leases comes just after Q2 numbers are beginning to surface which show a continued slowdown in the leasing market with negative absorption and a growing amount of sublease space on the market.
According to the CBRE report, availability rose to 12.8%. Available sublease space now totals 925,000 square feet and new construction is only trickling in with 235,000 square feet under construction or renovation at the end of Q2.
Prior to the Trane lease, Q2 saw a couple larger lease deals. These transactions included the 182,000-square-foot lease by Fiserv Solutions and the 77,000-square-foot lease by Herndon Products.
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