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The 16 industrial and warehouse properties that comprise the industrial portfolio collectively total nearly 3 million square feet across Washington, Nevada, California and Arizona in seven markets.
The 10-year lease deal with FMCG Direct, a Deluxe Financial Services Co., involves a total of 21,229 square feet encompassing the entire 37th floor of the 1.1-million-square-foot tower.
The merger will allow Synovus to increase its presence in high-growth Florida markets, including Pensacola, Tampa, Jacksonville, Orlando, Sarasota, and Naples.
Based on Buchanan Street's research, the firm decided to make improvements to the property's dated buildings with flex/R&D office repositioning via updated spaces for research and labs prior to the sale.
For-sale inventory in June remained tight, at a 3.9-months' supply for single-family homes and 5.5-months' supply for townhouse-condo properties, according to Florida Realtors.
Whitley Penn recently leased two full floors in Frost Tower, downtown's newest high-rise, as the accounting firm looks to be a major presence in the market and offer its employees better life quality.
Tariffs and other trade-related concerns have created price pressures on new development due to increased input costs, but a positive outlook remains for the Houston metro, with a strong hiring spread.