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CHELMSFORD, MA-Tek Microsystems subleases 11,172 sf at 2 Elizabeth Dr. from Aspect Communications. The deal is a small but positive one in a market in which more than half of the available footage is sublease space.
LONDON-In the largest single asset investment deal ever seen in Victoria, Delancey has completed the sale of 151 Buckingham Palace Road for Pounds 178.5 million ($287 million) to a limited partnership of private investors to show an initial yield of 6%.
MIAMI-Seven new industrial leases totaling 135,049 sf have recently been inked at the class A property here. The deals include a 50,000-sf lease with Zip Transport, a 25,230-sf lease with Geologistics America and a 20,000-sf lease with CEMUSA Miami.
CHICAGO-The 112,000-sf building at the Addison Street interchange with the Kennedy Expressway is sold to Epic/Savage Realty Partners/TCN Worldwide's Cook Financial, LLC, then leased to Park Supply Co. in a deal worth a combined $8.5 million.
NEW YORK CITY-Despite inking a lease for nearly 60,000 sf in Times Square's 1500 Broadway this past spring, the electronic stock exchange is planning to keep its headquarters at One Liberty Plaza in Lower Manhattan.
LOS ANGELES, CA-The Los Angeles County office market "continued its slow climb out of recession during 2002" in an uncertain economy, according to a year-end analysis, but the climb was indeed slow as vacancies rose and rents declined.
NEW YORK CITY-Cushman & Wakefield's president of US operations Bruce Mosler tells GlobeSt.com he is more optimistic than most about the year ahead and says the glut of Manhattan sublease space should start easing up by mid-2003.
DENVER-"Low-risk assets will experience a bidding frenzy in 2003," Timothy Richey, a senior director and top investment broker at the Denver office of Cushman & Wakefield, tells GlobeSt.com. Foremost will be grocery-anchored centers and buildings with long-term leases to credit worthy tenants.
PHILADELPHIA-The Pasadena, CA-based gourmet grocer leases 10,000 sf on the ground floor of 2121 Market St. for a March opening. Citizens Bank adds a 2,896-sf retail branch at Two Commerce Square, and Cort Furniture Rental renews 5,000 sf there.
PHOENIX-More than 2.97 million sf were absorbed last year, with 1.5 million sf compliments of Target Corp. with its West Valley project. Other sectors weren't so lucky, but overall vacancy is 9.9%, up just 0.2% from the previous year.