Archive for September, 2009

Lewishboro officials search for office space

Thursday, September 24th, 2009

Town officials in Lewisboro, New York, are looking to relocate employees.

The need for more space is due to the town’s agreement with the US Justice Department to achieve compliance with the Americans with Disabilities Act (ADA).

Employees will be moved out of the town’s current office space at Onatru Farm Park on Elmwood Road whilst disability access work is being done on the building.

Two premium office buildings sold in DC

Thursday, September 24th, 2009

In Washington DC, two trophy office buildings have been bought.

Credit Suisse Asset Management bought East End, a 175,000 square foot office space on New York Avenue, for $90.5 million.

Deka Immobilien GmbH bought a 250,350 square foot building on K Street NW for $208 million.

Law firm finds cheaper Boston office space

Thursday, September 24th, 2009

Fish & Richardson has moved out of Boston’s financial district in search of cheaper rented office space.

The firm has signed a lease for a 124,00 square foot space at 1 Marina Park Drive, Fan Pier.

Fish & Richardson will leave its 96,000 square foot office space at 225 Franklin Street in Fall 2010.

Charleston City Council to cut cash spent on office rent

Wednesday, September 23rd, 2009

Charleston City Council is planning to develop a new municipal building in 2013.

The new building would provide office space for the city, saving money spent currently on rented office space.

At the moment, the city spends around $1.2 million on office rent.

New Jersey office space finally gets tenant

Wednesday, September 23rd, 2009

The iPort 12 International Trade and Logistics Centre has been standing empty for almost two years.

This month, however, it has finally signed its first tenant, Graybar Electric Co. Inc.

Graybar signed a 10 year least for 136,250 square feet of commercial property space in the 1.2 million square foot premises, on Industrial Avenue, Carteret.

ACORN office space left vacant in Columbia

Wednesday, September 23rd, 2009

Following a vote by the House of Representatives and the Senate to withdraw all federal funds, the Association of Community Organisation for Reform Now has closed its Columbian office space.

ACORN members had been accused of voter fraud, leading to the withdrawal federal money.

The organisation’s office space in Columbia is now up for rent.

Nashville redundancies affect commercial property market

Wednesday, September 23rd, 2009

A report by Foresight Analytics LLC reveals that Nashville is the fifth worst-affected US area in terms of job losses.

This year, 1.6 million office jobs have been lost in the US, and this, the report states, has had a knock-on effect on the office space market.

With less office jobs, firms looking to save money have consolidated offices or closed commercial properties altogether.

PwC: US commercial property market to slump until 2012

Wednesday, September 23rd, 2009

A new survey by financial firm PricewaterhouseCoopers has stated that the US commercial property market will not recover before 2012.

The PwC Kopacz Real Estate Investor Survey said that office rents in New York and San Francisco could fall further next year.

The report warned that downtown office rents may fall by 10%, with suburban office rents falling potentially by as much as 20%.

Law firm triples NY office space

Wednesday, September 23rd, 2009

Texas law firm McKool Smith has sublet 30,000 square feet of office space in the Bank of America Tower.

The sublease is for 15 years and the rent was less than $100 per quare foot.

Previously, McKool Smith’s offices were at 399 Park Avenue.

New York doctors open third office

Wednesday, September 23rd, 2009

SEL Medical has opened a third office in downtown Brooklyn in early 2010.

The multispeciality practice has signed a 10 year lease for 7,500 square feet of office space in Smith Street.

The new addition will double SEL Medical’s existing space in the area.