CompStak

According to CompStak, Class A office leases in the surrounding area are going for $63.40 PSF so we can expect SL Green to fetch at least that when they start to lease up the building, which is set be completed by 2020. CIM Group Adds to Chicago Portfolio CIM Group and Golub and Co. purchased Chicago’s iconic Tribune building for a reported $205M with an additional $35M contingent upon certain conditions. Largest Industrial Building Majestic Asset Management purchased Thousand Oak’s largest industrial building for $37M, paying about $107 per square foot for the 347,119-square-foot building at 1461-1475 Lawrence Drive. The average starting rent for the building is $0.71 PSF and the average effective rent of $0.66 PSF according to CompStak.

This is comparable to the average starting rent for the competitive set of $27.95, but is well above the submarket average starting rent of $25.45. Agri-Tech Company Secures Space in Sunnyvale AEssence, an agri-tech company, closed on a 16,274 SQFT space at 275 Reamwood Avenue in Sunnyvale. According to CompStak, the NNN lease has a starting rent of $2.15 PSF and $15 PSF in tenant improvements. According to CompStak, there has been a corresponding increase of 4.6% in starting rent for office space in the market over the past year.

Law Firm moves to 711 Third Avenue Goldberg Segalla is leaving their 12K SF 600 Lexington Avenue space for a 23K SF space in 711 Third Avenue. The competitive set, which includes 757 and 733 Third Avenue, has an average starting rent of $67.78 and the Grand Central submarket has an average starting rent of $71.29. The 63K SF space has only one tenant, Ex'pression College for Digital Arts, which is paying $1.90 PSF in rent. According to CompStak, BCG is paying $53.00 PSF for its 12,559 SF space at One Beacon and $42.00 for its 40,956 SF at Exchange Place.

This is well below the average starting rent for comparable properties, which stands at $61.37 PSF, as well as the average starting rent for the North Financial District submarket, which stands at $62.89. Sabal Financial Sells Evanston Office Building for $18M Fulcrum Asset Advisors purchased 3, 6, and 9 Parkway Boulevard North for a reported $80M in a JV partnership with White Plains. 9 Parkway Boulevard North are underperforming with an average starting rent of $21.19 compared to an average $22.02 for the North Suburban market, according to CompStak. According to CompStak, Continuum Managed Services is paying $43.34 PSF for the 25,455 SF space while McGraw-Hill is paying $39.00 PSF for the 12,204 SF space.