Monday, September 21, 2020

Bridge Investment Group Surpasses 500,000 Square Feet of Office Leasing Activity Amid Pandemic

 Jeff Shaw

 ATLANTA, GA – Bridge Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge Office) announced it has executed 61 lease agreements totaling 509,000 square feet across its national portfolio since the start of Q2, bucking conventional narratives on the U.S. office market while offering tangible evidence of success and opportunity for owners and investors in suburban areas that could be poised for an influx of new activity when the pandemic subsides.

Kevin Lott

 Notable transactions include a 78,627-square-foot extension at SkyBridge Towers in Bethesda, Maryland for a global nonprofit advancing military medicine; a 27,408-square-foot expansion/extension at Tower 1320 in Irving, Texas for an engineering company; and 15,235-square-foot expansion/extension at Denver West in Lakewood, Colorado for an technology firm specializing in alert systems for first responders.

“While the impact of COVID-19 has slowed new leasing tours by approximately 38%, our activity has not stalled and proposal activity remains steady, especially for renewal/extension proposals as companies prepare for evolving office needs,” said Kevin Lott, managing director of National Leasing at Bridge Commercial Real Estate (BCRE).

 “These results are a testament to not only the enduring quality of our properties in top suburban markets, but also our team’s ongoing dedication and creativity, including the recent launch of our digital portfolio and virtual tours to support leasing efforts.”

SkyBridge Towers, Bethesda, MD

Since April 1, BCRE has seen a 9% increase in total square footage for new prospect proposals, as well as a 3% increase in new expansion proposals and a rise of more than 11% in total square footage of renewal/extension proposals.

The data indicates COVID has impacted deal size more than the number of executed leases, as companies consider leasing more space to accommodate for employee comfort amid current social distancing guidelines.


Denver West Marriott Hotel, Lakewood, CO

 Bridge also reported rent collections for July averaged above 98%, with rent rates holding steady or slightly increasing in 15 of the 16 markets where the firm has a presence.

 “While the U.S. office market as a whole has certainly seen a slowdown, the data clearly shows that the stark collapse in leasing activity that has taken place in urban core areas does not hold true in many suburban markets that are much better positioned to endure and rebound from the pandemic,” said Jeff Shaw, CEO of BCRE.

 “With employees slowly returning to the office and several of our assets continuing to perform above pro forma rates across the country, we remain confident that the best attributes of suburban properties — spacious floor plans that enable social distancing, a sense of community, closer proximity to workers, and park-like settings — will be the driving force that draws people back.

Tower 1320, Irving, TX

 "These are areas that were already trending pre-pandemic due to the rise of amenity-rich environments with a renewed focus on walkability and experiences, and we anticipate that demand will gradually increase over the next year as the economy recovers and the impact of the virus subsides.”

For more information about BCRE including a complete list of office properties, please visit https://bridgecre-office.com/.


Contact:

 Nick Banaszak · Account Supervisor

1718 Peachtree St., Suite 1048 

Atlanta, GA 30309

M: 256-457-5384

www.thewilbertgroup.com

www.bridgeig.com.

www.bcre-atl.com.  


Rachael Lewis joins JLL Capital Markets Los Angeles debt and equity team

 

Rachael Lewis

LOS ANGELES, CA, Sept.  21 – JLL Capital Markets announced today that Rachael Lewis has joined the firm as a Director in its Los Angeles office, where she will be an integral part of the debt and equity placement team led by Senior Managing Director Bill Fishel. 

 Ms. Lewis has extensive experience sourcing funds from the debt and equity markets, with a historical focus on structured finance.

She joins JLL from a local capital advisory firm, where she was a Vice President responsible for arranging more than $2 billion worth of total project capitalizations.

 Prior to that, Rachael worked for a buyside advisory firm focused on net-leased properties, where she served as an Acquisitions Advisor, advising clients on more than $400 million of commercial acquisitions, namely in the retail and industrial sectors.


Bill Fishel

Rachael graduated with a bachelors’ degree in English from UCLA and sits on their Real Estate Alumni Group (REAG) Board. 

She is an active member of the Urban Land Institute (ULI), both on the Women’s Leadership Initiative and Young Leaders programs, as well as being a Forte Women’s Leadership Fellow.

She is involved with WLI’s GROW mentoring program and enjoys membership to several other professional and real estate-related organizations. Ms. Lewis is licensed to practice real estate in California and New York.

“We have made a habit over the years of asking the most active borrowers, lenders and investors for their feedback on the very best women and men they work with,” said Fishel.

“When Rachael’s name came up over and over again in those discussions, we knew that we would be very lucky to have her as a part of our team. Her reputation in the market and breadth of experience across asset classes are self-evident, and we are unbelievably excited to welcome Rachael to JLL.”

 For more news, videos and research resources on JLL, please visit our newsroom.

 CONTACT:

Kimberly Steele

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com