Day & Zimmermann Signs Lease at Office Park Patewood
Nov 06, 2017 08:54AM
By Emily Stevenson
The CBRE leasing team of Charles Gouch, Blaine Hart and Shelby Dodson announced the arrangement of a long-term lease at Office Park Patewood in Greenville. Day & Zimmermann, a construction & engineering, staffing and defense solutions company, has leased 45,253 square feet of space at Patewood 5, bolstering the occupancy rate at the office park to 90 percent. CBRE exclusively represented the landlord, JFR Global Investments, in the transaction. Headquartered in New York, JFR Global Investments purchased the 448,000-square-foot, six-building office park in early 2017.
The Day & Zimmermann deal is the largest Class A, non-renewal, lease transaction in the Upstate region thus far in 2017.
Over the past 3 ½ years, $5.5 million has been invested into Office Park Patewood, which has transformed the office park into one of the most recognizable Class A+ office parks in South Carolina. In addition to existing amenities, including a state-of-the-art fitness center, the ribbon was just cut on the innovative tenant lounge.
The 2,000-square-foot tenant lounge creates a casual location for tenants to meet, while promoting health and wellness. Additional amenities within this experience include arcade games, a putting green and massage chairs. Also included in the lounge is a new fresh food vending concept, Avenue C, which provides tenants with healthy food options ranging from salads to snacks and drinks.
“This is an exciting time for such a sizable park to eclipse the 90% mark and it is rewarding to do so with such a high caliber tenant as Day & Zimmermann,” comments CBRE First Vice President, Blaine Hart. “Office Park Patewood continues to attract market leading users due to a phenomenal ownership and vendor team, continual investment, and as before mentioned, by pioneering additional and innovative amenities.”
JFR Global Investment’s Yisroel Friedland said, “We are thrilled to be welcoming Day & Zimmermann to Office Park Patewood. We purchased this portfolio to be in a position to attract quality, Class A tenants like Day & Zimmermann. We look forward to a long-lasting relationship with Day & Zimmermann at Office Park Patewood.”
Office Park Patewood features regularly scheduled tenant socials, fitness challenges and food trucks with nearby retailers at Haywood Mall and Magnolia Park. Tenants at the office park benefit from I-385 frontage and proximity to the I-85 interchange.
CBRE Senior Vice President Charles Gouch notes that although leasing velocity has been high, the building does have availability.
“We chose Office Park Patewood because of the efficient floor plates, the great amenities, quality of the buildings and proximity to downtown,” said Mike McMahon, President, Engineering, Construction & Maintenance at Day & Zimmermann. “The decision to move the office was made after a careful review of options that would best support the company’s growth strategy and provide a physical environment that enables employees to do their best work.”
According to CBRE’s Q3 2017 Greenville-Spartanburg Office MarketView, Greenville Suburban Class A vacancy rates are 7.9 percebt, compared to the market average of 12.5 percent. Strong market growth combined with a lack of new office product in the Greenville-Spartanburg market have driven Class A asking rates to a record high of $24.52 per square foot. The asking rent at Office Park Patewood is $23.50 per square foot.
Louis Stephens and Bryan White of JLL represented Day & Zimmermann on the lease transaction. Nicole Oakley, Senior Property Manager at Trinity Partners, handles the onsite property management at Patewood and Greg Schild, Managing Member of The Peloton Group, is Office Park Patewood’s third party asset manager.