Lease Beat

Sister Companies Expand at 757 Third Avenue


Sister companies Aerotek and TEKsystems have signed 10-year leases for 13,551 square feet and 15,115 square feet, respectively, at RFR Realty’s 757 Third Avenue, it was announced today. Asking rents at the property range from the low $50s to low $60s per square foot and the total value of the transaction is over $16 million, according to a press release.

“The RFR team always works hard to provide the best services and amenities that attract and retain the best quality tenants,” said Aby Rosen, co-founder and principal at RFR, in a prepared statement. “That’s the secret of our success here and throughout the RFR portfolio.” Read More

Super Bowl XLVII

Jones Lang LaSalle Correctly Predicts Super Bowl Winner

Ravens quarterback Joe Flacco.

The commercial real estate firm Jones Lang LaSalle correctly predicted that the Baltimore Ravens would win the Super Bowl last night by using a formula based on the office vacancy rates of the competing teams’ home cities. The hypothesis holds that the city with the higher vacancy rate will produce the winning team.

Heading into last night’s game in New Orleans, JLL called it for the Baltimore Ravens over the San Francisco 49ers. Maryland’s Charm City has a current office vacancy rate of 15.5 percent compared to the City by the Bay’s 11.8 percent figure, according to the firm’s research.

“We’ve gone back to 2000 and looked at several different factors, including absorption rates, and the only one with a high correlation with the winning team was high vacancy rates on the office side,” said John Sikaitis, senior vice president and director of office research at JLL.

“I know commercial real estate and football,”Roger Staubach, executive chairman of the Americas at JLL and former Dallas Cowboys quarterback named the most valuable player of Super Bowl VI, said in a prepared statement last week. “While I can tell you that our hypothesis is right more than it’s wrong, I really like the chances of the Forty-Niners.” Read More