Day & Zimmermann, a construction and engineering, staffing, and defense solutions company, has signed a long-term lease for 45,253 square feet at Office Park Patewood, bringing the occupancy rate at the office park to 90 percent.
The CBRE leasing team of Charles Gouch, Blaine Hart, and Shelby Dodson exclusively represented the landlord, JFR Global Investments, in the transaction. Louis Stephens and Bryan White of JLL represented Day & Zimmermann on the lease transaction.
Headquartered in New York, JFR Global Investments purchased the 448,000-square-foot, six-building office park in early 2017.
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.”
The Day & Zimmermann deal is the largest Class A, non-renewal, lease transaction in the Upstate region so far in 2017.
“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.”
Over the past three and a half years, $5.5 million has been invested into Office Park Patewood. In addition to existing amenities, including a state-of- the-art fitness center, the ribbon was just cut on a 2,000-square-foot tenant lounge.
“This is an exciting time for such a sizable park to eclipse the 90 percent mark, and it is rewarding to do so with such a high-caliber tenant as Day & Zimmermann,” said 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.”
According to CBRE’s Q3 2017 Greenville-Spartanburg Office MarketView, Greenville Suburban Class A vacancy rates are 7.9 percent, 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 high of $24.52 per square foot. The asking rent at Office Park Patewood is $23.50 per square foot.
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.