STREAM ADDS 2M SF
The last six months brought Stream Realty Partners another 2M SF of leasing assignments (out of a 60M SF lease and management portfolio), SVP Sarah Payne tells us. Among properties added: Two Addison Circle (above), Crestview Tower, One Victory Park, and Citymark. Sarah says '09 was lackluster as companies hesitated to make long-term decisions. While market absorption for the year ended positively, this only totaled 441k rentable SF, dismal when compared to the entire market of 246M SF and 2008’s year-end number of 4.1M SF.
Sarah, here with senior associate Ryan Collier, says Stream has deepened its bench in '10, adding Ramsey March, John Wilson and Tony Roach to its leasing division. What's next? Expect companies to rework leases and leverage market conditions in a flight to quality, with reduced prices allowing Class B tenants to upgrade to Class A. Stream plans to pursue trophy assignments with investment-grade owners, especially those with large blocks of space.