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Newmark Grubb Knight Frank (NGKF) is pleased to announce that Si Pitstick, executive managing director, and Josh Young, senior managing director, have received the Most Outstanding Transaction of 2015 award, presented by The Commercial Real Estate Council of Greater Cincinnati (CRECC). The prestigious award was announced in CRECC’s 2015 Top Producer’s Club announcement in January.
Pitstick and Young were awarded the Most Outstanding Transaction of 2015 award in recognition for completing a lease expansion and renewal on behalf of ownership to Humana Pharmacy, Inc. totaling 280,000 square feet at 9841-9845 Windisch Road in West Chester, Ohio. Humana’s lease, set to expire in 2015, was extended by 10 years with a 140,000-square-foot extension, doubling the firm’s space. Humana’s extended lease was only possible as part of a larger, complex transaction which included the negotiated termination of the adjacent tenant’s (Crescent Logistics) lease who was occupying approximately 140,000 square feet through part of 2019.
“In order to allow Humana the opportunity to expand into the entire building and eliminate the risk of the firm relocating, our team needed to structure a lease termination that worked for Crescent Logistics as well as a new long-term lease that worked for the landlord and for Humana,” said Pitstick. “Josh and I were able to leverage our market knowledge and experience to creatively structure a deal that was advantageous for all parties involved. In the end, we were able to keep the building 100 percent leased while also preventing a possible relocation of a highly sought after tenant. It was a win-win for everyone and this recognition from CRECC is the icing on the cake.”
By accommodating Humana’s expansion needs despite the considerable obstacles, Pitstick and Young ensured that a major tenant not only remained in the submarket, but also doubled in size with a commitment of ten years. As a result, the local market retained 300 - 400 jobs, with up to an additional 200 new jobs to be added.
9841-9845 Windisch Road is a 282,466-square-foot distribution facility. Built in 2007, the property features 32’ ceilings, modern tilt-wall construction, an ESFR sprinkler system, high efficiency lighting and excellent visibility from I-75. Located in West Chester Township, 9841-9845 Windisch Road is part of the Tri-County industrial submarket.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.