March was turned out to be a stellar month for
East Lansing's Park Place Office Park, which secured two new tenants that together will occupy 45,000 square feet of the commercial property.
"They were both significant transactions in the marketplace," says Eric Rosekrans, senior vice president with
CBRE|Martin. "They happened independent of each other, but both tenants were out looking for large suits and Park Place just happened to have what that needed. The Class A market in Lansing is very tight."
The two new tenants are Coverys, a medical professional liability insurance company, and CLEAResult, an energy optimization firm based in Austin, Tex. The companies will occupy 26,000 and 18,500 square feet respectively, and both plan to move into the office park this summer. Both offices are moving from existing Lansing-area locations, and Rosekrans says the ability to expand in their new spaces was a factor for both growing businesses.
The Park Place Office Park was built in the early 2000s and offers a total of about 105,000 square feet of space for tenants. After the new tenants enter the complex, just 12,000 square feet will remain vacant. Rosekrans says the space would be ideal for a variety of tenant types, such as attorneys, associations, insurance companies or medical practices.
"It's a wide ranging and flexible type of space," Rosekrans says. "If you want anybody in particular going into a project like this, you want someone in growth mode."
Source: Eric Rosekrans, CBRE|Martin
Writer: Natalie Burg, Development News Editor
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