/n EAST LANSING – March 18, 2013 – CBRE|Martin (CBRE) is pleased to announce that one of East Lansing’s preeminent office parks—Park Place Office Park— has secured to two new tenants who together leased nearly 45,000 square feet. Park Place is located on West Road in the northwest tier of East Lansing and is home to several corporate office users.
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/n Coverys, a leading medical professional liability insurance company, has leased approximately 26,000 square feet in Building One where operations will be run for member companies MHA Insurance Company and Coverys Insurance Services, a multi-line insurance agency. Formerly located on the west side, the cross-town move will allow the organization to consolidate its Midwest operations into one contiguous space. CBRE office advisors Thomas Jamieson and Eric Rosekrans represented the landlord and tenant respectively in the transaction.
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/n Mary Ursul, Senior Vice President of Coverys, is looking forward to the change. “The opportunity to consolidate departments under one roof and streamline operations is exciting for us.”
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/n CLEAResult is an Austin, Texas based energy optimization firm that works with utility clients across the country to design and implement energy efficiency and renewable energy programs. Currently located in Okemos, CLEAResult will soon relocate its Michigan office to Park Place, occupying 18,500 square feet within Building Three. Rosekrans represented the landlord in this transaction, while fellow CBRE office advisor Lisa Allen Kost represented CLEAResult.
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/n “Our existing space had become insufficient,” stated Tim Hardesty, Vice President for the firm. “The move addresses that problem, allowing our staff to work collaboratively and enhance our service offering to clients.”
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/n The leases brought Park Place’s occupancy from 54% up to 87%, and effectively leased the last large expanse of Class A office product within Lansing’s East Submarket. Landlord representative, Doug Johns, is pleased with the result. “This was the perfect alignment of CBRE’s landlord representation and tenant representation services coming together to deliver results.”
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/n Both tenants expect to take occupancy in mid to late summer.
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/n Tricia L. Foster, CPM, ACoM©
/n Sr. Managing Director & COO
/n T +1 517 351 2200
/n tricia.foster@cbre.com