SparrowHawk LLC has leased 300,481 square feet of high-cube industrial space at 255 Logistics Center in St. Louis to Sensient Technologies Corporation. The transaction helps facilitate the relocation and expansion of various functions for the global manufacturer and marketer of colors, flavors and fragrances. SparrowHawk was represented in the transaction by JLL.
The Sensient transaction is the fifth largest in all of 2021 and the second largest during the second half of the year, according to statistics provided by JLL’s Research Department.
The lease by Sensient further demonstrates the strength of the St. Louis industrial market where the vacancy rate at the end of the third quarter was 5.3 percent, according to JLL.
“There is depth and velocity to the St. Louis market in terms of tenant demand, and at the same time there is a lack of functional supply of any real scale,” said Patrick Reilly, Executive Vice President, JLL. “This recent cycle here has been the best time since the building was constructed 13 years ago to market a vacancy of up to 500,000 square feet.”
Reilly noted that because of a limited supply of offerings that could accommodate users in the 200,000 to 500,000 square foot range, there has been strong interest in the property. To further explain the tightness of the Metro East market there currently are four blocks of available space over 100,000 square feet, including one that is under construction. For larger blocks, those over 400,000 square feet there are two blocks, including one that is currently under construction.
Sensient is leasing the space that is currently leased by Medline Industries which agreed to an early termination and will vacate from the premises for an owned, self-developed facility elsewhere in the market by the end of the year. Before Sensient relocates certain warehouse and logistics functions to the building, the space will be built to suit the specialized needs of Sensient. The build out will include reconfiguring office space, the addition of locker rooms and driver offices, dock package upgrades and the installation of additional electric service and new lighting fixtures.
Developed in 2008, the building features the standard attributes of a high cube industrial facility, including 32 foot clear ceiling heights.
Patrick Reilly and Dave Branding represented SparrowHawk LLC in the transaction. Sensient Technologies Corporation was represented locally by Matt Eastin of Cushman & Wakefield.