Construction is underway at the Cigar Factory, and investors expect that tenants will be able to move in by summer 2015. (Photo/Liz Segrist)
By Liz Segrist
Published Aug. 27, 2014
Six more companies have signed leases for about 22,000 square feet of office space at the Cigar Factory on the Eastside of downtown Charleston.
The large development sat vacant for years after Johnson & Wales University vacated and condo development plans fell apart post-recession. A joint partnership between Federal Capital Partners and Roi-Tan Investments LLC acquired the building and land at the corner of Columbus and East Bay streets for about $24 million in April.
With today’s announcement, 35% of the building has been preleased.
- Exceed Physical Culture will expand its New York City-based boutique gym to Charleston and occupy 4,256 square feet in the Cigar Factory.
- Fritz Porter, a design firm that will offer pieces from a group of vendors, will lease 6,377 square feet.
- Midland Mortgage Corp., based on Hilton Head Island, will open a new branch of its mortgage brokerage business in 4,611 square feet of the building.
The other three businesses are relocating to the Cigar Factory from offices elsewhere on the peninsula.
- The technology firm EnviroMix Inc. plans to move from East Bay Street to occupy 3,252 square feet. The company offers solutions to support energy conservation in the municipal market.
- The Law Office of M. Brooks Derrick LLC will move its commercial, business and personal injury litigation practice from Broad Street into 1,162 square feet in the development.
- Strategic Risk Solutions, a provider of underwriting and risk management services to captive insurance companies and alternative market insurers, will occupy 1,162 square feet, moving from Fountain Walk on Concord Street.
Construction is underway at the Cigar Factory, and investors expect that tenants will be able to move in by summer 2015.
Garden & Gun committed to relocating its downtown Charleston headquarters to about 19,700 square feet at the Cigar Factory. The Indigo Restaurant Group plans to have a cafe, a bar and an indoor bocce court occupying about 7,500 square feet of the building, as well as an 8,000-square-foot event space on the second floor.
“The Cigar Factory is experiencing strong interest from local firms attracted to its location, views, ample parking and easy access to all of the amenities of downtown,” Esko Korhonen, managing partner of Federal Capital Partners, said in a statement.
Roadstead Real Estate Advisors LLC and Palmetto Commercial Properties Inc. are handling the building’s leasing transactions. Shoreline International real estate, Norvell Real Estate Group and Radekopf & Associates represented the clients in today’s announcement.
Roi-Tan Investments consists of local investors Walker Brock, William Cogswell, Mark Cumins, Todd Eischeid, John and Darrell Ferguson, John Tuck Morse, Richard Morse, Jerry Scheer, Chad Walldorf and Jay Weaver.
Federal Capital Partners is a privately held real estate investment company that has invested in or financed more than $3.5 billion in assets in the mid-Atlantic region since its founding in 1999.
Reach staff writer Liz Segrist at 843-849-3119 or @lizsegrist on Twitter.