EXCLUSIVE: Another Blow To Bayshore; Major Office Tenants Bail Out
By Mark Belling, WISN-AM
A number of businesses housed in offices at the embattled Bayshore Town Center in Glendale are moving out as their landlord indicates it is not renewing its lease. The Regus Group leases space in the Bayshore building above Trader Joe’s at Silver Spring and Port Washington. A number of small businesses lease from Regus. Regus is telling those businesses it has decided not to renew its lease with Bayshore and is leaving the mall complex in a few weeks.
Regus is moving some of the clients to the Park Place center on the far northwest side and others will be moved to other office sites.
One of the things propping up Bayshore is the number of non-retail businesses that are located at the site above retail stores. If they start to move out, Bayshore’s owners will not only face a cash shortfall, but there will be fewer people on the property to patronize the remaining stores and restaurants.
Bayshore has been struggling for the past two years and a number of its tenants have moved out. The vacancy rate is soaring. Bayshore’s owners have received a significant subsidy from Glendale to try to re-invent the complex with senior housing and more office space to make up for the departure of the retail and restaurant operators. Regus’ decision to move may question the viability of that.