Advertisements


Clarion Partners, Westbridge Begin Final Phase of  Award-Winning Stockyards Atlanta with 926 Brady

Clarion Partners, LLC, and Westbridge have started 926 Brady, the adaptive reuse of the final undeveloped building in the core West Midtown submarket.  The 1930s warehouse is the last remaining piece of the industrial complex that made up the Miller Union Stockyards. Redeveloped by Westbridge in 2017, the urban reuse... The post Clarion Partners, Westbridge Begin Final Phase of  Award-Winning Stockyards Atlanta with 926 Brady appeared first on Real Estate Weekly. Clarion Partners, LLC, and Westbridge have started 926 Brady, the adaptive reuse of the final undeveloped building in the core West Midtown submarket.  The 1930s warehouse is the last remaining piece of the industrial complex that made up the Miller Union Stockyards. Redeveloped by Westbridge in 2017, the urban reuse project has attracted major companies while becoming a popular dining and entertainment destination.  926 Brady will have more than 36,000 square feet of large-format creative office space with a second-floor addition featuring an outdoor rooftop terrace with skyline views. The project is targeting creative companies interested in retaining and attracting talent in a new-to-market space that reflects the character of the historic neighborhood. “We are thrilled to start work on the final piece of this three-acre campus steeped in 120 years of Atlanta history,” said Joshua Mandelberger, Vice President, Asset Management Clarion Partners. “926 Brady will complete the original vision of Stockyards Atlanta and tie into West Midtown’s rapidly evolving urban core with something truly unique in the market as the area transitions to mid-rise and high-rise new construction projects.”  926 Brady is on the corner of 10th Street and Brady Avenue. Dating back to the early 1900s, it served as a stockyard and meatpacking plant for Atlanta’s growing population. Several of the historic buildings have been updated and adapted, making Stockyards one of Atlanta’s premier creative communities.  “I am excited to work with Clarion on the final phase of one of our signature projects in West Midtown,” said Chris Faussemagne, Westbridge. “It continues the legacy of West Midtown and Stockyards Atlanta, and the ongoing transformation of this historic neighborhood.”  The regional headquarters of energy drink giant Red Bull is in Stockyards Atlanta, as is global manufacturer Mannington Commercial and advertising and marketing firm Fitzco. Painted Duck, a high-end duckpin bowling alley and game bar; Baffi Atlanta, a casual, Italian-inspired restaurant from culinary legend Jonathan Waxman and neighborhood gathering spot Nick’s Westside anchor the highly-curated retail destinations. The Urban Land Institute (ULI) honored Stockyards Atlanta for Excellence in Office/Commercial Mixed-Use Development. Architectural firm ai3 is the architect for 926 Brady, and Gay Construction Company is the general contractor. The Transwestern team of Zach Wooten and Stephen Clifton is managing leasing. Construction is currently underway, with an estimated delivery in the second quarter of 2023.   The post Clarion Partners, Westbridge Begin Final Phase of  Award-Winning Stockyards Atlanta with 926 Brady appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY6 hr. 11 min. ago Related News

Marcus & Millichap Capital Corporation Arranges $3 Million Financing for Two Properties in Connecticut and Florida

Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $3 million in financing for two properties a mixed-use property at 3 Pearl Street in Mystic, Connecticut, and a daycare center at 1501 North Nova Road in Holly Hill, Florida. The... The post Marcus & Millichap Capital Corporation Arranges $3 Million Financing for Two Properties in Connecticut and Florida appeared first on Real Estate Weekly. Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $3 million in financing for two properties a mixed-use property at 3 Pearl Street in Mystic, Connecticut, and a daycare center at 1501 North Nova Road in Holly Hill, Florida. The financings were exclusively secured by MMCC’s Robert Noeldechen, vice president, based inNew Haven, Connecticut. “We were able to secure competitive financing terms for properties in high-growth suburban markets that offer consistent tenant bases,” said Noeldechen. “Residential and Day Care Centers continue to be in demand from Clients. As schools and businesses return to their campuses and occupancy rates return to normal levels parents are placing children in back in daycare as they no longer work from home.” The $1.54 million loan for the mixed-use property has an interest rate of 4 percent and an LTV of 80 percent. The two-story, 5,284 square foot property has seven multifamily units and two commercial spaces. It was built in 1843 and has been renovated throughout the past 10 years. The property is located in the historic Seaport Village and has upscale residential units within walking distance of local attractions, including the Mystic Seaport & Museum. The $1.4 million loan has a 10-year term and a 5-year loan with an additional 5-year term and has an interest rate of 3.8 percent and an LTV of 75 percent. Kid City USA Enterprises, a national provider of early childhood education, occupies the 8,150 square foot space. The property is located in the Holly Hill suburb of Dayton Beach. The post Marcus & Millichap Capital Corporation Arranges $3 Million Financing for Two Properties in Connecticut and Florida appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY6 hr. 27 min. ago Related News

Denholtz Properties Acquires 53,811-Square-Foot Charlotte, N.C. Industrial Building

Denholtz Properties, a leading real estate development and investment company, announces the acquisition of a 53,811-square-foot industrial building at 9201 Forsyth Park Drive in Charlotte, N.C. The transaction is the first acquisition for Denholtz Properties’ recently launched joint venture which plans to acquire and develop multi-tenant industrial properties with a... The post Denholtz Properties Acquires 53,811-Square-Foot Charlotte, N.C. Industrial Building appeared first on Real Estate Weekly. Denholtz Properties, a leading real estate development and investment company, announces the acquisition of a 53,811-square-foot industrial building at 9201 Forsyth Park Drive in Charlotte, N.C. The transaction is the first acquisition for Denholtz Properties’ recently launched joint venture which plans to acquire and develop multi-tenant industrial properties with a total value of over $1 billion. 9201 Forsyth Park Drive is strategically positioned in the Charlotte Southwest area, the largest industrial submarket in Charlotte. The property boasts superb access to major transportation arteries including SR-Westinghouse Boulevard and Interstates 77 and 485 as well as Interstate 85 – the industrial backbone of the Southeast that connects Charlotte to Atlanta and Raleigh-Durham. The single-story building also features full-building air-conditioning, heavy power, seven loading docks, four grade-level rollup doors and 18’ clear ceilings. Currently, the building is fully occupied by three tenants spanning a diverse mix of industries. “With a strong location in one of the nation’s hottest industrial markets, endless flexibility and a quality tenant base, 9201 Forsyth Park Drive fits the asset type we sought to acquire with the launch of our joint venture earlier this year,” said Stephen Cassidy, President of Denholtz Properties. “We are excited to expand our industrial portfolio in the Charlotte market and look forward to adding similar assets in the months to come.” The Charlotte MSA continues to be among the nation’s premier real estate markets seeing a 50.8 percent increase in population since 2000 and a projected four percent growth rate over the next three years. In addition to robust population growth, the regional economy is characterized by a talented labor pool, a strong manufacturing and distribution market and a rapidly emerging presence in the energy industry. It is also currently home to several large corporate headquarters for companies such as Bank of America, Lowe’s, Honeywell, Duke Energy, Nucor, Truist, Sonic Automotive and Brighthouse Financial. To stay connected with Denholtz Properties and for updates on the latest transactions and news follow Denholtz on Facebook, Twitter, Instagram and LinkedIn. The post Denholtz Properties Acquires 53,811-Square-Foot Charlotte, N.C. Industrial Building appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 21st, 2022Related News

High-End Clothing Brand Faherty Signs Uptown Space

Newmark Retail announces it has completed a 4,400-square-foot lease for upscale clothing brand Faherty at 1175 Madison Avenue on Manhattan’s Upper East Side. Newmark Vice Chairman Ariel Schuster and Associate Director Jason Wecker represented the building’s coop-ownership board in the transaction. Faherty was represented by Michael Leifer and Isabel Solmonson Cohen of Runyon Group,... The post High-End Clothing Brand Faherty Signs Uptown Space appeared first on Real Estate Weekly. Newmark Retail announces it has completed a 4,400-square-foot lease for upscale clothing brand Faherty at 1175 Madison Avenue on Manhattan’s Upper East Side. Newmark Vice Chairman Ariel Schuster and Associate Director Jason Wecker represented the building’s coop-ownership board in the transaction. Faherty was represented by Michael Leifer and Isabel Solmonson Cohen of Runyon Group, with Trent Merrill and Sarah Schutter, Principals of Triple R Group.   “The signing of Faherty to the Upper East Side continues the trend we’ve been witnessing where retailers are looking to locate closer to where people live due to the vibrant foot traffic and activated streetscapes,” said Wecker. “We believe a stylish, younger brand like Faherty will do great in this hot submarket with its ideal corner location that directly targets their primary customer base.” The boutique retail space will house the brand’s new flagship location at the northeast corner of East 86th Street. The space—formerly occupied by Williams Sonoma for approximately 30 years—offers 135 feet of wraparound frontage on East 86th Street and Madison Avenue. The new lease includes 2,400 square feet of ground-level space and 2,000 square feet of basement space. “We’re excited to be growing our presence in NYC! We love this city, and the Upper East Side is such a great family neighborhood,” said Alex Faherty, co-founder of Faherty. “This iconic corner with its robust foot traffic and ample frontage will be an amazing flagship location.”  1175 Madison Avenue is located at the epicenter of a dense, affluent residential neighborhood just two blocks from the 4, 5 and 6 subway lines at East 86th and Lexington Avenue. The area is undergoing a renewal of its retail offerings, with new tenants opening in the neighborhood to meet growing residential demand. Neighborhood tenants include Butterfield Market, Peloton, Roller Rabbit, James Perse, Madewell, LoveShackFancy and Zadig & Voltaire. The post High-End Clothing Brand Faherty Signs Uptown Space appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 21st, 2022Related News

Ariel Property Advisors closes $13 million in sales across Three Properties in New York City

Ariel Property Advisors has arranged the sale of three propertiestotaling $12.9 million located in Brooklyn and Northern Manhattan. ● A vacant two-story commercial building comprising three commercial units spanning11,009 SF at 222-226 West 145th Street sold for $5.05 million, or $460/SF. The propertyoffers 14,970 SF of air rights and 65... The post Ariel Property Advisors closes $13 million in sales across Three Properties in New York City appeared first on Real Estate Weekly. Ariel Property Advisors has arranged the sale of three propertiestotaling $12.9 million located in Brooklyn and Northern Manhattan. ● A vacant two-story commercial building comprising three commercial units spanning11,009 SF at 222-226 West 145th Street sold for $5.05 million, or $460/SF. The propertyoffers 14,970 SF of air rights and 65 feet of frontage along a well-traveled commercialcorridor on the south side of West 145th Street between Adam Clayton Powell Jr. andFrederick Douglass Boulevards in Central Harlem. Situated within an Opportunity Zone,222-226 West 145 th Street is near City College of New York, Columbia University’sManhattanville campus, Jackie Robinson Park and other local green and outdoor spaces.The transaction was brokered by an Ariel team including Jason M. Gold, Director,Investment Sales; Michael A. Tortorici, Founding Partner; and James Nestor, AssociateDirector, Investment Sales. ● An 18,150 SF, four-story, 21-unit mixed-use building at 649 Argyle Road in the DitmasPark neighborhood of Brooklyn sold for $4.75 million. Located on the northeast corner ofArgyle Road and Foster Avenue, the property consists of 12 rent-stabilized units, sevenfree market residential units and two commercial units. The area is well-served by publictransportation with easy access to the B and Q subway lines and nearby bus routes.The transaction was brokered by an Ariel team including Lawrence Sarn, Director,Investment Sales; Victor Sozio, Founding Partner; and Shimon Shkury, President andFounder. ● A vacant three-story, 7,638 SF warehouse/flex office building at 11 Herkimer Place inthe Bedford-Stuyvesant neighborhood of Brooklyn sold for $3.1 million, or $406/SF. Thetransaction represents the highest price per square foot for an office building in theBedford-Stuyvesant area since 2018. The elevator building consists of two floors of newlyconstructed office space with terraces and a roof deck above an existing renovatedgarage warehouse space. Located off Atlantic Avenue between Bedford and NostrandAvenues, 11 Herkimer Place boasts a brick façade and includes windows roughly ninefeet tall to allow natural light into the 3,600 SF open office space.The transaction was brokered by an Ariel team including Dov Chein, Director, InvestmentSales, and Sean R. Kelly, Partner. The post Ariel Property Advisors closes $13 million in sales across Three Properties in New York City appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 21st, 2022Related News

Onyx Equities Debuts Head-Turning Renovation at Gateway Center’s Grand Opening in Downtown Newark

On Thursday, May 19th, Onyx Equities was joined by Newark Mayor Ras Baraka and other Newark elected and civic leaders to unveil the new two-story “Jewel Box” entryway into Gateway Center, downtown Newark’s cornerstone redevelopment project that links three newly reimagined Class A office towers through a massive 100,000 square... The post Onyx Equities Debuts Head-Turning Renovation at Gateway Center’s Grand Opening in Downtown Newark appeared first on Real Estate Weekly. Newark Mayor Ras Baraka joined John Saraceno and Jon Schultz, Co-Founders and Managing Partners for Onyx Equities to reveal the Jewel Box entrance to Gateway Center.  The new two-story, glass enclosed entrance is part of a $60 million renovation that will change the way that commuters, visitors and residents interact with the building and the surrounding neighborhood.From Left to Right: John Saraceno, Mayor Ras Baraka, Jon Schultz. On Thursday, May 19th, Onyx Equities was joined by Newark Mayor Ras Baraka and other Newark elected and civic leaders to unveil the new two-story “Jewel Box” entryway into Gateway Center, downtown Newark’s cornerstone redevelopment project that links three newly reimagined Class A office towers through a massive 100,000 square foot retail/dining concourse known as The Junction, opening later this year. The event celebrates a pinnacle moment in Gateway’s transformation – one of the largest in New Jersey’s history, and Newark’s revitalization as an international center for commerce, culture and cuisine. “The new Jewel Box entryway and the larger Gateway redevelopment project are a testament to what New Jerseyans have always known: there is no better place in the world to live, work, and play,” said Governor Phil Murphy. “Visitors, employees, and families will all benefit from this game-changing development, which showcases some of the best dining options and recreational activities the Garden State has to offer. Now more than ever, Newark remains an internationally renowned commercial and cultural hub.” Located along Raymond Plaza West across from Newark Penn Station, the “Jewel Box” was designed as a welcoming beacon for all Newark visitors, employees, and residents, and will soon serve as the main entrance into The Junction, which will deliver an exciting combination of food options from Newark’s local culinary talent and well-known restauranteurs from across the Hudson River in late 2022. Recently announced restaurant tenants include Serafina, Mökbar, Brooklyn Dumpling Shop, Fresh & Co, Greek from Greece Bakery & Café, Farinella, 375˚ Chicken & Fries, Chip City Cookies, The Brookdale, among other notables – many of which were highlighted as part of the Grand Opening celebration. Additional fitness, educational, and wellness retailers will round out a total lifestyle program. “The Jewel Box is a state-of-the-art entrance to the Gateway Center, one of our city’s signature complexes,” Newark Mayor Ras J. Baraka said. “Adjoined with The Junction that opens later this year, it will showcase our excellence, hospitality, and diverse array of food to Newark residents, workforce, and visitors. “We are thankful to Onyx Equities for transforming such an important center in the heart of our downtown.” “We are opening The Jewel Box at a really exciting time when people are coming back to the office,” said Jonathan Schultz, Co-Founder and Principal at Onyx Equities. “This was not just about improving the pedestrian and employee experience within the complex; it is part of a larger overall reinterpretation of what Newark can be for businesses and residents looking for a thriving urban community.” “Our design intent was to activate the streetscape and create a welcoming connection to the community. Designed in the 1970s, Gateway was deliberately inward-facing with little connection to the life of the city, but Onyx’s new vision re-engages the community,” said Roger Smith, Design Director. “With street level local retailers, a landscaped public plaza and the two-story entrance hall across from Newark Penn Station, Gateway will become Newark’s new front door.” Comprised of some of the tallest buildings in the city, the transformation of the 2.3 million square foot, four-building Gateway Center complex is nothing short of spectacular. Inside and out, over $50 Million in capital improvements bring the vision of world-renowned architect Gensler to life, introducing a new exterior façade, modernized lobbies and common areas, tech-forward collaborative spaces, generous and flexible office build-out configurations, state-of-the-art post-COVID sanitation systems, a newly renovated parking garage, and a best-in-class retail experience that anticipates over 75,000 daily visitors once complete thanks to direct skybridge connectivity to Newark Penn Station, a Doubletree by Hilton, One Riverfront Center, Panasonic’s Corporate Headquarters, and several new residential developments under construction. “Gateway is on course to be New Jersey’s premier office and dining destination – the first of its kind in our state,” said Matthew P. Flath, vice president of asset management at Onyx Equities. “We know we’re hitting the right note because we’re attracting world-renowned restaurants like Serafina and celebrity chefs like Esther Choi of Mökbar, as well our top-tier regional and local culinary talent.” Appealing to a wide audience, the development also plays a major day-to-day role in the immediate area where there is a growing population of 300,000, a daytime workforce population of 200,000 and 58,000 riders who board at Newark Penn Station daily. In addition, more than 60,000 vehicles pass The Junction at Gateway Center along McCarter Highway each day. Prudential Center, home of the New Jersey Devils and Seton Hall Pirates Basketball, is directly across the street and four major universities with over 50,000 students are nearby. To learn more about Gateway Center, visit GatewayNJ.com. For retail leasing inquiries at The Junction, contact Jason Pierson and Ryan Starkman of Pierson Commercial Real Estate at (927) 823-4800. For information about Class A office opportunities within 1, 2 & 4 Gateway Center, contact Tim Greiner and Blake Goodman of JLL at (732) 707-6900 x5. The post Onyx Equities Debuts Head-Turning Renovation at Gateway Center’s Grand Opening in Downtown Newark appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 21st, 2022Related News

Talonvest Secures $109.7 Million Loan for 10-Property Portfolio

Talonvest Capital, Inc. and its client Reliant Real Estate Management along with their joint venture partner Harrison Street Real Estate are pleased to announce the funding of a $109,700,000 bridge loan secured by a 10-property self storage portfolio. The properties, located in GA, SC, and CO, have a combined 876,021... The post Talonvest Secures $109.7 Million Loan for 10-Property Portfolio appeared first on Real Estate Weekly. Talonvest Capital, Inc. and its client Reliant Real Estate Management along with their joint venture partner Harrison Street Real Estate are pleased to announce the funding of a $109,700,000 bridge loan secured by a 10-property self storage portfolio. The properties, located in GA, SC, and CO, have a combined 876,021 of existing net rentable square feet plus 811 parking spaces. The loan will also fund a total of 110,275 square feet of expansion at five of the facilities. The non-recourse floating rate loan, which featured a four-year term with a one-year extension option, was funded by a large North American bank. Additional financing benefits negotiated include interest-only payments for the full initial term, no prepayment penalty, collateral release provisions, and step-down pricing based on performance hurdles. Todd Allen, Managing Principal of Reliant, commented, “Talonvest was instrumental in providing, negotiating, and delivering attractive senior debt. The team’s tenacity to steward their client’s objectives across the finish line was impressive. We look forward to a continued profitable relationship with both the broker and lender.” Talonvest Principal Eric Snyder commented “We were honored to be entrusted with this assignment, advise, and ultimately deliver a superior capital solution to the experienced professionals at Reliant and Harrison Street.” The Talonvest team responsible for this assignment included Eric Snyder, Kim Bishop, Jim Davies, Mason Brusseau, and Thalia Tovar. The post Talonvest Secures $109.7 Million Loan for 10-Property Portfolio appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 21st, 2022Related News

$300 Million in Total Investment Represented at Paterson’s Great Falls Neighborhood Summit

The New Jersey Community Development Corporation is hosting a neighborhood summit on Saturday, May 21st at 9:30am to highlight the roughly $300 million in ongoing and future developments in the Great Falls neighborhood of Paterson. The 10 developments and restoration projects to be presented will transform a historic corridor that... The post $300 Million in Total Investment Represented at Paterson’s Great Falls Neighborhood Summit appeared first on Real Estate Weekly. The New Jersey Community Development Corporation is hosting a neighborhood summit on Saturday, May 21st at 9:30am to highlight the roughly $300 million in ongoing and future developments in the Great Falls neighborhood of Paterson. The 10 developments and restoration projects to be presented will transform a historic corridor that is home to both the Great Falls National Historic Park and a host of vacant, yet promising properties. Along with Procida Funding and Asset Realty’s future Great Falls Lofts, restoration projects of note include the $100 million redevelopment of Hinchliffe Stadium – one of the last Negro Baseball League stadiums in the United States – as well as over $100 million of public projects including a new Alexander Hamilton Visitor Center, Youth Arts Center, and Great Falls Community Center in addition to the replacement of the Great Falls Footbridge and the restoration of hilltop Vista Park whose entrance abuts the Great Falls Lofts. “We saw the opportunity in Paterson more than 10 years ago and have financed over $75 million in development projects over that time – but even we are stunned by the velocity and scope of new investment, with so much focused on the area overlooking the falls,” says Billy Procida, CEO of Procida Funding and developer of the $40 million Great Falls Lofts project. Representatives from developers and investors from the below projects will make short presentations to the community and engage in questions and answers from residents. The projects, representing a total of $300 million investment into the area, are below: Hinchliffe Stadium Spruce Street Streetscape Project The Great Lawn Project The New Visitors Center Argus Mill Redevelopment New Youth Arts Center Great Falls Community Center Replacement of Great Falls Footbridge Vistas Park Great Falls Lofts Attendees will have the chance to meet with developers to learn more about the future vision of the Great Falls neighborhood, a large aspect of which includes embracing the storied history of the community. “When we learned of Paterson’s commitment to restoring the rich history of the Great Falls neighborhood, we jumped at the opportunity to be involved,” says Procida. “The entire area is gearing up for a major resurgence – all you need to do is add up the numbers, and that $300 million number doesn’t lie. Paterson is setting a prime example for cities in the tristate area.” The Great Falls Neighborhood Summit will be held on Saturday, May 21 st at the Great Falls Youth Center, 52 Front Street, from 9:30am-12 noon. For more information on location details please contact the NJ Community Development Corporation at 973-413-1630 or nhc@njcdc.org. The post $300 Million in Total Investment Represented at Paterson’s Great Falls Neighborhood Summit appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 21st, 2022Related News

Oxford Properties forms partnership with Norges at Berlin’s iconic Sony Center in $717 million deal

Oxford Properties Group (“Oxford”), a leading global real estate investor, asset manager and business builder, announces the formation of a 50:50 joint venture with Norges Bank Investment Management (“NBIM”) at the iconic Sony Center in Berlin. NBIM will pay US$717 million (€677 million) to acquire a 50% ownership interest in... The post Oxford Properties forms partnership with Norges at Berlin’s iconic Sony Center in $717 million deal appeared first on Real Estate Weekly. Oxford Properties Group (“Oxford”), a leading global real estate investor, asset manager and business builder, announces the formation of a 50:50 joint venture with Norges Bank Investment Management (“NBIM”) at the iconic Sony Center in Berlin. NBIM will pay US$717 million (€677 million) to acquire a 50% ownership interest in the Sony Center with Oxford selling 44.9% of its existing stake and Madison International Realty disposing its entire 5.1% interest.  Oxford will retain a 50% interest in the property and act as asset manager on behalf of the new joint venture. The closing of the transaction, which values the property at US$1.43 billion (€1.35 billion), is subject to regulatory approval. Comprising 1.22 million sq ft of prime office, retail and residential space in the heart of Berlin, the Sony Center stands as a modern landmark and attracts more than 7 million visitors annually. An example of the depth of demand for well let, high-quality office product among global institutional investors, the deal sees Oxford crystallise value created via its asset management activities since acquiring the property in 2017.  In Q4 2021, Oxford announced a US$212 million (€200 million) master-planned redevelopment of the Sony Center to futureproof the campus with leading-edge design and sustainability features. The transformative vision for the site has been supported by strong leasing momentum. In April, restaurant, bar and lounge hotspot Frederick’s opened after the leasing of Sony Center’s flagship restaurant and events space to Rhubarb Hospitality. Anchor office occupier Deutsche Bahn has also signed a long-term renewal. Abby Shapiro, Senior Vice President & Head of Office, Retail and Life Sciences, Europe at Oxford Properties, commented: “Today’s announcement further expands our relationship with NBIM, a highly strategic and like-minded partner, which shares our long-term conviction in Berlin. Furthermore, it demonstrates the belief in our investment thesis that sustainable and wellness-focused office buildings in prime locations, serviced by superb food and retail amenities, will continue to outperform. “Having realized significant value, we will reinvest back into Sony Centre to improve the customer experience. We continue to have a favourable long-term view in Germany and are actively looking to grow our business in the country, particularly in the German logistics market.”  As part of its planned growth in Germany, earlier this year Oxford acquired an 1.53 million sq ft urban logistics portfolio of 10 assets located across six German states.  Diana Shieh, Co-Head of Portfolio and Asset Management, Managing Director for Madison International Realty, commented: “Sony Center is one of the most recognizable assets in Berlin, and Madison has experienced a transformation of the estate throughout its long-time partnership with Oxford Properties since 2017. Having executed our business plan, which included the creation of a masterplan for the future, we are pleased to crystallize our stake through this recapitalization and look forward to seeing this campus reach its full potential over the coming years.” Jay Drexler, Vice President Office, Retail & Life Science Europe, at Oxford Properties, added: “Our partnership with NBIM serves as further validation of our ambitious master-planned vision for the Sony Center. It will bring better quality, more sustainable and flexible workspaces, coupled with new amenities that include safe and secure bike parking to promote a healthy commute, fitness facilities and services dedicated to well-being. We also continue to strengthen the cultural and culinary offering at Sony Centre through public art activations, community partnerships and a wide-spectrum of food and beverage concepts at a variety of price points to ensure that all can share in the experience.” Oxford’s US$212 million (€200 million) redevelopment plan aims to place a greater focus on human-centric aspects of the campus including optimising workplaces for health and wellbeing, world-class retail and future-focused amenities. This will be complemented by an annual programme of events in sport, culture and entertainment that will be accessible not only for the Sony Center office community, but also for Berliners and visitors. Major construction activity has begun, with the majority of the redevelopment expected to complete by the end of 2023.   In total, around 538,000 sq ft of office space will be upgraded, becoming workplaces of the future. While the expanded food and beverage offering will feature Berlin providers as well as global restaurateurs. A new three-floor food hall from London food incubator KERB will showcase and develop the very best of the Berlin independent food and drink scene, further underlining the Sony Center’s reputation as a hub for exchange and community. The post Oxford Properties forms partnership with Norges at Berlin’s iconic Sony Center in $717 million deal appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 20th, 2022Related News

Marcus & Millichap Capital Corporation Arranges $64.4 Million Financing for Multifamily Property in Monrovia, CA

Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $64.39 million in financing for a 252,100 square foot multifamily property located at 127 West Pomona in Monrovia, California. The financing was secured by Sharone Sabar, executive managing director, and Stefen... The post Marcus & Millichap Capital Corporation Arranges $64.4 Million Financing for Multifamily Property in Monrovia, CA appeared first on Real Estate Weekly. Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $64.39 million in financing for a 252,100 square foot multifamily property located at 127 West Pomona in Monrovia, California. The financing was secured by Sharone Sabar, executive managing director, and Stefen Chraghchian, associate director, based in Encino, California. “It was a privilege to arrange this loan for our client,” said Chraghchian. “We were able to work with our lender through inflationary pressures to increase loan proceeds and offer non-recourse financing at a rate that was very appealing to our client.” The 42-month loan has an LTC of 65 percent and an interest rate of 3.4 percent. The property sits on a 1.83-acre site and is fully entitled and construction ready. The anticipated construction timeline is 33 months and the property will include a 220-unit residential apartment with 7,050 rentable square feet of commercial space and 357 parking stalls. The project is located within the city of Monrovia’s transit district with close proximity to Pasadena and Los Angeles. The post Marcus & Millichap Capital Corporation Arranges $64.4 Million Financing for Multifamily Property in Monrovia, CA appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 20th, 2022Related News

JLL completes six leases at Tower 45 in Midtown Manhattan

JLL has completed six leases for a total of 39,471 square feet of space at Tower 45, located at 120 West 45th Street in Manhattan, on behalf of owner Kamber Management Company. The Dearie Law Firm leased the entire 13,969 square feet 16th floor for 10 years, and Lipsky Goodkin... The post JLL completes six leases at Tower 45 in Midtown Manhattan appeared first on Real Estate Weekly. JLL has completed six leases for a total of 39,471 square feet of space at Tower 45, located at 120 West 45th Street in Manhattan, on behalf of owner Kamber Management Company. The Dearie Law Firm leased the entire 13,969 square feet 16th floor for 10 years, and Lipsky Goodkin & Co., P.C. signed a 10-year renewal for 10,093 square feet across the entire seventh floor. Also at Tower 45, Critical Trading, LLC renewed its lease of 2,674 square feet on the second floor for five years; The McPherson Firm, PC renewed for three years with 4,750 square feet on the partial 28th floor; Berg & Androphy renewed for 3,084 square feet for 18 months for the partial 38th floor; and Stan Johnson Company leased 4,901 square feet on the 26th floor for five years. JLL was selected as exclusive leasing agent for Tower 45 by Kamber Management Company in December 2019. The JLL professionals representing the owner include Paul N. Glickman, vice chairman; Diana Biasotti, senior vice president; Kyle Young and Kip Orban, vice presidents; and Kate Roush, associate. Tenants Critical Trading, LLC and The McPherson Firm, PC, were represented in-house. The Dearie Law Firm was represented by Gary Ceder, managing director with Cushman & Wakefield; Lipsky Goodkin & Co. was represented by Savills executive managing directors Erik Schmall and Scott Weiss; Berg & Androphy was represented by Arash Sadighi, co-founder of Venture Capital; and Stan Johnson Company was represented by Gregory Albert, assistant director with Savills. The Class-A, 458,446-square-foot office tower is undergoing a multimillion-dollar capital improvementprogram to create a dynamic contemporary destination. The improvement program includes a thoroughrejuvenation of the lobby and atrium, and the addition of a new amenity center focused around addressing tenant health and wellness. The lobby renovations were designed by Pei Cobb Freed &Partners and the amenity center is being designed by MKDA New York. Construction has already begunon the amenity center and atrium and Kamber is finalizing construction on the lobby renovation project. The 40-story building was designed by Swanke Hayden Connell Architects and constructed in 1988. Thebuilding features AtmosAir, the world-class air purification system, along with a tenant-controlledcooling system for individual rooms, state-of-the-art security management and expertly trainedprofessionals. “Kamber Management Company is forward-thinking property owner that has positioned this building tosupport tenants in employee attraction and retention,” said Young. “The leasing momentum in theproperty confirms that tenants are responding to high-quality spaces with significant amenity packages.” “The new amenity center at Tower 45 is designed to offer safe, private areas for calls, meetings and reflection,” said Biasotti. “The building prioritizes tenant health while offering easy access to neighborhood amenities such as restaurants, shops and entertainment.” Steven Levy, President of Kamber Management Company commented, “We have new art and sculpturecoming to the Atrium and Lobby this spring to enhance our tenants’ experience and the overall beauty ofthe entrance. Our flexible, efficient floor plates with plenty of light and the cleanest air, provide creative space solutions for a better, healthier workplace. The entire Kamber team is excited to offer our tenantsthe best in New York City work environments.” JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the mostrecognized industry experts offering brokerage, capital markets, property/facilities management,consulting, and project and development services. The post JLL completes six leases at Tower 45 in Midtown Manhattan appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 19th, 2022Related News

Adams & Co. Completes Four Deals Totaling 22,438 Square Feet at 23rd Street Complex

Adams & Co. Completes Four Deals Totaling 22,438 Square Feet at 23rd Street Complex.....»»

Category: realestateSource: REALESTATEWEEKLYMay 19th, 2022Related News

Parkview Financial Provides $21.5 Million Loan for Vacant Hotel Acquisition and Conversion to Apartments/Retail in Newark, NJ

Parkview Financial announced today it has provided a $21.5 million loan to Broad Street Ventures Urban Renewal, LLC, an entity of Winchester Equities, LLC, for the purchase and conversion of a currently vacant, 13-story, 90,000-square-foot (sf) hotel into a 106-unit multifamily building with a 7,500-sf ground floor restaurant. Located at 810... The post Parkview Financial Provides $21.5 Million Loan for Vacant Hotel Acquisition and Conversion to Apartments/Retail in Newark, NJ appeared first on Real Estate Weekly. Parkview Financial announced today it has provided a $21.5 million loan to Broad Street Ventures Urban Renewal, LLC, an entity of Winchester Equities, LLC, for the purchase and conversion of a currently vacant, 13-story, 90,000-square-foot (sf) hotel into a 106-unit multifamily building with a 7,500-sf ground floor restaurant. Located at 810 Broad Street in Newark, NJ, the project is now underway with completion anticipated for late 2022. Once renovated, the property will include a unit mix of 98 micro-studios each totaling approximately 357 sf and eight one-bedroom units ranging between 664 sf and 695 sf. All of the apartments will come fully furnished with 22 slated for low-income housing. The interiors will feature high-end murphy bed solutions, shelving, storage areas, modern kitchenettes, wine coolers, 65” smart TVs, video conferencing technology, and smart thermostats, among other upgrades. The property will also offer common area amenities such as a fitness center, a spa, laundry facilities on each floor, a co-working lounge, a party room, a café, and the only rooftop bar in Newark with views of New York City. “This will be Winchester Equities’ fifth project in Newark,” said Paul Rahimian, CEO and Founder of Parkview Financial. “Parkview saw this as a favorable opportunity to lend to an experienced developer and owner. We believe that this strategically located asset will be attractive to college students and young professionals within this rapidly growing Essex County submarket.” Located across from The Prudential Center, the property provides excellent access to local transportation such as the PATH train to New York City and the New Jersey Transit train. 810 Broad Street was built in 1912 as the headquarters of First National State Bank and was designed by Cass Gilbert, who also designed the U.S. Supreme Court building in Washington D.C. and the Woolworth Building in New York City. In 2014, the building underwent a $29 million hotel conversion renovation. Winchester Equities recently completed a 63-unit luxury apartment building at 45-53 William Street (William House) and is currently underway on a 60,000-fs multifamily renovation at 303 Washington Street. The post Parkview Financial Provides $21.5 Million Loan for Vacant Hotel Acquisition and Conversion to Apartments/Retail in Newark, NJ appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 19th, 2022Related News

Gaia Real Estate Announces Full Exit Of Copperfield Portfolio

Gaia Real Estate announced today that it has fully exited its investment in the Copperfield Portfolio in Houston, TX. The 5-property portfolio, consisting of 1,376 multifamily units, was acquired in 2015 due to favorable long-term fundamentals and strong potential in the Northwest Houston market. The total Sunbelt dispositions to date,... The post Gaia Real Estate Announces Full Exit Of Copperfield Portfolio appeared first on Real Estate Weekly. Gaia Real Estate announced today that it has fully exited its investment in the Copperfield Portfolio in Houston, TX. The 5-property portfolio, consisting of 1,376 multifamily units, was acquired in 2015 due to favorable long-term fundamentals and strong potential in the Northwest Houston market. The total Sunbelt dispositions to date, which included 50 garden-style properties encompassing 14,729 units has generated consideration in excess of $1.5 billion. “We are pleased to have successfully executed our business plan for the Copperfield Portfolio and proud to have delivered significant value to our investors,” said Danny Fishman, CEO of Gaia Real Estate. “With this sale we have completed our strategy to exit most of what we think are overpriced Sunbelt markets and plan to redeploy capital into New York City metro properties and elsewhere where we can realize higher returns. We believe selling class B apartments at cap rates of 3%, even with added value, maximized our financial potential. We saw, and see in NYC, potential to deploy capital at much higher returns, even with the risks in the city that we are aware of.“ Gaia executed a capital improvement plan throughout the Copperfield Portfolio that oversaw the upgrade of clubhouses and other amenities spaces including swimming pools, state-of-the- art fitness centers, controlled access gates, laundry facilities, and children’s playgrounds. Select units were upgraded with stainless steel appliances, wood flooring, granite-style countertops, and new cabinets. The Copperfield Portfolio is located primarily within the 2,000-acre Copperfield Master-Planned Community in Northwest Houston and sits within the Cypress-Fairbanks School District, which is considered one the of the top school systems in the metropolitan area. The property surrounds a booming industry corridor where many world-renowned corporations in energy, healthcare, engineering, and chemicals are headquartered. The post Gaia Real Estate Announces Full Exit Of Copperfield Portfolio appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 19th, 2022Related News

The Canopy Hotel, Engineered by Dresdner Robin, Wins Prestigious ULI Northern New Jersey Excellence Award

New Jersey-based land-use consultancy Dresdner Robin announced that its project, the Canopy Hotel, has won a ULI Northern New Jersey Excellence Award for best hospitality project. Award winners are recognized for transformational land-use developments, best practices and creative visioning. The firm provided surveying, civil engineering and landscape architectural design services for the complex, which opened in late... The post The Canopy Hotel, Engineered by Dresdner Robin, Wins Prestigious ULI Northern New Jersey Excellence Award appeared first on Real Estate Weekly. New Jersey-based land-use consultancy Dresdner Robin announced that its project, the Canopy Hotel, has won a ULI Northern New Jersey Excellence Award for best hospitality project. Award winners are recognized for transformational land-use developments, best practices and creative visioning. The firm provided surveying, civil engineering and landscape architectural design services for the complex, which opened in late 2021 in the Powerhouse Arts District of the gold coast of Jersey City.  The development, located in a FEMA flood zone, required flood mitigation measures and stormwater management systems that were evaluated and developed by Dresdner Robin. The firm also provided flood certifications, construction survey layout control, and streetscape and site lighting design. “This project transformed a previously vacant and unsightly lot,” said Dresdner Robin’s Mark Vizzini, the Associate Director of Land Development. “It was engineered and designed to keep true to the neighborhood’s industrial and arts-based past. And, with the precision and detail that went into the structure, it has become an anchor for the Powerhouse Arts District, so we’re thrilled to see the recognition it deserves.” The Canopy Hotel, located at 159 Morgan Street, is situated along the former industrial and manufacturing corridor of the Powerhouse Arts District. Within the last 6 years, the area has been redeveloped to include high-rise luxury residential, office space, and arts-centered construction projects, several of which Dresdner Robin has contributed to. The ULI Northern New Jersey Awards for Excellence, widely known as the most prestigious by the real estate and land use industry, began in 1979 to recognize superior development efforts in the private, public, and nonprofit sectors. Winning projects represent the highest standards of achievement in the development industry. Finalists and winners are selected by the ULI jury, which represents a range of panelists from various geographic locations and many areas of real estate and land use expertise, including finance, planning, development, public affairs, design, and professional services, among others. Project partners of the Canopy Hotel include Panepinto Properties, The Kabr Group, Three Wall Capital and Greentree Construction. Along with a bar and bistro located at the ground level, the hotel includes 1,400 square feet of meeting space, a 24-hour fitness studio and guest areas for live events. An outdoor terrace with seating and a green wall for seasonal plantings is also available, which was designed by Dresdner Robin’s team of landscape architects. The post The Canopy Hotel, Engineered by Dresdner Robin, Wins Prestigious ULI Northern New Jersey Excellence Award appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 19th, 2022Related News

Greystone Provides $17 Million Fannie Mae Loan for Kentucky Multifamily Property

Greystone, a leading national commercial real estate finance company, has provided a $16,970,000 Fannie Mae Delegated Underwriting Services (DUS®) loan to refinance a 258-unit multifamily property in Hopkinsville, KY. The transaction was originated by Lorie Hanson, Managing Director at Greystone. The 10-year, fixed-rate Fannie Mae loan for Aspen Meadow includes... The post Greystone Provides $17 Million Fannie Mae Loan for Kentucky Multifamily Property appeared first on Real Estate Weekly. Greystone, a leading national commercial real estate finance company, has provided a $16,970,000 Fannie Mae Delegated Underwriting Services (DUS®) loan to refinance a 258-unit multifamily property in Hopkinsville, KY. The transaction was originated by Lorie Hanson, Managing Director at Greystone. The 10-year, fixed-rate Fannie Mae loan for Aspen Meadow includes interest-only payments for the fullterm of the loan. Acquired in October 2020, the property has received nearly $1 million in capitalexpenditures including both interior and exterior upgrades and to the common amenities. “The borrowers were wonderful to work with and moved quickly to take advantage of an early rate lock, in an increasing interest rate environment,” said Ms. Hanson. “They have invested in a long-term hold of the property and this Fannie Mae refinance enables them to preserve this asset. It was a pleasure workingwith them and we are thrilled the outcome.” The post Greystone Provides $17 Million Fannie Mae Loan for Kentucky Multifamily Property appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 19th, 2022Related News

Wellington Management Signs 71,000-Square-Foot Lease at Columbia Property Trust’s 799 Broadway

 Columbia Property Trust announced today that it has signed a lease with Wellington Management for four full floors at 799 Broadway, its newly completed ground-up office development at the convergence of Manhattan’s Greenwich Village and Union Square neighborhoods. One of the world’s largest independent investment management firms, Wellington manages over US$1.3 trillion for clients... The post Wellington Management Signs 71,000-Square-Foot Lease at Columbia Property Trust’s 799 Broadway appeared first on Real Estate Weekly.  Columbia Property Trust announced today that it has signed a lease with Wellington Management for four full floors at 799 Broadway, its newly completed ground-up office development at the convergence of Manhattan’s Greenwich Village and Union Square neighborhoods. One of the world’s largest independent investment management firms, Wellington manages over US$1.3 trillion for clients in more than 60 countries. Under the 16.5-year lease, Wellington will become the largest occupant at 799 Broadway, with 71,000 square feet of office space across four full floors in the 182,000-square foot building. Wellington’s new office, the first New York location for the Boston-based firm, will feature 15-foot ceiling heights, five private terraces totaling 7,600 square feet, and floor-to-ceiling windows with views of Greenwich Village, Union Square, and the steeple of Grace Church. Wellington is the fourth prominent firm to commit to 799 Broadway. Just before the end of 2021, leading investment firm Bain Capital Ventures signed a full-floor, 9,000-square-foot lease, and national mortgage lending and servicing organization New Residential Investment Corporation signed a two-floor, 25,000-square-foot lease. An undisclosed tenant took two additional floors in January. Columbia has now signed leases for nine of the 12 floors at 799 Broadway and is currently marketing one full floor; one high-end, 9,300-square-foot pre-built suite; and 18,000 square feet of some of the most desirable retail space in Midtown South. “We are very pleased to welcome Wellington Management to 799 Broadway,” said Dave Cheikin, Executive Vice President – East Coast for Columbia. “We built 799 Broadway to provide the highly attractive environment necessary to enable high-growth, forward-leaning companies, like Wellington, to engage and motivate superior talent in today’s environment.” “We are excited to expand our North American footprint by committing to 799 Broadway as an investment in our future of work,” said Ed Steinborn, Chief Financial Officer, Wellington Management. “We take pride in creating magnetic office space for our employees and believe 799 Broadway’s state-of-the-art facility will offer both New York-based and global employees an accessible, sustainable office space for colleagues to connect and collaborate in. New York remains a hub for talented, diverse financial professionals, and we look forward to continuing to support the growth of Wellington’s strategic initiatives by expanding in New York City.” Designed specifically to promote talent retention, 799 Broadway sets the standard for sustainable new construction by emphasizing occupant health and wellness. The brand-new, LEED Gold-certified building features state-of-the-art building materials and efficient systems and touchless access throughout. The building’s unique design allows for more than 17,000 square feet of outdoor space, including access to private outdoor terraces on almost every floor and a courtyard garden off the main lobby that will soon feature an original work by Cameroonian artist Moustapha Baidi Oumarou. A luxury fitness center, spa-inspired locker rooms, cellar lounge, and well-appointed bike room will also enhance the workday for occupants. Moreover, with UV light sanitation and bipolar ionization systems installed throughout the building and in elevator cabs, 799 Broadway exceeds the highest standards of indoor air quality and air purification. The building has been designed to meet the rigorous health and wellness criteria of the highly respected WELL Building certification program, which verifies that the building has followed best practices for facility operations and management to reduce the risk of contracting COVID-19 and other viruses. 799 Broadway was also awarded a coveted Fitwel® 2-Star Rating for its incorporation of evidence-based design and operations strategies to support the physical, mental, and social health of occupants. Adding to the attractive wellness benefits, the building provides abundant light with 15’ ceiling heights and floor-to-ceiling glass windows, which offer striking views of Greenwich Village and across Broadway to the Gothic beauty of New York’s historic Grace Church. Columbia continues to entertain strong interest and tour activity for the limited remaining available space at 799 Broadway. Columbia was represented in the negotiations with Wellington by Mitchell Konsker, Benjamin Bass, and Sam Seiler of JLL. Steven Rotter, Randy Abend, Gabrielle Harvey, Brendan Callahan, and Lauren Calandriello of JLL represented Wellington. To learn about the final opportunities available at 799 Broadway, please visit 799broadwaynyc.com. The post Wellington Management Signs 71,000-Square-Foot Lease at Columbia Property Trust’s 799 Broadway appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 19th, 2022Related News

Institutional Property Advisors Closes New Jersey Grocery-Anchored Shopping Center Sale

May 17, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 227,333-square-foot-Eagle Plaza, a grocery-anchored shopping center in in Voorhees Township, New Jersey. “Anchored by Albertsons’ subsidiary Acme Markets for over 40 years, Eagle Plaza is the area’s dominant grocery-anchored shopping center,” said Brad Nathanson, IPA senior managing... The post Institutional Property Advisors Closes New Jersey Grocery-Anchored Shopping Center Sale appeared first on Real Estate Weekly. May 17, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 227,333-square-foot-Eagle Plaza, a grocery-anchored shopping center in in Voorhees Township, New Jersey. “Anchored by Albertsons’ subsidiary Acme Markets for over 40 years, Eagle Plaza is the area’s dominant grocery-anchored shopping center,” said Brad Nathanson, IPA senior managing director investments. “Previous ownership invested significant capital to improve the center’s curb appeal by delivering new modern village-looking facades that drove significant interest in the property. The availability nationally of grocery-anchored shopping centers with a major value add opportunity within infill high income submarkets of a major city center are rare, contributing to the tremendous demand that was seen on Eagle Plaza.” Nathanson represented the seller, Hutensky Capital Partners, and procured the buyer, First National Realty Partners. Constructed in 1977 and renovated over the past five years, Eagle Plaza is anchored by Acme Markets and Ross and is located at Voorhees Township’s main intersection, which is shared by a recently renovated Target, Chick-fil-A, Royal Farms, AMC Theatre, and Edge Fitness. Located 20 miles east of Philadelphia, Voorhees Township is an affluent Southern New Jersey community adjacent to Cherry Hill and Marlton. There are over 80,000 people within three miles of Eagle Plaza and the average annual household income is more than $120,000. The post Institutional Property Advisors Closes New Jersey Grocery-Anchored Shopping Center Sale appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 19th, 2022Related News

Brookfield Properties, Park Tower Group announce grand opening and resident move-ins at mixed-income Waterfront Tower, The Bellslip

Brookfield Properties, Park Tower Group announce grand opening and resident move-ins at mixed-income Waterfront Tower, The Bellslip.....»»

Category: realestateSource: REALESTATEWEEKLYMay 19th, 2022Related News

Bell Works Chicagoland Announces Heritage-Crystal Clean as Latest Office Tenant 39,000-SF Office Lease

Bell Works Chicagoland, the former AT&T corporate campus and Chicagoland’s first ‘metroburb’ —  a self-contained metropolis in suburbia — today announced it has signed an 11-year lease with Heritage-Crystal Clean (HCC), Inc. (Nasdaq: HCCI), marking the company as the building’s largest tenant to date.  Bell Works Chicagoland will become home... The post Bell Works Chicagoland Announces Heritage-Crystal Clean as Latest Office Tenant 39,000-SF Office Lease appeared first on Real Estate Weekly. Bell Works Chicagoland, the former AT&T corporate campus and Chicagoland’s first ‘metroburb’ —  a self-contained metropolis in suburbia — today announced it has signed an 11-year lease with Heritage-Crystal Clean (HCC), Inc. (Nasdaq: HCCI), marking the company as the building’s largest tenant to date.  Bell Works Chicagoland will become home to HCC’s national headquarters in August 2022. The publicly-traded environmental products and services company will occupy one full quadrant on the building’s third floor, consisting of 32,000 square feet, plus an additional 7,000 square feet of space on an adjacent quadrant. Its offices will be designed by NELSON Worldwide. “The continued interest we’re seeing for our thoughtfully designed spaces is a testament to the needs and priorities of today’s workforce,” said Ralph Zucker, President of Somerset Development, the developer behind Bell Works Chicagoland. “Companies are proactively seeking environments that not only enable their teams to flourish, work collaboratively, and think creatively, but also reflect the core values of their business. Like us, HCC is a company with a deep passion for sustainability and innovation, and we’re excited to welcome them as the newest tenant at our growing metroburb.” Founded with just 12 employees in 1999,  HCC will bring its team of 180 workers from its longtime home in Elgin, Illinois, to the metroburb. The space will support the core functions of the company while simultaneously encompassing HCC’s sustainability-driven mission and the natural surroundings of Bell Works Chicagoland, which includes reclaimed wetlands. Notable features of the headquarters include four custom branding areas, two of which showcase HCC logos made completely out of recycled materials, a testament to HCC’s brand, while the remaining two represent HCC’s vision, mission, values, and customer experience. The floor plan and interior design were thoughtfully prepared to integrate the workspace with the concept of nature and walking through a wooded path, offering employees access to daylight with ergonomic sit/stand desks and chairs placed along the exterior of the layout. A large cafe for gathering and entertainment will be equipped with a ping pong table, TV, and multiple seating arrangements. There will also be built-in cupboards for recycling glass, plastic, paper, and batteries throughout, keeping sustainability a priority on all levels. Customized meeting areas from individual niches to medium-sized conference rooms and a large-scale boardroom will promote flexibility and collaboration throughout the space. “As a National Environmental Services Company dedicated to sustainability and corporate social responsibility, Bell Works Chicagoland was a natural fit when deciding where to relocate our headquarters,” said Brian Recatto, President and CEO at HCC. “The metroburb encompasses all of the priorities and preferences of our team — from highly collaborative, open spaces to flourishing natural light and the surrounding nature-filled landscape. Located just a short distance from our original headquarters, the space will be conveniently located for our staff and set us up for continued long-term success.” Founded in 1999, HCC is a leading provider of parts cleaning, hazardous and non-hazardous waste services, used oil re-refining, antifreeze recycling and field services primarily focused on small and mid-sized customers. Today, the company has approximately 1,400 employees nationwide, with 120 locations and 91 branches across 47 states.  In 2021, Bell Works announced Platinum Home Mortgage (‘PHMC’) signed a long-term lease to join the office community at Bell Works Chicagoland. The company now occupies 22,000 square feet spread across three dedicated office spaces at the metroburb. Headline Solar also recently joined Bell Works’ growing list of office tenants, and occupies 15,690 square feet with another 15,000 square feet available for potential expansion. Other occupants include CPA Advisors Group, a boutique full-service accounting firm; Mosquito Hunters, a locally-owned residential and commercial mosquito control company; and The Next Unicorn, an equity crowdfunding firm. Recently, Bell Works Chicagoland also celebrated the grand opening of coLab, the official coworking membership experience at the property. Spread across 15,000 square feet, the new coworking facility offers flexible lease terms and workspaces, including access to dedicated conference and meeting rooms, lounges, and state-of-the-art amenities. coLab was designed by Paola Zamudio and her team at NPZ Style & Decor, who also led the transformation of the interior at the metroburb.   The metroburb additionally features 60,000 square feet of ground-floor retail and restaurant space, which provides both members and visitors alike with an eclectic mix of dining and entertainment options. Local Chicago favorite Fairgrounds Craft Coffee and Tea also opened at the campus earlier this year.  Sven Sykes, Executive Vice President at Colliers International, represented HCC in the transaction. Steve Kling, Principal at Colliers International, represented Bell Works Chicagoland in the transaction.  For office leasing inquiries at Bell Works Chicagoland please contact Steve Kling at Steve.Kling@colliers.com or Tara Keating at keating@garibaldi.com. To learn more about Bell Works Chicagoland, visit bell.works/chicagoland. The post Bell Works Chicagoland Announces Heritage-Crystal Clean as Latest Office Tenant 39,000-SF Office Lease appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYMay 19th, 2022Related News