News Briefs
Bidders Circle Urban Corp.
Aug 21, 2008
Bidders are circling Japan's Urban Corp., according to a Bloomberg News report. Sources tell the news agency that there might be 10 firms interested, including Merrill Lynch & Co. The Japanese real-estate firm has $4.4 billion of assets. Urban has a debt of $2.3 billion and took steps to protect itself from creditors Aug. 13.
Bidders are circling Japan's Urban Corp., according to a Bloomberg News report. Sources tell the news agency that there might be 10 firms interested, including Merrill Lynch & Co. The Japanese real-estate firm has $4.4 billion of assets. Urban has a debt of $2.3 billion and took steps to protect itself from creditors Aug. 13.
Tri-City Electrical Contractors to Build 400,000-SF Support Center in Orlando
Aug 21, 2008
The Central Florida commercial division of Tri-City Electrical Contractors Inc. is under way on $8 million of work at Darden Restaurants’ new 400,000-square-foot LEED-certified Support Center as well as 16,284-square-foot LEED-certified Data Center, both located on Taft-Vineland Road in Orlando, Fla., under its contract with Hardin Construction. The projects are slated for completion in December 2009 and December 2008 respectively.
The Central Florida commercial division of Tri-City Electrical Contractors Inc. is under way on $8 million of work at Darden Restaurants’ new 400,000-square-foot LEED-certified Support Center as well as 16,284-square-foot LEED-certified Data Center, both located on Taft-Vineland Road in Orlando, Fla., under its contract with Hardin Construction. The projects are slated for completion in December 2009 and December 2008 respectively.
Neal Joins GVA Advantis as Chairman
Aug 20, 2008
GVA Advantis said today that Jeffrey Neal has joined the company as chairman. Most recently, he was the co-founder and principal of the Washington-based real estate development company Monument Realty. In addition, the headquarters of GVA Advantis has moved from Atlanta to Washington, D.C. Richard Pogue, former president of Koll Northern California and chairman of CBRE’s Canadian operations, is the new president and CEO of GVA Advantis and provides proven leadership immediately.
GVA Advantis said today that Jeffrey Neal has joined the company as chairman. Most recently, he was the co-founder and principal of the Washington-based real estate development company Monument Realty. In addition, the headquarters of GVA Advantis has moved from Atlanta to Washington, D.C. Richard Pogue, former president of Koll Northern California and chairman of CBRE’s Canadian operations, is the new president and CEO of GVA Advantis and provides proven leadership immediately.
Cushman & Wakefield Sonnenblick Goldman Expands U.S. Platform
Aug 20, 2008
As the real estate investment market continues to be challenged by credit and liquidity issues, Cushman & Wakefield Sonnenblick Goldman has announced it will expand its U.S. platform into new markets to help meet increasing demand for access to debt and equity capital sources. The firm, formed after Cushman & Wakefield’s acquisition of a majority interest in real estate investment banking specialist Sonnenblick Goldman in 2007, is expanding its operations to Los Angeles and Atlanta this month. Headquartered in New York, the firm’s current offices also include San Francisco, Boston, Chicago and Washington, D.C. The two new offices are already under the Cushman & Wakefield banner, but will now include Cushman & Wakefield Sonnenblick Goldman’s investment banking teams
As the real estate investment market continues to be challenged by credit and liquidity issues, Cushman & Wakefield Sonnenblick Goldman has announced it will expand its U.S. platform into new markets to help meet increasing demand for access to debt and equity capital sources. The firm, formed after Cushman & Wakefield’s acquisition of a majority interest in real estate investment banking specialist Sonnenblick Goldman in 2007, is expanding its operations to Los Angeles and Atlanta this month. Headquartered in New York, the firm’s current offices also include San Francisco, Boston, Chicago and Washington, D.C. The two new offices are already under the Cushman & Wakefield banner, but will now include Cushman & Wakefield Sonnenblick Goldman’s investment banking teams
ML Realty, RREEF in Dallas-Ft. Worth Deal
Aug 20, 2008
An eight-building industrial portfolio changed hands as ML Realty Partners took 1.34 million square feet from RREEF Real Estate in the Fort Worth area, according to a report broken in The Dallas Morning News. The price was said to be $60 million. The space was at Centreport Business Park in Fort Worth and Valwood Industrial Park in Carrollton.
An eight-building industrial portfolio changed hands as ML Realty Partners took 1.34 million square feet from RREEF Real Estate in the Fort Worth area, according to a report broken in The Dallas Morning News. The price was said to be $60 million. The space was at Centreport Business Park in Fort Worth and Valwood Industrial Park in Carrollton.
Extell Development Puts Manhattan Retail on Block
Aug 20, 2008
A retail co-op occupied by Duane Reade in New York City is being put on the block by Extell Development, according to Eastern Consolidated, which is acting on behalf of the seller. The asking price is $17.4 million, which comes to a 5.75 cap rate. The co-op consists of a 6,900-square-foot ground floor store with a 5,400-square-foot basement. It is at 1235 Lexington Ave. Eastern Consolidated's Eric Anton, Ronald Solarz, David Schechtman, Paul Nigido and Benjamin Fishkind are marketing the retail co-op. Duane Reade is on a 20-year lease with 12 percent rent increases every five years. The co-op is on the ground floor of a 14-story luxury high-rise residential building.
A retail co-op occupied by Duane Reade in New York City is being put on the block by Extell Development, according to Eastern Consolidated, which is acting on behalf of the seller. The asking price is $17.4 million, which comes to a 5.75 cap rate. The co-op consists of a 6,900-square-foot ground floor store with a 5,400-square-foot basement. It is at 1235 Lexington Ave. Eastern Consolidated's Eric Anton, Ronald Solarz, David Schechtman, Paul Nigido and Benjamin Fishkind are marketing the retail co-op. Duane Reade is on a 20-year lease with 12 percent rent increases every five years. The co-op is on the ground floor of a 14-story luxury high-rise residential building.
Equity International Brazilian Logistics Investment
Aug 20, 2008
Equity International, the privately-held investment company focused on real estate-related businesses operating outside of the United States, has announced the closing of a $100 million commitment in AGV Logística, a privately-held logistics company based in Sao Paulo, Brazil. With this investment, Equity International now has four portfolio companies in Brazil. Founded in 1999, AGV develops and executes integrated logistics solutions. The firm operates 30 facilities in 11 states across Brazil. Most notably, in December 2007, AGV opened the largest and most modern warehouse in Latin America, located in Vinhedo, Sao Paulo, a built-to-suit facility that includes multiple storage zones and office space that houses AGV’s headquarters. This property is owned by BRACOR, a privately-held corporate real estate company, also affiliated with Equity International.
Equity International, the privately-held investment company focused on real estate-related businesses operating outside of the United States, has announced the closing of a $100 million commitment in AGV Logística, a privately-held logistics company based in Sao Paulo, Brazil. With this investment, Equity International now has four portfolio companies in Brazil. Founded in 1999, AGV develops and executes integrated logistics solutions. The firm operates 30 facilities in 11 states across Brazil. Most notably, in December 2007, AGV opened the largest and most modern warehouse in Latin America, located in Vinhedo, Sao Paulo, a built-to-suit facility that includes multiple storage zones and office space that houses AGV’s headquarters. This property is owned by BRACOR, a privately-held corporate real estate company, also affiliated with Equity International.
Omega Opportunity Fund I to Launch, Focus on Quality Development Projects
Aug 20, 2008
Omega Commercial Finance Corp. is creating and will soon launch Omega Opportunity Fund I L.L.P., it has announced. The new fund will focus on distressed commercial real estate development projects that have been delayed, or in some cases, temporarily halted in the United States and Canada. The fund has already identified multiple high-end office, hotel, retail, and multi-family opportunities. Among the specific criteria for the fund, a development must be prepared for immediate vertical construction, with a proven development team in place. The exit strategy of the fund, since their “cost of capital” to the borrowers will exceed standard bank rates, is to allow Omega’s lending arm the ability to structure the permanent financing. Omega Commercial Finance has also agreed to work exclusivity with AJM Development Inc., a development firm based in Arizona, to identify quality projects that fit its requirements. Andrew McAdams, president of AJM, has worked with Omega on this project over the past year. Collectively, they have locked-up $2.1 billion in projects ranging from hotel developments located in major metropolitan areas to Class A office developments and waterfront developments with retail as the majority core assets. Also, Omega, with the assistance of AJM, has arranged up to $360 million dollars of capital through letters of intent, in order to launch the fund, and both anticipate capitalizing the fund with up to $1 billion dollars by year end.
Omega Commercial Finance Corp. is creating and will soon launch Omega Opportunity Fund I L.L.P., it has announced. The new fund will focus on distressed commercial real estate development projects that have been delayed, or in some cases, temporarily halted in the United States and Canada. The fund has already identified multiple high-end office, hotel, retail, and multi-family opportunities. Among the specific criteria for the fund, a development must be prepared for immediate vertical construction, with a proven development team in place. The exit strategy of the fund, since their “cost of capital” to the borrowers will exceed standard bank rates, is to allow Omega’s lending arm the ability to structure the permanent financing. Omega Commercial Finance has also agreed to work exclusivity with AJM Development Inc., a development firm based in Arizona, to identify quality projects that fit its requirements. Andrew McAdams, president of AJM, has worked with Omega on this project over the past year. Collectively, they have locked-up $2.1 billion in projects ranging from hotel developments located in major metropolitan areas to Class A office developments and waterfront developments with retail as the majority core assets. Also, Omega, with the assistance of AJM, has arranged up to $360 million dollars of capital through letters of intent, in order to launch the fund, and both anticipate capitalizing the fund with up to $1 billion dollars by year end.
South Pacific Development Group Secures Land Lease for $450 Million Samoan Resort
Aug 20, 2008
Hawaii-based South Pacific Development Group has obtained a 120-year lease for 600 acres of prime oceanfront land on Savaii Island in Samoa to develop the Sasina Village Resort. The luxury resort's first phase will feature a hotel, timeshare units, championship golf course, and cultural center to be followed in later phases by additional hotels, private residences and a recreational marina. The overall development cost is estimated at $450-500 million. SPDG CEO Jesse James and Faumuina Liuga Tiatia, Minister of Natural Resources and Environment, recently signed the land lease agreement in Apia, Samoa. SPDG is now meeting with potential hotel partners, co-developers and investors interested in having a financial stake in its development projects.
Hawaii-based South Pacific Development Group has obtained a 120-year lease for 600 acres of prime oceanfront land on Savaii Island in Samoa to develop the Sasina Village Resort. The luxury resort's first phase will feature a hotel, timeshare units, championship golf course, and cultural center to be followed in later phases by additional hotels, private residences and a recreational marina. The overall development cost is estimated at $450-500 million. SPDG CEO Jesse James and Faumuina Liuga Tiatia, Minister of Natural Resources and Environment, recently signed the land lease agreement in Apia, Samoa. SPDG is now meeting with potential hotel partners, co-developers and investors interested in having a financial stake in its development projects.
DebtX to Sell $292M in Loans
Aug 20, 2008
DebtX has announced that it will sell approximately $292 million in non-performing residential real estate loans. The portfolio will be offered in 19 separate pools and will bid on September 18, 2008. The loans were originally made by a commercial bank as portfolio loans, primarily in 2006. The portfolio contains the following concentrations: $100 million in Florida, $40 million in California, $26 million in Massachusetts, $16 million in Arizona and $16 million in Nevada. The loans are 95 percent adjustable rate, and 95 percent of the properties are owner-occupied.
DebtX has announced that it will sell approximately $292 million in non-performing residential real estate loans. The portfolio will be offered in 19 separate pools and will bid on September 18, 2008. The loans were originally made by a commercial bank as portfolio loans, primarily in 2006. The portfolio contains the following concentrations: $100 million in Florida, $40 million in California, $26 million in Massachusetts, $16 million in Arizona and $16 million in Nevada. The loans are 95 percent adjustable rate, and 95 percent of the properties are owner-occupied.
Skinner Announces Move to Marlborough, Mass.
Aug 20, 2008
Skinner Inc., the auction house, has announced it will move from its long-time Bolton, Mass. gallery to a new facility located at 274 Cedar Hill Street in Marlborough, Mass. This newly purchased site will host the auction house's corporate offices, suburban auction gallery, and warehouse. Currently, Skinner has galleries in Boston and Bolton, Mass. and a leased warehouse in nearby Hudson, Mass. The new 69,000 square foot space, on five acres, is approximately three times the size of its Bolton building, and accommodates parking for 200 cars. Located near the junction of Interstate 495 and the Massachusetts Turnpike, the new location is some seven miles closer to Skinner's Boston gallery.
Skinner Inc., the auction house, has announced it will move from its long-time Bolton, Mass. gallery to a new facility located at 274 Cedar Hill Street in Marlborough, Mass. This newly purchased site will host the auction house's corporate offices, suburban auction gallery, and warehouse. Currently, Skinner has galleries in Boston and Bolton, Mass. and a leased warehouse in nearby Hudson, Mass. The new 69,000 square foot space, on five acres, is approximately three times the size of its Bolton building, and accommodates parking for 200 cars. Located near the junction of Interstate 495 and the Massachusetts Turnpike, the new location is some seven miles closer to Skinner's Boston gallery.
Charles Dunn Opens Orange County Office
Aug 20, 2008
GVA Worldwide partner Charles Dunn Co. is setting its sights on Orange County--it has just opened a new office there, it has announced. GVA Charles Dunn and the Advisory Services group has taken their offices at Knobbe Martens building at Main Plaza in Irvine. Co-located with the Advisory Services group is Charles Dunn Real Estate Services, the property management group that has relocated from Newport Beach. Greg Bendis, Managing Director of the Advisory Services group said the Irvine office will offer a different model than other Charles Dunn offices. “Unlike other offices, where brokers pursue landlord rep, tenant rep and investment assignments, this office will focus exclusively on a managed approach to representing clients that use and occupy commercial real estate in their business.” The approach is one he calls a "Client Services Model." This methodology lets the firm develop and conduct real estate strategies for companies with complex and multi-market real estate needs.
GVA Worldwide partner Charles Dunn Co. is setting its sights on Orange County--it has just opened a new office there, it has announced. GVA Charles Dunn and the Advisory Services group has taken their offices at Knobbe Martens building at Main Plaza in Irvine. Co-located with the Advisory Services group is Charles Dunn Real Estate Services, the property management group that has relocated from Newport Beach. Greg Bendis, Managing Director of the Advisory Services group said the Irvine office will offer a different model than other Charles Dunn offices. “Unlike other offices, where brokers pursue landlord rep, tenant rep and investment assignments, this office will focus exclusively on a managed approach to representing clients that use and occupy commercial real estate in their business.” The approach is one he calls a "Client Services Model." This methodology lets the firm develop and conduct real estate strategies for companies with complex and multi-market real estate needs.
Armstrong to Head Franchise Development at NYLO Hotels, Plans Expansion
Aug 20, 2008
Charles Armstrong has joined NYLO Hotels L.L.C. as senior vice president of franchise development, the company has announced. Plans call for the firm to add 50 properties either completed or under development by 2011. Armstrong has been a vice president for development for Hyatt Select Hotels Group. Armstrong had also been with U.S. Franchise Systems, then a subsidiary of Hyatt Hotel Corp., Hawthorn Suites, Candlewood Hotel Co., and Cendant Corp., which is now Wyndham Worldwide.
Charles Armstrong has joined NYLO Hotels L.L.C. as senior vice president of franchise development, the company has announced. Plans call for the firm to add 50 properties either completed or under development by 2011. Armstrong has been a vice president for development for Hyatt Select Hotels Group. Armstrong had also been with U.S. Franchise Systems, then a subsidiary of Hyatt Hotel Corp., Hawthorn Suites, Candlewood Hotel Co., and Cendant Corp., which is now Wyndham Worldwide.
NYU Buys Gramercy Green for $275M
Aug 19, 2008
New York University acquired Gramercy Green condo building from J.D. Carlisle for $275 million with plans to convert the 21-story property into a dorm, The Real Deal reported. The building is located at 310 Third Avenue.
New York University acquired Gramercy Green condo building from J.D. Carlisle for $275 million with plans to convert the 21-story property into a dorm, The Real Deal reported. The building is located at 310 Third Avenue.
Elk Crossing Shopping Center Sold in Chicago Suburb
Aug 19, 2008
Mid-America Real Estate Corp.'s Investment Sales Group of Oakbrook Terrace, Ill., announced the sale of Elk Crossing, a 121,507-square-foot grocery-anchored shopping center in Elk Grove Village, a northwest suburb of Chicago. The buyer, Los Angeles-based Westwood Financial Corp., purchased the center from an affiliate of the General Electric Pension Trust, advised by GE Asset Management. Mid-America Principal Rick Drogosz represented both the seller and the buyer in the transaction. Elk Crossing is anchored by a recently remodeled Jewel-Osco and complemented by national and regional specialty retailers that include Panera Bread, Bath & Body Works, Citibank, RadioShack, and GNC. The center is located on the northwest corner of Biesterfield Road and Arlington Heights Road.
Mid-America Real Estate Corp.'s Investment Sales Group of Oakbrook Terrace, Ill., announced the sale of Elk Crossing, a 121,507-square-foot grocery-anchored shopping center in Elk Grove Village, a northwest suburb of Chicago. The buyer, Los Angeles-based Westwood Financial Corp., purchased the center from an affiliate of the General Electric Pension Trust, advised by GE Asset Management. Mid-America Principal Rick Drogosz represented both the seller and the buyer in the transaction. Elk Crossing is anchored by a recently remodeled Jewel-Osco and complemented by national and regional specialty retailers that include Panera Bread, Bath & Body Works, Citibank, RadioShack, and GNC. The center is located on the northwest corner of Biesterfield Road and Arlington Heights Road.
Embassy Suites Announces Largest Development Pipeline in Brand's 24-Year History
Aug 19, 2008
Embassy Suites Hotels, currently with 192 hotels, is experiencing its strongest development pipeline in the brand’s 24-year history. Currently 62 franchised hotels are scheduled to open in the next three years, many of which will be Design Option III prototype. The Embassy Suites Atlanta-Kennesaw Town Center will open in 2009. The Design Option III prototype allows developers to build an Embassy Suites on less land, with more efficient use of space and lower construction costs. The first Design Option III hotel, the Embassy Suites Jackson-Ridgeland, is scheduled to open in November 2008, and will mark the brand’s entrance into the state of Mississippi.
Embassy Suites Hotels, currently with 192 hotels, is experiencing its strongest development pipeline in the brand’s 24-year history. Currently 62 franchised hotels are scheduled to open in the next three years, many of which will be Design Option III prototype. The Embassy Suites Atlanta-Kennesaw Town Center will open in 2009. The Design Option III prototype allows developers to build an Embassy Suites on less land, with more efficient use of space and lower construction costs. The first Design Option III hotel, the Embassy Suites Jackson-Ridgeland, is scheduled to open in November 2008, and will mark the brand’s entrance into the state of Mississippi.
NorthMarq Arranges $45M Mortgage for Palm Grove Center
Aug 19, 2008
NorthMarq Capital Inc.’s Los Angeles regional office arranged first mortgage financing of $45 million for Palm Grove Center located in Redlands, Calif. Currently the retail property contains 245,052 square feet and upon completion of the last phase, a total of 251,052 square feet. Major tenants in the center include JC Penney and Babies/Toys R Us. Financing was based on a 3-year interest only term with two 1-year extensions and was arranged for the borrowers, Orange County based private investors, by NorthMarq through its relationship with a large regional bank.
NorthMarq Capital Inc.’s Los Angeles regional office arranged first mortgage financing of $45 million for Palm Grove Center located in Redlands, Calif. Currently the retail property contains 245,052 square feet and upon completion of the last phase, a total of 251,052 square feet. Major tenants in the center include JC Penney and Babies/Toys R Us. Financing was based on a 3-year interest only term with two 1-year extensions and was arranged for the borrowers, Orange County based private investors, by NorthMarq through its relationship with a large regional bank.
Teen Retailer Buys Office Space in Manhattan
Aug 19, 2008
rue21, a leading specialty value teen retailer for girls and guys is on the move in New York City. The 400 plus store retailer has acquired and customized a 3,800-square-foot office located in the Fashion District. The office space is located at 1071 Avenue of the Americas, directly across from Bryant Park. Most recently, rue21 inc. celebrated their headquarters expansion in Warrendale, Pa., increasing the size of the facility to 53,000 square feet and also the grand opening of their 400th store in Zachary, LA. The company plans to open 100 stores this year. The stores are located in community strip centers, regional malls and outlet centers.
rue21, a leading specialty value teen retailer for girls and guys is on the move in New York City. The 400 plus store retailer has acquired and customized a 3,800-square-foot office located in the Fashion District. The office space is located at 1071 Avenue of the Americas, directly across from Bryant Park. Most recently, rue21 inc. celebrated their headquarters expansion in Warrendale, Pa., increasing the size of the facility to 53,000 square feet and also the grand opening of their 400th store in Zachary, LA. The company plans to open 100 stores this year. The stores are located in community strip centers, regional malls and outlet centers.
Kosmos Energy Signs Lease at Park Lane in Dallas
Aug 19, 2008
Harvest Partners said today that Kosmos Energy L.L.C. has signed an office lease for more than 50,000 square feet at Park Lane, a 33.5-acre mixed-use development currently
under construction in Dallas. This marks the first office lease signed in one of the new buildings at Park Lane. The new office space will be located within the core of the development.
Harvest Partners said today that Kosmos Energy L.L.C. has signed an office lease for more than 50,000 square feet at Park Lane, a 33.5-acre mixed-use development currently
under construction in Dallas. This marks the first office lease signed in one of the new buildings at Park Lane. The new office space will be located within the core of the development.
The Orbach Group Acquires Miry Run Apartments in New Jersey
Aug 19, 2008
The Orbach Group has purchased the Miry Run Apartments, a nine-building complex housing 144 units. The acquisition is the second Hamilton, N.J. property in the company’s portfolio, joining Victoria Apartments, bringing the Hamilton total to 460 units. The Miry Run Apartments complex consists of one- and two-bedroom units. The Orbach Group will make minor renovations throughout the complex. The company's other Hamilton property – the 316- unit Victoria Apartments – was purchased three years ago. The firm has been active in Mercer County. The acquisition of Miry Run increases the company’s holdings in the Princeton corridor to more than 1,000 units. In addition to these two apartment complexes, The Orbach Group owns a portfolio of residential properties spanning New Jersey in areas including Cherry Hill, Lakewood, Ewing and Hackensack. The firm recently expanded its presence in the Northeast by entering the New York City real estate market with the purchase of 13 buildings on West 49th Street in Manhattan across the street from World Wide Plaza. The buildings contain a total of 254 units of residential and a number of storefronts.
The Orbach Group has purchased the Miry Run Apartments, a nine-building complex housing 144 units. The acquisition is the second Hamilton, N.J. property in the company’s portfolio, joining Victoria Apartments, bringing the Hamilton total to 460 units. The Miry Run Apartments complex consists of one- and two-bedroom units. The Orbach Group will make minor renovations throughout the complex. The company's other Hamilton property – the 316- unit Victoria Apartments – was purchased three years ago. The firm has been active in Mercer County. The acquisition of Miry Run increases the company’s holdings in the Princeton corridor to more than 1,000 units. In addition to these two apartment complexes, The Orbach Group owns a portfolio of residential properties spanning New Jersey in areas including Cherry Hill, Lakewood, Ewing and Hackensack. The firm recently expanded its presence in the Northeast by entering the New York City real estate market with the purchase of 13 buildings on West 49th Street in Manhattan across the street from World Wide Plaza. The buildings contain a total of 254 units of residential and a number of storefronts.
Harcourt Lawsuit Dismissed
Aug 18, 2008
The charges against Harcourt Developments have been dropped, following a judge's ruling that the complaints were not supported. Harcourt Nevada, Harcourt Developments' U.S. subsidiary, will go ahead with its Nevada-based mixed-use project. The Sullivan Square, which is located six miles from the Strip, will have 1,300 apartments, office buildings, a 1.5-acre park and 25 shops.
The charges against Harcourt Developments have been dropped, following a judge's ruling that the complaints were not supported. Harcourt Nevada, Harcourt Developments' U.S. subsidiary, will go ahead with its Nevada-based mixed-use project. The Sullivan Square, which is located six miles from the Strip, will have 1,300 apartments, office buildings, a 1.5-acre park and 25 shops.
RFP Closes 86,000 SF of Renewals, Expansions at RiverEdge in Atlanta
Aug 18, 2008
RFP Mainstreet RiverEdge L.L.C. has closed more than 86,000 square feet of renewals and expansions at its RiverEdge office development in Atlanta’s Northwest submarket. The firm was represented by Jones Lang LaSalle. RFP Mainstreet RiverEdge acquired RiverEdge, a two-building, nearly 500,000-square-foot office complex, last year. The development is located in Fulton County near the Chattahoochee River and the Cumberland/Galleria area and is 80 percent leased.The transactions include:
IntercontinentalExchange Inc’s. renewal and expansion for a total of 59,938 square feet of Class A office space at 2100 RiverEdge Parkway. ICE expanded by 15,274 square feet, and was represented by Kerry Davidsen of CB Richard Ellis.
DWI Holdings Inc.’s renewal of 8,294 square feet at 2100 RiverEdge Parkway, a 263,281-square-foot office building. The textile holding firm chose to keep its headquarters at RiverEdge and was represented by Jim Devaney of NAI Brannen Goddard.
Pactiv Corp. also chose to renew its 7,782-square-foot lease at 2100 RiverEdge. The consumer and food products packaging company, which is based in suburban Chicago, was represented by John O’Neill and Ryan Irvine of Cushman & Wakefield.
Locally based Raymond Walker Co., which designs and develops manufacturing and industrial properties, renewed its lease for 6,933 square feet at 2100 RiverEdge, which will remain the firm’s headquarters, and was represented by Rob Binion of LaVista Associates.
At 2000 RiverEdge Parkway, Des Moines, Iowa-based Principal Life Insurance Co. expanded its lease by 3,080 square feet for a total of 24,561 square feet and was represented by Lauren August of Terrus Real Estate Group.
RFP Mainstreet RiverEdge L.L.C. has closed more than 86,000 square feet of renewals and expansions at its RiverEdge office development in Atlanta’s Northwest submarket. The firm was represented by Jones Lang LaSalle. RFP Mainstreet RiverEdge acquired RiverEdge, a two-building, nearly 500,000-square-foot office complex, last year. The development is located in Fulton County near the Chattahoochee River and the Cumberland/Galleria area and is 80 percent leased.The transactions include:
IntercontinentalExchange Inc’s. renewal and expansion for a total of 59,938 square feet of Class A office space at 2100 RiverEdge Parkway. ICE expanded by 15,274 square feet, and was represented by Kerry Davidsen of CB Richard Ellis.
DWI Holdings Inc.’s renewal of 8,294 square feet at 2100 RiverEdge Parkway, a 263,281-square-foot office building. The textile holding firm chose to keep its headquarters at RiverEdge and was represented by Jim Devaney of NAI Brannen Goddard.
Pactiv Corp. also chose to renew its 7,782-square-foot lease at 2100 RiverEdge. The consumer and food products packaging company, which is based in suburban Chicago, was represented by John O’Neill and Ryan Irvine of Cushman & Wakefield.
Locally based Raymond Walker Co., which designs and develops manufacturing and industrial properties, renewed its lease for 6,933 square feet at 2100 RiverEdge, which will remain the firm’s headquarters, and was represented by Rob Binion of LaVista Associates.
At 2000 RiverEdge Parkway, Des Moines, Iowa-based Principal Life Insurance Co. expanded its lease by 3,080 square feet for a total of 24,561 square feet and was represented by Lauren August of Terrus Real Estate Group.
Olympic Village in Beijing Earns LEED Gold Certification
Aug 18, 2008
The plan for the Olympic Village in Beijing, the temporary home to 17,000 athletes from around the world, has been awarded LEED-Gold certification by the U.S. Green Building Council under its pilot LEED for Neighborhood Development certification program. The Beijing Olympic Village is the first Olympic Village to receive LEED certification, and as part of the pilot program, it is one of only eight developments – and the first international project – to thus far achieve ertification under LEED for Neighborhood Development. The pilot program began with a call for pilot projects in early 2007. Nearly 240 projects from 39 states and six countries are now registered to participate in the pilot program.
The plan for the Olympic Village in Beijing, the temporary home to 17,000 athletes from around the world, has been awarded LEED-Gold certification by the U.S. Green Building Council under its pilot LEED for Neighborhood Development certification program. The Beijing Olympic Village is the first Olympic Village to receive LEED certification, and as part of the pilot program, it is one of only eight developments – and the first international project – to thus far achieve ertification under LEED for Neighborhood Development. The pilot program began with a call for pilot projects in early 2007. Nearly 240 projects from 39 states and six countries are now registered to participate in the pilot program.
$70M All-Suite Hotel Debuts Near Disney World in Orlando
Aug 15, 2008
The Mona Lisa Suite Hotel has opened its doors in Celebration, Fla., adding 240 guest rooms to the market surrounding Walt Disney World. Developed by Mona Lisa at Celebration L.L.C., an affiliate of Aix en Provence-based Mona Lisa Group, the hotel sits at the intersection of I-4 and U.S. Highway 192, just two miles from Orlando International Airport. Adjmi Architects of New York City was the architect on the project, which was designed to achieve Florida Department of Environmental Protection Green Lodging Program certification. For Mona Lisa Group, completion of the property marks the international condo-hotel developer's entrée into the U.S. market. Graves World Hospitality is on board to manage the hotel.
The Mona Lisa Suite Hotel has opened its doors in Celebration, Fla., adding 240 guest rooms to the market surrounding Walt Disney World. Developed by Mona Lisa at Celebration L.L.C., an affiliate of Aix en Provence-based Mona Lisa Group, the hotel sits at the intersection of I-4 and U.S. Highway 192, just two miles from Orlando International Airport. Adjmi Architects of New York City was the architect on the project, which was designed to achieve Florida Department of Environmental Protection Green Lodging Program certification. For Mona Lisa Group, completion of the property marks the international condo-hotel developer's entrée into the U.S. market. Graves World Hospitality is on board to manage the hotel.
Suburban San Diego Office Building Trades in $25M Deal
Aug 15, 2008
A $25 million transaction has left Mira Oberlin Plaza in Sorrento Mesa, Calif., with a new owner. Pacific Sorrento L.L.C. acquired the 77,300-square-foot office building from Westcore Oberlin L.L.C., an entity of Westcore Properties. The sales price included the buyer's assumption of a $10 million loan from Midland Loan Services. Located at 5880 Oberlin Dr., Oberlin Plaza sits within 15 miles of San Diego. Westcore's disposition of the property comes three years after the company purchased it. At that time, Advanced Marketing Systems was leasing the entire building, but the company's bankruptcy left Oberlin Plaza vacant--albeit for a relatively short period. Advanced Marketing made its exit in August 2007 and Westcore inked a long-term lease deal for the space with Qualcomm in December. Westcore relied on internal representation in the Oberlin Plaza sale, while Pacific Sorrento turned to real estate services firm Sperry Van Ness.
A $25 million transaction has left Mira Oberlin Plaza in Sorrento Mesa, Calif., with a new owner. Pacific Sorrento L.L.C. acquired the 77,300-square-foot office building from Westcore Oberlin L.L.C., an entity of Westcore Properties. The sales price included the buyer's assumption of a $10 million loan from Midland Loan Services. Located at 5880 Oberlin Dr., Oberlin Plaza sits within 15 miles of San Diego. Westcore's disposition of the property comes three years after the company purchased it. At that time, Advanced Marketing Systems was leasing the entire building, but the company's bankruptcy left Oberlin Plaza vacant--albeit for a relatively short period. Advanced Marketing made its exit in August 2007 and Westcore inked a long-term lease deal for the space with Qualcomm in December. Westcore relied on internal representation in the Oberlin Plaza sale, while Pacific Sorrento turned to real estate services firm Sperry Van Ness.
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