Adrian Maties
Tower Point at the Highlands Sold for $23.7M to Greenfield Partners
Connecticut-based Greenfield Partners LLC has acquired Tower Point at the Highlands, a corporate campus, situated on 60-acres in Sparks, Maryland. The seller was Equus Capital Partners Ltd. The property sold for $23.7 million or $124 per square foot..
Tower Point is a 162,646-square-foot campus about 20 miles north of Baltimore. It includes two Class A office buildings located at 920 and 930 Ridgebrook Road. 920 Ridgebrook Road is the largest of the two buildings. It has three stories and 94,071 square feet of space. 930 Ridgebrook Road is a three-story building with 72,406 square feet of space. According to the campus’ website, a third three-story, 81,000 square foot Class A office building, 934 Ridgebrook Road, is a planned adjacent to 920 Ridgebrook Road. It is fully approved for development and available for lease and build-to-suit and expansion opportunities.
Clayco Details Plan for $110M Richmond Office Tower
Clayco has announced on January 30 a proposal to build Gateway Plaza, a new office building in the heart of Richmond’s business district. The Chicago-based national development and building firm has been active in Virginia. It recently completed Amazon’s new 1.1 million square-foot distribution center in Dinwiddie County
Gateway Plaza will be located between 8th and 9th Streets and Canal Street, in downtown Richmond. Clayco will build it on an existing 1.1-acre surface parking lot. Initial plans call for a 15-story building with 261,000 square feet of office space, more than 10,000 square feet of first-floor retail space and 520 parking spaces. Clayco is also looking into the possibility of expanding the project by up to six floors. Gateway Plaza will represent an investment of over $110 million. The project is designed to achieve LEED Gold certification
Akron’s Key Building to Hit the Auction Block; Canton’s Huntington Plaza Sold to Ameritrust
One of downtown Akron’s landmark office towers will soon hit the auction block. The Key Building will be offered at a public auction in late February through Auction.com.
The 11-story building was constructed in 1911. It sits on 0.42 acres at 159 S. Main St. According to Auction.com, the former KeyBank Building was 29.95% occupied as of October 31, 2012. It has 158,259 square feet of rentable space. In 1988, the building underwent renovations. The property is located next to many city attractions. Lock 3 Park, John S. Knight Center, and Canal Park are all nearby.
DunnhumbyUSA Breaks Ground on New Downtown Cincinnati HQ
DunhumbyUSA broke ground on Thursday, January 31, on its new headquarters building at Fifth and Race streets in downtown Cincinnati. Hundreds of people were present at the ground breaking ceremony. Among them, Cincinnati Mayor Mark Mallory and other city, state and company officials.
Dubbed the ”Dunnhumby Centre”, the new building will cost $122 million to build. It will sit in the heart of downtown and will have 280,000 square feet of office space, 30,000 square feet of street-level retail space and an above and below ground parking garage with 1,000 spaces.
Jefferson Apartment Group Starts Construction on 304-unit Apartment Community in Baltimore
The Jefferson Apartment Group broke ground last week on the Jefferson Square at Washington Hill, a mixed-use development that includes luxury residences and retail space. It is the company’s first major residential project in the Baltimore region and the second in the area.
Jefferson Square at Washington Hill is located just outside the gates of the Johns Hopkins medical campus, between N. Wolfe Street and N. Washington Street on E. Fayette Street. The five story mixed-use development will bring 304 residential units to the area, as well as 21,000 square feet of retail. The project will also include two private courtyards, a 405-space parking structure constructed to connect each level of the building to parking and several green building features.
901 New York Avenue Awarded LEED Gold Certification
The 901 New York Avenue office building, a skyscraper located at 901 New York Avenue, NW, in Washington, DC, has earned LEED-EB Gold Certification. The property is co-owned by Boston Properties and an institutional client advised by J.P. Morgan Asset Management.
Boston Properties developed the 11-story Class A office building in an effort to help revitalize the Mount Vernon Square neighborhood. It was completed in 2005, at a cost of $54 million. The 530,000-square-foot office building features four levels of below-grade parking, as well as 25,000 square feet of retail space on the ground floor. It was designed by Davis Carter Scott of McLean, Va. N.W. Clark Construction Group, LLC served as general contractor.
MRN Pre-Leases The Lofts at Rosetta Center
Apartment vacancies in downtown Cleveland are becoming harder and harder to find as office workers move in from the suburbs. According to the Downtown Cleveland Alliance, the occupancy rate is at 97% and has been rising steadily over past quarters. Luckily, developers have stepped up to answer this need. One such developer is MRN Ltd. The Cleveland-based developer has started pre-leasing the Lofts at Rosetta Center on January 15.
The 85 apartments are located in the 17-story Rosetta Center building, at 629 Euclid Avenue, just east of East 4th Street in the Gateway District. The cost of the massive renovation project was $17 million. It turned 72,000 square feet of little-used office space on five floors (four through nine) into much-needed housing. The state awarded the project a tax credit of $1.6 million last June.
Heidelberg Renovates Former Cooper Tire Facility, Preparing for Move-in
The Heidelberg Distributing Co. acquired the former Cooper Tire & Rubber Co. warehouse at 3601 Dryden Road on September 17, 2012. It paid $7.25 million for the 779,000-square-foot facility and is now getting ready to invest $21.2 million to renovate it, according to the Dayton Daily News.
Miller-Valentine Construction is developing the project. It includes the removal of an existing rail system that runs throughout the building that will require replacing approximately 125,000 square feet of concrete floor slab.
Mill Creek Starts Construction on 360-Unit Alexandria Apartment Community
Mill Creek Residential Trust LLC has started construction on a 360-unit apartment community in Alexandria, Virginia. It is developing the project as part of a joint venture with AEW Capital Management and the original land owners represented by Green City Development.
The transit-friendly, mixed-use multifamily community is called Landmark Gateway. It is located in Virginia’s west end, with excellent access to I-395 and I-495 and the greater Washington, D.C. metropolitan area. Cameron Station, an established master-planned community of more than 2,000 single-family homes and condominiums, is adjacent to the site and the Van Dorn Metrorail station and Landmark Mall Shopping Center, Alexandria’s largest shopping center, are less than half a mile away. Green City rezoned the site from industrial to residential mixed-use on behalf of Gateway Holding I, a venture between Green City and O’Connor Capital Partners.
St. John Properties will Deliver More Offices to Greater Baltimore
St. John Properties is working hard to bring Class ”A” offices to the Greater Baltimore area. In recent weeks, the Baltimore-based commercial real company has started work on two projects that will deliver over 360,000 square feet of office space.
St. John Properties, Inc. announced on January 15 it is working together with Greenebaum Enterprises on the construction of a four-story, 138,000 square foot Class “A” office building at 8135 Maple Lawn Boulevard. The building is located within Maple Lawn, a 600-acre mixed-use business community located in Howard County, Maryland. Development of this project includes 388,000 square feet of existing office space, as well as the development rights for more than 800,000 of additional square feet of office space.