Adrian Maties
Joint Venture to Convert Vacant Baltimore Warehouse into Luxury Historic Lofts
The Raffel Building, a historic building currently sitting vacant in one of Baltimore’s most desirable neighborhoods, is on its way to becoming upscale apartments. Two local companies, Poverni Ventures LLC and Management Restoration Services LLC , have formed a joint venture to redevelop the abandoned warehouse at 111 W. Heath Street and turn it into the Heath Street Lofts.
Lingerfelt to Develop $20M Medical Facility in Mechanicsville
OrthoVirginia and Bon Secours Richmond Health System announced last week they will soon start work on a new medical facility in Hanover County, on the Bon Secours Memorial Regional Medical Center campus. The new facility will offer orthopedics and sports medicine treatment and rehabilitation services.
Westin Cleveland Downtown to Open in May
The Westin Cleveland Downtown hotel will open this May in Cleveland’s downtown financial district following a $64 million renovation. It will have a new look and a new general manager. Recently, the ownership has hired Mark Anderson to lead the hotel in operations and guest services.
Demand for Greater Cincinnati Industrial Space Strongest Since 2005
2013 has been an excellent year for the Cincinnati industrial market. As companies snatched up more and more space, rents increased and vacancies dropped, reaching pre-recession levels.
MetLife, Norges Bank Buy D.C. Trophy Office Building in First Major Transaction of 2014
A month after announcing the birth of their joint venture, MetLife, Inc. and Norges Bank Investment Management (NBIM), a Norwegian pension fund manager, have made public the names of their second and third investments. One of the properties is located in downtown Washington, D.C. and is one of the city’s largest office buildings.
JBG, Klein Enterprises Unveil State-of-the-Art Social Security Administration Complex at 6100 Wabash Avenue
The JBG Companies and Klein Enterprises have unveiled last week 6100 Wabash Avenue, a state-of-the-art, twin-building facility for the Social Security Administration. Baltimore Mayor Stephanie Rawlings-Blake and Congressman Elijah Cummings were among the officials and community leaders present at the ribbon-cutting ceremony.
Connor Group Pays $17M for Columbus M-F Asset
The Connor Group ended 2013 in force, adding another property to its Columbus portfolio. The Centerville-based real estate investment firm acquired the Lennox Flats for $17 million. Kinnear Road Redevelopment, LLC was the seller.
Georgetown’s Montrose Residences More Than 50% Pre-Sold
In spite of the booming apartment construction in the Washington, D.C., metro area, the condo market is tight, with just nine-and-a-half months of new inventory available in the region, on average, according to Marcus & Millichap Real Estate Investment Services. The demand to own condos in the market is high and growing. That’s why a historic building in the heart of Washington, D.C.’s Georgetown neighborhood is already more than 50 percent pre-sold, months before the completion of its renovation.
BakerHostetler to Move to Cleveland’s Key Tower in 2016
Prime office spaces continue to be in high demand in Downtown Cleveland. BakerHostetler is just the most recent name added on the growing list of companies looking to do or to continue doing business in the CBD. Ranked 65th on the AmLaw 100 (American Lawyer, 2013, by gross revenue), the global law firm has recently signed a 15-year lease for space in Downtown Cleveland’s iconic Key Tower. Currently it is located in the PNC Center, at East Ninth Street and Euclid Avenue.
Cincinnati Seeks Brownfield Fund Grant for Brewery X Redevelopment Project
Cincinnati Beer Week is less than a month away. It’s scheduled to start on February 6 but real beer fans will be able to get into the spirit of the event even sooner. On January 27, a public meeting will be held at The Brew House to discuss the city of Cincinnati’s application for a grant from the Brownfield Fund for the Brewery X Redevelopment Project. The project’s goal is to turn a dilapidated historic building close to downtown Cincinnati, into a brewery with a tap room and an outdoor beer garden. The application is available for review at the Walnut Hills Branch of the Public Library of Cincinnati and Hamilton County.