News
Forum Energy Tech to Occupy 68% of New Duke Realty Building
Duke Realty Corporation’s Houston office found a tenant for Sam Houston Crossing Two, its new, speculative suburban office building. Forum Energy Technologies, Inc.—a provider of manufactured technologies and applied products for the energy industry—signed a 108,639-square-foot lease and will be occupying the second and third floors of the building.
KBS REIT III Acquires 40-Story RBC Plaza for $118.1M
KBS Real Estate Investment Trust III recently announced the acquisition of the 678,045-square-foot RBC Plaza. The Newport Beach, Calif.-based public non-traded REIT purchased the downtown Minneapolis mixed-use office building for $118.1 million (net of closing credits).
Harwood to Bring High-End Residential, Retail to Design District
Harwood International will soon break ground on a new major development at Oak Lawn Avenue and Dragon Street, in the growing Design District neighborhood. The Dallas-based developer plans to build a high-end project that will feature 46,000 square feet of restaurant and shopping space on the ground level, with 224 apartments on top.
Developers Break Ground on 310-Unit Apartment Project in Silver Spring
Insight Property Group LLC of Arlington, VA, and Chevy Chase-based Nova-Habitat LLC held a ceremony on February 5 to celebrate the groundbreaking of Fenwick Station, a six-story, 310-unit apartment development in downtown Silver Spring. Neighborhood leaders and Montgomery County officials were also present at the event. The new development is located two blocks from the Silver Spring Metro Station, on the site of the former U.S. Post Office distribution facility at 8616 Second Avenue. Fenwick Station will deliver a mix of studios, one and two-bedroom apartments. Thirty-nine apartments will be affordable units.
Wood Partners Kick-Starts 200-Unit Community in Southwest Orlando
National multifamily developer Wood Partners will soon be adding 200 units on Spring Lake, at the entrance of Doctor Phillips, one of Orlando’s most desirable residential districts. The apartment complex, dubbed The Rialto, will rise on a 5.95-acre site set at the northwest corner of Sand Lake Road and Turkey Lake Road in southwest Orlando.
Duke Realty Closes Multiple Industrial Leases in Northeast Atlanta
In what seems to be a thriving week for Duke Realty’s Atlanta office, four companies have signed leases totaling 365,180 square feet at business parks in the northeast submarket of Atlanta.
Hyatt to Take Over as Operator for L.A. Hotel Downtown as Hospitality Giant Continues L.A. Push
L.A. Hotel Downtown is a 491-key hospitality property in the central part of Los Angeles, and the move by Hyatt to take over as operator of the facility is part of a more aggressive stance the hotel operator has been enforcing in the greater Los Angeles area. It was recently revealed that Hyatt would be the new operator of the Century Plaza Hotel in Century City, another major hotel renovation project, covered here. Continue reading →
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.
Dignity Breaks Ground on $44M Hospital in Glendale
San Francisco-based Dignity Health officially broke ground on a new West Valley hospital planned at its medical campus near the Loop 101 and Glendale Avenue. Dignity also unveiled the name of the $44 million facility during the groundbreaking ceremony — “St. Joseph’s Westgate Medical Center”.
St. Anthony Advances $83M Plan for MidTown Expansion, New Mustang Medical Campus
St. Anthony Hospital intends to expand its MidTown home and has two projects planned for the MidTown Oklahoma City campus. St. Anthony also plans to create a new facility in Mustang, with a total combined cost of the projects reaching around $83 million, okc.BIZ reports.