News
Kilroy Snaps Up $170M Office Property in Booming South Lake Union
Located on an entire city block at 320 Westlake and 321 Terry Avenue North, the 320,399-squar foot office campus was built in 2007. It is set on a major transit line with other mass transit arterials located in the immediate vicinity of the facility. The two-building Westlake Terry has the advantage of LEED Gold certification from the United States Green Building Council, and is therefore a much sought-after type of office building.
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.
Gridlock Aside, Executives Offer Even-Handed View of Government: CPE 100 Quarterly Sentiment Survey
Washington’s penchant for gridlock and partisan bickering has soured much of the country on the federal government, yet commercial real estate executives seem to be taking a more balanced view of their day-to-day encounters with the public sector at all levels.
RXR Signs NNN Lease for Manhattan’s 75 Rockefeller Plaza
Big plans are in the works for 75 Rockefeller Plaza in Midtown Manhattan, now that owner 75 Plaza has turned over a leasehold interest to RXR Realty under a 99-year, triple-net-lease agreement, the financial terms of which have not been disclosed.
TCC, Principal to Develop New 456 KSF BTS in Houston
Leading independent energy company Noble Energy has hired the joint venture of Trammell Crow Co. and Principal Real Estate Investors to develop Noble Energy Center Two, a 456,000-square-foot office building located in Houston’s Northwest submarket.
Starwood’s Move into Special Servicing Amid Distress Level’s Continued Drop
There were several motivations for the just-announced $1.05 billion purchase of LNR Property by Starwood Property Trust and Starwood Capital Group. The one that seems to have gotten the most attention, though, was the opportunity the acquisition gives Starwood to move into special servicing.
Economy Watch: New Home Sales Down Monthly, Up Annually; Optimism at Davos; Equities Bubble?
U.S. new home sales dipped 7.3 percent month over month, but have been on an upward trajectory annually. The mood at Davos this time around was more optimistic compared to previous meetings. And the Dow is approaching all-time highs.
A&B Properties Acquires West Oahu Shopping Mall for $29.8M
A&B Properties Inc., the real estate subsidiary of Honolulu-based Alexander & Baldwin, has acquired the 170,275 square-foot Waianae Mall in Leeward Oahu from TNP Strategic Retail Trust Inc. The $29.8 million purchase price included the assumption of a $19.7 million mortgage, at a 5.4 percent interest rate. “The Waianae Mall acquisition redeploys proceeds realized from a July 2012 land sale, on a tax-advantaged basis, into a favorably priced, significantly higher income-generating commercial property on Oahu,” said Christopher J. Benjamin, A&B’s president & chief operating officer.
Skanska’s LEED Platinum Office Building Lands First Tenant
Skanska USA’s commercial development business unit in Houston has officially announced the first tenant lined up for its a state-of-the-art 3009 Post Oak Boulevard building, currently under construction. Datacert, Inc.—a 15-year-old global company based in Houston that provides enterprise legal management solutions—plans on relocating its corporate headquarters to the building.