News
Rockefeller Group, Sterling Realty Plan Bellevue Office Complex
By Alex Girda, Associate Editor New York-based real estate company The Rockefeller Group is partnering with local entity Sterling Realty Organization on development of a 2.4 million-square-foot mixed-use office-and-retail complex on a 5.5-acre lot owned by Sterling Realty and located in Bellevue’s downtown area. The project will progress in phases, based on demand. Located between […]
Westin Cleveland Downtown to Open in Spring 2014
Optima Ventures partnered with Sage Hospitality to buy and renovate downtown Cleveland’s second-largest hotel, The Crowne Plaza Cleveland City Center. They paid $9 million cash for the hotel and parking garage and invested $64 million to turn it into a luxurious Westin. Now,the joint venture has announced an opening date for The Westin Cleveland Downtown: Spring 2014.
Willoughby, Ohio-based Marous Brothers Construction, the project’s general contractor, started remodeling the property at t 777 E. St. Clair Ave. in December. Upgrades include a complete renovation of all guest rooms, of meeting space and all public spaces. The new exterior façade will feature metal panels and LED lighting that rotates through a range of colors.
Sony to Sell Manhattan HQ to Chetrit, Partners in $1B Sale-Leaseback
With commercial real estate investment brokerage and banking firm Eastdil Secured leading the marketing effort, Sony has settled on a buyer for its Manhattan headquarters building at 550 Madison Ave.
Intelligrated Celebrates Grand Opening of Corporate HQs Expansion in Mason
Intelligrated Inc., a leading North American-based, single-point provider of automated material handling solutions, held a ceremony on January 9 to celebrate the grand opening of its $10 million expansion that nearly doubled its headquarters in Mason, Ohio. Company CEO Chris Cole, City of Mason Mayor David Nichols, and Southwest Ohio Regional Liason for Ohio Governor John R. Kasich, Sherri Carbo, were present at the event.
With the 122,000-square-foot addition, Intelligrated’s headquarters, located just off I-71, now has a combined area of 262,000 square feet. It will accommodate an ongoing increase in engineering, research and development staffing. The company added over 160 employees in Ohio over the past year and 275 companywide. It also plans to add 150 more employees by the end of 2013.
State Agency Green-Lights Student Housing for Aloha Tower
The Hawaii Pacific University (HPU) has gained approval from the Aloha Tower Development Corporation (ATDC) to repurpose the Aloha Tower Marketplace in downtown Honolulu into a 300-unit student dormitory and multi-use complex. According to the Pacific Business News, the $30 million project for the 160,000-square-foot, two-story waterfront marketplace would bring student housing on the upper floor, along with retail, dining and entertainment options on the first floor. “We’re delighted with the actions taken today by ATDC and excited about our ability to move forward with a project that we believe has tremendous implications for the university, for our downtown merchants and community and for all of Honolulu,” said HPU President Geoffrey Bannister on the occasion of the announcement.
Trammell Crow, Principal Start Work on Class AA Energy Center Three
A joint venture between Trammell Crow Company and Principal Real Estate Investors embarked on a quest to deliver the highest quality office building in the Energy Corridor, Energy Center Three. The developers have just broken ground on the Class AA, 546,372-square-foot office building that is to be located on the southwest corner of I-10 and North Eldridge Parkway, on a 18.9-acre site acquired by the joint venture in March 2012.
$78M Duluth Airport Terminal Opens for Passengers
After more than four years in the works, a new passenger terminal at Duluth International Airport opened for public. The new state-of-the-art facility cost $78 million to build and features lots of glass and natural light.
Host Hotels & Resorts Sells Atlanta’s Largest Hotel for Reported $293M
Host Hotels & Resorts has sold the 1,663-room Atlanta Marriott Marquis to an undisclosed buyer for a reported $293 million.
Berkadia Funds $1.5B M-F Portfolio in Baltimore-D.C. Area
Berkadia Commercial Mortgage has closed a $1.5 billion loan portfolio through Freddie Mac for Southern Management Corp.
Economy Watch: Consumer Sentiment Sees Small Decline; Debt Ceiling Deal in the Works? Fewer Banks Went Bust in ’12
Consumer sentiment remains at relatively low levels. The House of Representatives said it would vote on a debt ceiling deal this week. And fewer banks went bust in 2012 compared to the year before.