National
K-8 Public School to Replace Mitt Romney’s Former HQs in Boston
In an effort to respond the demand for more schools in Boston’s Downtown area and allow more children to attend schools closer to their homes, city officials unveiled plans to purchase the former national headquarters for the Mitt Romney presidential campaign and transform it into a public elementary school (or a “K-8 Public School”).
Hotel, Retail Development Breaks Ground on 6.4-Acre Rezoned Site Near Interstate 40
A joint venture between MJM Group and Griffin Stafford of Charlotte is currently developing a new hotel and retail center in Durham.
According to the NewsObserver, plans call for a 105-room hotel, as well as 30,000 square feet of retail, restaurant and medical office space. The developers have spent several years rezoning the site of the project, a 6.4-acre property on Chapel Hill Boulevard near Interstate 40.
Called Gateway Terrace, the new development will bring a Home2 Suites extended stay hotel , a Mattress Firm outlet, as well as three restaurants: PDQ, Chipotle and Bruegger’s. The cost of the project is between $20 million to $25 million.
JLL Signs 16K Sq. Ft. of Office Space at One Urban Centre for Regus
Global office space provider Regus will soon be tapping into office space at Tampa’s premium Urban Centre. Jones Lang LaSalle—the exclusive manager and leasing broker for the building—has secured a long-term lease for 16,072 square feet of office space for Regus at One Urban Centre.
Over-Performing San Francisco Office Market Produces Yet Another Office Deal
San Francisco’s improving office market has produced yet another deal after a joint venture created by Hines and Invesco Real Estate moved to acquire an iconic construction located in the city’s South Financial District. The two real estate companies have completed a deal making their joint venture the new owner of the Rialto Building. While official financial terms for the deal were not disclosed, market specialists place the transaction’s value at around $57 million. The entity selling the Rialto Building was Africa Israel USA, AFI USA.
Iconic Seattle Office Building Changes Hands
By Alex Girda, Associate Editor
Seattle’s office market has been praised repeatedly over the past couple of years for constantly producing major transactions and for the way in which areas such as South Lake Union have defined themselves as the next big tech destinations in the country. The investor response is so positive that even companies previously dealing with residential assets are now looking to cash in on the office rise the Northwest has been experiencing. A case in point would be the recent acquisition of the Dexter Horton building by traditional multifamily developer Gerding Edlen.
Robertson Properties Group’s Mixed-Use Development Under Review
The Honolulu Department of Planning and Permitting is currently reviewing Robertson Properties Group’s plans for a $767 million, 1,500-home mixed-use project in Aiea.
Called “Live, Work, Play Aiea,” the project will be developed on the site of the former Kamehameha Drive-in property across from Pearlridge Center. It will also include about 143,000 square feet of retail and restaurant space, and as much as 80,000 square feet of office space.
Hines Sells Iconic Williams Tower to Invesco for $412M
The previously reported sale of Hines’ 1.4 million-square-foot William Tower to Invesco Real Estate came through this week, with the new owner paying $412 million for the trophy tower, according to Reuters.
Record of Decision Makes Baltimore Red Line Eligible for Future Federal Funds
Governor Martin O’Malley has announced on March 5 the Baltimore Red Line has received federal environmental approval. The Federal Transit Administration’s approval is called a record of decision. It makes the project eligible for future federal funding.
Baldwin & Lyons to Spend $20M-$30M on New HQ Facility in Carmel
Baldwin & Lyons, one of Indiana’s largest insurance companies, plans to relocate its headquarters from downtown Indianapolis to Carmel. According to the Indianapolis Business Journal, the company’s lease for 81,000 square feet in the Landmark Center at 1099 N. Meridian St. will expire in August.
In Carmel, Baldwin & Lyons has agreed to invest between $20 and $30 million to acquire and improve a 184,000 square-foot facility at 111 Congressional Blvd. Rick Trimpe and John Vandenbark of CBRE represented the seller, Lauth Property Group, while Baldwin & Lyons was represented by Rich Forslund and Matt Waggoner of Summit Realty.
Raleigh’s Smoke-Free Apartment Communities in High Demand
Residents at the new Water Garden Village community in northwest Raleigh can breathe easy on the entire 11-acre property. According to WRAL, the recently opened 100 percent smoke-free apartment complex has been quite successful, leasing within nearly a month of opening.
Located at 8441 Mount Valley Lane, the 60-unit community has been developed by nonprofit DHIC. The newspaper reports that the property’s non-smoking policy extends beyond apartment walls and includes the fitness center, the clubhouse, the playground and even the laundry facilities.
“We were concerned that it might even limit our ability to rent the apartments,” DHIC President Gregg Warren said in regard with the smoking restriction.