National
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.
COPT Announces Two New Virginia Data Centers
Corporate Office Properties Trust (NYSE: OFC), a Columbia, Md.-based office real estate investment trust, announced on Monday, January 14, it plans to build two shell buildings in Ashburn, Va. (Ashburn Crossing). The company’s total investment in Ashburn Crossing is projected to be $42 million. It includes the remaining land on which the company can build one additional building.
This is the latest addition to Loudon County’s growing data center market. The project will include two buildings with a total of 315,000 square feet. Construction on COPT DC-8, the first building, will start in early 2013. COPT DC-8 will total 200,000 square feet. The second building, COPT DC-9, will total 115,000 square feet. COPT plans to start work on in no later than mid-2014.
Loews & Universal Break Ground on 1,800-Room Cabana Bay Beach Resort
By Georgiana Mihaila, Associate Editor Loews Hotels & Resorts and joint venture partner Universal Parks & Resorts have broken ground on one of the largest hotels currently under construction in the U.S—the 1800-unit Universal’s Cabana Bay Beach Resort. The hotel will be built on a 37-acre site within Universal Orlando Resort and adjacent to Universal’s […]
Undisclosed Buyer Pays $293M for Metro Atlanta’s Largest Hotel
The 1,663-room Atlanta Marriot Marquis has recently traded owners, but no investor has yet claimed responsibility for the $293 million acquisition. Seller Host Hotels & Resorts announced that the sale went through on January 11, but has been reluctant to provide extra information.
Duke Realty Divests Six-Building Office Portfolio in Indianapolis
A joint venture between Middleton Partners and Romanek Properties has acquired the six-building Hillsdale Technecenter in suburban Indianapolis from locally based Duke Realty Corp. John Huguenard and Peter Harwood of Jones Lang LaSalle represented the seller in the transaction. Financial terms were not disclosed. According to the Indianapolis Business Journal, the sale of the 446,000-square-foot office complex is part of Duke’s plan to reduce its ownership of suburban office properties. The company’s long-term goal is to have 60 percent of its holdings in industrial, 25 percent in office and 15 percent in medical office.
Brookfield Breaks Ground on $4.5 Billion Manhattan West Development
The first phase of Brookfield Office Properties’ newest and largest development project in New York City kicked off on January 15 with a groundbreaking event in the presence of Mayor Michael Bloomberg and other city and real estate officials.
Denver Union Station Redevelopment Team Expands with Addition of McWhinney
The redevelopment plan calls for the refurbishing of the Denver Union Station’s upper floors. The companies involved will convert the property into a new 112-key hospitality facility. The finished product would also include a ground floor retail component totaling around 22,000 square feet, Regional Transportation District’s commuter rail to Denver International Airport and an Amtrak station.
Construction Begins on 45-Story West Loop Office Tower
Chicago’s largest commercial real estate project in five years kicked off on January 15 in a $400 million joint venture between Canada-based Ivanhoé Cambridge—the real estate arm of Quebec pension fund manager Caisse de dépôt et placement du Québec, developer Hines of Houston and local business leader Larry Levy.
Mixed-Use Development Announced for Palms Neighborhood
L.A.’s Palms submarket has seen its fair share of turmoil but important changes are slated for the Westside neighborhood after a recent report announces a new mixed-use development. Frost/Chaddock Developers has announced that work has commenced at its $30 million Palms apartment community that will use the proximity of a planned Expo Line light-rail station as its hook. The Expo Line is a Los Angeles County Metro Rail line between Santa Monica and L.A.’s downtown area. Frost/Chaddock’s new residential complex has a construction deadline set for May 2014.