National
Capital One Set to Open New Office Space in Chicago’s Loop
Capital One Financial Corporation will open a new office space in the Chicago’s central business district, the Loop, the announcement came from the company and Chicago Mayor Rahm Emanuel. Capital One will sublease around 65,000 square feet of office space in the building owned by State Teachers Retirement System of Ohio, located at 77 West Wacker Drive.
$60 M Mixed-Use Redevelopment Project Almost Completed
The nationwide trend of downtown apartment living has not eluded The Big Easy. New Orleans’ downtown population is currently around the 5,000 mark – double what it was five years ago.
Modus Hotels Buys Baltimore’s Brookshire Suites
Modus Hotels, a full service hotel development and management company from Washington, D.C., has purchased Baltimore’s Brookshire Suites last week. It is Modus’ first hotel in downtown Baltimore and its third hotel acquisition of 2012.The Brookshire Suites is located immediately adjacent to Baltimore’s famous Inner Harbor
Local Investor Group Acquires 188,000SF Office, Storage, Industrial Space in Indianapolis
Private investor group Alcatraz Investments, LLC has acquired the 188,000-square-foot Indianapolis Enterprise Center on the near-east side of the city. Financial terms of the transaction were not disclosed. The facility features office as well as storage and industrial space, and serves small business customers in the downtown Indianapolis market. Alcatraz Investments now plans to upgrade the property, which has experienced four years of deferred maintenance. Scott Meyers, the company’s principal, has owned the center once before, from 2005 to 2007. “We’re genuinely excited about the opportunity to add this property back into our portfolio, having sold it back in 2007,” said Meyers. “The timing was perfect, as demand for storage and Industrial space is growing in this market, and the need for small, affordable office space has never been greater than during the recession.”
Waihonua at Kewalo High-Rise Receives Financing
Alexander & Baldwin has announced that a portion of the $206 million cost of the planned Waihonua condominium high-rise in Honolulu will be financed through a $120 million construction loan from First Hawaiian Bank, Wells Fargo Bank, Bank of Hawaii and Central Pacific Bank. Alexander & Baldwin’s subsidiary Waimanu Development L.L.C. is part of a consortium developing the high-rise under the name Kewalo Development L.L.C. and also including N1189 L.L.C., Armstrong Homes Ltd. and BSC Waihonua L.L.C., which is owned by BlackSand Capital Management, according to the Pacific Business News.
City of Raleigh Approves Dorothea Dix Lease Agreement to Create Urban Park
The Raleigh City Council’s lease of the Dorothea Dix Hospital campus will enable the city to move forward with its plan to reconvert the 325-acre property into an urban park. The city council has agreed to lease the Dorothea Dix Hospital campus from the State of North Carolina for up to 99 years. The lease agreement will be executed by the end of the year. “The plan is the most appropriate way of preserving this open space as a park, while at the same time providing revenue to the state,” Gov. Bev Perdue said in a news release. Under the terms of the agreement, the city will pay the state a rate of $500,000 annually, plus a 1.5 percent yearly increase over the length of the lease term.
PM Realty Buys Greenway Plaza Site for New Mixed-Use Development
Having recently broken ground on what could become Houston’s tallest apartment building—the 2929 Weslayan project—PM Realty Group has now purchased a 4.97-acre site with plans for a two-phase, mixed-use project.
$52M Hospital Project in Green Valley Meets Community Opposition
Green Valley’s first emergency room hospital, about 25 miles south of Tucson, could be blocked due to objections from a homeowners association. In October 2012 news broke that Tucson Medical Center would develop and operate the $52 million hospital and emergency room project with Scottsdale-based McDowell Enterprises.
Loews Acquires The Madison Hotel in Washington, D.C.
Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), is entering the Washington market. The New York-based hotel owner and operator has agreed to purchase the Madison Hotel from Jamestown Properties
New Federal Courthouse Opens in Austin; $304M Apple Campus Underway
Austin’s federal courthouse has found a new home in an eight-story, 252,420-square-foot building of stone and glass. Located in the downtown area, the $123 million project opened three years and three months since breaking ground in 2009. Sitting on the site of the old Shell building, the new facility features eight courtrooms and chambers for 10 judges, compared to the four courtrooms and four chambers at the old Eighth Street location.