National
BB&T Takes Over Lease of 390,000-Sq.-Ft. Building Formerly Occupied by American Express
BB&T Corp. of Winston-Salem has signed a seven-year agreement to lease the former American Express call center building in Greensboro. The company plans to add 1,700 jobs to the region over the next five years. Located west of Piedmont Triad International Airport, the 390,000-square-foot structure will eventually house up to 2,500 employees working primarily in back office, administrative and support functions. Between 50 and 100 workers will move into the bank’s Triad Corporate Center by December. BB&T neither sought nor was offered any economic development incentives as part of the transaction. According to Chris Henson, the bank’s chief operating officer, the expansion was prompted by the company’s internal growth.
Nokia to Relocate Itasca Division to Chicago
Nokia confirmed its commitment to Chicago by announcing, together with Mayor Rahm Emanuel, the relocation of its Mobile Phones Xpress Internet Services group from Itasca to Chicago. Nokia’s largest office in North America is already located in Chicago and houses approximately 1,200 employees.
Two Years On, $8.5B CityCenter Seeks to Reach its Potential
Two years after opening in the midst of an economic downturn, MGM Grand’s $8.5 billion CityCenter project is still seeking to reach its potential as a game changer for Las Vegas. To begin with, the investment added 5,900 hotel rooms to the city’s inventory at a time when visitors declined 2.85 million over two years, the Las Vegas Sun reports.
Historic Celebrity Magnet ‘El Royale’ Trades Hands for $29.5M
Located at 450 North Rossmore Avenue, the building features 56 luxury units, with an impressive per-rate unit of $527,000. The property offers an expansive overlook with views that include Hancock Park and the nearby Wilshire Country Club. The average apartment is about 1,400 square feet. Forty-six of the units are rent-controlled, while the remaining ten are exempt due to their luxury residence designation. According to Ron Harris, one of the brokers in charge of the transaction, “El Royale is one of the most iconic and celebrated apartment communities in all of Los Angeles County”.
LEED Silver Certification Awarded to UMass Medical Building
The U.S. Green Building Council (USGBC) has awarded LEED Silver certification for sustainable design and efficient operation to one of the facilities built by University of Massachusetts’ Medical School (UMMS).
Government Building LEEDs Through Example
Built by a team comprising design company ZGF Architects and developer Sellen Construction using funds provided through the Recovery Act, the building ushers in a new era of government properties. The $72 million office building offering up 209,000 square feet of space seems on track to achieve an Energy Star efficiency score of 100, a distinction only 1 percent of comparable U.S. buildings can claim. The building is also set to be awarded Gold certification through the U.S. Green Building Council’s Leadership in Energy and Environmental Design program.
Developers Start Work on Luxury Aloft Hotel in Beachwood
BGL Real Estate Advisors, a subsidiary of Brown Gibbons Lang & Co., and Cleveland real estate developer Scott Berkowitz broke ground on Monday, Oct. 15, on a luxury aloft hotel at the Chagrin Highlands corporate center in Beachwood.
Honolulu Officials Approve Leasehold Sale of City-Owned Affordable Housing
The Honolulu City Council has approved Mayor Peter Carlisle’s plan to sell the city’s 12 leasehold affordable rental complexes situated in various parts of Oahu to a private entity for $142 million. Called Honolulu Affordable Housing Partners L.L.C., the corporation comprises Highland Property Development L.L.C. of Arcadia, Calif.; Richard Gushman of Honolulu, who has more than 40 years of real estate experience; and Stephen Gelber, a Honolulu real estate and tax attorney who has worked on many affordable housing transactions in Hawaii.
The leasehold purchase agreement requires the entity to make a a one-time payment of $142 million to the city and spend an additional $42 million within the first two years of the 65-year lease term to renovate the apartments.
AFL-CIO HIT Invests $15.7M in M-U Construction Uptown
The AFL-CIO Housing Investment Trust has invested $15.7 million in the construction of the City Walk Apartments, a mixed-use development in Minneapolis’ Uptown community.
Times Square Prepares for New Hyatt Place; $16 Million Renovation Completed at Hilton Long Island
Developer 41st Midtown LLC has reached a management agreement with Stanford Hotels Corp., an affiliate of Chicago-based Hyatt Hotels Corporation, to build a new Hyatt Place hotel in New York’s vibrant Times Square and within walking distance of Avenue of the Americas, one of the densest office corridors in the city.