Development

Farley Building Penn District Manhattan NYC

Facebook Leases 730,000 SF of Office Space at Vornado’s Farley Building in Manhattan

by John Nelson August 4, 2020

NEW YORK CITY — Facebook (Nasdaq: FB) has signed a lease to fully occupy the office portion of The Farley Building, a mixed-use project under construction in Manhattan. The landlord, Vornado Realty Trust (NYSE: VNO), is redeveloping the historic property, which was formerly the James A. Farley Post Office Building. The social media giant will occupy 730,000 square feet in the building. A timeline for the move-in and the number of employees moving into Farley was not disclosed. “The Farley Building will further anchor our New York footprint and create a dedicated hub for our tech and engineering teams,” says Robert Cookson, Facebook’s vice president of real estate and facilities. The Farley Building spans a double-wide city block between 31st and 33rd streets and 8th and 9th avenues. The property is part of Vornado’s Penn District development. Vornado owns more than 10 million square feet in Penn District, which is undergoing a $2 billion redevelopment, not including infrastructure and transit improvements by City of New York totaling $3 billion. Penn District includes the Farley Building, Penn 1 and Penn 2, all of which are under construction. Penn 1 and 2 are redevelopments of One Penn Plaza and Two Penn Plaza, …

August 4, 2020

Development Industrial Texas

JDR Cables Begins Construction of New 65,000 SF Houston Area Headquarters

by Taylor Williams August 3, 2020

TOMBALL, TEXAS — JDR Cable Systems, a provider of underwater power cables for the energy business, has begun construction on a 65,000-square-foot office and industrial project in Tomball that will serve as the United Kingdom-based company’s new Houston area headquarters The facility will house a wide range of operations, including engineering and management for global projects, assembly of a variety of oilfield equipment and support for its offshore service business. Completion is slated for the first half of 2021.

August 3, 2020

Development Multifamily New York Northeast

JLL Arranges $55M in Joint Venture Equity for Queens Multifamily Project

by Taylor Williams August 3, 2020

ASTORIA, N.Y. — JLL has arranged $55 million in joint venture equity for a multifamily project in the Astoria neighborhood of Queens. The project will be constructed on a 2.5-acre site at 30-77 Vernon Blvd and will consist of 534 units across three buildings. Stephen Palmese, Rob Hinckley, Jeffrey Julien, Nicco Lupo and Steven Rutman of JLL worked on behalf of the developer, Cape Advisors, to secure the undisclosed equity partner.

August 3, 2020

Development Multifamily South Carolina Southeast Student Housing

DMG Investments Completes 486-Bed Student Housing Community Near University of South Carolina Upstate

by Alex Tostado August 3, 2020

SPARTANBURG, S.C. — DMG Investments has completed construction on Auden Upstate, a 486-bed student housing community located near the University of South Carolina Upstate campus in Spartanburg. The development — which consists of seven buildings totaling 94,000 square feet — offers two-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Communal amenities at the property include a fitness center, basketball court, clubhouse, yoga studio, business center and a pool. The community features the company’s clean-living program, which was developed to provide best practices in response to the COVID-19 pandemic. Leasing for the property is currently underway with move-in scheduled to begin this month. USC Upstate will begin its fall semester Aug. 20. Students will have the option to attend in-person classes or attend virtual classes.

August 3, 2020

Development Georgia Hospitality Southeast

Strand Capital Group to Develop 22-Story Hotel in Downtown Atlanta

by Alex Tostado August 3, 2020

ATLANTA — Strand Capital Group LLC will develop a 22-story, dual-branded hotel in downtown Atlanta. The Margaritaville Vacation Club by Wyndham and Club Wyndham hotel will overlook Centennial Olympic Park and will be situated within walking distance of the Georgia Aquarium, World of Coca-Cola, Mercedes-Benz Stadium and State Farm Arena. The hotel will offer 200 rooms and is expected to be delivered in early 2022. The property will offer one-bedroom standard and one-, two- and three-bedroom deluxe and presidential configurations. The rooms will feature living and dining areas, kitchenettes or fully equipped kitchens, and a Frozen Concoction Maker frozen drink machine in the Margaritaville suites. An undisclosed number of suites will be reserved for timeshares. Upon completion, Wyndham Destinations will acquire units at the property and manage the sales and marketing of the timeshares.

August 3, 2020

Development Illinois Midwest Office

Glenstar, Rubenstein Complete $20M Renovation of Continental Towers Office Property in Suburban Chicago

by Kristin Harlow August 3, 2020

ROLLING MEADOWS, ILL. — Glenstar and Rubenstein Partners have completed a $20 million renovation of Continental Towers in Rolling Meadows. Built between 1978 and 1982, the 910,000-square-foot office complex is located at 1701 Golf Road. The three-building property sits on 34 acres and is home to tenants such as Verizon and Panasonic. The main portion of the modernization project was a one-acre outdoor space, which now houses flexible seating, gathering areas, fire pits and grills. Additional improvements were made to the lobbies, elevator cabs, common areas and tenant lounge. Michael Klein, co-founder and managing principal of Glenstar, says the owners have a robust program in place to address today’s safety and social distancing concerns. “Our new amenities, especially our sprawling outdoor areas, provide tenants the opportunity to work outdoors and meet with their colleagues at a safe distance.” In 2015, Glenstar invested $30 million in the construction of a parking garage, reconfigured site plan and renovation of a 23,000-square-foot fitness center run by Midtown Fitness. Glenstar originally acquired Continental Towers in 2013 and recapitalized the property in 2018 with the help of Rubenstein Partners, which is a fund manager for a series of private equity funds focused on office investments …

August 3, 2020

California Civic Development Western

C.W. Driver Breaks Ground on $48.2M Academic Building at Long Beach City College in California

by Amy Works August 3, 2020

LONG BEACH, CALIF. — C.W. Driver Cos., as general contractor, has broken ground on a multi-disciplinary facility located at Long Beach City College’s Liberal Arts Campus in Long Beach. The $48.2 million property is the first design-build project at the school funded by the state of California and will house a variety of academic programs, including language arts, career technology education, computer studies, office studies, student success center and support programs. The project includes the demolition of two existing classroom buildings, as well as all associated utilities, hardscape, irrigation and landscaping. Originally two 1960s concrete frame buildings, the new three-story, 96,000-square-foot facility will be constructed as a single steel-frame structure complete with classroom, study and administrative spaces. Key areas will include a lecture hall, reading and writing focus areas and breakout rooms. Additionally, the project will be built around existing community courtyards where students can connect, study and socialize. Designed HPI Architecture to obtain LEED Gold certification, the project is slated for completion in November 2021.

August 3, 2020

Colorado Development Industrial Leasing Activity Western

PepsiCo Signs 283,500 SF Prelease at Pecos Logistics Park Project in Central Denver

by Amy Works August 3, 2020

DENVER — PepsiCo Beverages North America has signed a 283,500-square-foot lease at Pecos Logistics Park, an infill logistics business park currently under construction in Denver. Denver-based Westfield Co. is developing the project, which will feature a total of 1.2 million square feet of Class A industrial space situated on 66 acres at the northwest corner of 56th Avenue and Pecos Street at full build-out. Totaling 391,600 square feet, the first phase includes three front-park, rear-load speculative buildings ranging from 121,800 square feet to 139,200 square feet and the PepsiCo 283,500-square-foot build-to-suit property. The buildings will offer dock-high and drive-in loading, 28-foot to 32-foot clear heights, ESFRK-17 sprinklers, LED lighting and trailer parking. Phase I is scheduled for delivery in third-quarter 2021, with an 1,880-square-foot speculative suite in Building 1 and a 1,550-square-foot speculative suite in Building 2. Additionally, the first phase will feature a shared amenity space called “The Junction” that will include conference and training rooms, a kitchen, flexible use/fitness space and showers, bike storage and outdoor patio space. The second phase will include three front-park, rear-load buildings totaling 471,000 square feet. Tyler Carner, Jeremy Ballenger and Kyle McClure of CBRE’s Denver office represented Westfield, while Jim Bolt and …

August 3, 2020

Affordable Housing Development Multifamily New Jersey Northeast

Walters Completes 60-Unit Affordable Housing Project in Coastal New Jersey

by Taylor Williams July 31, 2020

MANAHAWKIN, N.J. — New Jersey-based developer Walters Group Apartments has completed the last of five buildings at Grassy Hollow, a 60-unit affordable housing project in the coastal city of Manahawkin. The property features one-, two- and three-bedroom units ranging in size from 729 to 1,289 square feet for renters earning 60 percent or less of the area median income. Amenities include a fitness center, children’s play area, basketball court and a community clubhouse with computer workstations.

July 31, 2020

Development Industrial Texas

VanTrust Breaks Ground on 1 MSF DalParc Logistics Center in South Dallas

by Taylor Williams July 31, 2020

DALLAS — VanTrust Real Estate has broken ground on DalParc Logistics Center, a 1 million-square-foot industrial building that will be developed on a speculative basis in South Dallas. DalParc Logistics Center will be situated within a 200-acre logistics park that is anchored by Amazon and L’Oreal. Project partners include Alliance Architects, MYCON General Contractors and civil engineer Kimley-Horn. CBRE is handling leasing of the development, which is expected to be complete in July 2021.

July 31, 2020

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