CHICAGO — NASCAR has opened an office at Two Prudential Plaza in downtown Chicago. Dubbed “One Two Pru,” the two-building office complex spans 2.3 million square feet and features amenities such as a rooftop terrace, lounge, conferencing facilities and health club with Peloton bikes. NASCAR recently announced that it would be hosting the Chicago Street Race in July. The 2.2-mile race will take place downtown and is expected to have an economic impact of $113.8 million. Clark Evans and Kevin Morgan of JLL represented NASCAR in the three-year lease for 4,250 rentable square feet. The landlord was undisclosed.
GARDEN CITY, N.Y. — Northmarq has arranged a $20 million loan for the refinancing of a 111,674-square-foot office complex in the Long Island community of Garden City. The complex consists of two sister buildings that are situated on a one-acre lot at 1010 and 1050 Franklin Ave. Ernest DesRochers, Charles Cotsalas and Robert Delitsky of Northmarq arranged the loan, which carried a fixed interest rate, 15-year term and a 30-year amortization schedule, on behalf of the undisclosed borrower. The direct lender was also not disclosed.
CHICAGO — A duo of Chicago-based developers, Riverside Investment & Development and Convexity Properties, has completed 320 South Canal, an office tower located across the street from the Chicago Union Station in the city’s West Loop district. The 51-story tower is situated on 2.2 acres and totals more than 1.7 million gross square feet. The building is anchored by Montreal-based BMO Financial Group, which has building signage and will use 320 South Canal as its new U.S. headquarters. Other tenants include the National Futures Association and law firms Chapman & Cutler, Faegre Drinker and Skadden, Arps, Slate, Meagher & Flom. Designed by Chicago-based architecture and planning firm Goettsch Partners (GP), 320 South Canal includes a conference facility, fitness and wellness center, restaurant, a café for to-go food options, bank branch and a cocktail lounge, as well as parking for 324 vehicles and 114 bicycles. The building is connected to the Chicago Union Station through an enclosed pedway and offers access to the Metra train concourse, Amtrak train routes and the LoopLink CTA bus lines. The site also features The Green at 320, a privately owned, publicly accessible park completed earlier this year. The Green comprises 1.5 acres organized around a …
CARMEL, IND. — Kimley-Horn, a planning and design consultancy firm, has signed a 29,737-square-foot office lease at Parkwood Crossing in the Indianapolis suburb of Carmel. The tenant is expanding from its original 9,779-square-foot space and relocating to a new building within Parkwood Crossing. Owner Rubenstein Partners LP is completing a substantial capital improvements program at the building. Parkwood Crossing comprises eight buildings and 1.2 million square feet. Rubenstein acquired the development in 2016 and completed renovations and additions such as a 14,000-square-foot amenity center. Traci Kapsalis, John Robinson and Brittany Shuler of JLL represented Rubenstein in the lease transaction. Hayden Rasmussen of Savills and Kevin Dick of Bradley Co. represented Kimley-Horn.
BROOKFIELD, WIS. — Armstrong & Associates Market Research, a third-party logistics market research company, has signed a five-year lease for 2,345 square feet at Bishops Woods Office Park in the Milwaukee suburb of Brookfield. The property is located at 13400 Bishop’s Lane. Katrina Gee of NAI Greywolf represented the tenant. The landlord was not provided.
NEW YORK CITY — Newmark has arranged a $127.4 million loan for the refinancing of 575 Broadway, a 176,000-square-foot office building in Manhattan’s SoHo neighborhood. American business magnate John Jacob Astor originally developed the building in 1882, and in 1991, the property was redesigned to become the Guggenheim Museum SoHo. The museum subsequently occupied the site for the next decade. Today, the property is owned by entrepreneur Peter Brant and houses an array of traditional office and retail users such as Estee Lauder, H&M and the New York City flagship location of Prada. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani of Newmark arranged the loan through Citigroup and Société Générale.
NEW YORK CITY — BXP (NYSE: BXP), a REIT formerly known as Boston Properties, has acquired a $121 million interest in 200 Fifth Avenue, an 870,000-square-foot office building in Midtown Manhattan. With this acquisition, BXP now holds 27 percent of the equity, with institutional investment firms advised by J.P. Morgan Global Alternatives owning the remaining 73 percent. The 14-story building was originally constructed in 1909 and is currently 93 percent leased to tenants such as Grey Advertising, Tiffany & Co. and Yelp. The building’s mortgage loan has an outstanding principal balance of $600 million, bears interest at 4.34 percent per annum and matures in November 2028.
WASHINGTON, D.C. — Oxford Properties Group has signed Allen & Overy LLP to a long-term lease renewal and expansion at 1101 New York Ave. in Washington, D.C. The law firm will continue to occupy the 11th floor and expand into a portion of the tower’s 10th floor. The tenant plans to begin renovations to its space in early 2023. Tom Fulcher, Julie Rayfield and Adam Brecher of Savills represented Allen & Overy in the lease negotiations. Matt Pacinelli, Kyle Luby and John Klinke of Stream Realty Partners represented Oxford Properties.
FRISCO, TEXAS — Dallas-based developer StreetLights Residential and its partners have unveiled plans for The Mix, a $3 billion mixed-use development that will be located at the intersection of Dallas Parkway and Lebanon Road in Frisco. The 112-acre project is set to include 2 million square feet of office space; 375,000 square feet of retail space, including a grocery store; a 400-key business hotel and 200-key boutique hotel; and 3 million square feet of residential development. The development will also include a central park designed by OJB Landscape Architecture, the landscape firm behind Klyde Warren Park in Dallas. The park will include an event lawn and performance pavilion, playground, promenades and a pond for a total of 20 acres of communal green space. The development team includes master architects Torti Gallas + Partners and CallisonRTKL, with Kimley-Horn providing planning and design engineering services. The Retail Connection will handle leasing for the retail component, and JLL has been appointed to lease the office and medical space. The groundbreaking of Phase I took place in December, and full completion of the project is slated for 2026. The Mix joins a number of large-scale mixed-use developments underway in the Dallas/Fort Worth metroplex, …
By Steve Roppel, Senior Vice President, Allied Commercial Real Estate Encompassing 62 square miles, San Bernardino is the governmental seat of San Bernardino County, the largest county in the world at more than 21,000 square miles. About 86,000 people alone work within the city, per the 2020 Census. The largest industries are retail (12,280 people), transportation and warehousing (11,164 people) and health (9,603 people). Of the six largest office buildings, only one is occupied by traditional multiple commercial tenants. The others are occupied by the county, city, courts, non-profits and the University of Loma Linda. The only large office building presently proposed is a county office building of 307,000 square feet. San Bernardino was historically a vibrant metropolitan whose image has become tarnished over the years. It is famous for its affiliation with Route 66, which runs through the city and allowed many people to emigrate to the Golden State. The first original McDonald’s restaurant – now a museum – was opened in San Bernardino in 1940. To restore the former luster and recognize the potential for San Bernardino, local governments have pulled together on several fronts. Multiple recent infrastructure improvements and redevelopments were completed and planned for San Bernardino, …