Sunday, July 6, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Office

55-Broadway-Manhattan
LoansNew YorkNortheastOffice

Meridian Capital Arranges $107.7M Loan for Refinancing of 55 Broadway Office Building

by Taylor Williams

NEW YORK CITY — Meridian Capital has arranged a $107.7 million senior loan for the refinancing of 55 Broadway, a 32-story office building in Manhattan’s Financial District. The 356,059-square-foot building was 89 percent leased at the time of the loan closing to tenants such as The Kingdom of Morocco, Bank of Communications, Syscom and Assurant Inc. As part of the recapitalization, the borrower, Harbor Group International, also received a future funding component of up to $8.4 million for leasing costs. In addition, an undisclosed capital source invested new equity in the property to retire Paramount Group Inc.’s preferred equity and to fund costs associated with significant recent leasing activity at the building. Ronnie Levine and Ben Jacobs of Meridian Capital Group arranged the financing through an undisclosed life insurance company.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentHealthcareMassachusettsNortheastOffice

Moderna to Expand Biomanufacturing Campus in Norwood, Massachusetts, by 350,000 SF

by Taylor Williams

NORWOOD, MASS. — Moderna Inc. will expand its Moderna Technology Center biomanufacturing campus in Norwood, a southern suburb of Boston, by about 350,000 square feet. The biotechnology and pharmaceutical giant plans to renovate and expand its existing production and lab space and has acquired a 240,000-square-foot building on the same campus, ultimately yielding a 50 percent expansion and a total footprint of 650,000 square feet. The expansion will support Moderna’s efforts to ramp up production of its COVID-19 vaccine in late 2021 and early 2022. Moderna originally opened this facility in 2018.

Continue Reading
FacebookTwitterLinkedinEmail
Leasing ActivityNew JerseyNortheastOffice

Phibro Animal Health Signs 49,577 SF Office Lease Renewal in Teaneck, New Jersey

by Taylor Williams

TEANECK, N.J. — Phibro Animal Health Corp. has signed a 49,577-square-foot office lease renewal at Glenpointe, a mixed-use development in the Northern New Jersey community of Teaneck that serves as the company’s global headquarters. Susan Mason and Tom Reilly of JLL represented the tenant in the lease negotiations. David Simson, Jeff Schotz, Peter Rossi, Dan Reider and Peter Kasparian of Newmark represented the landlord, Alfred Sanzari Enterprises. In addition to office uses, the Glenpointe campus houses three hotels totaling roughly 700 rooms, a 26,000-square-foot fitness center and multiple food and beverage options.

Continue Reading
FacebookTwitterLinkedinEmail
Echelon-Studios-Hollywood-CA
CaliforniaDevelopmentOfficeWestern

Bain Capital, BARDAS Plan $450M Echelon Studios in Hollywood

by Amy Works

LOS ANGELES — Bain Capital Real Estate, the real estate investing business of Bain Capital, and BARDAS Investment Group, a boutique real estate development and investment firm, have submitted plans to the City of Los Angeles for the development of Echelon Studios. The five-acre site is located at 5601 Santa Monica Blvd. in Los Angeles’ Hollywood neighborhood. The $450 million urban studio campus will feature four 19,000-square-foot sound stages, a 15,000-square-foot flex stage and a 90,000-square-foot creative village of high-end bungalows. Additionally, the project will include 350,000 square feet of creative office space spread across two mid-rise office buildings. Campus amenities will include food and beverage, a central courtyard, shared specialized production space and collaboration areas, as well as outdoor decks, patios and other exterior common areas to maximize available square footage and create filming and event space. In conjunction with the development plans, the partnership announced the launch of Echelon, the real estate industry’s first dedicated content media real estate platform. The new platform will serve as the brand for the joint venture’s investments.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCaliforniaOfficeWestern

BH Properties Buys 128,266 SF Freeway Corporate Park in Santa Ana, California

by Amy Works

SANTA ANA, CALIF. — BH Properties has purchased Freeway Corporate Park, a multi-tenant office complex located within Orange County Greater Airport Area/Irvine Business Park in Santa Ana. Terms of the transaction were not released. Totaling 128,266 square feet, the two-building property is located at 2501 Pullman St. and 1700 E. Carnegie Ave. At the time of sale, the property was 56 percent leased to two tenants – Iteris and Orange County Head Start Inc. The two buildings are connected by a skywalk, and the property has undergone capital enhancements over the course of the previous owner’s tenure. Bob Caudill of Colliers International represented the buyer, while Kevin Shannon, Paul Jones, Brunson Howard and Brandon White of Newmark represented the undisclosed buyer in the deal.

Continue Reading
FacebookTwitterLinkedinEmail
Genesis-Marina-Brisbane-CA
CaliforniaDevelopmentLife SciencesLoansOfficeWestern

Phase 3 Real Estate, Bain Capital Receive $400M Construction Loan for Life Sciences Campus in Brisbane, California

by Amy Works

BRISBANE, CALIF. — Phase 3 Real Estate Partners and Bain Capital Real Estate have received a more than $400 million construction loan for Genesis Marina, a waterfront life sciences campus in Brisbane. Located on 8.7 acres within South San Francisco’s life sciences cluster, Genesis Marina will offer 570,000 square feet of Class A life sciences space. Tim Wright, Todd Sugimoto and Daniel Pinkus of JLL Capital Market arranged the financing through Barings LLC for the borrower.

Continue Reading
FacebookTwitterLinkedinEmail
Interstate Business Park
AcquisitionsFloridaIndustrialOfficeSoutheast

Westmount Realty Capital Buys 121,918 SF Business Park in Tampa

by Julia Sanders

TAMPA, FLA. — Westmount Realty Capital LLC has bought Interstate Business Park, a seven-building suburban office/flex property in Tampa. The Class B, 12.5-acre business park is close to Interstates 75 and 4, U.S. Highway 301 and State Roads 60 and 618. The acquisition is Westmount’s first office purchase in Florida. The seller and sales price were not disclosed. Interstate Business Park, which also has a small portion of warehouse space with grade-level access, is 73 percent occupied with more than 32,000 square feet of vacancy. National credit, government and construction tenants at the property include Kissinger Campo & Associates, Cohen Veterans Network, Ferguson Enterprises, Flatwoods Consulting Group, Nova Engineering & Environmental and the Florida Department of Agriculture. Most current leases expire between 2023 to 2026, according to Westmount. The property has five two-story buildings and two one-story buildings. The seller, an institutional owner and operator, invested over $1.6 million dollars on capital improvements. Renovations in 2020 totaled more than $340,000 including exterior painting, window replacements, awning replacements, parking lot updates and an elevator remodel. Westmount Realty Capital is a Dallas-based commercial real estate company that specializes in value add and big opportunity investments within the U.S.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentOfficeTexas

VanTrust Real Estate Completes 210,000 SF Offices Three at Frisco Station

by Taylor Williams

FRISCO, TEXAS — Kansas City-based VanTrust Real Estate has completed The Offices Three at Frisco Station, a 210,000-square-foot speculative office project located within the 242-acre Frisco Station mixed-use development north of Dallas. The six-story building offers a fitness center, conference center and a tenant lounge and is located within walking distance of more than 50 retail, restaurant and entertainment options. The property is the third of five office buildings planned for that component of Frisco Station.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisMidwestOffice

Clune Construction Completes 28,000 SF Headquarters for Sterling Bay in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Clune Construction has completed Sterling Bay’s new headquarters in Chicago’s Fulton Market. IA Interior Architects designed the 28,000-square-foot space, which pays tribute to Chicago and its architectural history. Sterling Bay owns the property, which is located at 333 N. Green St. Construction began in February 2020 and the project was severely impacted by COVID-19 a month later. Sterling Bay is a Chicago-based real estate investment and development company.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMidwestMinnesotaOffice

Ryan Acquires The Excelsior Group’s Commercial Property Services

by Kristin Harlow

MINNEAPOLIS — Ryan Cos. US Inc. has acquired the commercial property management, property engineering and construction management business of The Excelsior Group (TEG). The transaction, which closed April 29, grows Ryan’s real estate management portfolio by eight office buildings totaling 1.4 million square feet. Minneapolis-based Ryan now manages more than 16 million square feet across the country, including 9 million square feet in Minnesota. TEG is based in St. Louis Park, Minn.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts