AUSTIN, TEXAS — Louisville, Ky.-based LDG Development, a multifamily housing developer with more than 4,000 units in its portfolio, has opened a new office in downtown Austin. The new office is located at 1305 East 6th St. LDG owns more than 1,500 units in Austin, Houston, Sherman and Alvin. Dick Janson of LDG Development will serve as the Austin office's senior leader.
CULVER CITY, CALIF. – A 30,000-square-foot industrial building in Culver City has sold to a joint venture between Industry LTD and Saber Realty Advisors for $8 million. It is located at 5900 Blackwelder Street. The JV plans to execute a multimillion-dollar capital improvement project at the facility to convert it into creative office space. The conversion will include the addition of 10,000 square feet of new mezzanine space. The seller was owner-user Burke Williams Spa. Industry Partners will handle leasing for the space.
PORTLAND, ORE. — Johnstone Supply has renewed its lease for 124,610 square feet of office and warehouse space in Portland. The facility is located at 11632 NE Ainsworth Circle. It serves as the company’s headquarters. Johnstone Supply was represented by Tyler Sheils and Kevin Kriesien of Jones Lang LaSalle’s Portland office. The landlord, Industrial Income Trust, was represented by Scott Kappes of Capacity Commercial Group.
SAN FRANCISCO — A 50,000-square-foot parcel that may soon be home to the West Coast’s tallest tower has sold to Hines and Boston Properties for $192 million, or nearly $4,000 per land foot. The firms plan to construct the 1,070-foot Transbay Transit Tower on the site, which sits adjacent to the future Transbay Transit Center inside San Francisco’s South of Market (SOMA) district. Construction is set to begin on the tower as early as this summer. It is scheduled for completion in 2016, just before the transit facility is due to open. Once the tower tops out, it is anticipated to be the seventh tallest building in the U.S., a title that currently belongs to the Chrysler Building in New York. The 60-story tower is being designed by Pelli Clarke Pelli and built by a partnership between Clark Construction and Hathaway Dinwiddie.
WASHINGTON, D.C. — Nakash Holdings has closed on its purchase of 1400 New York Ave. N.W. in Washington, D.C., otherwise known as the Bond Building, for a reported $100 million. Nakash is a closely held investment company controlled by the founders of Jordache Enterprises, a company made famous in the 1980s with its designer jeans. The 175,000-square-foot property is leased to the Justice Department, which has agreed to sign a new lease and stay on another 15 years after its current lease expires next year. Located near the White House, the eight-story building was originally built in 1901.
WASHINGTON, D.C. — Akridge and Mitsui Fudosan American have broken ground on a 168,000-square-foot office building at 1200 17th St. in Washington, D.C. The 11-story property will house Pillsbury Winthrop Shaw Pittman LLC, one of D.C.'s largest law firms. In late January, the firms signed a lease to occupy 105,000 square feet of the new building. The office building will feature floor-to-ceiling windows, a green roof and ground-floor retail. The project is slated for completion in the fourth quarter of 2014.
SOUTHPARK, N.C. — SunTrust Banks plans to move its new regional headquarters to the Sharon Square mixed-use development in SouthPark. The bank signed a lease for roughly 43,500 square feet in a 105,500-square-foot office building being developed by Pappas Properties and The Allen Tate Cos. The bank will open a full-service branch on the first floor and have offices on the second and third floors. The bank will also have a four-lane drive-through adjacent to the building. SunTrust expects to occupy the building by the second quarter of 2014.
NEW YORK CITY — Taconic Investment Partners has borrowed $17.9 million for capital improvements for The BankNote Building, a 400,000-square-foot building in the Hunts Point section of the Bronx. The seven-year, fully amortizing loan carries an interest rate of 4.25 percent and is a new kind of credit-based financing created by Lance Capital and CGA Capital Corp. The tenant improvement facility loan is unique because it is unsecured by the building itself but backed by a portion of the New York City’s rent cash flow, according to a statement from Lance Capital. Bonds tied to that facility were privately placed with institutional investors. The bonds carry the double-A rating of New York City. New York City’s Human Resources Administration has signed a 20-year, 200,000-square-foot lease and will occupy three floors of the BankNote building.
SAN FRANCISCO — A 50,000-square-foot parcel that may soon be home to the West Coast’s tallest tower has sold to Hines and Boston Properties for $192 million, or nearly $4,000 per land foot. The firms plan to construct the 1,070-foot Transbay Transit Tower on the site, which sits adjacent to the future Transbay Transit Center inside San Francisco’s South of Market (SOMA) district. Construction is set to begin on the tower as early as this summer. It is scheduled for completion in 2016, just before the transit facility is due to open. Once the tower tops out, it is anticipated to be the seventh tallest building in the U.S., a title that currently belongs to the Chrysler Building in New York. The 60-story tower is being designed by Pelli Clarke Pelli and built by a partnership between Clark Construction and Hathaway Dinwiddie.
NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. has closed the acquisition of the fee-simple interest in an office building located at 216-218 W. 18th St. in the Chelsea neighborhood of Manhattan for $112 million. A joint venture between Atlas Capital Group and GreenOak Real Estate sold the property. The 165,570-square-foot property is 83.7 percent leased to five tenants including Red Bull North America Inc., SAE Institute of Technology Corp., Microsoft Corp., Deluxe Media Creative Services Inc. and SYPartners.