DELRAY BEACH, FLA. — New Century Companies has broken ground on New Century Commons, a $5.2 million, 90,000-square-foot retail center consisting of three buildings in Delray Beach, located along Linton Boulevard. Construction began in March, with initial occupancy scheduled for year-end 2008.
ADDISON, TEXAS — Opus West Corp. has broken ground on Two Addison Circle, a six-story office building located at 15725 N. Dallas Pkwy. in Addison. The 198,000-square-foot, Class A office project is scheduled for completion this December, and Opus West is seeking LEED Silver-certification for the property. The development will feature a four-story parking garage with a covered walkway to the building and 35,000-square-foot floor plans. HKS Architects is providing architectural services for the property, while Peloton is handling leasing. Opus West Construction Corp. is the general contractor.
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RALEIGH, N.C. — Highwoods-DLF Forum, a joint venture of Raleigh-based Highwood Properties and DLF, has acquired The Forum, a 635,000-square-foot, Class A office park in the Six Forks submarket of Raleigh, from Prudential Real Estate, for $113 million. The property consists of five buildings situated on 19 acres. Forum I is 135,000 square feet and seven stories; Forum II is 96,000 square feet and five stories; Forum III is 94,000 square feet and five stories; Forum IV is 182,000 square feet and six stories; and Forum V is 128,000 square feet and six stories. Forum I Ð Forum IV were 92 percent occupied at the time of sale, and Forum V was 82 percent occupied at the time of sale.
RICHMOND, VA. Reynolds Development and Lingerfelt Development, both of Richmond, are building Reynolds Office Building, a $40 million, 200,000-square-foot facility within Reynolds Crossing in Richmond, a 90-acre mixed-use project currently under development. Construction began last year, and the office building is expected to deliver in May. Tenants will include Alcoa and James River Insurance. Mark Douglas and Suzanne White of Thalhimer/Cushman & Wakefield s Richmond office are the exclusive leasing agents for the property, which is located at the intersection of Glenside Drive and West Broad Street.
CHICAGO — The Chicago office of Hines has acquired One North Wacker, a 51-story, 1.4 million-square-foot office tower located in Chicago’s West Loop, on behalf of Hines U.S. Core Office Fund LP. The building includes a 9,000-square-foot conference center, a health club and a two-level parking garage. It is 98 percent leased to tenants that include UBS, PricewaterhouseCoopers and Citadel. The property was acquired from a German investment fund managed by RREEF, which was represented in the transaction by Eastdil Secured. The acquisition price was not disclosed.