Trez Capital Provides $22M Loan for Redevelopment of Metro Philadelphia Office Building

FORT WASHINGTON, PA. — Trez Capital has provided a $22 million loan for the redevelopment of a 367,681-square-foot office building in Fort Washington, a northern suburb of Philadelphia. The property was originally built in 1999 on a 28.3-acre site. The borrower, an entity doing business as Alliance HP Virginia Drive LLC, plans to modernize the building with a new entrance, dock doors and amenities. Brett Forman and Scott Mehlman of Trez Capital originated the

Des Moines Office Market Is on the Rebound

By Chris Curran and Mark Mills, R&R Realty Advisors Would you rather earn more money or have a more flexible work/life balance? Before the pandemic, many employees gave the latter as their answer. But the amount of money employees claimed they would forego wasn’t exactly peanuts. According to a pre-pandemic study by career site Joblist, the average employee was willing to give up around $10,000 per year to have better work/life balance.  Fast forward to the present day and employees …

Shawmut Tops Off 24,000 SF Office Project for HMTX Industries in Norwalk, Connecticut

NORWALK, CONN. — Shawmut Design & Construction has topped off the 24,000-square-foot office headquarters building for global luxury vinyl tile manufacturer HMTX Industries in Norwalk, located in the southern coastal part of the state. The facility will be situated on two acres and will include design studios and galleries. Construction of the four-story building began in June and is scheduled to be complete in

Urban Catalyst Reveals Plans for $600M Icon/Echo Towers in Downtown San Jose

SAN JOSE, CALIF. — Urban Catalyst has revealed plans to build the Icon/Echo mixed-use project, which will include office, residential and retail components in downtown San Jose. The development will cost around $600 million to build, according to the Silicon Valley Business Journal. The construction timeline for the project has not been disclosed.The Icon/Echo towers will feature 300 apartment units and 420,000 square feet of Class A office space. The office tower portion of the project …

Boston Properties Enters into Agreement to Buy Manhattan Office Building for $300M

NEW YORK CITY — Boston Properties Inc. (NYSE: BXP) has entered into an agreement to acquire 360 Park Avenue South, a 450,000-square-foot office building in Midtown Manhattan, for $300 million. The 20-story building is currently fully leased to a single tenant that will vacate the property at the end of the year. Boston Properties will subsequently implement a capital improvement program. The company expects to close on the asset in December. The seller was not

Criterion Provides $125M Loan for Refinancing of Manhattan Office Building

NEW YORK CITY — Criterion Real Estate Capital has provided a $125 million loan for the refinancing of 817 Broadway, a 140,000-square-foot office building in Manhattan’s Union Square neighborhood. The property was originally built in 1895 and features a 4,000-square-foot rooftop terrace. The borrower, Taconic Partners, which acquired the asset in 2016 in partnership with Nuveen Real Estate, will use a portion of the proceeds to fund tenant improvements and leasing

Birch Group Acquires Alexander Park Office Portfolio in Princeton for $47.3M

PRINCETON, N.J. — New York-based private investment firm The Birch Group has acquired 600 and 700 Alexander Park, a 213,110-square-foot office portfolio in Princeton, for $47.3 million. The three-story building at 600 Alexander Drive consists of 141,176 square feet, and the three-story building at 700 Alexander Drive totals 71,934 square feet. Amenities include a cafeteria with indoor and outdoor seating, a fitness center, tenant lounge and walking paths. Kevin O’Hearn and Jose Cruz of JLL …

Contegra Construction Completes 40,800 SF Headquarters for icon Mechanical Near St. Louis

GRANITE CITY, ILL. — Contegra Construction Co. has completed the new 40,800-square-foot headquarters for icon Mechanical in Granite City, just north of St. Louis. icon Mechanical is a full-service mechanical contractor, engineering and construction firm specializing in the design, fabrication and installation of process piping, power piping, industrial ventilation and commercial HVAC. The company employs more than 150 people in addition to hundreds of trade workers on projects.The …

Qualified Labor, Healthy Tenant Demand Drive Life Sciences Development in Boston

By Brendan Carroll, director of research, Cushman & Wakefield The rapid emergence of greater Boston in the first two decades of the 21st century as a global center of advanced, technology-assisted biology has been followed by an even faster rate of growth since the start of the new decade. We have reached a critical mass in the greater Boston market, where we have developed a combination of skills, institutions and collaboration between companies that is supported and financed by an …

Office Properties Income Trust Breaks Ground on $200M Redevelopment Project in D.C.

WASHINGTON, D.C. — Office Properties Income Trust has broken ground on a redevelopment of a Class B office building located at 20 Massachusetts Ave. NW in Washington, D.C. The project will expand and reimagine the seven-story, 340,119-square-foot building to a 10-story, 427,000-square-foot property. The project, named 20 Mass, is expected to be completed in early 2023 and is predicted to cost approximately $200 million.Designed by Leo A. Daily Architects, 20 Mass will include 184,000 …

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