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DevelopmentLoansMixed-UseMultifamilyOfficeRetailWashingtonWestern

Cushman & Wakefield Arranges $193M in Development Funding for The Confidential Mixed-Use Project in Seattle

by Amy Works

SEATTLE — Cushman & Wakefield has procured a $193 million development funding package on behalf of Seattle-based Security Properties. The package includes a $65.2 million joint venture equity investment with MetLife Investment Management and $115.3 million in construction financing from Bank OZK for The Confidential, a 29-story, 212-unit, 374,000-square-foot mixed-use building being developed in the Belltown submarket Located at 2315 Fourth Ave., at the corner of Bell Street, The Confidential will feature 212 apartments, 17,500 square feet of office space, 8,000 square feet of ground-floor retail space and 243 parking spaces. Planned community amenities include a fitness center, lounge and theater. Currently under construction, The Confidential is expected to open in 2024. Design of The Confidential is being provided by VIA Architecture. Communita Atelier is the landscape architect and Exxel Pacific is the general contractor.

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Leasing ActivityMidwestNebraskaOffice

Omaha National Opens New 52,000 SF Headquarters in Omaha

by Kristin Harlow

OMAHA, NEB. — Omaha National Group Inc., a provider of workers’ compensation insurance, has opened its new headquarters at 9110 W. Dodge Road in Omaha. The 52,000-square-foot building can accommodate up to 300 employees. The company currently has 200 employees. The office features private workspaces and areas for collaboration and multimedia purposes. The new office more than doubles the firm’s previous space and provides employees with a larger break room.

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IllinoisIndustrialLoansMidwestOffice

Byline Bank Provides $11M Loan for Acquisition of Flex Industrial Portfolio in Lisle, Illinois

by Kristin Harlow

LISLE, ILL. — Byline Bank, a subsidiary of Byline Bancorp Inc. (NYSE: BY), has provided an $11 million loan for the acquisition of a three-building flex industrial portfolio totaling 157,000 square feet in Lisle. A joint venture between Integris Ventures and Starlight Equity Partners was the borrower. Upon acquisition, the buyers plan to implement a capital improvements program. The seller was undisclosed.

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LoansNew YorkNortheastOffice

Deutsche Bank Provides $285M Loan for Refinancing of Offices at Essex Crossing in Manhattan

by Taylor Williams

NEW YORK CITY — Deutsche Bank has provided a $285 million loan for the refinancing of The Offices at Essex Crossing, located on Manhattan’s Lower East Side. The 350,000-square-foot complex is part of the 2 million-square-foot Essex Crossing mixed-use development and is 50 percent leased following a 140,000-square-foot commitment from Verizon last winter. The borrower is Delancey Street Associates, which is a joint venture of Taconic Partners, L+M Development Partners, BFC Partners, The Prusik Group and Goldman Sachs Asset Management. JLL and Walker & Dunlop arranged the financing on behalf of Delancey Street Associates.

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Foothills-Corporate-Centre-I-Phoenix-AZ
AcquisitionsArizonaOfficeWestern

SDC Foothills Sells 110,360 SF Office Building in Phoenix for Industrial Conversion

by Amy Works

PHOENIX — SDC Foothill Inc., a global investment manager, has completed the disposition of Foothills Corporate Centre I, a value-add office building in Phoenix. WG Group purchased the property for an undisclosed price as its first acquisition in the Phoenix market. Located at 14415 S. 50th St., the single-story Foothills Corporate Centre I features 110,360 square feet of office space. At the time of sale, the property was 64 percent leased to one tenant. The new owner plans to convert the property to flex/light industrial space. CJ Osbrink, Scott Scharlach and Kevin Shannon of Newmark represented the seller and buyer in the deal.

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DevelopmentGeorgiaIndustrialOfficeSoutheast

Shadowbox Studios Underway on 1.2 MSF Expansion of Movie Studio Campus in Atlanta

by John Nelson

ATLANTA — Shadowbox Studios, a TV and movie studio operator formerly known as Blackhall Studios, is underway on expanding its studio campus in Atlanta from nine soundstages to 31. The 1.2 million-square-foot expansion project will grow the locally based company’s footprint to total 2 million square feet. The move follows a $500 million financing commitment from Silver Lake, a private equity investor with more than $88 billion in assets under management. Silver Lake will partner with existing investor Commonwealth Asset Management, which remains the majority shareholder of Shadowbox Studios. The capital injection will also be used to fund Shadowbox’s studio developments underway in London and Los Angeles. Deutsche Bank, EY and Sidley Austin represented Shadowbox in the financing transaction with Silver Lake. Farrer & Co. and King & Spalding also provided legal counsel. Latham & Watkins represented Silver Lake. The existing Atlanta studios for Shadowbox Studios served as filming locations for movies such as Jumanji: The Next Level, Jungle Cruise and Godzilla: King of the Monsters. The construction timeline for the expansion project was not disclosed.

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DevelopmentHealthcareMarylandOfficeSoutheast

Catalyst Healthcare, Bain Capital Break Ground on 60,000 SF Medical Office Building in Laurel, Maryland

by John Nelson

LAUREL, MD. — Catalyst Healthcare Real Estate and Bain Capital Real Estate have broken ground on a 60,000-square-foot medical office building in Laurel, a city about midway between Baltimore and Washington, D.C. The property will be connected to the University of Maryland Capital Region Health Hospital by an enclosed skyway and offer outpatient services, including family medicine, imaging, internal medicine, oncology, orthopedics, pharmacy, physical therapy, OB/GYN and dialysis. The building, which will feature about 3,000 square feet of commercial space, is the first phase of the master plan that will include the development of 11 healthcare buildings, as well as retail, restaurants and green space. Catalyst Healthcare and Bain Capital plan to open the property in summer 2023.

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AcquisitionsOfficeTexas

Colliers Brokers Sale of 160,000 SF Office Complex in North Dallas

by Taylor Williams

DALLAS — Colliers has brokered the sale of a 160,000-square-foot office complex located at 12160 & 12170 Abrams Road in North Dallas. The two-building complex is situated within the East LBJ Freeway submarket. Cody Payne, Michael Tran and Austin Edelmon of Colliers represented the seller, a private investor, in the transaction. Payne also secured a private investor as the buyer. Both parties requested anonymity.

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DevelopmentNew YorkNortheastOffice

Durst Organization to Undertake $150M Redevelopment of Manhattan Office Tower

by Taylor Williams

NEW YORK CITY — Locally based landlord The Durst Organization will undertake a $150 million redevelopment of 825 Third Avenue, a 40-story office tower in Manhattan that was originally constructed in 1969. The redevelopment will include upgrades of the 544,000-square-foot building’s elevators, windows, lobby and mechanical systems, as well as the addition of new amenities. Upon completion, tenants will have access to a 3,000-square-foot ground-floor lounge with coffee, wine and arcade games. The Durst Organization will also add 15,000 square feet of health and wellness amenities on the second floor and a new terrace on the 12th floor. JP Morgan Chase and Wells Fargo have provided $100 million in financing for the project.

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Leasing ActivityNortheastOfficePennsylvania

Philadelphia Inquirer Signs 36,744 SF Office Lease at 100 Independence Mall West

by Taylor Williams

PHILADELPHIA — The Philadelphia Inquirer has signed a 36,744-square-foot office lease at 100 Independence Mall West. The building was originally constructed in 1963 and was acquired by Keystone Development + Investment in 2013. Following the lease with the 193-year-old newspaper, which expects to take occupancy in the first quarter of 2023, the building is 97 percent leased. Other tenants include The Macquarie Group, U.S. General Services Association and Nelson Worldwide.

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