CHICAGO — Law firm Cooley has signed a 30,000-square-foot office lease at Bank of America Tower in Chicago. Cooley is slated to relocate from its current coworking space to the new property in the second quarter of 2022. Developed by Howard Hughes Corp. and Riverside Investment & Development Co., Bank of America Tower is located at 110 N. Wacker St. It rises 55 stories and spans 1.5 million square feet. Other tenants at the building include HPS Capital Partners, Longshore Capital Partners, Chartwell Financial Advisory and SE Capital. Cooley launched its Chicago office in May of this year.
MINNEAPOLIS — The Telos Group and 601W Cos. have received $250 million in financing for The Dayton’s Project, a historic redevelopment of 700 Nicollet Mall in downtown Minneapolis. The 12-story property was previously occupied by Dayton’s department store, which rebranded as Macy’s in 2004 before closing its doors in 2017. The 1.2 million-square-foot project will include office space, 200,000 square feet of dining and retail, and a 45,000-square-foot food hall and market. Office amenities will include a rooftop terrace with views of the Minneapolis skyline, private lounge and library spaces, and a 10,000-square-foot, state-of-the-art health club. Over the past few months, the development has been at the center of legal drama between developer 601W Cos. and Monarch Alternative Capital, which holds the mezzanine loan on the project, according to reports by Twin Cities Business (TCB). 601W sued Monarch in June of this year, with Monarch countering through the advertisement of a foreclosure sale of 601W’s equity interests in the property under technical default for not meeting leasing obligations, according to TCB. Hennepin County District Judge Susan Burke granted 601W a temporary injunction to secure new financing, thereby stopping the foreclosure sale that had been set for Aug. 23. Jaime Fink, …
By Jerry Fiume, SVN Summit Commercial Real Estate Advisors You’ve heard it before. In Akron, everything is earned, and nothing is given. No quote better represents the fabric of the City of Akron, Summit County and Northeast Ohio. Aside from an unstoppable work ethic, the other key characteristic of our marketplace is one of steady consistency. Our pricing is steady, our cap rates are steady and our opportunities are steady. With that said, there is a renaissance underway in our area. Akron is experiencing residential growth driven by a 15-year, 100 percent residential tax abatement program for all new residential and multifamily construction. This also applies to recent rehabilitation work, helping Akron stand out as a competitive and attractive place to invest in real estate. Plus, increased residential investment will continue to attract more commercial investment. Akron has made a significant investment in its downtown neighborhood, spurring significant residential, retail and office growth. The city invested $30 million to facelift Main Street, including several significant mixed-use projects like The Bowery and the 159, creating a better-looking, more walkable downtown that is becoming a premier place to live. Hundreds of new apartments have been constructed in former office buildings, and hundreds …
Countless companies have seen their top and bottom lines decimated by COVID-19-related shutdowns, travel restrictions and changing consumer preferences since the start of the pandemic. Yet for many taxpayers, property tax values have changed little or even increased. Many of these taxpayers have been surprised to receive property tax bills that do not reflect the real and lingering economic challenges that the retail, hospitality, office and other industries have, are and will continue to face. These taxpayers — and even those in industries better suited to weather the storm — should give special attention to ensuring they receive fair and reasonable assessments. Observe Valuation Dates, Notices and Appeal Deadlines With a large percentage of employees working remotely, together with an inconsistent postal service, it is more important than ever to have dedicated employees and knowledgeable property tax professionals reviewing property value assessments annually and filing timely protests when warranted. Failure to receive a tax valuation notice rarely excuses a missed protest deadline, so it is vital to know and comply with applicable deadlines. Many property tax bills issued in 2020 were based on statutory valuation dates that preceded the emergence of COVID-19. For instance, assessors working under a valuation date …
CHICAGO — North Wells Capital LLC has received a $21 million loan for the refinancing of 440 North Wells in Chicago’s River North neighborhood. The office and retail building rises eight stories and spans 95,316 square feet at the intersection of Wells and Hubbard streets. The property is currently 97 percent occupied, with the office space anchored by Curo Technologies and the retail space anchored by Ligne Roset. Urban Innovations provides property management, leasing and construction services for the building. North Wells Capital and Urban Innovations have owned and managed the property since 1996. CIBC Bank USA provided the loan, terms of which were undisclosed.
PHOENIX — Idaho-based Stafford Holdings has purchased North Loop 101 Building D, an office building located at 19820 N. 7th Ave. in Phoenix. Los Angeles-based Regent Properties sold the property for $22.1 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller, while Blake Hupfer of Premiere Property Group represented the buyer in the deal. The two-story building features 88,696 square feet of Class A office space. At the time of sale, the property was fully leased to two tenants. Centuri Construction Group, a subsidiary of Southwest Gas, occupies 95 percent of the building, with Pacific Western Bank occupying the remaining space.
SCHAUMBURG, ILL. — Ally Financial has signed a 55,000-square-foot office lease at Schaumburg Towers in the Chicago suburb of Schaumburg. Ally, a digital financial services company, will relocate from Itasca, where it currently occupies 44,000 square feet. Ally expects to take occupancy of its new space in the third quarter of 2022. Located on American Lane, Schaumburg Towers is a two-building, 882,000-square-foot office complex. Owner America Landmark Properties has invested more than $20 million to renovate the property in the past few years. Steve Kling and David Florent of Colliers International represented ownership in the lease transaction, which brings the property’s occupancy up to 70 percent. Scott Ohlander of JLL represented Ally.
IRVING, TEXAS — Switzerland-based global investment firm Partners Group and Florida-based Accesso have sold Royal Ridge, a 505,948-square-foot office campus in Irving’s Las Colinas district, for an undisclosed price. Royal Ridge is a four-building campus that was constructed between 1998 and 2000. Tenants at the property, which has averaged a historical occupancy rate of about 94 percent during its life span, include Michaels and Honda. Todd Savage and Andrew Levy of JLL represented the partnership in the sale of the property to affiliates of Menlo Equities.
PARSIPPANY, N.J. — Regional office owner and manager Signature Acquisitions has begun the renovation of 100 Kimball, a 175,000-square-foot office building in Parsippany, located in the northern part of the Garden State. The building is currently leased to accounting giant Deloitte, which will be vacating the premises next year. Designed by Studio 1200, the project will include a revitalization of the lobby, a redesign of the café to feature more culinary options and upgrades to the fitness center and conference facilities. Avison Young has been tapped to lease the building following completion of the project, which is scheduled for August 2022.
PISCATAWAY, N.J. — LIXIL, a provider of water and housing products, has signed a 60,000-square-foot lease for its new headquarters at Middlesex Science Center, a 685,000-square-foot office and life sciences campus in the Northern New Jersey community of Piscataway. Keystone Property Group owns the campus, which formerly served as an office and data center for AT&T. Scott Lesh and Scott Stange of JLL represented the tenant in the lease negotiations. CBRE represented Keystone.