OMAHA, NEB. — Lockwood Development has purchased One Valmont Plaza, an office property with two Class A buildings totaling 173,692 square feet in Omaha, for $26.8 million. One building rises four stories and spans 64,335 square feet, while the other rises six stories and totals 109,357 square feet. They are part of the First National Bank Business Park. Steve Sheppard of CBRE represented Lockwood in the sale. Lee Pedersen of CBRE represented the undisclosed seller.
AUSTIN, TEXAS — A partnership between Trammell Crow Co. and MSD Capital, which manages the investments of tech magnate Michael Dell, has topped out a 35-story office project at 601 W. 2nd St. in downtown Austin. According to the development team, at 590 feet, the 814,081-square-foot building will be the tallest office building in Austin upon completion in May 2022. Pelli Clarke Pelli and STG Design served as the architects for the project, construction of which began in January 2019. DPR Construction is the general contractor.
GREENWOOD VILLAGE, COLO. — Viking Partners Management, on behalf of its fourth value-add fund, and Bancroft Capital have purchased Greenwood Corporate Plaza, a suburban office campus located at 5990 Greenwood Plaza in Greenwood Village. An undisclosed seller sold the asset for $38.4 million. Built in 1981 and renovated in 2015, Greenwood Corporate Plaza features four identical, three-story, Class B office buildings totaling 412,869 square feet on 36 acres. At the time of sale, the property was 57 percent occupied. The buyers plan to implement a capital improvement plan that will include replacing the roofs and HVAC systems; modernizing building entrances and exterior lighting; reforming the outdoor hardscape; and refreshing the elevators, bathrooms, lobbies and hallways.
NEW YORK CITY — Hudson Square Properties, a joint venture between Trinity Church Wall Street, Norges Bank Investment Management and Hines, has broken ground on 555 Greenwich, a 270,000-square-foot speculative office project in Manhattan’s Hudson Square neighborhood. COOKFOX Architects is designing the 16-story building, and AECOM Tishman is the general contractor. CBRE is the leasing agent. Completion of the project, which according to the development team is the first spec office building to be developed in New York City in the wake of the pandemic, is slated for the fourth quarter of 2022.
AUSTIN, TEXAS — Cielo Property Group has acquired the second half of a city block near Frost Bank Tower in downtown Austin with plans to build a 750,000-square-foot office tower. The project represents the first phase of a larger development that could ultimately consist of two adjacent high-rise office buildings totaling 1.6 million square feet. Cielo acquired the 0.8-acre site at the southern end of the block for an undisclosed price following its purchase of the northern end of the block in early 2020. The Austin-based developer is still mulling plans for the north end, which can accommodate up to 886,200 square feet.
JERSEY CITY, N.J. — Columbia Property Trust (NYSE: CXP) has completed Phase I of the redevelopment of 95 Columbus, a 680,000-square-foot office building in the Grove Street neighborhood of Jersey City. Global architecture firm Spector Group is leading design of the project, the first phase of which centered on the renovation of the lobby. The next phase of the redevelopment will involve the creation of a lounge area, as well as the enhancement of utility and elevator systems. Columbia is also constructing a bike storage room, bathrooms and shower facilities. Cushman & Wakefield has been tapped to lease the building following the completion of the redevelopment, which is slated for the this fall.
CHARLOTTE, N.C. — Dominion Realty Partners and New York Life Real Estate Investors has opened the FNB Tower, a 29-story office, retail and residential development at 401 S. Graham St. in Uptown Charlotte. FNB Corp., the corporate parent company of Pittsburgh-based First National Bank, signed a long-term commitment to become the tower’s anchor office tenant. New York Life Real Estate Investors, a subsidiary of New York Life Insurance Co., is the equity partner in the development. The developers broke ground on FNB Tower in January 2019 and have designed the tower to achieve both LEED certification and Three Green Globes. The tower is Uptown Charlotte’s newest and only green-certified, vertically integrated mixed-use development and is only the second dually certified mixed-use tower in the region, according to Dominion Realty Partners. FNB Tower is situated directly between Truist Field and Bank of America Stadium, home of the Charlotte Knights and Carolina Panthers, respectively. FNB Tower is a 420,000-square-foot building that includes 156,000 square feet of Class A office space with ground floor retail. The property also houses The Reid, which comprises 196 high-rise apartments that sit atop an eight-level parking deck. Community amenities include a pool and amenity sky deck and …
EAST ORANGE, N.J. — Progress Capital has arranged a $53 million loan for the refinancing of LOTUS 315, a 180-unit multifamily building located in the Northern New Jersey community of East Orange. The property also houses 33,151 square feet of ground-floor commercial space. The borrower, locally based developer Blackstone 360, delivered the eight-story building in 2019. Units feature stainless steel appliances and individual washers and dryers, and amenities include an outdoor garden with a lounge, private garden terraces, a fitness center and shuttle service to Newark Penn Station. Brad Domenico of Progress Capital arranged the nonrecourse loan through Arbor Commercial Mortgage.
CHICAGO — Newmark has arranged a $147.5 million loan for the refinancing of President’s Plaza in Chicago. The Class A office complex spans 830,789 square feet and is located on West Bryn Mawr Avenue. The property recently underwent a $20 million renovation. Amenities include a lounge with a bar, pool tables and TVs, as well as a café, outdoor terrace and a fitness center operated by Midtown Fitness. Jordan Roeschlaub, Dustin Stolly, Chris Kramer, Nick Scribani, Eden Abraham and Ben Kroll of Newmark arranged the loan with Bank of America. Angelo Gordon Real Estate and Glenstar Properties were the borrowers.
NEW YORK CITY — Berenberg Capital Markets LLC has signed deals to renew and expand its office headquarters space at 1251 Avenue of the Americas in Midtown Manhattan. The company has renewed its 31,700-square-foot lease for the entire 53rd floor and will expand by 30,700 square feet to occupy the entire 52nd floor. Mitchell Konsker, Alexander Chudnoff and Benjamin Bass of JLL represented the tenant in the lease negotiations. David Falk and Peter Shimkin of Newmark represented the landlord, Mitsui Fudosan America. The 2.4 million-square-foot building was originally constructed in 1971.
