Office

Dominion Realty, New York Life Open 29-Story FNB Tower in Uptown Charlotte

by Julia Sanders July 22, 2021

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 …

July 22, 2021

Loans New Jersey Northeast Office

Progress Capital Arranges $53M Loan for Refinancing of Multifamily Building in East Orange, New Jersey

by Taylor Williams July 22, 2021

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.

July 22, 2021

Illinois Loans Midwest Office

Newmark Arranges $147.5M Loan for Refinancing of Chicago Office Complex

by Kristin Harlow July 22, 2021

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.

July 22, 2021

Leasing Activity New York Northeast Office

Berenberg Capital Markets Signs Office Lease Renewal, Expansion in Midtown Manhattan

by Taylor Williams July 22, 2021

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.

July 22, 2021

Acquisitions California Industrial Office Western

Kennedy Wilson Acquires Three Office/R&D Buildings in Campbell, California for $147.2M

by Amy Works July 21, 2021

CAMPBELL, CALIF. — Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson (NYSE: KW), has purchased 267,000 square feet of office and R&D space within Vasona Technology Park in Campbell. An undisclosed seller sold the assets for $147.2 million. The transaction includes 220 E. Hacienda Ave., occupied by Kaiser Permanente for medical offices; 240 East Hacienda Ave., occupied by ChargePoint Inc. as its corporate headquarters; and 1359 Dell Ave., occupied by Imperative Care as its corporate headquarters. Stephen Etheredge, Max Shapiro, Keith Pollock, Marc Young and Max Rawn of Allen Matkins represented Kennedy Wilson Fund VI in the acquisition.

July 21, 2021

Acquisitions Florida Office Southeast

CBRE Arranges $99.5M Sale of One Town Center Office Tower in Boca Raton

by Julia Sanders July 21, 2021

BOCA RATON, FLA. — CBRE has arranged the $99.5 million sale of One Town Center, a 191,294-square-foot office tower located in Boca Raton. Christian Lee, José Lobón, Amy Julian, Andrew Chilgren and Royce Rose of CBRE represented the seller, a joint venture between CP Group (formerly Crocker Partners) and Siguler Guff & Co. Michael Erickson from Tower Commercial Real Estate is the leasing broker for the property. The buyer is Singapore-based Prime US REIT. KBS serves as the U.S.-based asset manager for Prime’s portfolio, which included identifying and sourcing One Town Center on Prime’s behalf. Additionally, CP Group will continue to manage the tower. One Town Center is a 10-story building with an adjacent 435-space parking garage and 274 surface parking spaces. Located on Lennox Drive, the property is situated in Boca Raton’s Midtown district near Interstate 95 and Boca Raton Airport. Originally developed in 1991 as the worldwide headquarters for WR Grace, One Town Center was developed by Tom Crocker. WR Grace vacated the property in 2001 and the space was reabsorbed by Tyco, a national security systems company. MetLife purchased the building in 2007 and Tyco vacated it in 2012. The property was sold to Crocker Partners (now …

July 21, 2021

Loans New York Northeast Office

Black Bear Capital Arranges $24M Perm Loan for Office Building in White Plains, New York

by Taylor Williams July 21, 2021

WHITE PLAINS, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $24 million CMBS permanent loan for a 160,000-square-foot office building in White Plains, located north of New York City. Morgan Stanley provided the loan, which featured a fixed interest rate of 3.85 percent for 10 years with full-term, interest-only payments. The borrower, Caspi Development, has invested almost $3 million in capital improvements to the building over the last three years. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing.

July 21, 2021

California Loans Office Retail Western

Ready Capital Closes $23.5M in Refinancing for Nine-Property Office/Retail Portfolio in Los Angeles

by Amy Works July 20, 2021

LOS ANGELES — Ready Capital has closed $23.5 million in refinancing for the renovation and lease-up of a nine-property retail and office portfolio located in the Frogtown, Echo Park and Glassell Park neighborhoods of Los Angeles. The undisclosed sponsor plans to complete capital improvements on each of the nine properties, increasing the rentable square footage and leasing up each asset. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and facilities to provide funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

July 20, 2021

Company News Georgia Office Retail Southeast

Former North American Properties Executive Mark Toro Launches Toro Development Co.

by Julia Sanders July 20, 2021

ATLANTA — Mark Toro, who formerly led North American Properties’ (NAP) Atlanta division, is launching Toro Development Co. This company will be aimed at acquiring outdated sites such as dead malls and transforming them into better mixed-use properties. The firm is not just focused on enclosed malls, but also suburban office parks, shopping centers and industrial sites. John Kelley, Richard Munger and Vicky Boyce are joining Toro’s development team as partners. The trio all played a role in ground-up and redevelopment projects at NAP, including Avalon, Atlantic Station, Colony Square and Edge on the Beltline. Kelley will be in charge of commercial development, while Munger will oversee residential development. Lastly, Boyce, who first started working with Toro in 2001, will serve as chief financial officer for the new company. Toro Development Co.’s investment partners include Four Stones Real Estate, an Andrew Cathy Enterprise that was founded by Cathy in January 2020, and Lubert-Adler Real Estate Funds.

July 20, 2021

Company News Development Healthcare Life Sciences New York Northeast Office Top Stories

Life Sciences Firm Regeneron to Invest $1.8B for Campus Expansion in Tarrytown, New York

by John Nelson July 20, 2021

TARRYTOWN, N.Y. — Regeneron (NASDAQ: REGN), a medicine manufacturer known for its COVID-19 antibody cocktail, plans to invest $1.8 billion over the next six years to support the expansion of its life sciences headquarters in Tarrytown, about 25 miles north of Manhattan. Located in Westchester County on the east bank of the Hudson River, the project will expand Regeneron’s research, preclinical manufacturing and support facilities, while creating an estimated 1,000 new full-time jobs. “The COVID-19 pandemic has highlighted the importance of continued and long-term investment in the biopharmaceutical industry, and Regeneron is proud to pursue life-changing science and technology from our labs and manufacturing facilities in New York State,” says Leonard Schleifer, president and CEO of Regeneron. The project is expected to encompass up to eight research and development buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet. Regeneron has indicated that road infrastructure improvements will be necessary to support the new buildings, which will come on line in two phases. Construction planning will begin this summer and project construction is scheduled for completion in 2027. No members of the project team were disclosed. The life sciences firm chose to expand in Tarrytown following site …

July 20, 2021

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