When looking for new markets that might be a fit for their brand, the owners of VITAL Climbing Gym, a bouldering concept, seek out locations that are “in the mix and part of people’s lives.” This is somewhat paradoxical with the genesis of the company, which originated during a long and very solitary bike tour more than a decade ago. Co-founder David Sacher recounts that he was alone in Argentina (having started his tour at Prudhoe Bay in Alaska) and struggling through a “windy, slow and tough” stretch when the idea for the first VITAL gym emerged as a sort of exercise in escapism. California Dreaming Sacher, who had climbed throughout college with his now business partner, Nam Phan, envisioned “a little climbing gym” with a “very laidback culture,” 24-hour access and a barbecue out front — in short, a place where he and his friends could “cook food and hang out and climb.” In 2010, that dream became a reality with the opening of the first VITAL Climbing Gym in California, where Sacher and Phan attended school. In addition to achieving the atmosphere Sacher envisioned, which he describes as “happy,” “familial” and that of a second home, the facility …
Property Type
NEW YORK CITY — Ramp, a provider of automated finance products and services, has signed a 66,000-square-foot office lease in 28-40 W. 23rd St. in Midtown Manhattan’s Flatiron District. The company is relocating to and expanding from a space the Union Square area to the entire second floor of the two-building, 561,000-square-foot complex. Michael Mathias and R.J. Johns of Cushman & Wakefield represented the tenant in the lease negotiations. Mac Roos, Andrew Roos, Michael Cohen and Jessica Verdi of Colliers represented the landlord, Williams Equities.
NEW YORK CITY — Four new tenants have opened stores at Kings Plaza, a 1.1 million-square-foot enclosed mall in Brooklyn. Target, Primark, Zara and Burlington have debuted in a space formerly occupied by Sears. The property has also undergone capital improvements, such as the brightening of the attached parking deck, as well as the addition of new lighting, furnishings and flooring in the center’s second level. Los Angeles-based Macerich owns Kings Plaza.
Alexandria Real Estate Equities to Deliver Moderna’s Headquarters in Cambridge, Massachusetts in November
by John Nelson
CAMBRIDGE, MASS. — Alexandria Real Estate Equities Inc. (NYSE: ARE), an office and life sciences REIT based in Pasadena, Calif., plans to open Moderna’s (Nasdaq: MRNA) new global headquarters in Cambridge ahead of schedule. The developer will deliver the 462,100-square-foot property at 325 Binney St. in November. The building will serve as Moderna’s corporate headquarters and also house the company’s core research-and-development operations. The property will be situated within Alexandria Center at the One Kendall Square mega campus, which is located near other life sciences firms and top-tier institutions in the Greater Boston area, including Harvard University and MIT. “We value our longtime strategic relationship with Alexandria. It has been a privilege to work with their team to develop our new headquarters and science center designed to be the most sustainable laboratory building in Cambridge,” says Jamey Mock, chief financial officer of Moderna. Moderna will use the facility to continue to hone and make advances in its mRNA medicines and therapeutics to combat a wide range of diseases, including COVID-19. Alexandria Real Estate Equities is targeting for the new property to achieve LEED Zero Energy, LEED Platinum Core & Shell, Fitwel Life Science and WiredScore Platinum certifications. The property will …
DALLAS — General contractor and construction management firm Swinerton has topped out Bridge Labs at Pegasus Park, a 135,000-square-foot life sciences project in northwest Dallas. The project represents the latest phase of the 23-acre Pegasus Park development. A partnership between Montgomery Street Partners, J. Small Investments and Lyda Hill Philanthropies owns Pegasus Park, the master plan of which also includes an 18-story tower with 538,000 square feet of office space and a brewery/restaurant. Full delivery is slated for the second quarter of 2024. Jim Curtin and Andrew Gray of JLL, along with Jason Piering of Hamilton Realty Finance, arranged financing for the redevelopment that included a five-year construction loan from Interbank and C-Pace financing through Nuveen Green Capital.
HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Icon at Yorktown, a 115-unit apartment complex in northwest Houston. Built on three acres in 2021, Icon at Yorktown offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling stations, package lockers, resident lounge and a coffee bar. Travis Austin, Greg Austin, Jackson Hart, Drew Kile and Will Balthrope of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
PLAINVIEW, TEXAS — MYCON General Contractors has begun construction on a 21,910-square-foot industrial project in Plainview, located roughly midway between Lubbock and Amarillo in West Texas. The facility will consist of five pre-engineered metal buildings and a prefabricated guard shack on a 4.5-acre site and will be used to manufacture electronic-grade sulfuric acid for the cleaning and etching of computer chips. Delivery is slated for next May. The developer is a joint venture that includes Samsung.
DALLAS — Market research firm Fieldwork has signed a 14,102-square-foot office lease at Providence Towers, a 524,143-square-foot complex in North Dallas. The property is currently undergoing a multimillion-dollar capital improvement program. Kim Brooks, Justin Miller, Scott Walker and Laney Delin of Transwestern represented the landlord, California-based investment firm KBS, in the lease negotiations. Jonathan Hill of Morrow Hill represented the tenant.
DALLAS — Southern California-based office furnishing company Tangram Interiors has opened an 12,000-square-foot showroom at 300 S. Pearl Expressway in the East Quarter area of Dallas. According to LoopNet Inc., the building was constructed in 2021, rises seven stories and totals 194,672 square feet. About 40 of Tangram Interiors’ 75 employees will work at the showroom.
ATTLEBORO, MASS. — RK Centers, an owner-operator with offices in New England and South Florida, has acquired Bristol Place, a 415,404-square-foot retail power center located south of Boston in Attleboro. The center sits on a 45.5-acre site along State Route 1A and is home to tenants such as grocer Market Basket, Home Depot, T.J. Maxx, Burlington, Hobby Lobby, Edge Fitness, Bob’s Discount Furniture and Party City. Nat Heald of CBRE represented the seller, an affiliate of Unison Realty Partners, in the transaction. RK Centers will rebrand the property, which was 96 percent leased at the time of sale, as RK Bristol Place.