PITTSBURGH — The Pittsburgh Foundation, a nonprofit that addresses community needs and promotes philanthropy, has signed a 31,308-square-foot office headquarters lease in the downtown area. The foundation has committed to space on the ninth and 10th floors of 912 Fort Duquesne Blvd. for a term of 15 years. Geoff Greco and Andrew Millberg of JLL represented The Pittsburgh Foundation in the lease negotiations. Jeff Adams and Jesse Ainsman, also with JLL, represented the landlord, The Elmhurst Group.
FONTANA, CALIF. — JLL Capital Markets has arranged $49.2 million in construction financing for Birtcher Logistics Center Fontana, a Class A industrial distribution facility currently being built in Fontana. The 330,048-square-foot project is set for completion in the first quarter of 2024. Situated on more than 13 acres, the facility will feature 36-foot clear heights, 51 dock-high doors, 85 trailer parking stalls and a 185-foot truck court. The borrower, Birtcher Development LLC, secured the three-year loan with two one-year extensions from a life insurance company. JLL Capital Markets’ debt advisory team, led by Greg Brown, Peter Thompson and Spencer Seibring, arranged the financing.
SAN FRANCISCO — Gantry has secured $8.2 million in permanent financing for an office building at 499 Jackson St. in San Francisco’s Jackson Square Historic District. The five-story, 18,000-square-foot building boasts a rooftop deck and street-level retail that’s currently occupied by Postscript. Artis Ventures, a venture capital firm based in San Francisco, anchors the office space. Gantry’s Tom Dao, Erinn Cooke and Nan Carlevarini represented the borrower, a private investor. The financing, provided by one of Gantry’s correspondent life company lenders, is a 30-year amortizing, fixed-rate loan with potential for future additional funding.
TELLURIDE, COLO. — CoralTree Hospitality has taken over operations at Hotel Columbia. Situated in downtown Telluride, Hotel Columbia offers 21 rooms. The hotel has two hot tubs and provides on-site ski storage with boot dryers. CoralTree currently oversees three hotels in Colorado: Magnolia Hotel Denver, the Eddy Taproom & Hotel in Golden and the Hotel at the United States Air Force Academy in Colorado Springs, which is set to open in 2024.
PORTLAND, ORE. — Bronko LLC has acquired three industrial buildings and a parking lot located at 615-633 SE Clay St. and 1521 SE 7th Ave. in Portland. Norris & Stevens arranged the investment sale, valued at $2.6 million. Constructed between 1924 and 1925, the property consists of three commercial buildings, each spanning about 5,000 square feet. It also includes a parking lot measuring 10,000 square feet across the street from the buildings. The previous tenants included an auto transmission service, printing services and an upholstery supplier. Greg Nesting and Gabe Schnitzer of Norris & Stevens represented both the buyer and the seller, Robert R. Dickey et al., in this transaction.
CENTURY CITY, CALIF. — An office property in Century City, 2000 Avenue of the Stars, has reached full occupancy with the addition of new leases. A multi-national law firm will relocate from downtown Los Angeles and occupy 57,887 square feet, while CBRE secured 21,000 square feet. The 865,000-square-foot property is also home to Creative Artists Agency, Ares Management and UBS. The property forms part of the Century Park campus, which also includes Century Plaza Towers. CBRE’s Pat McRoskey, Patti Gilbert and Amanda Calof comprise the leasing team responsible for the Century Park area.
NEW YORK CITY — KPG Funds has received a $50 million construction loan for 40 Crosby, a boutique office redevelopment project in the high-end SoHo district of Lower Manhattan. The five-story cast iron building totals 70,000 square feet, including prime retail space on the ground floor with Broadway frontage. KPG plans to rebrand the property as The Crosby upon completion. KPG bought the asset in early 2022 and immediately began planning the redevelopment. Sabal Investment Holdings and GDS Brightstar provided the construction loan. Nick Scribani, Dustin Stolly and Jordy Roeschlaub at Newmark arranged the financing. According to Rod Kritsberg, KPG’s co-founder and chief investment officer, the three-year construction loan will be used to give 40 Crosby a full-building renovation, keeping in line with KPG Funds’ standard to transform it into one of the “most desirable office and retail assets in the neighborhood.” Improvements will consist of a separate entrance on Crosby Street with high-end, pre-built office space and significant capital allocated to the lease-up of the specialty retail space fronting Broadway. The asset offers flexible floorplates to cater to multiple tenants or contiguous floors for a flagship headquarters location. The office space features up to 18-foot ceiling heights, 20 oversized windows bringing …
— By Dan Palmeri, Senior Vice President, CBRE — As Las Vegas reinvents itself as the sports and entertainment capital of the world — while still maintaining the fun factor it has always been known for — the corporate world continues to look at Southern Nevada as a legitimate place to do business. The city saw a record number of Class A deliveries in 2022 and has shown no signs of slowing down through 2023. This is a reflection of the demand for new, functional and relevant office space. Like most markets, location and quality of buildings are the main drivers for employers as they focus on employee happiness and retention. As Las Vegas has grown from a small desert town in the ‘70s and ‘80s with 505,000 residents in 1983, to a market of more than 2.3 million residents today, the natural geographical growth outward has hit a point where the city has reached the Valley’s boundaries in all directions. What was once a five- to 10-minute commute to the center of town has now become a 20- to 30-minute commute for the mass of suburban dwellers. This has organically led to a focus on a 25-mile stretch from …
WASHINGTON, D.C. — Tishman Speyer has secured a $150 million construction loan to fund the mixed-use redevelopment of Mazza Gallerie, an obsolete, three-story shopping mall in Washington, D.C.’s Friendship Heights neighborhood. The mall closed its last store this past Christmas, according to local media reports. RBC Capital Markets provided the financing. The reimagined development will comprise 320 rental apartments and 90,000 square feet of retail space, including 20,000 square feet of new ground-level retail space fronting Wisconsin Avenue. Tishman Speyer will maintain the mall’s 70,000-square-foot retail concourse that will once again be anchored by T.J. Maxx. The redevelopment will also maintain over 800 parking spots across four below-grade levels. Demolition of the existing structure is underway, and completion of the residential portion and first wave of new retail openings is anticipated for 2025. The project’s design-build team includes general contractors Davis Construction and Smoot Construction and architects 3XN and Eric Colbert & Associates (architect of record).
HOLLYWOOD, FLA. — Housing Trust Group (HTG) has broken ground on University Station, a $100 million mixed-use development, in a public-private partnership with the City of Hollywood. The project will comprise 216 units of workforce housing, a 635-space parking garage, retail space and new home for Barry University College of Nursing and Health Services. All of University Station’s apartments will be reserved for individuals and families at various income thresholds, including 22, 30, 40, 60, 70 and 80 percent of the area median income (AMI), with rents ranging from $374 to $1,634. The three-building development will be situated on 2.5 acres of city-owned land next to the future Broward Commuter Rail (BCR) South Station. Funding sources include LIHTC equity from Raymond James and debt from Bank of America and National Housing Trust Fund. The State of Florida and Broward County also contributed debt and civic funds for the project. The development team includes Corwil Architects and general contractor ANF Group Inc. HSQ Group will serve as the civil engineer, BNI Engineers will serve as the structural engineer and RPJ Inc. Consulting Engineers will serve as the MEP engineer. B. Pila Design Studio will handle interior design, and Witkin Hults + …