Property Type

Eli Lilly to Build $6.5B Pharmaceutical Manufacturing Facility at Generation Park in Houston, Create 600 Jobs

by Kristin Harlow September 24, 2025

HOUSTON — Eli Lilly and Co. (NYSE: LLY) has unveiled plans to build a new $6.5 billion manufacturing facility at Generation Park, a 4,000-acre master-planned development in northeast Houston that is owned by McCord Development. The active pharmaceutical product (API) facility, which represents the second of four new U.S. sites that Lilly plans to announce this year, will be used to manufacture the company’s pipeline of small molecule medicines across therapeutic areas, including cardiometabolic health, oncology, immunology and neuroscience. The project is expected to be operational within five years. Lilly plans to bring 615 new, high-wage jobs to the greater Houston area, including engineers, scientists, operations personnel and lab technicians. The company also expects to generate 4,000 construction jobs as the project is built. The facility will be among those that will manufacture orforglipron, Lilly’s first oral, small molecule GLP-1 receptor agonist, which the company expects to submit to global regulatory agencies for obesity by the end of this year. “Our new Houston site will enhance Lilly’s ability to manufacture orforglipron at scale and, if approved, help fulfill the medicine’s potential as a metabolic health treatment for tens of millions of people worldwide who prefer the ease of a pill …

September 24, 2025

Market Reports Office Washington Western Western Market Reports

Growing Pains, Opportunities Ahead for Seattle’s Office Market

by John Nelson September 24, 2025

— By Dan Dahl of Kidder Matthews — Seattle’s office market has proven more resilient than other cities in past downturns, with smaller declines and quicker recoveries. This cycle is different. Seattle has been hit harder and is recovering more slowly than the rest of the country. San Francisco often signals what’s to come, with the Emerald City trailing by about 12 months. AI-driven leasing activity in San Francisco is gaining momentum — signaling growth for Seattle — but the local market still faces headwinds. Demand Softens as Tenants Downsize Demand for office space in Seattle remains weak. Most tenants with upcoming lease expirations are downsizing. Tech companies have historically driven office demand here, but now they are shedding space, laying off employees and working from home. Tenants have the leverage. Concessions like free rent, reduced rates and built-out spaces are abundant, providing the opportunity for tenants to pursue a flight to quality and upgrade to higher-end space. Investment Market Under Pressure The investment side is equally challenged. Owners with near-term loan expirations are often in a pinch. Their loan balances exceed current building values due to high vacancies, lower rental rates, elevated cap rates and higher interest rates. As a …

September 24, 2025

Loans Retail Texas

BWE Arranges $36M Loan for Refinancing of Shopping Center in Terrell, Texas

by Taylor Williams September 23, 2025

TERRELL, TEXAS — Cleveland-based financial intermediary BWE has arranged a $36 million loan for the refinancing of Crossroads at Terrell, a 260,877-square-foot shopping center located east of Dallas. Built between 2022 and 2024 within a larger mixed-use development, the center is home to tenants such as Hobby Lobby, Academy Sports + Outdoors, Marshalls, Burke’s Outlet and Petco. Matt Good of BWE arranged the loan through an undisclosed life insurance company. The borrower was also not disclosed.

September 23, 2025

Industrial Leasing Activity Texas

Toyota Motor Sales Signs 121,188 SF Industrial Lease Renewal in Lewisville, Texas

by Taylor Williams September 23, 2025

LEWISVILLE, TEXAS — Toyota Motor Sales USA Inc. has signed a 121,188-square-foot industrial lease renewal in Lewisville, a northern suburb of Dallas. The company will remain a tenant at the building at 1825 Midway Road, which according to LoopNet Inc. was completed in 2018. Melissa Holland of JLL represented the tenant in the lease negotiations. Chicago-based investment firm ML Realty Partners owns the property.

September 23, 2025

Civic Development Texas

Steele & Freeman Completes 77,000 SF Civic Project in Midlothian, Texas

by Taylor Williams September 23, 2025

MIDLOTHIAN, TEXAS — General contractor Steele & Freeman has completed a 77,000-square-foot civic project in Midlothian, a southern suburb of Dallas. Designed by Hoefer Welker, the new facility at 1111 George W. Raffield Jr. Way houses the operations of the city’s police and fire departments, as well as the municipal court. Voters approved the new facility via a 2021 bond election.

September 23, 2025

Affordable Housing Development Multifamily Texas

Industry ATX Delivers 23-Unit Affordable Housing Project in Austin

by Taylor Williams September 23, 2025

AUSTIN, TEXAS — Locally based developer Industry ATX has delivered Industry SOMA, a 23-unit affordable housing project in Austin’s South Menchaca neighborhood. The townhome-style residences are housed and are reserved for households earning 80 percent or less of the area median income. Units have an average size of about 1,100 square feet. Mark Odom Studio designed the project, construction of which began in fall 2022.

September 23, 2025

Industrial Leasing Activity Texas

Renew Trucks Signs 2,604 SF Industrial Lease Expansion at TexAmericas Center

by Taylor Williams September 23, 2025

TEXARKANA, TEXAS — Renew Trucks has signed a 2,604-square-foot industrial lease expansion at TexAmericas Center, a 12,000-acre mixed-use and industrial park located near the Arkansas-Texas border in Texarkana. The site spans 2.3 acres at 139 Miller St. and is adjacent to Renew’s existing facility. The deal brings the company’s total footprint at TexAmericas Center to 16,673 square feet.

September 23, 2025

Connecticut Development Multifamily Northeast Student Housing

Landmark, Manulife Open 890-Bed Student Housing Community Near University of Connecticut

by Taylor Williams September 23, 2025

STORRS, CONN. — A joint venture between Landmark Properties and Manulife Investment Management has opened The Standard at Four Corners, an 890-bed student housing community located near the University of Connecticut campus in Storrs. Designed by Dwell Design, the property offers 392 fully furnished units in studio, one-, two- and three-bedroom configurations with bed-to-bath parity. Shared amenities include an academic lounge, 24-hour study rooms, a fitness center, resort-style pool and spa, jumbotron lawn, outdoor gaming areas, fire pits, grilling stations and a clubroom. The property also features 14,500 square feet of ground-floor retail space.

September 23, 2025

Development Multifamily New Jersey Northeast

CrownPoint, Crossroads Break Ground on 125-Unit Multifamily Project in Randolph, New Jersey

by Taylor Williams September 23, 2025

RANDOLPH, N.J. — A partnership between two developers, CrownPoint Group and Crossroads Cos., has broken ground on a 125-unit multifamily project in Randolph, about 40 miles west of New York City. Designed by Comito Associates and known as Liberty Village, the development will feature townhouse-style residences that will be housed within 11 buildings across a 14.5-acre site. The property will have 25 affordable housing units. Amenities will include fitness center, multiple social lounges, a golf simulator, children’s playroom and a business center with work pods and meeting areas. Completion is slated for summer or fall of 2026.

September 23, 2025

Acquisitions Hospitality Massachusetts Northeast

JLL Brokers Sale of 80-Room Boxer Hotel in Boston’s West End

by Taylor Williams September 23, 2025

BOSTON — JLL has brokered the sale of the 80-room Boxer Hotel located at 107 Merrimac St. in Boston’s West End. The nine-story hotel was originally built in 1904 and last renovated in 2013. Additional upgrades to certain common areas and amenity spaces were completed in 2020. Amenities include a fitness center, bike rental program and an onsite restaurant and bar. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the seller, Hersha Hotels & Resorts, in the transaction. The buyer was Eurostars Hotel Co.

September 23, 2025

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