Property Type

Kraus-Anderson Completes $14M Renovation of Emergency Department at Regions Hospital in St. Paul

by Kristin Harlow July 28, 2022

ST. PAUL, MINN. — Kraus-Anderson (KA) has completed a $14 million renovation of the emergency department at Regions Hospital in St. Paul. The 18,000-square-foot project involved the renovation of 12 treatment rooms and the addition of new support spaces in Pod A. KA added 11 new treatment rooms as well as new support spaces in Pod B. Additionally, KA remodeled the existing X-ray room, and added a new X-ray room, CT room and control room. BWBR Architects was the project architect. Regions Hospital is a part of HealthPartners.

July 28, 2022

Affordable Housing Development Loans Multifamily New York Northeast

Cushman & Wakefield Arranges $134M Construction Loan for Brooklyn Mixed-Income Project

by Taylor Williams July 28, 2022

NEW YORK CITY — Cushman & Wakefield has arranged a $134 million construction loan for 15 Hanover Place, a mixed-income residential project that will be located in downtown Brooklyn. The 34-story building will house 314 units, 95 of which will be reserved as affordable housing, as well as 9,000 square feet of commercial space. Gideon Gil, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the loan through Santander Bank and City National Bank on behalf of the borrower, locally based developer Lonicera Partners. A tentative completion date has not yet been established.

July 28, 2022

Acquisitions Mixed-Use New York Northeast

JLL Negotiates $33.7M Sale of Manhattan Commercial Portfolio

by Taylor Williams July 28, 2022

NEW YORK CITY — JLL has negotiated the $33.7 million sale of a portfolio of three commercial properties in Manhattan’s Lenox Hill neighborhood. The building at 1026 Third Ave. comprises a ground-level restaurant, second-floor office space, one duplex and one residential loft. The two buildings at 1020-1024 Third Ave. total 19,375 square feet and consist of 25 residential units and three commercial spaces. Clint Olsen and Stephen Godnick of JLL represented the buyer, Kahen Properties, in the transaction. JLL also represented the seller in the $24 million disposition of 1020-1024 Third Avenue. Nick Judson of Judson CRE represented the seller of 1026 Third Avenue, which fetched a price of $9.7 million.

July 28, 2022

Acquisitions New Jersey Northeast Office

Newmark Brokers $26.5M Sale of Office Portfolio, Land Sites in Hamilton, New Jersey

by Taylor Williams July 28, 2022

HAMILTON, N.J. — Newmark has brokered the $26.5 million sale of a portfolio of six office buildings totaling 237,834 square feet and two land sites totaling 12.8 acres in the Central New Jersey community of Hamilton. More specifically, the holdings comprise two office buildings with excess developable acreage, two parcels within Horizon Center North and one office building plus three office/flex buildings within Horizon Center Business Park. Steven Schultz, Stephen Tolkach, Tony Georgiev and Robert Loderstedt of Newmark represented the seller, Denholtz Properties, in the transaction. The buyer was Cammeby’s International Inc. The buildings were 71 percent leased at the time of sale.

July 28, 2022

Development Hospitality New York Northeast

Marriott Opens 130-Room SpringHill Suites Hotel in Midtown Manhattan

by Taylor Williams July 28, 2022

NEW YORK CITY — Marriott has opened a 130-room hotel at 111 E. 24th St. in Midtown Manhattan under that will be operated under the hospitality giant’s SpringHill Suites brand. According to Crain’s New York, McSam Hotel Group developed the property. Gene Kaufman Architect designed the 12-story hotel, which offers amenities such as a breakfast dining room, laundry, fitness center and dry cleaning service.

July 28, 2022

Acquisitions Industrial Massachusetts Northeast

Cardinal Industrial Buys 128,500 SF Industrial Building in Agawam, Massachusetts

by Taylor Williams July 28, 2022

AGAWAM, MASS. — San Diego-based Cardinal Industrial has purchased a 128,500-square-foot industrial building in Agawam, located outside of Springfield. Nicholas Morizio of Colliers represented Cardinal Industrial in the transaction. The representative of the seller, The Grossman Cos., was not disclosed. At the time of sale, the building was fully leased to TW Metals and OMG Inc.

July 28, 2022

Acquisitions Illinois Midwest Office Top Stories

Google to Acquire James R. Thompson Center in Chicago’s Central Loop Following Renovation

by Katie Sloan July 28, 2022

CHICAGO — Google has announced plans to acquire the James R. Thompson Center, an iconic office building located at 100 W. Randolph St. in Chicago’s Central Loop, following renovations. The 1.2 million-square-foot property occupies a full city block. Google plans to begin moving into the building in 2026. The 17-story Thompson Center is the only building in the city of Chicago where six L Train lines converge, connecting to Chicago’s South, West and North sides — a key point of attraction for Google, which is seeking to create an office environment that suits the future needs of its growing workforce that features a hybrid of in-office and from-home employees. In December of last year, the State of Illinois agreed to sell the Thompson Center to JRTC Holdings, a group led by developer Michael Reschke of Prime Group, for $70 million in an upfront cash transaction. Under terms of the deal, the state initially agreed to buy back a third of the property following renovations for $148 million. Illinois Governor J.B. Pritzker announced a new agreement for the building yesterday morning, in which JRTC will acquire the Thompson Center for $105 million with $30 million paid upfront in cash. As part of …

July 28, 2022

Market Reports Michigan Midwest Midwest Market Reports Office

Office Activity Picks Up in Metro Detroit as Tenants Make Workplace Decisions

by Kristin Harlow July 28, 2022

By Ryan Nierman, Ph.D. and Bradley Meloche, Colliers The tumultuous events of the last two years have brought uncertainty into many aspects of Detroit’s office market. Even as companies emphasize their eagerness to return to the office, many questions remain regarding space designs, required square footage and buildout requirements. Tenant selectivity With increasing vacancy rates and negative net absorption throughout the metro Detroit office market, real estate experts are witnessing tenants becoming more selective in property occupancy. The result has been a slowing demand for Class B and C office product. Tenants have begun targeting Class A assets with improved visibility, signage, modernized color schemes, numerous amenities and flexible floorplan designs. As the need for larger office footprints goes down in reaction to post-COVID considerations, tenants have become willing to pay increased per-square-foot rents, for at or below preexisting rental budgets, due to decreased size requirements. The need for tenants to target Class A facilities has been compounded by the so-called “Great Resignation,” as employees are willing to demand more from their employers. As a result, employers know that a failure to invest in a more modern and amenitized workspace may result in poor employee retention and future talent recruitment. …

July 28, 2022

Features Office Western Feature Archive

Office Space Is Back in Demand — With a Wellness Component

by Jeff Shaw July 28, 2022

By Michael Brumley, Project Executive, Kiewit Building Group AT The pandemic sent ripple effects throughout the construction industry. Along the way, it also heavily influenced and impacted the way employees in the workforce now operate and interact. With COVID prompting a shift in remote work, many are wondering if it’s beneficial to go back to the office full-time, adopt a hybrid approach or forgo investing in office space altogether. There are many justifications for investing in office space when you consider variables like productivity, industry-specific jobs or trades, and overall employee satisfaction and benefits. The distinction is you need to invest in spaces that are successful for employers and employees alike. It’s All About the Benefits The pandemic proved work can be done anywhere as long as Wi-Fi is available. So, how can companies entice employees to work at an office once the investments have been poured into developing the physical space? According to a survey from McKinsey on consumer interest and purchasing power, 79 percent of respondents said they believe wellness is important while 42 percent consider it a top priority. Consumers in each market studied reported a substantial increase in the prioritization of wellness over the past two to three …

July 28, 2022

Development Multifamily Office Texas

Mintwood, Woods Capital to Undertake Multifamily Conversion Project in Downtown Dallas

by Taylor Williams July 27, 2022

DALLAS — A partnership between two locally based firm, Mintwood Real Estate and Woods Capital, will undertake a multifamily conversion project at Santander Tower in downtown Dallas. The project will redevelop multiple floors of the 1.4 million-square-foot office building at 1601 Elm St. into 228 multifamily units, including communal amenity spaces. Units will come in one- and two-bedroom floor plans, and amenities will include a pool, fitness center and other gathering and meeting spaces. Dallas-based architect WDG designed the multifamily units and indoor amenities, and Swoon provided interior design services. TBG Partners designed the exterior amenities. Adolfson & Peterson Construction is serving as the general contractor. Completion is scheduled for fall 2023.

July 27, 2022

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