CHICAGO — Aspire Properties is underway on a $13 million renovation of 25 E. Washington, a 20-story office tower in Chicago’s Loop. Aspire has handled management and leasing of the property since 1996. The owners are Amsterdam-based Kroonenberg Groep and Aventura, Fla.-based Trump Group. Designed by geniant + Eastlake Studio, the renovation is slated for completion in September. A 15,000-square-foot, seventh-floor amenity center will feature a 3,000-square-foot open-air courtyard, lounge, game room, conference center and fitness facility. With over 45,000 square feet of new and renewed leases in the first quarter of 2025, the Daniel Burnham-designed building now boasts an 85 percent occupancy rate. Recent leasing highlights include: Siteline, which renewed its 13,000-square-foot space; ATS Institute, which expanded by 10,000 square feet; National Community Investment Fund, which relocated from LaSalle Street into more than 4,600 square feet; Millennium Counseling Center, which signed a new 3,500-square-foot lease; and Gertie Enterprises, which leased 3,000 square feet of new space.
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ATLANTA — Centennial Yards Co. has executed a long-term lease with event promoter Live Nation to operate a new live music and entertainment venue in downtown Atlanta. The 5,300-seat venue will anchor the under-construction sports and entertainment district within Centennial Yards, a $5 billion mixed-use project set to transform a long-underutilized section of the city into a walkable destination. The Live Nation theater will showcase a range of performances across genres, from global touring acts to national headliners and local artists. The facility will complement the city’s existing entertainment landscape, including Tabernacle concert hall, Fox Theatre and Buckhead Theatre as well as Mercedes-Benz Stadium (home of the NFL’s Atlanta Falcons and MLS’ Atlanta United) and State Farm Arena (home of the NBA’s Atlanta Hawks). “Centennial Yards is poised to be the epicenter of sports and entertainment for the southeastern United States, where people of all ages can enjoy concerts, sporting events, bars, restaurants and retail stores — all in one vibrant mixed-use district,” says Brian McGowan, president of Centennial Yards Co. “Partnering with Live Nation brings us one step closer to creating a thriving hub where unforgettable experiences happen. This new Centennial Yards entertainment venue is exactly what our region …
Roche, Genentech to Develop $700M Pharmaceutical Manufacturing Facility in Holly Springs, North Carolina
by John Nelson
HOLLY SPRINGS, N.C. — Genentech, a Bay Area-based biotech firm and member of the Switzerland-based Roche Group, plans to develop a $700 million pharmaceutical manufacturing facility in Holly Springs, approximately 20 miles southwest of Raleigh. The new 700,000-square-foot facility will create 400 high-wage manufacturing jobs and 1,500 construction jobs. The new facility will support Roche and Genentech’s portfolio of next-generation obesity medicines. The construction timeline for the new factory was not disclosed. Roche and Genentech’s current U.S. footprint includes 13 manufacturing and 15 R&D sites across the company’s pharmaceutical and diagnostics divisions. The companies have 25,000 employees in 24 sites across eight U.S. states.
KEY BISCAYNE, FLA. — Locally based Gencom has begun the $100 million overhaul of The Ritz-Carlton Key Biscayne, Miami resort. The 13-story, 275,000-square-foot hotel is located on a 17-acre site at 455 Grand Bay Drive on Key Biscayne, a barrier island situated south of Miami. Originally built in 2001, the property offers 420 guestrooms and 600 feet of direct beach access. The design team for the resort’s first major renovation includes Hart Howerton (master), Design Agency (public spaces) and Chapi Chapo Design (guestrooms). The overhaul includes new exterior paint and façade elements, a new glass façade in the lobby, redesign of the spa and a new restaurant that will join the existing lineup of eateries that will be refreshed: RUMBAR, Cantina Beach, Dune, Scoop, Stefano’s and Key Pantry. Amenities that will be overhauled include the resort’s swimming pools, fitness center, The Club Lounge and the Cliff Drysdale Tennis Center, which is the largest tennis facility of any Ritz-Carlton resort. Gencom, which co-developed the hotel, expects the renovations to conclude by the end of the year.
CHARLOTTE, N.C. — McShane Construction Co., working on behalf of developer Flournoy Development Group, has completed Ellison Mallard Creek, a 397-unit apartment community located at 930 W. Mallard Creek Church Road in Charlotte. Situated on 24.6 acres, the wood-frame property features five apartment buildings and 10 townhome-style buildings that house one-, two- and three-bedroom units. Additionally, 10 units come with a downstairs workspace that allows residents to have an office or small storefront. Monthly rental rates range from $1,411 to $2,800, according to Apartments.com. Designed by Dynamik Design, amenities at Ellison Mallard Creek include a resident lounge with gaming and entertainment areas, a fitness and wellness center, coworking lounge, hobby and art studio, market, heated resort-style pool, courtyards with fire pits, green space, dog park, pet spa and electric vehicle charging stations. McShane Construction is currently building three other apartment communities on behalf of Flournoy.
Cronheim Hotel Capital Arranges $23.6M Refinancing for Holiday Inn Resort in Surfside Beach, South Carolina
by John Nelson
SURFSIDE BEACH, S.C. — Cronheim Hotel Capital has arranged a $23.6 million loan for the refinancing of Holiday Inn Resort, a 206-room, beachfront hotel in Surfside Beach, a city in the Myrtle Beach metropolitan area. The borrowers, Innisfree Hotels and RREAF Holdings, purchased the 11-story property as an independent hotel in late 2023 and invested capital to convert the asset to a Holiday Inn Resort. The direct lender was an undisclosed regional bank. According to the property website, the hotel features an onsite restaurant, fitness center, pool and a kids splash pad.
WASHINGTON, D.C. — Marx Realty has signed 16,000 square feet of new and expanded leases at The Herald, a 114,000-square-foot office building located at 1307 New York Ave. in Washington, D.C. The deals include two new leases: a 5,000-square-foot, eight-year lease with Auburn University’s non-partisan think tank McCrary Institute and a 3,200-square-foot, six-year deal with public policy strategy firm August Strategy Group. Additionally, an undisclosed government affairs agency has nearly doubled its footprint at The Herald, expanding by 7,800 square feet. The office building’s amenities include a rental 2023 Tesla Y car, 40-seat boardroom, café, lounge and a fitness center with boxing facilities, private workout rooms, Pelotons, Hydro rowers and a mirror fitness system.
IRVING AND EULESS, TEXAS — Trammell Crow Co. (TCC) has broken ground on Passport Park West, a seven-building, 2.7 million-square-foot industrial project that will be located on Dallas-Fort Worth International Airport grounds. The site spans 180 acres across both Irving and Euless, and Phase I of the development will feature three buildings totaling approximately 1.8 million square feet. The structures will include a 455,992-square-foot, cross-dock facility with 40-foot clear heights; a 1.1 million-square-foot, cross-load facility with 40-foot clear heights; and a 219,298-square-foot, rear-load building with 36-foot clear heights. Alliance Architects is serving as the project architect, and Peinado Construction is the general contractor. CBRE is the leasing agent. Phase I is slated for a first-quarter 2026 completion.
LEWISVILLE, TEXAS — Cushman & Wakefield has brokered the sale of Heritage Towers, a 282-unit apartment complex located in the northern Dallas suburb of Lewisville. Completed in 2023, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, dog park, clubhouse with a coffee bar and outdoor grilling, dining and gaming areas. Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, Dallas-based Huffines Communities, in the transaction. The buyer and sales price were not disclosed.
ALLEN, TEXAS — Chicken N Pickle, a Kansas City-based concept that combines dining with pickleball and other outdoor games, has opened a 42,000-square-foot restaurant and entertainment venue in the northeastern Dallas suburb of Allen. The venue is located at The Farm, a 135-acre mixed-use development by JaRyCo, and features dining areas on two levels, a sports bar, six indoor and two covered outdoor pickleball courts, beer gardens and other outdoor game spaces. Construction began in February 2024.