Property Type

Global Holdings to Undertake $30M Renovation of Midtown Manhattan Office Building

by Taylor Williams December 17, 2024

NEW YORK CITY — Global Holdings will undertake a $30 million renovation of 99 Park Avenue, a 26-story, 600,000-square-foot office building in Midtown Manhattan. Designed by VOCON, the capital improvement program will feature a reimagined lobby and updated amenity spaces, including a conference center, speakeasy, barbershop and salon and an entertainment lounge with a bowling alley and golf simulator. Completion is slated for early 2026. Global Holdings has also recently secured several lease renewals and expansions at 99 Park Avenue, including a deal with Metropolitan Commercial Bank for a 52,677 square-foot extension covering floors 12-13 and a 26,802-square-foot new lease for the entire 11th floor. In addition, Philadelphia-based real estate investment firm Lubert-Adler signed an eight-year lease expansion covering 7,674 square feet for a portion of the 19th floor. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter of JLL represented Global Holdings in the lease negotiations.

December 17, 2024

Development Loans Mixed-Use Retail Southeast Tennessee

Nuveen Green Capital Provides $11.8M C-PACE Loan for Mixed-Use Renovation in Downtown Chattanooga

by John Nelson December 17, 2024

CHATTANOOGA, TENN. — Nuveen Green Capital has provided an $11.8 million C-PACE loan for the gut renovation of Tivoli Theatre, a historic theater in downtown Chattanooga. The 30-year C-PACE loan is being used as part of a $73.4 million construction financing package with Reinvestment Fund Inc. The financing is being used along with New Market Tax Credits and Historic Tax Credits to fund renovations and new developments, including building exteriors, roofing, windows, HVAC, lighting, plumbing, new elevators and a pit lift. Tivoli Theatre, along with an adjacent office building, will be reimagined as the new Tivoli Performing Arts Center and a new 250-seat cinema and performance art hall. The construction timeline was not released.

December 17, 2024

Leasing Activity North Carolina Office Southeast

CBRE Arranges Three Office Leases at First Citizens Bank Plaza in Uptown Charlotte Totaling 87,266 SF

by John Nelson December 17, 2024

CHARLOTTE, N.C. — CBRE has arranged three office loans totaling 87,266 square feet at First Citizens Bank Plaza, a 23-story office tower located at 128 S. Tryon St. in Uptown Charlotte. Kris Westmoreland, Stephanie Spivey and Joe Franco of CBRE represented the landlord, Dornin Investment Group, in the lease negotiations. The deals included a 20,897-square-foot lease with IT staffing firm Dexian, a 31,838-square-foot lease for an unnamed global IT services and consulting firm and a 34,531-square-foot lease with an unknown branch of the federal government. The U.S. General Services Administration (GSA) signed the third lease with Dornin on behalf of the end user. First Citizens Bank Plaza was recently renovated and features a new lobby, boutique fitness center, tenant amenity hub with lockers and showers, bicycle parking and storage, upgraded restrooms, new lobby and MOA Korean BBQ, a 5,000-square-foot restaurant and bar on the first floor.

December 17, 2024

District of Columbia Leasing Activity Office Southeast

Workbox to Open 29,000 SF Coworking Space in DC’s Dupont Circle District

by John Nelson December 17, 2024

WASHINGTON, D.C. — Workbox plans to open a new 29,000-square-foot coworking space at an office building located at 1333 New Hampshire Ave. NW in Washington, D.C.’s Dupont Circle district. The new space is set to open in February and will represent the company’s first location in the Mid-Atlantic and its 12th nationwide. Workbox also recently announced a coworking location in Pittsburgh that is set to open next month. Workbox – Dupont Circle will feature an entire floor of workspaces, lounges, conference rooms and amenity spaces. Additionally, the space will offer offices and suites for teams ranging in size from one to 40 individuals, all of which have flexible monthly rental agreements.

December 17, 2024

Acquisitions Connecticut Industrial Northeast

O,R&L Commercial Negotiates $12M Sale of Two Recycling Facilities in Hartford, Connecticut

by Taylor Williams December 17, 2024

HARTFORD, CONN. — Locally based brokerage firm O,R&L Commercial has negotiated the $12 million sale of two facilities in Hartford that are operated by the Materials Innovation & Recycling Authority (MIRA). The facility at 211 Murphy Road is a 92,616-square-foot industrial building that includes a weigh station and access rights to a railspur and was also the former home of The Trash Museum. The adjacent property at 171 Murphy Road is a one-story, 19,200-square-foot industrial building. Luke Massirio and Thom Wilks of O,R&L brokered the deal on behalf of MIRA. The buyers were not disclosed.

December 17, 2024

Connecticut Development Multifamily Northeast Seniors Housing

Connect55+ Begins Leasing 128-Unit Active Adult Community in Manchester, Connecticut

by Taylor Williams December 17, 2024

MANCHESTER, CONN. — New York-based operator Connect55+ has begun leasing a 128-unit active adult community located at 140 Spencer St. in Manchester, about 10 miles east of Connecticut. Connect55+ Manchester offers one- and two-bedroom apartments that all have private patios/balconies. Amenities include a movie theater, fitness center, library and a community center. Information on starting rents was not disclosed. The facility is the first in Connecticut for Connect55+.

December 17, 2024

Acquisitions Massachusetts Northeast Retail

CBRE Brokers $11.2M Sale of Metro Boston Shopping Center

by Taylor Williams December 17, 2024

WOBURN, MASS. — CBRE has brokered the $11.2 million sale of a Woburn Plaza, a 31,994-square-foot shopping center located on the northern outskirts of Boston. Tenants at the property include West Marine, Eastern Bank and Mattress Firm. Nat Heald, Kyle Juszczyszyn, Connor Scott and Jordana Roet of CBRE represented the seller, locally based owner-operator Linear Retail Properties, in the transaction. The buyer was Chestnut Realty Management.

December 17, 2024

Delaware Leasing Activity Northeast Retail

Sprouts Farmers Market Opens 23,000 SF Store in Middletown, Delaware

by Taylor Williams December 17, 2024

MIDDLETOWN, DEL. — Sprouts Farmers Market has opened an 23,000-square-foot store in Middletown, located north of Dover near the Maryland-Delaware border. The store is located at 431 Middletown Warwick Road and is the second in Delaware for the Phoenix-based grocer. About 80 people are expected to work at the store on full- and part-time bases.

December 17, 2024

Arizona Loans Multifamily Student Housing Western

Colliers Arranges $520M Bond Refinancing for Grand Canyon University in Phoenix

by Amy Works December 17, 2024

PHOENIX — Colliers has secured a $520 million refinancing for Grand Canyon University’s (GCU) real estate portfolio in Phoenix. Placed through the Industrial Development Authority of the County of Maricopa Education Bonds (Grand Canyon University Project Taxable Series 2024), the loan includes the refinancing of two bridge loans placed by Colliers in October. The loan, which also pays off the university’s credit line, is a 3a2 bond financing and was issued as a partial refinancing of bonds issued by the university in 2021. Robert Kline, Todd Noel and Mindy Korth of Colliers Mortgage Advisory in Phoenix arranged the refinancing. John Stevenson and Mark Somers of Goldman Sachs’ higher education group and the law firms of Ballard Spahr and Nixon Peabody were also involved in the transaction. “The scope of this refinancing is pretty significant in the higher education bond market and speaks to GCU’s outstanding financial performance and strong student outcomes in the six years since reverting to our historical tax-exempt Arizona nonprofit status,” says GCU President Brian Mueller.

December 17, 2024

Development Idaho Multifamily Student Housing Western

Gilbane, Rocky Mountain Cos. to Begin $162.8M Redevelopment at University of Idaho

by Amy Works December 17, 2024

MOSCOW, IDAHO — A public-private partnership between the University of Idaho, Gilbane Development Co. and Rocky Mountain Cos. is set to begin a $162.8 million renovation and expansion of the university’s campus in Moscow. The project will include the renovation and redevelopment of the university’s South Hill and Elmwood Apartments, the Wallace Residence Center and the Theophilus Residence Building. “We continue to see enrollment growth as we prove again and again the University of Idaho’s value,” says Scott Green, university president. “Our on-campus housing is an important piece of that value, and our students need and deserve modern living and learning facilities.” The development team for the project includes Lydig, Integrus and Design Collective. A timeline for the project was not announced.

December 17, 2024

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