ATLANTA — Piedmont Atlanta Hospital in Atlanta has unveiled its plans for a 16-story expansion and renovation of the existing campus. Development costs are estimated at $603 million. Construction of the new patient tower is slated to begin in January 2017. The tower will be known as the Marcus Tower, in honor of benefactor Bernie Marcus, who gave $75 million for the project. Hospital officials have secured partnerships with 31 companies such as subcontractors, marketers and engineers. The project still requires approval from the Georgia Department of Community Health. The first phase of the project should be completed in September 2020. Phase II will begin in 2022, with one new patient floor completed per year, except for 2026 when the final two floors will be built out. The total project duration will be 10 years. In addition to the tower at the corner of Peachtree and Collier roads, the project includes major renovations to the hospital’s main campus and the addition of 114 general hospital beds, according to the Atlanta Business Chronicle. Approximately 45 percent of the hospital’s current space will soon exceed its life expectancy of 40 years, creating the need for the new construction and renovations, according to …
Property Type
CHICAGO — Fifield Realty Corp., a subsidiary of Chicago-based developer Fifield Cos., has opened NEXT Apartments, a 28-story luxury apartment building located in Chicago’s River North district. The 310-unit property features a mix of studio, one- and two-bedroom residences, as well as two- and three-bedroom penthouses. Floor plans range from 426 to 1,727 square feet, with rents ranging from $1,790 to $6,200. Apartments feature 9-foot ceilings, oversized windows, plank flooring, quartz countertops, tile backsplashes, Groche faucets, oak-faced flat-paneled cabinets and GE stainless steel appliances, as well as private balconies and master bedroom walk-in closets in select units. On-site amenities include an outdoor pool, spa and sun terrace, a fire pit and outdoor grilling kitchens, a fitness club with indoor/outdoor yoga studio, media room with oversized television with surround sound, a Starbucks Coffee bar, gaming arcade, business center and conference room, and a bicycle kitchen with storage, supplies, tools and air pumps.
EDGERTON, KAN. — Aerospace parts supplier Triumph Group has opened its new factory in Edgerton. The Berwyn, Pa.-based company began relocating its operations from Grandview, Mo., to the new facility in September and expects the move to be complete by June 2017. Located within Logistics Park Kansas City, the 156,000-square-foot manufacturing plant was built to accommodate the company’s growth and expanding technologies. The factory is the company’s new Small and Medium Parts Center of Excellence, which makes machining and assembly of aircraft components made from aluminum and various hard metal alloys. Products that will be made at the plant include landing gear structure and assemblies, seat/cargo tracks, floor beams, thrust reverser beams, stringer end fittings, wing attach fittings, installation brackets, hinge arm assemblies and engine inlet assemblies.
CHICAGO — M&J Wilkow has completed a $15 million renovation of a 27-story office building located at 203 N. LaSalle St. in Chicago. The LEED Platinum-certified 624,739-square-foot building has been renovated to create a new arrival experience for visitors and tenants. The lobby has been revamped to add natural light and relocate the reception desk in order to open the space. Additionally, the first-floor concourse level was modernized to create an open walkway and increase visibility for the retail tenants. Other renovations include the addition of a Wi-Fi-enabled technology lounge and conference center, including large-screen televisions and audio/visual equipment; and a state-of-the-art fitness center, in partnership with LifeStart Wellness Network, on the second floor. The fitness center is complimentary for tenants at 203 N. LaSalle after a $50 initiation fee, with additional a la carte service options and classes available. The property is currently 97 percent occupied, with STATS LLC as the newest tenant with 76,852 square feet.
The Dickman Company/CORFAC Arranges Sale of Industrial Building in Oconomowoc, Wisconsin
by Amy Works
OCONOMOWOC, WIS. — The Dickman Company/CORFAC International has brokered the sale of an industrial building located at 940 Blue Ribbon Circle North in Oconomowoc. Ohkool Investments acquired the 30,000-square-foot property from PF – Commerce Unit I LLC for an undisclosed sum. Samuel Dickman, Zach Noble and Anthony Huenerbein of The Dickman Company brokered the transaction.
ITASCA, ILL. — Mortenson Construction is relocating its headquarters to larger office space at 300 Park Blvd. in Itasca from its current location in Elk Grove Village. The company will consolidate its operations into a single space designed for continued growth at the new location. Approximately 50 executives and project support team members will occupy the new office space full time.
Clarion Partners Acquires Two-Building Office/Life Science Complex in Cambridge for $311.2M
by Amy Works
CAMBRIDGE, MASS. — Clarion Partners, on behalf of a commingled fund managed by the firm, has acquired a two-building office and life science complex, located at 245 First St. in Cambridge, for $311.2 million. Situated in the East Cambridge/Kendall Square submarket, the complex comprises a six-story, 134,175-square-foot life science facility and a nine-story, 170,714-square-foot office tower constructed above a parking garage. The two buildings are connected by a four-story glass atrium and on-site amenities include a common lobby with seating, an on-site café, structured parking, bike storage, lockers and a shower room. At the time of sale, the property was 96 percent leased to a variety of tenants focused on biotechnology and medical research. The name of the seller was not released.
NEWARK, N.J. — CBRE has brokered the sale of 80 Park Plaza, a 973,000-square-foot office park located in Newark. Columbia Property Trust sold the complex to a joint venture between New York-based Nightingale Properties and Simon Glick, a private real estate investor, for $174.5 million. The complex features a 26-story office tower and a three-story plaza building. Serving as the headquarters for Public Service Enterprise Group (PSEG) since 1979, the property is currently 85 percent net leased to PSEG, with 14 years remaining on the lease term. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Dudley Ryan of CBRE represented the seller and procured the buyer in the transaction.
AUBURN, N.Y. — HREC Investment Advisors has arranged the sale of Inn at The Finger Lakes, located at 12 Seminary Ave. in Auburn. TJ Hospitality acquired the 77-room property for an undisclosed price. Mark von Dwingelo and Pat Culligan of HREC represented the seller, FLH Development, in the deal.
MANLIUS, N.Y. — The Boulder Group has brokered the sale of a single-tenant net-leased Rite Aid property located at 8230 Cazenovia Road in Manlius. An East Coast-based investor acquired the property from a partnership of high-net-worth individuals for $3.8 million in a 1031 exchange. There are more than 10 years remaining on the lease of the 12,795-square-foot property.