Monday, March 3, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Top Stories

Texas Tower
LoansOfficeTexasTop Stories

Newmark Facilitates $450M Refinancing of 47-Story Office Tower in Downtown Houston

by Channing Hamilton

HOUSTON — Newmark has arranged a $450 million loan for the refinancing of Texas Tower, a 47-story office building in downtown Houston. Located at 845 Texas Ave. on the former site of the Houston Chronicle newspaper, the tower comprises 1.2 million square feet. A partnership between locally based real estate giant Hines and Ivanhoé Cambridge delivered the property in 2021. Jordan Roeschlaub, Jonathan Firestone, Clint Frease, Blake Thompson, Travis Bailey, Peter Mavredakis and Tim Polglase of Newmark arranged the loan on behalf of Hines and Ivanhoé Cambridge. Wells Fargo and Morgan Stanley provided the CMBS single-asset single-borrower (SASB) loan. “The refinancing for this property was particularly notable as it marked the first time in two years that a multi-tenant office tower outside of New York City was financed in the CMBS single-asset, single-borrower market,” said Firestone. Texas Tower was 95 percent leased at the time of refinancing. Newmark stated that more than 500,000 square feet of leasing has taken place over the past year. Tenants at the property currently include McGuireWoods, Vinson & Elkins, Morgan Stanley, Cheniere Energy Inc. and Clifford Chance. Texas Tower also serves as Hines’ global headquarters. The skyscraper offers amenities such as a lobby, green spaces, …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialNew JerseyNortheastOfficeTop Stories

Cosmetics Giant L’Oréal Completes $160M Research and Innovation Center in Clark, New Jersey

by John Nelson

CLARK, N.J. — French cosmetics company L’Oréal Groupe has announced the completion of its new North America Research & Innovation (R&I) Center located in Clark, roughly 13 miles outside Newark, N.J. The $160 million, 250,000-square-foot scientific research center is L’Oréal’s largest outside of France and will complement existing L’Oréal R&I hubs in Brazil, South Africa, India, China and Japan. “New Jersey has served as our scientific hub here in the United States for over six decades, and we are excited to expand our footprint in the state and bring all our scientific teams together in a beautiful and modern new research facility,” says David Greenberg, president and CEO of L’Oréal USA. The North America R&I Center broke ground in 2022 and comprises a 26,000-square-foot modular laboratory, a consumer center for product testing and co-creation (which accommodates up to 400 patrons) and an onsite mini factory to scale final formulations before full-scale productions. Sustainability attributes of the center include 10,000 solar panels, which meet 70 percent of the facility’s energy needs, an eco-retention pond for stormwater management and employee-led gardening and composting initiatives that create a green workspace.  According to company representatives, the North America R&I Center will play a “pivotal …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsGeorgiaNew YorkNortheastRetailSoutheastTop Stories

Global Net Lease Agrees to Sell 100-Property Multi-Tenant Retail Portfolio for $1.8B

by Kristin Harlow

NEW YORK CITY AND ATLANTA — Global Net Lease Inc. (NYSE: GNL) has entered into a binding agreement to sell its multi-tenant retail portfolio of 100 non-core properties to a subsidiary of RCG Ventures Holdings LLC for approximately $1.8 billion. The transaction represents an 8.4 percent cash cap rate. GNL says the transaction would accelerate its deleveraging initiative and position the company as a pure-play, single-tenant net lease (STNL) company. GNL launched its disposition initiative in 2024, with the objectives of significantly reducing debt, enhancing financial flexibility and lowering its cost of capital. Following the completion of the multi-tenant portfolio sale, which would represent the most significant step in this initiative to date, GNL expects to have completed nearly $3 billion in dispositions between the start of 2024 and the end of 2025, inclusive of properties in its disposition pipeline. The company expects to use the net proceeds from the multi-tenant portfolio sale to significantly reduce the outstanding balance on its revolving credit facility. The board of directors has concurrently approved a share repurchase program authorizing the company to opportunistically repurchase up to $300 million of its outstanding common stock in accordance with typical practice for such programs. “We believe …

Continue Reading
FacebookTwitterLinkedinEmail
Michael-Moriarty-Pull-Quote-Image
AcquisitionsIndustrialMarylandMinnesotaTop Stories

Investcorp Acquires Two Industrial Portfolios in Minneapolis, Baltimore Totaling $335M

by Hayden Spiess

MINNEAPOLIS AND BALTIMORE — Global alternative investment firm Investcorp has acquired two industrial portfolios for a total of more than $335 million. Located in the Minneapolis and Baltimore markets, the portfolios feature a combined 2.7 million square feet across 27 properties.  The 17-building Minneapolis portfolio totals 1.9 million square feet, and the Baltimore portfolio comprises 10 buildings with 881,000 square feet. The seller and specific addresses of the properties were not disclosed.  “The Minneapolis and Baltimore portfolio acquisitions offer us a unique opportunity to scale our presence in two markets with highly diversified tenancies,” says Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties making up each of these portfolios feature favorable characteristics, such as high average clear heights, ample loading docks, plentiful parking and convenient locations.”  According to a press release issued by Investcorp, industrial market rent growth in Baltimore and Minneapolis has averaged 13.4 percent and 11.4 percent, respectively, over the past three years. Fortune 500 companies with a presence in Minneapolis include Target Corp., Best Buy Co. Inc., 3M Co. and General Mills Inc.  Baltimore hosts corporations including Optum Inc., JLL, Under Armour Inc. and Morgan Stanley & Co., among others. Founded in …

Continue Reading
FacebookTwitterLinkedinEmail
Sambur-Pull-Quote
AcquisitionsCompany NewsNew YorkNortheastTop StoriesUtahWestern

Apollo Agrees to Acquire Bridge Investment Group for $1.5B

by Taylor Williams

NEW YORK CITY AND SALT LAKE CITY — Global alternative asset manager and private equity firm Apollo (NYSE: APO) has entered into an agreement to acquire Bridge Investment Group Holdings Inc. (NYSE: BRDG) in an all-stock transaction valued at approximately $1.5 billion. The deal is expected to close in the third quarter. Based in Salt Lake City, Bridge operates nearly a dozen offices nationwide and has approximately $49 billion in assets under management. In addition to some 13.5 million square feet of industrial holdings, the company’s portfolio includes nearly 65,000 residential units across the market-rate, workforce/affordable housing, seniors housing and single-family rental verticals. Bridge was ranked No. 21 on the American Seniors Housing Association’s (ASHA) 2024 list of largest seniors housing owners. Under the terms of the agreement, Bridge stockholders will receive 0.07081 shares of Apollo common stock for each share of Bridge common stock at closing. Both parties value the per-share price at $11.50, which represents a premium of about 45 percent over the company’s closing stock price of $7.92 per share on Friday, Feb. 21. Upon closing, Bridge will operate as a standalone platform within Apollo’s asset management business. Bob Morse, the current executive chairman of Bridge, will …

Continue Reading
FacebookTwitterLinkedinEmail
The Wellness Village in Mead Valley, California
CaliforniaDevelopmentHealthcareTop StoriesWestern

PMB Tops Out $580M Behavioral Health Campus in Mead Valley, California

by Channing Hamilton

MEAD VALLEY, CALIF. — Local developer PMB, in partnership with the Riverside University Health System, has topped out The Wellness Village in Mead Valley, a $580 million behavioral health campus located about 25 miles south of San Bernadino, Calif. Upon completion, the campus will serve as a mental health urgent care and crisis residential program for children under the age of 13. The Wellness Village will provide a range of services, including urgent behavioral health treatment, supportive housing and outpatient care. The facility will also house primary and specialty medical care practices, as well as dental services, substance use disorder treatment and an on-site pharmacy. More specifically, Wellness Village will include: Additionally, the property will offer amenities designed to promote community interaction and holistic recovery, such as green spaces and gardens, sports courts, an activity lawn, public market/café and community meeting space for local events and activities. Construction on The Wellness Village is slated to complete in 2026. Boulder Associates is the project architect, while Snyder Langston is the design-builder. PMB Real Estate Services will serve as the property manager. Financing sources for the development include Morgan Stanley, JLL, Kensington Advisors, P3 Foundation, Advocates for Human Potential Inc. and the …

Continue Reading
FacebookTwitterLinkedinEmail
One-Beverly
CaliforniaDevelopmentHospitalityMixed-UseRetailTop StoriesWestern

VICI Properties Provides $300M Financing for $5B One Beverly Hills Project in Metro Los Angeles

by Katie Sloan

BEVERLY HILLS, CALIF. — Cain International and Eldridge Industries have secured a $300 million investment from VICI Properties Inc. (NYSE: VICI) for the development of One Beverly Hills, a luxury mixed-use development located in the Los Angeles County community of Beverly Hills.  Construction on One Beverly Hills, which was originally announced in 2021, is currently underway with recent local coverage valuing the development at $5 billion. Foster + Partners master-planned the 17.5-acre project, which will include hospitality, residential, retail and restaurant space.  One Beverly Hills will be anchored by a luxury Aman-branded hotel and two Aman-branded residential towers designed by Kerry Hill Architects. The hotel will offer 78 all-suite guest rooms overlooking the Los Angeles Country Club. The three towers will offer access to private gardens and a 100,000-square-foot Aman Club, the brand’s private membership club offering wellness, dining and social spaces.  The project will also include a full-scale refurbishment of The Beverly Hilton, an iconic hotel that hosts the Golden Globes awards show and Milken Institute conference annually. Renovations are being led by David Collins Studio and will integrate designs that play homage to the property’s legacy. One Beverly Hills will also include curated luxury retail and dining space to …

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaDevelopmentLeasing ActivityLife SciencesMixed-UseOfficeTop StoriesWestern

Chan Zuckerberg Initiative Signs 225,000 SF Lease to Anchor Elco Yards Development in Silicon Valley

by John Nelson

REDWOOD CITY, CALIF. — The Chan Zuckerberg Initiative (CZI), one of the largest philanthropies supporting biomedical research and AI-driven science, has signed a 225,000-square-foot life sciences lease in Silicon Valley. The company will fully occupy one of four buildings at IQHQ Inc.’s Elco Yards mixed-use development underway in Redwood City, roughly 25 miles south of San Francisco. Situated along the Caltrain corridor on the San Francisco Peninsula, Elco Yards is a 670,000-square-foot mixed-use development that comprises four buildings offering lab, office and retail space. The project, which began construction in 2021, will deliver additional phases between mid-2025 and 2026. CZI is expected to officially occupy its newly leased space in 2027. The deal brings Elco Yards to 30 percent preleased, according to IQHQ. Founded by Dr. Priscilla Chan and Facebook founder Mark Zuckerberg in 2015, CZI’s purpose is to eradicate disease, improve education and address the needs of local communities, while building a more “inclusive, just and healthy future for everyone,” according to the company’s mission statement. “We are excited to continue to grow our roots in Redwood City with this new space for our biomedical research efforts,” says Marc Malandro, chief operating officer of CZI and the CZ Biohub …

Continue Reading
FacebookTwitterLinkedinEmail
Dolce-Midtown-Houston
Company NewsMarylandNorth CarolinaSoutheastTop Stories

Investment Management Merger: Barings Agrees to Acquire Artemis Real Estate Partners

by John Nelson

CHARLOTTE, N.C. AND CHEVY CHASE, MD. — Barings, an investment manager based in Charlotte, has entered into a definitive agreement to acquire Artemis Real Estate Partners, a commercial real estate investment firm based in the Washington, D.C., suburb of Chevy Chase. The transaction is expected to close in the first quarter of 2025. Financial terms were not disclosed. This acquisition will strengthen Barings’ position in the U.S. commercial real estate market and accelerate the company’s long-term growth by combining the firms’ complementary investment capabilities and expertise, according to company officials. Executives from Barings, as well as parent company MassMutual, also say that the move will enhance Barings’ real estate equity business. Deborah Harmon, co-founder and co-CEO of Artemis, believes that the merger will create “a more powerful platform for our investors” while simultaneously “preserving our culture while creating new opportunities for our team.” “We are deeply grateful to our investors for the past 15 years and look forward to continuing our partnership as a force multiplier for performance and purpose,” Harmona adds. Dechert LLP served as legal counsel to Barings for the transaction. Berkshire Global Advisors served as financial advisor to Artemis, with Paul Hastings LLP acting as the firm’s legal …

Continue Reading
FacebookTwitterLinkedinEmail
SPARC-Kips-Bay-Manhattan
DevelopmentLife SciencesNew YorkNortheastTop Stories

New York City Council Approves Two Life Sciences Projects in Manhattan Totaling 2.5 MSF

by Taylor Williams

NEW YORK CITY — The New York City Council has approved two life sciences projects representing hundreds of millions of dollars in capital investment and thousands of new jobs, according to a press release issued by New York City Mayor Eric Adams and the New York City Economic Development Corp. The first project is known as Science Park and Research Campus (SPARC) Kips Bay and will be located on the current site of Hunter College’s Brookdale Campus on the east side of Manhattan. SPARC Kips Bay will encompass an entire city block and will feature more than 2 million square feet of academic, public health and life sciences space. SPARC Kips Bay is expected to generate more than $42 billion in economic impact over the next 30 years and to account for the creation of more than 15,000 total jobs (12,000 unionized construction jobs and 3,100 permanent jobs). Construction is expected to begin before the end of year in the form of decommissioning and demolishing of existing structures on the future site of the campus. International developer Skanska has been named construction manager of SPARC Kips Bay. The development team will also make public infrastructure improvements, including the creation of …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts