Monday, June 2, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Top Stories

CaliforniaCivicDevelopmentLife SciencesOfficeTop StoriesWestern

BioMed Realty Wins Municipal Approval for 910,000 SF Expansion of Life Sciences Campus in Bay Area

by John Nelson

EMERYVILLE, CALIF. — The City of Emeryville in Northern California’s Bay Area has approved BioMed Realty’s proposal to expand its Emeryville Center of Innovation life sciences campus. The 12-acre property is located about four miles north of Oakland and 10 miles east of San Francisco. The expansion will add 910,000 square feet of Class A laboratory and office space to the development. Phase I of the expansion, which BioMed Realty expects to begin in 2022, will span 265,000 square feet. “We are grateful for our partnership with the City of Emeryville to develop purpose-built lab research facilities that support the growth of the industry and help our business partners attract and retain talent,” says Salil Payappilly, vice president of BioMed Realty. BioMed Realty is currently modernizing an existing 303,000-square-foot building at Emeryville Center of Innovation. The building, which is not part of the newly announced expansion, will be fully occupied by Zymergen Inc., a biomanufacturing company and Emeryville’s largest employer. Zymergen signed a lease in 2019 for its new corporate headquarters and to accommodate the expansion of its operations. BioMed Realty expects to complete Zymergen’s building in early 2023. Emeryville Mayor Dianne Martinez says that the origin of the life …

Continue Reading
FacebookTwitterLinkedinEmail
I-10-Logistics-Center
CaliforniaDevelopmentIndustrialLoansTop StoriesWestern

Bank OZK Provides $105M Construction Loan for Industrial Project in Southern California

by Taylor Williams

CHERRY VALLEY, CALIF. — Bank OZK has provided a $105 million construction loan for the development of I-10 Logistics Center, a 1.8 million-square-foot industrial project located near the crossing of Interstate 10 and Cherry Valley Boulevard in Southern California. The borrower is a joint venture between locally based developer Shopoff Realty Investments and Artemis Real Estate Partners, an investment management firm based in the Washington, D.C. metro area. Mark Strauss and Rob Quarton of Walker & Dunlop arranged the debt, specific terms of which were not disclosed, on behalf of the joint venture. Situated on 155 acres, I-10 Logistics Center will consist of two buildings spanning approximately 815,000 and 1 million square feet. The development will feature 40-foot clear heights, 665 car parking spaces, 585 trailer parking spaces and 296 dock-high doors. Site work is set to begin in April, and construction is scheduled for completion by summer 2022. CBRE is marketing the project for lease. “This project represents one of the few opportunities to develop much-needed logistics product in Southern California,” says William Shopoff, president and CEO of Shopoff Realty Investments. “This state-of-the-art logistics center with I-10 freeway access will be in high demand as users continue to require …

Continue Reading
FacebookTwitterLinkedinEmail
300 Pine Building
AcquisitionsMixed-UseTop StoriesWashingtonWestern

KKR, Urban Renaissance Group Acquire 770,000 SF Mixed-Use Building in Downtown Seattle

by Julia Sanders

SEATTLE — Seattle-based commercial real estate firm Urban Renaissance Group LLC (URG) and global investment firm KKR have acquired 300 Pine St. in downtown Seattle for approximately $580 million. Taking up a full city block between Third and Fourth avenues, the property is a 770,000-square-foot, eight-story, mixed-use building that features 85,000 square feet of renovated ground-floor retail designed to accommodate retail flagship stores. The property has a new Fourth Avenue entrance to access the 682,000 square feet of commercial office space currently 100 percent leased to a single tenant. The office portion features 80,000-square-foot floorplates, seismic retrofitting and over 20 skylights including two light wells providing additional light for the top two floors. The asset was originally home to Seattle’s Bon Marché department store. The art-deco style building was constructed in 1929 with four additional stories added in 1955. Between 2015 and 2017, then-owner Macy’s sold the upper six levels of office space, and in 2020 the department store closed. The renovated landmark building features a 20,000-square-foot rooftop deck and 15-foot ceilings. The ground-level retail space is located above the underground Westlake light rail station with bus stops at the west and east entrances. The property will offer retail suites …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentHospitalityMixed-UseMultifamilyOfficeRetailSoutheastTop StoriesVirginia

Novais Partners, Hanover Co. Plan 4.4 MSF Mixed-Use Project in Metro D.C.

by Katie Sloan

ASHBURN, VA. — A joint venture between Novais Partners and the Hanover Co. has announced plans for Rivana at Innovation Station, a 4.4 million-square-foot mixed-use development located 30 miles outside Washington, D.C., in Ashburn.  The 103-acre, transit-oriented project will be developed adjacent to Loudoun County’s extension of the Metro Silver Line, one stop from Washington-Dulles International Airport. Current plans for the project include 2,000 multifamily units; 1.8 million square feet of Class A office space; a 185,000-square-foot retail village; a 265-room boutique hotel; and a network of green and public spaces, including an 11-acre park.  At the center of the project will be Rivana Village, a walkable network of retail and creative office space inspired by the communal villages that dot Virginia’s landscape. Tenants for this portion of the project will include creative, independently-owned restaurants and local retailers.  The development’s office space will include hotel-quality amenities as well as post-COVID-era design and engineering, with advanced filtration systems, upgraded air filters and enhanced cleaning protocols. Each office building is targeting LEED certification. The project’s development team plans to submit a land use application next week for consideration by the Loudoun County Board of Supervisors. Pending legislative approval, Novais expects to break ground …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaMultifamilySoutheastTop Stories

Melo Group Breaks Ground on 57-Story Downtown 1st Apartment Tower in Miami

by Kristin Harlow

MIAMI — Melo Group has started construction of Downtown 1st, a transit-oriented multifamily development at 22 SW 1st St. in Miami’s central business district (CBD). The 57-story tower will include 560 market-rate apartments, 10,000 square feet of office space and 3,000 square feet of ground-floor retail space. Completion is slated for 2022.  Downtown 1st will include one-, two- and three-bedroom apartments. Units will feature glass balconies with bay and city views. Building amenities will include two swimming pools, a fitness center, business center, social room/game room, 24-hour concierge/security and a multi-level garage with valet service. The site for Downtown 1st is in close proximity to Miami-Dade County’s Government Center, the Main Public Library, the Miami-Dade County Courthouse, Miami-Dade College’s Wolfson Campus, the New World School of the Arts and Brightline’s MiamiCentral Melo is also building Downtown 5th, twin 52-story apartment towers in Miami’s CBD. Pre-leasing is underway for the 1,042 units, which are slated for completion this summer. The firm is planning a third multifamily project nearby dubbed Downtown 6th that will total roughly 800 units. All told, Melo Group is expected to deliver nearly 2,500 residential units to Miami’s CBD over the next two years. “We’re bullish on downtown Miami’s CBD,” says Carlos Melo, co-principal of …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMixed-UseSouth CarolinaSoutheastTop Stories

Jamestown, Private Developers Partner to Redevelop North Charleston Navy Yard

by John Nelson

NORTH CHARLESTON, S.C. — Jamestown, an Atlanta-based developer and owner of adaptive mixed-use developments around the world, has partnered with Southeast real estate developers William Cogswell and Jay Weaver to redevelop the 45-acre North Charleston Navy Yard. Decommissioned in 1996 but still home to dozens of companies, the waterfront campus will be reimagined into a 1.2 million-square-foot mixed-use neighborhood called Navy Yard Charleston. The project will add new office space, residences, shopping and dining to the nearby Park Circle neighborhood, as well as new green spaces, a concert hall and an outdoor events venue. The development team expects to break ground and begin renovations this year. No other construction timelines or associated costs were disclosed. While Navy Yard Charleston will go through extensive renovations, the team has made a commitment to preserve the area’s architectural detail and history, and bring new amenities to the community. The team also plans to establish a neighborhood employment program, which will reserve project-specific positions for local residents who live within the neighborhood and include a training program to help job seekers enhance their skills. Beginning its operation as a working dry dock in 1901, the Navy Yard maintained a naval presence on the North …

Continue Reading
FacebookTwitterLinkedinEmail
Mathrani
CaliforniaCompany NewsNew YorkNortheastOfficeTop StoriesWestern

BowX Acquisition Corp. Agrees to Buy WeWork, Plans to Take Company Public at $9B Valuation

by Taylor Williams

MENLO PARK, CALIF. AND NEW YORK CITY — Flexible office space provider WeWork has entered into an agreement with special purpose acquisition company (SPAC) BowX Acquisition Corp. (NASDAQ: BOWX) to be taken public at an initial valuation of $9 billion. A SPAC is a business entity with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring other companies. Menlo Park, Calif.-based BowX Acquisition Corp. is an affiliate of Bow Capital, a venture capital firm begun by Vivek Ranadive, the founder of TIBCO software and owner of the NBA’s Sacramento Kings. The transaction, which is expected to close by the third quarter, will provide New York City-based WeWork with approximately $1.3 billion of cash to fund future growth initiatives. The transaction will be funded with BowX’s $483 million of cash in trust, in addition to $800 million in private investment from capital sources such as Insight Partners, funds managed by Starwood Capital Group and others. SPACs have recently grown in popularity among private and institutional investors alike as vehicles for taking companies public. According to Forbes, which recently analyzed the U.S. activity of SPACs, these entities raised as much …

Continue Reading
FacebookTwitterLinkedinEmail
1900 Crystal Drive
DevelopmentMultifamilySoutheastTop StoriesVirginia

JBG Smith Starts Construction of Two Residential Towers at National Landing Near Washington, D.C.

by Julia Sanders

ARLINGTON, VA. — JBG Smith has started construction of two residential towers at 1900 Crystal Drive in National Landing, a massive development project just across the Potomac River from Washington, D.C. The buildings will total 808 multifamily rental units and around 40,000 square feet of street-level retail across two mixed-use buildings in Arlington. A 27-story southern tower will feature 471 apartments, while the 26-story northern tower will include 337 apartments. 1900 Crystal Drive will feature a private rooftop and green spaces, as well as a pedestrian-friendly street that will serve as a connection between 18th and 20th streets. The property will also have neighborhood improvements such as enhanced streetscapes, a grand staircase connecting to public open space and public bike facilities. National Landing comprises three neighborhoods: Crystal City, Pentagon City and Potomac Yard, that spread across Arlington and neighboring Alexandria. In 2018, online retail giant Amazon choose National Landing for its new headquarters, and JBG Smith was hired as developer, leasing agent and property manager for the project. Amazon says it plans to hire around 38,000 employees in National Landing. Amazon’s growing presence in National Landing is expected to increase the daytime population in the submarket from approximately 50,000 people …

Continue Reading
FacebookTwitterLinkedinEmail
Five-Park
FloridaMixed-UseMultifamilySoutheastTop Stories

Two Large-Scale Residential Developments Underway in Metro Miami for Combined $695M

by Katie Sloan

PLANTATION AND MIAMI BEACH, FLA. — Just outside Miami, two large-scale residential developments are underway totaling $695 million. The projects include the Five Park high-rise in Miami Beach and Plantation Walk in Plantation. Five Park A joint venture between Terra, GFO Investments and New Valley is preparing to break ground on Five Park, a $345 million residential tower located at 500 Alton Road in Miami Beach. The 48-story tower will become the tallest building in Miami Beach upon its completion in 2023, according to the developers. Designed by Arquitectonica with interiors by Gabellini Sheppard, Five Park is set to offer 280 two-, three- and four-bedroom residences and penthouses. Shared amenities will include two swimming pools; a restaurant; sunset viewing lounges; a resort-style spa; state-of-the-art fitness center with outdoor exercise areas; a cafe; sky lounge; and building concierge. The Five Park project will also include the development of Canopy Park, a three-acre public park offering green space, pedestrian and bike paths, an outdoor gym, a dog run, children’s playgrounds and public art displays. Construction of the park is scheduled for completion in summer 2021. Approved plans for the site also include the development of Miami Beach Canopy, a pedestrian bridge spanning 5th …

Continue Reading
FacebookTwitterLinkedinEmail
GeorgiaLeasing ActivityOfficeSoutheastTop Stories

Google to Occupy 19 Floors of Midtown Atlanta Office Tower

by Kristin Harlow

ATLANTA — Google will occupy 19 floors of its new Atlanta office currently under construction in Midtown. The office tower is part of a mixed-use development known as 1105 West Peachtree. Selig Enterprises is developing the office tower, which is slated for completion in the third quarter of 2022. In addition to the 645,000-square-foot office component, the overall project will include a 64-unit condominium tower and a 178-room Epicurean Hotel. Starting next year, Google will take occupancy of five floors, or roughly 150,000 square feet of the Midtown office building. The company says it will move into the remaining space over the next several years. Last week, Google announced that it planned to invest more than $7 billion in offices and data centers across the country and create at least 10,000 new full-time jobs. Of that investment, $25 million is in the state of Georgia. In its 2020 Economic Impact Report, Google shared how more than 67,000 businesses, publishers and nonprofits in Georgia used Google products last year. This activity generated $9.9 billion in economic activity in 2020, a 13 percent increase from 2019. Google has called Georgia home since 2003. The company maintains an existing Midtown office, as well …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts