Top Stories

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

by Katie Sloan March 25, 2021

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 …

March 25, 2021

Georgia Leasing Activity Office Southeast Top Stories

Google to Occupy 19 Floors of Midtown Atlanta Office Tower

by Kristin Harlow March 24, 2021

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 …

March 24, 2021

Development Midwest Missouri Multifamily Top Stories

Mac Properties Completes 36-Story Luxury Apartment Tower in St. Louis

by John Nelson March 23, 2021

ST. LOUIS — Mac Properties, a multifamily residential developer with offices in Chicago, Kansas City and St. Louis, has delivered a luxury apartment tower in St. Louis called One Hundred Above the Park. Clayco was the general contractor for the 36-story project, which overlooks Forest Park within the city’s Central West End neighborhood. “We are proud to have completed this world-class landmark for St. Louis in the midst of the pandemic,” says Matt McKenna, Clayco’s vice president of residential construction. “The project’s success is the result of months-long planning, scheduling and logistical collaboration between all stakeholders.” Mac Properties worked closely with St. Louis Development Corp. and the City of St. Louis to bring One Hundred Above the Park to fruition, and Clayco kept construction on schedule by completing one floor per week. Architect Jeanne Gang of Studio Gang designed One Hundred Above the Park with a “scalloped” glass façade. The angled exterior gives each of the 316 apartments a corner living room with double windows, which helps Mac Properties to improve energy efficiency by promoting natural lighting. Each floorplate is designed into a leaf-shaped pattern, which gives the tower a tiered look. “We hope residents enjoy this distinctive high-rise for …

March 23, 2021

Acquisitions Florida Office Southeast Top Stories

Shorenstein Properties Sells Miami Office Complex for $230M

by Taylor Williams March 22, 2021

MIAMI — Shorenstein Properties, a privately owned investment firm with offices in New York City and San Francisco, has sold 2 & 3 MiamiCentral, a 320,000-square-foot office complex in the city’s downtown area. A fund backed by Blackstone purchased the property for $230 million. Constructed in 2018, the two-building complex is located within MiamiCentral, a transit-oriented, mixed-use development that spans nine acres and roughly 3 million square feet of residential and commercial space. The site’s history as a transit hub dates back to 1896, when it served as the southern terminus for Henry Flagler’s Florida East Coast Railway that ran throughout the Florida Keys. According to the Miami Herald, Florida East Coast was the original developer of the MiamiCentral project in 2007. The first office building rises 17 stories and includes a 288-space valet parking garage. The second building comprises four floors of office, eight levels of parking and a 33,000-square-foot Publix grocery store on the ground floor. Amenities include a conference room, caterer’s kitchen, fitness center with locker rooms and an outdoor amenity deck. In addition, the adjacent MiamiCentral train station houses an 18,000-square-foot food hall with more than 20 different food and beverage vendors. Blackstone is also a …

March 22, 2021

Development Life Sciences New York Northeast Top Stories

JLL Arranges $393M in Construction Financing for Life Sciences Redevelopment Project in Manhattan

by Julia Sanders March 19, 2021

NEW YORK — JLL Capital Markets has arranged $393 million in construction financing for a project that will convert a 399,029-square-foot office building at ABC/Disney’s former headquarters building in Manhattan into a life sciences facility with purpose-built research and lab space. The borrower, a partnership controlled by New York City-based developer Taconic Partners and investment firm Nuveen Real Estate, purchased the building at 125 West End Ave. in 2019 for $230 million. With the vacating of the property by its primary tenant, which operated out of the building from 1985 until its lease expired in January of this year, the partnership is set to begin construction. The senior lender on the four-year, floating-rate financing package was a fund backed by Apollo Global Management, while Oaktree Capital Finance also provided mezzanine debt for the project. Evan Pariser and Geoff Goldstein of JLL placed the financing. The 125 West End Ave. building is located less than a quarter-mile from Lincoln Square and is close to the 1, 2 and 3 subway lines as well as West Side Highway. Additionally, the project is situated just 18 miles from the John F. Kennedy International Airport in New York City. The existing building’s specs allow …

March 19, 2021

Data Centers Industrial Midwest Northeast Office Southeast Texas Top Stories Western

Google to Invest $7B in Offices, Data Centers Across the U.S.

by Katie Sloan March 18, 2021

MOUNTAIN VIEW, CALIF. — Google has announced plans to invest $7 billion in offices and data centers across the U.S. this year, creating 10,000 new full-time jobs across 19 states. The investment will include over $1 billion in the state of California; office expansions in Atlanta, Chicago, New York City and Washington, D.C.; and data center expansions in Nebraska, South Carolina, Virginia, Nevada and Texas. Further details on planned investments across the U.S. are below: South In the Southern U.S., Google will increase its investment in an existing South Carolina data center and its existing office campuses in Atlanta and Washington, D.C.; establish a new cloud engineering site in Durham, N.C.; open its first U.S. Google Operations Center in Southaven, Miss.; open a new office in Reston, Va.; and expand its data center in Virginia’s Loudon County. Midwest Earlier this year, Google established its first Minnesota office in Rochester and its new data centers in New Albany, Ohio, and Papillion, Neb., became operational. The company plans to expand its data center footprint in Nebraska over the course of 2021 and will begin further improvements at its Detroit, Chicago and Ann Arbor, Mich., offices. Texas Google’s new data center in Midlothian, …

March 18, 2021

Acquisitions Hospitality Texas Top Stories

Host Hotels & Resorts Acquires Hyatt Regency Austin for $161M

by Kristin Harlow March 17, 2021

AUSTIN, TEXAS — Host Hotels & Resorts Inc. (NASDAQ: HST) has acquired the fee simple interest in the 448-room Hyatt Regency Austin for approximately $161 million in cash. The purchase price represents a capitalization rate of 10 percent and a 20 to 25 percent discount to pre-COVID pricing, according to HST. Hyatt will continue to manage the hotel under a long-term agreement. The seller was undisclosed. Situated on nearly six acres along Lady Bird Lake, the waterfront property is located near the city’s South Congress District and Zilker Park. The hotel’s rooms were renovated in 2015 and its meeting space was expanded in 2018. The property features 45,000 square feet of meeting space, including two ballrooms. There are also two food and beverage outlets as well as an outdoor pool and a fitness center. “As travel resumes, we expect the well-located Hyatt Regency Austin to benefit from a strong rebound led by Austin’s multiple leisure and business demand drivers that are anchored in world-renowned music festivals, sporting events and blue-chip corporations,” says James Risoleo, president and CEO of HST. “Additionally, we are encouraged by the reported contraction in Austin’s hotel construction pipeline relative to pre-pandemic levels and by the market’s …

March 17, 2021

Development Hospitality Industrial Texas Top Stories

Royal Caribbean, Port of Galveston Move Forward with $100M Cruise Ship Terminal in Texas

by Taylor Williams March 16, 2021

GALVESTON, TEXAS — A public-private partnership between Royal Caribbean International and the Port of Galveston, located in Southeast Texas, is moving forward with development of a new $100 million cruise ship terminal. The partnership will develop the two-story property within an eastern section of the port known as Pier 10 and will harbor one of the Miami-based cruise line’s largest ships, the Allure of the Seas. Construction of the facility, which will span approximately 170,000 square feet and 10 acres, is set to begin in April for completion in fall 2022. The project was originally announced in December 2019. At that time, construction was expected to begin in April 2020 and wrap up in fall 2021. Those plans were significantly delayed by the outbreak of COVID-19, which hurt the cruise industry as part of the larger hospitality sector. The facility will feature state-of-the-art technology, including mobile check-in and facial recognition platforms to expedite guests’ arrival. The plans also include a staging and loading area; bus and taxi staging areas; and substantial parking space. The terminal is designed to meet LEED certification standards. The partnership between Royal Caribbean and the Port of Galveston dates back to 2002, when the luxury cruise …

March 16, 2021

Acquisitions Company News Hospitality North Carolina Southeast Top Stories

Blackstone, Starwood Capital Agree to Purchase Hotel Giant Extended Stay America for $6B

by John Nelson March 15, 2021

CHARLOTTE, N.C. — Blackstone Real Estate Partners and Starwood Capital Group have agreed to form a 50/50 joint venture to acquire Extended Stay America (NYSE: STAY) in a deal valued at $6 billion. Barry Sternlicht, CEO of Starwood Capital (NYSE: STWD), cited Extended Stay America’s performance amid the COVID-19 pandemic as a key factor behind the acquisition. “Extended Stay has demonstrated resilience over the past year despite persistent challenges due to government lockdowns and travel restrictions,” says Sternlicht. “We are excited about the company’s growth opportunity as restrictions ease and we’re confident that, in partnership with Blackstone, our team has the right experience to drive continued success.” “Travel and leisure is one of Blackstone’s highest conviction investment themes, and we have confidence in the extended stay model,” adds Tyler Henritze, Blackstone’s head of U.S. acquisitions. The Charlotte-based hotel owner operates 649 Extended Stay America hotels in the United States spanning over 69,000 rooms. The company’s subsidiary, hospitality REIT ESH Hospitality Inc., owns 563 of those hotels. The remaining 86 properties are franchised, according to Extended Stay America’s fourth-quarter 2020 earnings report. Blackstone and Starwood Capital’s cash offer is for $19.50 per share, a premium of 15.1 percent to Extended Stay …

March 15, 2021

Development Multifamily Seniors Housing Top Stories

Maplewood Senior Living, Omega Healthcare Investors Open 23-Story Senior Living Community in Manhattan

by Julia Sanders March 12, 2021

NEW YORK CITY — Maplewood Senior Living and Omega Healthcare Investors Inc. have opened Inspīr Carnegie Hill, a high-rise senior living community in Manhattan’s Upper East Side neighborhood. Inspīr Carnegie Hill rises 23 stories at 1802 Second Ave. The property features 215 units of assisted living and memory care with a range of studio to two-bedroom options and over 50,000 square feet of amenity spaces. Community amenities include a salon, an open-air SkyPark, a lounge, library, fitness center, heated saltwater pool, screening room, two fine dining options with meals included, a 24-hour attended lobby, concierge, Mercedes-Maybach house car available daily and limousine service available upon request. Additionally, the community will offer residents Stage Access, an on-demand streaming platform that delivers performing arts content directly to residents via television or virtual reality. The seniors housing community also has a partnership with The Actors Fund, which integrates entertainment and arts professionals into the rhythm of each day through dance, music, storytelling and acting. Claire Davenport has joined the property’s integrated care team as house geriatrician through a collaboration with the Brookdale Department of Geriatrics and Palliative Medicine at the Icahn School of Medicine at Mount Sinai, which was recently ranked the No. …

March 12, 2021

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