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Farley Building Penn District Manhattan NYC

Facebook Leases 730,000 SF of Office Space at Vornado’s Farley Building in Manhattan

by John Nelson August 4, 2020

NEW YORK CITY — Facebook (Nasdaq: FB) has signed a lease to fully occupy the office portion of The Farley Building, a mixed-use project under construction in Manhattan. The landlord, Vornado Realty Trust (NYSE: VNO), is redeveloping the historic property, which was formerly the James A. Farley Post Office Building. The social media giant will occupy 730,000 square feet in the building. A timeline for the move-in and the number of employees moving into Farley was not disclosed. “The Farley Building will further anchor our New York footprint and create a dedicated hub for our tech and engineering teams,” says Robert Cookson, Facebook’s vice president of real estate and facilities. The Farley Building spans a double-wide city block between 31st and 33rd streets and 8th and 9th avenues. The property is part of Vornado’s Penn District development. Vornado owns more than 10 million square feet in Penn District, which is undergoing a $2 billion redevelopment, not including infrastructure and transit improvements by City of New York totaling $3 billion. Penn District includes the Farley Building, Penn 1 and Penn 2, all of which are under construction. Penn 1 and 2 are redevelopments of One Penn Plaza and Two Penn Plaza, …

August 4, 2020

California Company News New York Northeast Retail Top Stories Western

Parent Companies of Lord & Taylor, Men’s Wearhouse Both File for Chapter 11 Bankruptcy

by Taylor Williams August 3, 2020

NEW YORK CITY AND FREMONT, CALIF. — The list of apparel retailers to file for Chapter 11 bankruptcy grew longer over the weekend as the parent companies of Lord & Taylor and Men’s Wearhouse both filed petitions for Chapter 11 bankruptcy protection in an effort to restructure their debt loads. Le Tote Inc., a New York City-based e-commerce firm specializing in the clothing sector that owns Lord & Taylor, filed its petition in the U.S. Bankruptcy Court for the Eastern District of Virginia. Tailored Brands, the Fremont-based parent company of Men’s Wearhouse and Jos. A. Bank, filed in a district court in Texas. Le Tote acquired Lord & Taylor about a year ago for $100 million from Hudson’s Bay Co. At that time, Lord & Taylor operated about 40 department stores around the country. Approximately half of those stores will now close. In mid-March, Hudson’s Bay Co., the Canadian firm that also owns Saks Fifth Avenue, also sold a 660,000-square-foot office building in Manhattan that had served as Lord & Taylor’s office hub. Amazon bought the property for $1.15 billion to serve as its New York City headquarters. Just two weeks ago, Tailored Brands unveiled a corporate restructuring plan that …

August 3, 2020

California Restaurant Retail Top Stories Western

California Pizza Kitchen Files for Chapter 11 Bankruptcy

by Katie Sloan July 31, 2020

PLAYA VISTA, CALIF. — California Pizza Kitchen (CPK) is the latest fast casual restaurant chain to file for bankruptcy protection due to strain brought on by the coronavirus (COVID-19) pandemic. The company filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas on Thursday in order to “close unprofitable locations, reduce its long-term debt load and quickly emerge from bankruptcy as a much stronger company,” according to the filing. The Playa Vista-based company did not release a list detailing which of its 200 restaurants it plans to close. CPK is set to receive $46.8 million in debtor-in-possession financing, enabling the ongoing operation of its locations, continued payments to vendors and employees, and the provision of ongoing commitments to stakeholders while the company is in the Chapter 11 process. The company currently has $13 million of cash on hand and has not paid rent for the past several months at a majority of its locations, according to reports by CNN. CPK plans to exit the Chapter 11 process in under three months. “The unprecedented impact of COVID-19 on our operations certainly created additional challenges, but this agreement from our lenders demonstrates their commitment to …

July 31, 2020

Development Office Southeast Tennessee Top Stories

Brasfield & Gorrie Completes $90M Office Building in Nashville

by Alex Tostado July 30, 2020

NASHVILLE, TENN. — Brasfield & Gorrie has completed the $90 million Peabody Plaza at Rolling Mill Hill, a nine-story, 280,000-square-foot office building in Nashville’s Rolling Mill Hill neighborhood. The Birmingham, Alabama-based general contractor built the project on behalf of the owner, Eakin Partners. The building sits on the site of a former surface parking lot at 10 Lea Ave., one mile south of downtown Nashville. Peabody Plaza features a 6,000-square-foot amenity deck overlooking downtown Nashville and the Cumberland River, as well as a nearly one-acre park between the building and Cumberland River. It was built with a five-story, below-grade parking deck offering 1,000 parking spaces. Tenants at the site include Concord Music, Guaranty Home Mortgage Corp. and Fourth Capital corporate offices as well as a ground-floor bank branch. Peabody Plaza also features space for a coffee shop and a full-service restaurant. There was 156,000 square feet of office space available for lease at the time of the opening. Nashville-based Hastings Architecture designed the building. Hastings also designed the interior space for Guaranty Home Mortgage and Fourth Capital. Lines Inc. was the architect for Concord. Peabody Plaza is the sixth office building that locally based Eakin Partners and Brasfield & Gorrie …

July 30, 2020

Development Midwest Missouri Mixed-Use Top Stories

Clayco to Redevelop Vacant Hospital into $100M Mixed-Use Project in St. Louis

by Kristin Harlow July 29, 2020

ST. LOUIS — Clayco is underway on Delmar Divine, a $100 million redevelopment of a long-vacated hospital campus along Delmar Boulevard in St. Louis. The 500,000-square-foot project will become “a hub for innovation and enterprise,” according to Clayco. Completion is slated for fall 2021. The first phase will establish a nonprofit working space, a café and residential apartments. The 150 multifamily units will be geared toward professionals in fields such as social work, nursing and policing. More office space and services such as early childhood education will follow. The developers hope to attract a myriad of nonprofits, foundations and community support organizations to the project. The name “Delmar Divine” draws a sharp contrast to how the area has historically been negatively perceived, according to Clayco. For many years, the area was referred to as the “Delmar Divide” due to racial and income stratifications that existed on the north and south ends of the street. “We want to enhance growth and investment in this neighborhood,” says Bob Clark, executive chairman and founder of Clayco. “At the same time, we want to do it responsibly so we’re not displacing people or relocating anyone, but bringing prosperity, jobs and the type of development …

July 29, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Developer Trio Plans 11-Acre ATC West Mixed-Use Project in Downtown Durham

by John Nelson July 28, 2020

DURHAM, N.C. — A trio of real estate owners and developers has unveiled plans for an 11-acre mixed-use development in downtown Durham. Capitol Broadcasting Co. (CBC), Hines and USAA Real Estate have formalized a joint venture to move forward with the 700,000-square-foot project known as ATC West. Construction is expected to begin in late 2021 or early 2022. The development will be situated on the west side of the American Tobacco Campus (ATC), an adaptive reuse district that houses warehouses built and formerly leased by American Tobacco Co., parent company of the Lucky Strike cigarette brand. The original use of the ATC site dates back to 1890. CBC owns ATC, as well as the neighboring Durham Bulls Athletic Park. The new venture will be an expansion of the overall ATC district. Plans for the first phase of ATC West will be on eight acres and include 313,000 square feet of space in two mass-timber creative office buildings that are branded under Hines’ T3 product. (T3 stands for timber, transit and technology.) “ATC West will fit with the historic look of the original American Tobacco Campus while embracing the amenities, efficiencies and innovations of new builds,” says Kurt Hartman, senior managing …

July 28, 2020

Development Multifamily New York Northeast Top Stories

Extell Development Opens First Units at 68-Story Brooklyn Point Residential Tower

by Taylor Williams July 27, 2020

NEW YORK CITY — New York City-based Extell Development Co. has begun closing condo sales and allowing resident move-ins at Brooklyn Point, a 68-story multifamily tower that is the borough’s tallest building. In addition to sales commencing and the return to in-person appointments and tours, the building’s first model residences will soon be unveiled. Designed by Kohn Pedersen Fox, the 720-foot-tall Brooklyn Point is located in downtown Brooklyn, across the street from Willoughby Square Park in the 600,000-square-foot City Point mixed-use development. Brooklyn Point offers a total of 483 for-sale residences in studio, one-, two- and three-bedroom floor plans. Pricing now starts at approximately $900,000, with buyers receiving a 25-year tax abatement. The property features more than 40,000 square feet of indoor and outdoor amenity space, including an infinity pool; outdoor movie screening space; a health and wellness club with an indoor pool, rock climbing wall and basketball court; and a spa. Brooklyn Point will also house a bar, salon, coworking space, chef’s demonstration kitchen, game lounge and a children’s play area. A ninth-floor terrace will offer outdoor lounge and grilling areas, a putting green and a bar. “With the neighborhood continuing to reopen and the area’s energetic atmosphere returning …

July 27, 2020

Company News New Jersey Northeast Retail Top Stories

Clothing Store Giant Ascena Retail Group Files for Bankruptcy, Plans to Close ‘Significant’ Number of Stores

by Alex Tostado July 24, 2020

MAHWAH, N.J. — Ascena Retail Group (NASDAQ: ASNA), the parent company of clothing brands Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey, has filed for voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court for the Eastern District of Virginia. The Mahwah-based company has reopened 95 percent of its stores since the COVID-19 outbreak, though Ascena cited the pandemic as “severely” disrupting the company’s financial foundation. The exact number of permanent store closings was not disclosed, but the company said it will close a “significant” number of Justice stores, as well as a select number of Ann Taylor, Loft, Lane Bryant and Lou & Grey stores. Additionally, the company will permanently close all stores across all brands in Puerto Rico, Mexico and Canada. “The meaningful progress we have made driving sustainable growth, improving our operating margins and strengthening our financial foundation has been severely disrupted by the COVID-19 pandemic,” says Carrie Teffner, interim executive chair of Ascena. “As a result, we took a strategic step forward today to protect the future of the business for all of our stakeholders.” Ascena also announced it will close all Catherines stores and has entered into an agreement with City Chic …

July 24, 2020

Development Texas Top Stories

Tesla Selects Development Site Near Austin for $1B Vehicle Manufacturing Plant

by Katie Sloan July 23, 2020

AUSTIN, TEXAS — Electric automaker Tesla (NASDAQ: TSLA) has selected a 2,000-acre site near Austin for the development of its latest $1 billion ‘Gigafactory.’ The vehicle manufacturing plant will build Tesla’s new Cybertruck pick-up truck and will be the second U.S. manufacturing site for the Model 3 and Model Y automobiles, distributing largely to the eastern half of North America. The development site is located in southeast Travis County, five minutes from the Austin International Airport and 15 minutes from Downtown Austin, according to Tesla CEO Elon Musk. The project is set to receive $60 million in tax breaks from the county and a local school district over the next decade, according to reports by the Associated Press. “We’re going to make it a factory that is going to be stunning,” said Musk on the company’s second-quarter earnings call held Wednesday. “It’s right on the Colorado River [with] a boardwalk where there will be a hiking and biking trail. It’s going to be an ecological paradise — birds in the trees, butterflies, fish in the stream — and it will be open to the public as well.” Texas Gov. Greg Abbott echoed Musk’s excitement, noting that Tesla is, “one of …

July 23, 2020

Development Midwest Missouri Office Top Stories

McCarthy Breaks Ground on 1 MSF Forsyth Pointe Mixed-Use Development Near St. Louis

by Kristin Harlow July 22, 2020

CLAYTON, MO. — McCarthy Building Cos. Inc. has broken ground on Forsyth Pointe, an office and retail development in the central business district of Clayton, just west of St. Louis. Developed by US Capital Development, the project will include two Class A office towers with more than 20,000 square feet of street-level retail space. The office portion will rest atop a seven-story parking structure, bringing the project’s total square footage to nearly 1 million square feet. A 10-story, 265,000-square-foot east tower will occupy the corner of Forsyth Boulevard and Meramec Avenue. An eight-story, 210,000-square-foot west tower will reside at Brentwood and Forsyth boulevards. In addition to a 45,000-square-foot garden terrace, amenities will include a 10,000-square-foot fitness center and an arts and entertainment venue. Completion is slated for summer 2022. Project costs were not disclosed. “Forsyth Pointe will add prime office space and innovative retail space, increasing street vitality and the pedestrian experience on a prominent corner across from Shaw Park, one of our city’s crown jewels,” says Clayton Mayor Michelle Harris. Established in 1935, the 47.5-acre Shaw Park is the city’s oldest and largest park. The Forsyth Pointe project team includes Christner Architects, Cedergreen LLC, Alper Audi, Stock & Associates, …

July 22, 2020

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