Top Stories

CMK, Greystar Begin Leasing 31-Story Apartment High-Rise Underway in Chicago’s South Loop

by John Nelson February 25, 2020

CHICAGO — CMK Cos. and Greystar Real Estate Partners have begun preleasing units at Imprint Apartment Homes, a new 349-unit high-rise community underway along the historic Printer’s Row in Chicago’s South Loop neighborhood. Local media outlets report the tower will rise 31 stories. CMK is the project’s developer, and Greystar is providing property management services. Chicago-based RL Accelerated is handling Imprint’s leasing services and has secured the property’s first lease. Imprint will feature floor plans ranging from 478-square-foot studio apartments to 3,276-square-foot, four-bedroom penthouses. According to Imprint’s home page, rents range from $1,745 for a studio to $8,100 for a penthouse. Move-ins will begin in mid-April and conclude this fall. The property is situated at 717 S. Clark St., the site of the former Palmer Printing building. Nearby transit options include the Harrison L Stop on Chicago Transit Authority’s (CTA) Red Line and the LaSalle L Stop on CTA’s Blue Line. Community amenities will include a fitness center, resident lounge, coworking spaces, dog grooming station, bike storage, community terrace with fire pits, top-floor observation deck, library and 24-hour concierge services. Designed by Hartshorne Plunkard Architecture, Imprint has received the Green Globes certification from the Green Building Initiative for the project’s …

February 25, 2020

Loans Multifamily New York Northeast Top Stories

Meritz Securities Provides $350M Refinancing for The Centrale Residential Tower in Manhattan

by Taylor Williams February 24, 2020

NEW YORK CITY — Meritz Securities, a South Korea-based lender and intermediary, has provided a $350 million inventory loan for The Centrale, a 63-story residential tower in Midtown Manhattan. The loan, which essentially functions as permanent financing, is collateralized by the property and pays off the property’s $300 million construction loan. New York City-based Madison Realty Capital provided that loan to the project developer, Ceruzzi Properties, in 2017. The Centrale features 124 residential condominium units, 7,645 square feet of ground-floor retail space and a parking garage. Pelli Clarke Pelli Architects designed the project, construction of which was completed in early 2019. Units at the property feature one-, two-, three-, four- and five-bedroom floor plans that range in size from 777 to 5,388 square feet. Amenities include an indoor pool, a spa, fitness center and shared workspaces. The property also offers proximity to Grand Central Station, several subway lines, Times Square and Midtown East’s Plaza District. JLL arranged the loan through Meritz Securities on behalf of Ceruzzi Properties. VI Development Group advised Meritz on the transaction and tapped PIA Asset Management to manage the project. “New York City remains the go-to market for global capital,” says Chris Peck, a managing director …

February 24, 2020

Development Healthcare Mixed-Use Texas Top Stories

Texas A&M Plans $546M Expansion at Texas Medical Center in Houston

by Alex Patton February 21, 2020

HOUSTON — Texas A&M University has unveiled plans for a $546 million expansion project at Texas Medical Center in Houston. The project will include the $145 million acquisition and renovation of the 18-story Texas A&M Engineering Medicine (EnMed) building at 1020 Holcombe Blvd., as well as $401 million construction of two new towers adjacent to the EnMed structure. The first new building is a 30-story medical tower slated for completion in June 2023. The property will include 72,000 square feet of retail space and 8,700 square feet of green space. The tower will expand the EnMed building’s engineering medicine programs, which include a combination of medical and engineering degrees. The second new building is a 19-story residential tower slated for completion in June 2022. The project will include 704 beds of student housing and a 3,444-space parking garage. Texas A&M College of Medicine students and Prairie View A&M University College of Nursing students will have first priority to occupy the housing, but students from other institutions can also apply. The expansion will be part of Texas Medical Center’s planned 1.5 million-square-foot TMC3 translational research campus. With construction scheduled to begin this year for completion in 2022, TMC3 will include 112,000 …

February 21, 2020

Development Hospitality Nevada Top Stories Western

CIM Group Building 495 More Rooms at Downtown Grand Hotel & Casino in Las Vegas

by Alex Tostado February 20, 2020

LAS VEGAS — CIM Group is expanding Downtown Grand Hotel & Casino with the addition of an eight-story, 495-room building in downtown Las Vegas. The extra rooms will increase the total number of rooms by more than 75 percent, bringing the total from 629 to 1,124 rooms. The new building is being constructed atop a reconfigured porte-cochere (a covered entrance large enough for vehicles to pass through), and guests will have direct access to the third-level pool deck, the hotel’s casino, ground-level retail and entertainment options. Furthermore, CIM Group is developing a new public casino entrance. Of the new rooms, 90 are suites, including 67 studio units, 20 one-bedroom suites and three Presidential Suites each totaling nearly 1,500 square feet of living space. Downtown Grand Hotel also offers DJs on the casino floor every Friday and Saturday, six meeting rooms ranging from 814 to 10,625 square feet, and six restaurants. Upon completion of the expansion, Downtown Grand Hotel & Casino will comprise three buildings that span two city blocks between Casino Center Boulevard, North 4th Street, East Ogden Avenue and East Stewart Avenue. CIM Group originally opened Downtown Grand Hotel in 2013. The Los Angeles-based developer expects to complete the …

February 20, 2020

Development Hospitality Nevada Top Stories Western

Dream Hotel Group to Open 450-Room Luxury Hotel on Las Vegas Strip

by Kristin Harlow February 19, 2020

LAS VEGAS — Dream Hotel Group has unveiled plans to open a 450-room luxury hotel on the Las Vegas Strip. Dubbed Dream Las Vegas, the project is slated to open in 2023. Local developers Contour and Shopoff Realty Investments plan to break ground in early 2021. Designs call for a rooftop pool deck, bar and lounge; three restaurants; two additional bar and lounge concepts on the gaming floor; a grab-and-go café on the street level; 12,000 square feet of meeting and event space; a full-service spa; and a fitness center. “There is no shortage of mega-resorts in Las Vegas, but there is a lack of boutique hotels that offer a more intimate curated experience,” says David Daneshforooz, CEO of Contour. “A ground-up Dream hotel with its world-class food and beverage offerings was an obvious choice for a boutique execution on this site and will be a great addition to the Las Vegas Strip.” Located across the street from Mandalay Bay Resort and Bali Hai Golf Club, Dream Las Vegas will be one of the first hotels seen from the iconic “Welcome to Las Vegas” sign. The property will be situated two blocks from the new Allegiant Stadium, future home of …

February 19, 2020

Acquisitions Mixed-Use Multifamily New York Northeast Top Stories

SL Green Realty to Sell West Manhattan Mixed-Use Tower, Adjacent Development Site for $446.5M

by John Nelson February 18, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into a contract to sell a 36-story mixed-use tower and an adjacent undeveloped parcel in Manhattan for $446.5 million. An affiliate of Brookfield Asset Management (NYSE: BAM) is the buying entity for the 492,987-square-foot building at 315 W. 33rd St. on the borough’s west side. Also known as The Olivia, the mixed-use tower features 333 residential units and 270,132 square feet of commercial space. The residential portion is 96 percent occupied, and the commercial space is fully leased to tenants including AMC Theatres, Music Choice and Landmark Education. The Olivia’s community amenities include a residents’ lounge, laundry room, onsite parking, fitness center, bicycle storage, resident app, valet services, 24-hour lobby and rooftop terrace. The property is near Madison Square Garden, the Hudson River and Penn Station. Darcy Stacom of CBRE represented SL Green Realty in the sale transaction, which is expected to close in the second quarter. No details were released about Brookfield’s plans for the parcel. “This sale is another example of SL Green’s commitment to strategically divest of non-core assets and accretively redeploy the capital into our ongoing share repurchase program,” says David Schonbraun, co-chief investment …

February 18, 2020

Acquisitions California Office Top Stories Western

Shorenstein Properties Sells Santa Clara Towers Office Complex in Bay Area for $195M

by Taylor Williams February 17, 2020

SANTA CLARA, CALIF. — Shorenstein Properties LLC, an investment firm with offices in New York and San Francisco, has sold Santa Clara Towers, a 445,000-square-foot office complex. An affiliate of Hines purchased the property for approximately $195 million, according to The Mercury News, which covers the Bay Area. Santa Clara Towers comprises two 11-story buildings that are situated along U.S. Highway 101 in the Golden Triangle submarket of Santa Clara. The properties were built in 1986 and 1998. Shorenstein acquired the assets through a deed in lieu of a foreclosure transaction in 2010. Following the acquisition, Shorenstein introduced a number of capital improvements, including a full lobby renovation in Tower II. Amenities at Santa Clara Towers now include a fitness center, indoor pool and onsite restaurant. The property also offers proximity to a number of hotels, universities and the San Jose International Airport. Both buildings are LEED Gold certified. “I am confident that under new ownership, Santa Clara Towers will continue to attract a diverse mix of tenants who seek a Class A office experience in the heart of Silicon Valley,” said Jed Brush, senior vice president at Shorenstein. Russell Ingrum, Joe Moriarty, Scott Prosser and Jack DePuy of CBRE brokered the sale on behalf …

February 17, 2020

Development New York Northeast Office Top Stories

Moinian Group to Develop Hudson Arts Office Building in Manhattan’s West Chelsea District

by Alex Patton February 14, 2020

NEW YORK CITY — The Moinian Group will develop The Hudson Arts Building, a ground-up office construction project in the West Chelsea neighborhood of Manhattan. The 200,000-square-foot office tower is expected to rise up to 145 feet and will occupy an entire city block between West 25th and 26th streets at 220 11th Ave. The building is being developed on a speculative basis, with occupancy expected in the third quarter of 2022. JLL’s Peter Riguardi, Frank Doyle, Cynthia Wasserberger and Georgiana Cook are leading the leasing effort. “Office tenants, institutional investors, residents and commuters are recognizing the broader West Side’s vibrancy, distinguished by its industrialized roots and now marked by its unparalleled amenities and new projects across property types,” says Doyle, vice chairman, international director at JLL’s New York City office. “As a result, West Chelsea has emerged as a target destination for progressive companies and talent alike.” Designed by Studios Architecture, Hudson Arts Building will feature a 12,400-square-foot outdoor terrace and a multi-level level retail space totaling approximately 25,000 square feet. It will also include one of the larger newly built rooftop spaces in Manhattan. The site offers convenient access to several transit options, including the Highline, 23rd Street …

February 14, 2020

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

IQHQ Acquires Life Sciences Office, Lab Building in Boston’s Fenway for $270M

by Alex Tostado February 13, 2020

BOSTON — IQHQ Inc. has acquired 109 Brookline Avenue, a 285,000-square-foot office and lab building in Boston’s Fenway neighborhood. Equity Commonwealth sold the asset for $270 million. IQHQ, formerly Creative Sciences Properties, used funds from a $770 million capital raise to make the acquisition. The company, which specializes in life sciences real estate development, will use the rest of the funds to invest in life sciences projects in its core markets of Boston, San Francisco and San Diego in the United States, as well as the Golden Triangle in the United Kingdom (Cambridge, London and Oxford). “Boston’s amazing life sciences cluster keeps fueling demand for high-quality space,” says John Bonanno, chief investment officer of IQHQ. “109 Brookline checks a lot of boxes for us — it’s adjacent to Fenway Center, easily accessible by public transportation and in a neighborhood with a history of full occupancy and a bright future.” According to LoopNet Inc., the three-story building was originally developed in 1915 and renovated in 2000. The property is located along the corridor between Kenmore Square and the Longwood Medical Area, which is home to some of the country’s leading medical and research institutions. The property is situated two blocks from …

February 13, 2020

Acquisitions Office Texas Top Stories

Piedmont Office Realty Trust to Acquire Galleria Office Towers in North Dallas for $400M

by Kristin Harlow February 12, 2020

DALLAS — Piedmont Office Realty Trust Inc. (NYSE: PDM) is under contract to acquire Galleria Office Towers in Dallas for $400 million. Situated at the corner of the Dallas North Tollway and the LBJ Freeway in the Far North Dallas neighborhood, the three office buildings total 1.5 million square feet and were built between 1982 and 1991. The properties are also attached to Galleria Dallas, a shopping destination with over 140 stores and 40 restaurants, as well as the 432-room Westin Galleria Hotel. The seller, CBRE Global Investors, spent more than $20 million in capital improvements at the properties. Amenities include lounges, conference centers, a fitness center and rooftop terrace. Piedmont, an Atlanta-based REIT, listed the transaction in a Securities and Exchange Commission filing but did not disclose the property name. However, multiple local media reports identified the acquired asset. The transaction is expected to close this quarter. JLL marketed the Galleria portfolio for sale. It is nearly 90 percent leased to tenants such as Amazon, Ryan LLC, Ansira Partners, Kimley-Horn and Hospital Corp. of America. Piedmont owns several office buildings in the Dallas market, including Park Place on Turtle Creek and One Lincoln Park. Other markets the firm targets …

February 12, 2020

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