Top Stories

Queensgate Investments Acquires Freehand Hotels for $400M

by Kristin Harlow October 14, 2019

NEW YORK CITY, LOS ANGELES, MIAMI AND CHICAGO — Queensgate Investments has acquired Freehand Hotels from a seller consortium including The Yucaipa Cos. and Sydell Group for approximately $400 million. Freehand is a lifestyle hotel brand, owner and operator of hotel assets with 922 rooms across four hotels in Manhattan’s Flatiron District, downtown Los Angeles, Miami Beach and River North Chicago. The brand advertises itself as combining the social culture of a hostel with top-shelf design, food and beverage. Included in the acquisition is the Broken Shaker bar concept that operates within the hotels. Generator, a hostel business that Queensgate acquired in 2017, will manage Freehand. Generator seeks to appeal to millennial customers, focusing on capital city addresses, design-led interiors and shared social spaces. “The acquisition of Freehand is of strategic importance to Generator, and the combined portfolio represents one of the largest asset-rich lifestyle hospitality platforms globally with 19 hotels in 17 gateway cities,” says Puneet Kanuga, investment director at Queensgate. “There is now a significant push to grow the presence of both Freehand and Generator across the United Kingdom and Europe, with opportunities currently being evaluated in London, Edinburgh, Milan, Amsterdam and other gateway European cities.” London-based Queensgate …

October 14, 2019

Civic Development Midwest North Dakota Top Stories

Cardon Global Opens $273M Williston Basin International Airport in North Dakota

by Alex Patton October 11, 2019

WILLISTON, N.D. — Cardon Global has opened the Williston Basin International Airport (XWA) in Williston, located approximately 215 miles northwest of Bismarck. Development costs were estimated to be $273 million. The 100,000-square-foot airport includes four gates and three passenger boarding bridges as well as a 50-seat bar and restaurant. XWA is the first ground-up commercial airport built in the Midwest since the 1940s, according to the developer. “Prior to the completion of XWA airport, the region was lacking the capacity, ease and essential airport amenities necessary to inspire travelers flying in and out of Williston,” says Don Cardon, CEO of Cardon Global. “In designing a vision for the airport to serve the region for decades to come, we’ve collectively tried to anticipate the needs of today’s travelers. That means providing an amazing mix of amenities, access, comfort and enjoyment to make the process of air travel much more enjoyable and productive moving forward.” The airport is functionally replacing Williston’s now decommissioned Sloulin Field International Airport, which was built in 1947. Forbes reports that Sloulin Field accommodated about 148,000 passengers, down from about 240,000 in 2014. Those numbers are up from 22,000 in 2009. So far, 2019 has seen a 22 percent increase …

October 11, 2019

Leasing Activity New York Northeast Office Top Stories

LinkedIn Signs Lease Expansion at Empire State Building, Increases Footprint to 501,600 SF

by Kristin Harlow October 10, 2019

NEW YORK CITY — LinkedIn has signed its eighth lease expansion at the Empire State Building in Manhattan. The deal increases LinkedIn’s footprint by three-and-a-half floors totaling 188,653 square feet. Since 2011, the online job posting and networking platform has grown to 501,600 square feet at the iconic building. Sunnyvale, Calif.-based LinkedIn has offices in more than 30 cities around the world. The company, acquired by Microsoft in 2016, has more than 15,000 full-time employees. There are approximately 645 million LinkedIn users worldwide. Empire State Realty Trust Inc. (NYSE: ESRT) owns the Empire State Building, which rises 1,454 feet. Tenants at the property have access to a 15,000-square-foot fitness center, conference center and in-building dining options. With an Energy Star rating of 86, the Empire State Building is in the top 20 percent in energy efficiency among all buildings measured, according to ESRT. Sacha Zarba, Lauren Crowley Corrinet and Chris Hogan of CBRE represented LinkedIn in the expansion lease. Ryan Kass and Shanae Ursini of ESRT provided landlord representation. ESRT is a real estate investment trust that owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York City metro area. The company’s portfolio …

October 10, 2019

California Development Mixed-Use Top Stories Western

Overton Moore Properties Breaks Ground on 1.25 MSF Mixed-Use Development in Burbank, California

by Alex Tostado October 9, 2019

BURBANK, CALIF. — Overton Moore Properties (OMP) has broken ground on Avion Burbank, a planned 18-building, 1.25 million-square-foot mixed-use development in Burbank, just northwest of Los Angeles. At full build-out, the property will include six industrial buildings, nine two-story office buildings, a 150-room hotel and two retail and restaurant buildings. OMP purchased the property in 2016 from the Burbank-Glendale-Pasadena Airport Authority and received project approval from the Burbank City Council earlier this year. The 60-acre site is located next to Hollywood Burbank Airport, which Burbank-Glendale-Pasadena Airport Authority owns. The Los Angeles Times reports OMP paid $72.5 million for the property. OMP plans for the project to be certified LEED Silver and include multi-purpose walk paths, indoor and outdoor meeting areas, and bike share stations. The property will include 115 electric vehicle chargers, with wiring and space to potentially add 62 parking stalls and truck loading docks for future electric vehicle chargers. Completion is slated for December 2020. “Avion Burbank will offer users a unique environment that incorporates state-of-the-art buildings situated in an interactive work-life environment,” says Timur Tecimer, chief executive officer of OMP. “This innovative campus will also boast multiple outdoor amenities that will assist companies in recruiting and retaining the …

October 9, 2019

California Civic Mixed-Use Student Housing Top Stories Western

American Campus Communities Starts Construction of Mixed-Use Development on University of California Riverside Campus

by Jeff Shaw October 8, 2019

RIVERSIDE, CALIF. — The University of California, Riverside (UCR) and American Campus Communities (NYSE: ACC) have broken ground on North District, a mixed-use community anchored by new student housing buildings. The project will be situated on the university’s campus in Riverside, a city located in the Inland Empire about 60 miles east of Los Angeles. Upon full build-out, the project will feature up to 6,000 new student housing beds, new dining facilities, an NCAA Division I competition field, a field house sports facility, functional open spaces, multi-use spaces that can serve as classrooms, meeting spaces and study areas, and more than 100,000 square feet for retail, commercial and university services. The project, a redevelopment of the former Canyon Crest Family Housing site, is part of UCR’s vision for creating a “living-learning” campus, much like other mixed-use developments seek a live-work-play environment. The university projects enrollment will rise from approximately 24,000 students today to 35,000 by 2035, necessitating the new student housing beds. “This project will help us prepare for this tremendous growth,” says UCR Chancellor Kim Wilcox. “Part of this vision includes residential life programs that will provide a balance of privacy while embracing community to enhance the overall academic …

October 8, 2019

Development Florida Office Retail Southeast Top Stories

Tricera Capital Breaks Ground on 265,000 SF Office, Retail Redevelopment Project in South Florida

by Taylor Williams October 7, 2019

WEST PALM BEACH, FLA. — Miami-based Tricera Capital has broken ground on the redevelopment of the Palm Beach Post newspaper office campus in West Palm Beach. The project, named The Press, will add 125,000 square feet of new retail space and 140,000 square feet of refurbished office space to the market. The project began with the demolition of a two-story office building and bridge. The development team, which acquired the 11-acre site in February 2019, will preserve most of the remaining structures, including those that housed the Post’s original office building and printing press. The retail component will be branded as Shops at the Press, and the office component will be branded as Workspaces at the Press. As part of the project, Tricera will renovate the existing four-story office building, and the newspaper will continue to operate within 35,000 square feet at the property. The building that housed the printing press will be converted into a space for retail, lifestyle and entertainment uses. The entire project is scheduled for completion during the first quarter of 2021. Tricera is close to finalizing a lease agreement with a national organic grocer to open a new store at the property, the developer says. …

October 7, 2019

Development Florida Hospitality Mixed-Use Southeast Top Stories

Hard Rock International Completes $700M Casino Expansion in Tampa

by Alex Patton October 4, 2019

TAMPA, FLA. — Hard Rock International has completed a $700 million expansion of Seminole Hard Rock Hotel & Casino Tampa. The development added a new 223,900-square-foot casino to the property, which includes an additional 1,000 slot machines and 41 table games throughout its new gaming spaces. The new casino brings the roster of gaming attractions up to nearly 5,000 slot machines, 179 tables and 46 poker tables.The casino now comprises 245,000 square feet of dedicated casino space, according to the Tampa Bay Times. The renovation also included construction of a 14-story hotel with 562 rooms and suites. Amenities of the new hotel include a 26,000-square-foot spa, three pools, two VIP suites, a hair and nail salon, barbershop and lounge. The top floor also features a private gaming parlor for VIP guests. Additionally, the construction included a 1,500-seat Hard Rock Event Center, where completion celebrations were held including performances from Atlanta-based rapper Big Boi and DJ Jazzy Jeff. New food and beverage options at the property include coffee café Constant Grind, the Pool Bar & Grill and Italian restaurant Cipresso. “Seminole Hard Rock Hotel & Casino Tampa is already one of the largest and most profitable casinos in the United States,” says Jim Allen, …

October 4, 2019

Acquisitions Multifamily Top Stories Washington Western

Continental Properties Reacquires 31-Story Met Tower in Seattle for $216.1M

by Alex Tostado October 3, 2019

SEATTLE — Continental Properties LLC has acquired Met Tower, a 366-unit residential building in Seattle it helped develop in 2001, for $216.1 million. The seller was Seattle-based Westlake Tower Associates, according to multiple media reports. Bellevue, Wash.-based Continental developed the 31-story tower in a joint venture with Bentall and sold the building in 2003 for $105 million, or $287,000 per unit. Bentall was looking to get out of the multifamily real estate business at the time, leading to the sale, according to the Seattle Daily Journal of Commerce. In an interview with the DJC, Claudio Guincher of Continental said what was once considered the outskirts of Seattle’s central business district, is now “on the 50-yard line.” “We are across the street from Amazon,” Guincher added. Met Tower is located at 1942 Westlake Ave., directly across from Amazon’s Doppler building, which serves as the company’s headquarters, housing 3,800 employees. The multifamily community offers studio, one-, two- and three-bedroom floor plans averaging 894 square feet. Communal amenities include a business center, conference room, fireplace lounge with full kitchen, billiards room, library, fitness facility, aerobics room, indoor pool, whirlpool spa, sauna and locker rooms with steam rooms. The property also features 10,000 square …

October 3, 2019

Acquisitions Hospitality Illinois Midwest Top Stories

Blackstone to Acquire 65 Percent Stake in Great Wolf Resorts, Form $2.9B JV With Centerbridge

by Kristin Harlow October 2, 2019

CHICAGO AND NEW YORK CITY — Blackstone Real Estate Partners IX, an affiliate of Blackstone (NYSE: BX), is acquiring a 65 percent controlling interest in Great Wolf Resorts Inc. Although the specific price of the investment was not disclosed, Blackstone and existing owner Centerbridge Partners LP will form a new $2.9 billion joint venture to own the company. Chicago-based based Great Wolf is an owner and operator of family-oriented entertainment resorts, with 18 locations around the country. Each lodge contains a full-service hotel, indoor waterpark, recreational activities and various food and beverage offerings. A new resort in Northern California is slated to open next year. “Great Wolf has enriched the guest experience and opened seven new lodges since 2015,” says Tyler Henritze, head of U.S. acquisitions for Blackstone. “We look forward to investing in these properties to further deliver for guests and grow the company.” Murray Hennessy, CEO of Great Wolf, says that the company stands to benefit greatly from Blackstone’s insights and expertise in hospitality. The sale comes at a time when theme park companies are benefitting from higher consumer spending on travel and leisure, according to Bloomberg. Blackstone has previously invested in SeaWorld Entertainment Inc. and helped buy …

October 2, 2019

California Development Office Top Stories Western

Boston Properties, CPPIB to Develop 1.1 MSF Office Campus in Silicon Valley

by John Nelson October 1, 2019

SAN JOSE, CALIF. — Boston Properties Inc. (NYSE: BXP) has formed a joint venture with institutional investor Canada Pension Plan Investment Board (CPPIB) to develop Platform 16, a 1.1 million-square-foot office campus in downtown San Jose. Boston Properties, a developer and owner of Class A office buildings, holds a 55 percent ownership stake in the joint venture. The Silicon Valley project will comprise three buildings situated near Diridon Station, the largest multi-modal transportation hub in the Bay Area consisting of the Caltrain, VTA light-rail and the ACE train lines, as well as the planned BART and high-speed rail lines. Platform 16 will also be near Guadalupe River Park and adjacent to Google’s planned transit village spanning 8 million square feet. “Platform 16 is ideally located in one of the largest technology hubs in the country,” says Aaron Fenton, vice president of development for Boston Properties. “With easy access to public transportation, as well as local housing, culture, food and entertainment, Platform 16 will help companies attract and retain the talent they need to support their growth.” Designed by Kohn Pedersen Fox Associates, Platform 16’s name originates from its proximity to Diridon Station and its planned 16 outdoor terraces across the …

October 1, 2019

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