Top Stories

Healthcare Firm Centene to Develop $1B East Coast Headquarters in Charlotte

by Alex Tostado July 2, 2020

CHARLOTTE, N.C. — Healthcare firm Centene Corp. has announced plans for its $1 billion East Coast headquarters in Charlotte. At full build-out, scheduled for 2032, the six-building campus will comprise 1 million square feet of office space, a fitness center, auditorium, multiple dining options, childcare center and Centene Tech University, a standalone building that will be used for corporate learning and development. The St. Louis-based company plans to break ground on the project in August. The campus will be built in phases, with Phase I scheduled for completion in the second half of 2022. Phase I will house 3,000 employees who will fill roles in information technology, finance, compliance, health economics, business analytics, human resources and clinical positions, with salaries averaging $100,089 annually. “Charlotte has great talent, excellent infrastructure and a real commitment to sustainable development,” says Michael Neidorff, chairman, president and CEO of Centene, a Medicaid-managed care organization. In 2024, Centene plans to begin construction of Phase II, which will accommodate another 3,000 employees. Charleston, South Carolina-based LS3P Architects designed the campus. The general contractor is St. Louis-based Clayco. LandDesign is the site planner and Uzun+Case is the structural engineer. Syska Hennessy Group will be providing the mechanical, electrical, plumbing and fire …

July 2, 2020

Acquisitions Northeast Office Pennsylvania Top Stories

Independence Blue Cross Acquires Philadelphia Headquarters for $360M

by Kristin Harlow July 1, 2020

PHILADELPHIA — Independence Blue Cross has acquired 1901 Market Street, a Class A office tower in Center City Philadelphia, for $360 million. The 45-story, 800,000-square-foot building has served as the health insurance company’s headquarters since construction was completed in 1989. Atlanta-based Piedmont Office Realty Trust (NYSE: PDM) was the seller. The property has received more than $110 million in capital improvements over the last eight years. Upgrades included a new lobby, outdoor plaza and mechanical systems, as well as renovations throughout the interiors for a more modern look. The building is the eighth-tallest office tower in Philadelphia and houses nearly 2,500 Independence associates. Independence is the sole occupant of the building. In addition to 1901 Market Street, Independence’s campus includes a customer service call center and Independence LIVE, a customer experience center. Both connect to the company’s headquarters via a courtyard that is open to the public. Prior to the purchase, Independence was in a long-term lease. But the company found the purchase attractive because low interest rates enabled Independence to lower its annual cost of occupancy, according to Donna Farrell, vice president of corporate communications. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets marketed …

July 1, 2020

Acquisitions California Company News Development Mixed-Use New York Northeast Office Top Stories Western

Hudson Pacific, Blackstone Form Joint Venture to Grow Movie Studio and Office Platform in Hollywood

by John Nelson June 30, 2020

LOS ANGELES AND NEW YORK — Hudson Pacific Properties Inc. and Blackstone have formed a joint venture to expand the film and TV production platform for both publicly traded companies. Hudson Pacific is bringing on Blackstone as a partner to help capitalize a portfolio of studios and offices in Hollywood that have been used sparingly since the outbreak of COVID-19 and the subsequent stay-at-home directives in Los Angeles. As part of the deal, Blackstone (NYSE: BX) will buy a 49 percent stake in Hudson Pacific’s 2.2 million-square-foot Hollywood Media Portfolio, which spans three studios and five office buildings. Hudson Pacific (NYSE: HPP) will remain responsible for the day-to-day operations of the portfolio, which is valued at $1.65 billion. “Our latest joint venture with Blackstone unlocks a portion of the value we’ve created for our shareholders and provides us with significant capital to grow both our studio and office portfolios,” says Victor Coleman, chairman and CEO of Hudson Pacific. The portfolio includes Sunset Bronson, Sunset Gower and Sunset Las Palmas Studios (formerly Hollywood Center Studios), which comprises 35 stages and production and support spaces totaling 1.2 million square feet. The offices in the portfolio include 6040 Sunset, Icon, Cue, Epic and …

June 30, 2020

California Development Mixed-Use Top Stories Western

Anaheim Ducks Owner to Develop $3B ocV!BE Entertainment, Mixed-Use District

by Taylor Williams June 29, 2020

ANAHEIM, CALIF. — The Samueli family, which owns the NHL’s Anaheim Ducks, has announced plans for ocV!BE, a $3 billion entertainment and mixed-use district in Southern California. The initial phases of the 115-acre project are expected to open in 2024, and the entire destination is scheduled for completion by the 2028 Olympics in Los Angeles. The development will surround Honda Center, where the Ducks play, and will feature a 6,000-seat concert venue, a 68,000-square-foot food hall and a variety of restaurants and retail establishments. Additional uses will include two hotels totaling 650 rooms, a 325,000-square-foot office tower, 2,800 apartments with a 15 percent affordable housing component and 30 acres of parks and open green space. A network of pedestrian bridges and walkways will connect the various elements of the project, including a landmark bridge over Katella Avenue. In 2018, the City of Anaheim and the Ducks committed to keep the team in Anaheim for another 50 years, paving the way for ownership to begin acquiring various tracts surrounding Honda Center. The project is entirely privately funded, and the development team will not seek a tax rebate or subsidy from the City of Anaheim. Development of ocV!BE is expected to create …

June 29, 2020

Acquisitions District of Columbia Office Southeast Top Stories

Smithsonian Institution Pays $254M for New Headquarters in Washington, D.C.

by Alex Patton June 26, 2020

WASHINGTON, D.C. — The Smithsonian Institution has acquired the 318,557-square-foot West Tower of the Capital Gallery office property in Washington, D.C. for $254 million. The U.S. government entity, which operates 19 museums and nine research centers, will use the building as its new headquarters. Located at 600 Maryland Ave. S.W., the 10-story glass building makes up just over half of the two-building property, which totals 631,029 square feet of Class A office space. Smithsonian also acquired four floors of the eight-story East Tower. Smithsonian already leases office space within the building, and the acquisition is part of a plan to consolidate five office spaces in the Washington, D.C. area into a single location. The financial and administrative offices, currently located in Crystal City at 2011 Crystal Drive, in Arlington, Virginia, are the largest offices to move to the new administrative headquarters. Other offices to be consolidated include spaces at 955 L’Enfant Plaza S.W.; 425 Third St. S.W.; and 901 D St. S.W. The move is scheduled to begin early next year. “The reason for purchasing an office building near the National Mall is twofold — it is more efficient to have staff together in a central location and it is …

June 26, 2020

Development Georgia Office Southeast Top Stories

CDC to Develop 160,000 SF Research Lab in Atlanta

by Alex Tostado June 25, 2020

ATLANTA — The Centers for Disease Control and Prevention (CDC) will develop a 160,000-square-foot research lab at Roybal Campus, the organization’s main headquarters in Atlanta. The high-containment continuity lab (HCCL) will be a Biosafety Level-4 (BSL-4) facility, a designation reserved for the highest level of biological safety. The lab is part of the CDC’s 2025 master plan, which was finalized before the worldwide COVID-19 pandemic began. The Atlanta-based organization expects construction to begin in early 2021 and has tapped McCarthy Building Cos. Inc. as general contractor. Flad Architects, Page Southerland Page and WSP designed the HCCL. McCarthy, a St. Louis-based general contractor, has built 25 percent of the BSL-4 labs in the United States. The company also built the Emerging Infectious Diseases BSL-4 Laboratory on the Roybal Campus in 2005. In early 2018, the CDC petitioned Congress to allow for upgrades to be made at the facility. The development cost was not disclosed, although McCarthy entered into a $233 million contract with the U.S. government to construct the HCCL. “The facility has done quite well, but it runs constantly — 24 hours a day, seven days a week, 365 days a year,” Inger Damon, director of the division of high-consequence …

June 25, 2020

Northeast Pennsylvania Retail Top Stories

GNC Files for Chapter 11 Bankruptcy, Plans to Close Up to 1,200 Stores

by Kristin Harlow June 24, 2020

PITTSBURGH — Global health and wellness company GNC Holdings Inc. (NYSE: GNC) has filed for Chapter 11 bankruptcy. Over the past year, the company has executed a strategy to close underperforming stores, while investing further in alternatives to in-store sales, such as e-commerce. With the Chapter 11 filing, GNC expects to accelerate the closure of 800 to 1,200 stores. Pittsburgh-based GNC expects to use the bankruptcy process “to improve its balance sheet and capital structure while continuing to advance its business strategy, right-size its corporate store portfolio and strengthen its brands to protect the long-term sustainability of its business,” according to a press release from the company. Additionally, GNC has reached an agreement with its lenders and Harbin Pharmaceutical Group Holding Co. Ltd., an affiliate of GNC’s largest shareholders, for the sale of the company’s business. The sale transaction has a $760 million purchase price and “would be executed through a court-supervised auction process at which higher and better bids may be presented.” The company expects to either complete the sale or the bankruptcy process this fall. GNC’s largest vendor and a joint venture partner, IVC, is working with the company to ensure a continued supply of products. Looking ahead, …

June 24, 2020

Development Florida Mixed-Use Multifamily Southeast Top Stories

Metropica Development Completes 28-Story Residential Tower, First Phase of $1.5B Mixed-Use Project in South Florida

by John Nelson June 23, 2020

SUNRISE, FLA. — Metropica Development LLC, led by Joseph Kavana of K Group Holdings, has completed the first residential tower within Metropica, a $1.5 billion mixed-use project in the South Florida city of Sunrise. The 28-story ONE Metropica Residences comprises 263 condominiums. The City of Sunrise recently issued Metropica Development LLC a temporary certificate of occupancy (TCO) so that move-ins can begin. Metropica is situated adjacent to Simon’s Sawgrass Mills Mall and in close proximity to Interstates 75, 95 and 595, as well as the Florida Turnpike. As of this writing, 75 percent of the units at ONE Metropica Residences have been purchased by buyers hailing from the United States, Latin America, Europe and Asia. The condos range in size from 961 to 2,022 square feet, and the property’s remaining units are priced ranging from the $400,000s to the $700,000s. Buyers of the move-in-ready units can close on their purchase either in-person or virtually. “We are extremely proud to be delivering our first residential building to the market,” says Bernard Werner, president of Metropica Development LLC. Designed by architectural firms Oppenheim Architecture + Design and YOO Design Group, condominiums at ONE Metropica Residences include floor-to-ceiling glass windows, porcelain tile, smart …

June 23, 2020

Bristol-Myers-Squibb-Hopewell-New-Jersey

Acquisitions Healthcare Life Sciences New Jersey Northeast Office Top Stories

Lincoln Equities, H.I.G. Realty Acquire 1.2 MSF Life Sciences Campus in Hopewell, New Jersey

by Taylor Williams June 22, 2020

HOPEWELL, N.J. — A partnership between full-service real estate firm Lincoln Equities Group and New York City-based H.I.G. Realty Partners has acquired Princeton West Innovation Campus, a 1.2 million-square-foot life sciences property in Hopewell, New Jersey. The 433-acre development, which is located about seven miles from Princeton University, is the former campus of Bristol Myers Squibb (BMS). The New York City-based biopharmaceutical firm announced in late 2016 that it would gradually begin ceasing operations and shutting down the campus, according to centraljersey.com. The sales price was not disclosed, but the property flyer notes that BMS had invested more than $500 million in capital improvements to the campus prior to the sale. “Given the current public health crisis, we anticipate pharmaceutical and life sciences manufacturers to consider ‘reshoring’ and expanding operations in the United States,” says Joel Bergstein, president of Lincoln Equities. “This spacious, modern BMS campus — located in the center of ‘Einstein’s Alley’ in Central New Jersey — is a prime location for continued innovation and expansion.” Lance Bergstein, an acquisition and development officer at Lincoln Equities, pointed to the region’s skilled and qualified workforce as another key driving factor behind the acquisition. “New Jersey has one of the …

June 22, 2020

Development Multifamily New York Northeast Top Stories

Silverback Development Plans $250 Million Condominium Tower Project in Midtown Manhattan

by Alex Patton June 19, 2020

NEW YORK CITY — Silverback Development, a New York City-based developer, has released its plans for a $250 million condominium building in midtown Manhattan. Located at 131 E. 47th St., the 200-unit building will rise 500 feet and will feature 5,000 square feet of ground-floor retail space as well as several landscaping features and sky lounges. Silverback Development is undertaking the project in partnership with Hong Kong-based Hopson Development Holdings. The property is situated four blocks southeast of Rockefeller Center. The developers plan to include a technologically advanced management system, advanced digital security systems and fully integrated home automation. “The market in midtown Manhattan will see continued demand as it is at the epicenter of corporate headquarters, national landmarks, renowned cultural institutions and Michelin-starred eateries,” says Josh Schuster, managing principal at Silverback Development. Hopson Development Holdings (SEHK: 754) acquired the building site from New Empire Real Estate Development late last year. New Empire had previously planned to construct a 122-unit multifamily project on the site, but plans stalled after the existing buildings were demolished in 2016. The site has been vacant since then. Hopson has more than 70 commercial real estate projects, manages more than 10 large urban complexes, and …

June 19, 2020

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