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Blue-Ridge-Commerce-Center-Houston
DevelopmentIndustrialTexasTop Stories

TCC, Daiwa House Complete 1.3 MSF Industrial Project in Southwest Houston

by Taylor Williams

HOUSTON — A joint venture between Trammell Crow Co. (TCC) and Japanese developer Daiwa House has completed Blue Ridge Commerce Center, a 1.3 million-square-foot industrial project in southwest Houston. Construction began in August 2024. The site spans 92 acres at the northwest corner of Fort Bend Parkway and McHard Road in Fort Bend County. The development consists of five buildings that range in size from 153,928 to 431,017 square feet. The buildings feature a mix of front-load, rear-load and cross-dock configurations with clear heights that range from 28 to 36 feet. Seeberger Architecture designed the project, and E.E. Reed Construction served as the general contractor. Sumitomo Mitsui Banking Corp. financed the development, and CBRE is marketing the space for lease. Another project partner, Linco Construction, undertook infrastructure improvements as part of the project, which included new public roads, traffic signals, underground utilities, a regional storm water detention pond and public sidewalks. “The greater Houston region continues to prove itself as a magnate for modern logistics and manufacturing users,” says George Farish, principal at TCC. “With immediate access to major transportation corridors including the Fort Bend Parkway, Beltway 8 and U.S. Highway 90, we’re confident that Blue Ridge will serve as …

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W New York – Union Square's living room
DevelopmentHospitalityNew YorkNortheastTop Stories

Marriott Completes $100M Renovation of W New York – Union Square Flagship Hotel in Manhattan

by Abby Cox

NEW YORK CITY — W Hotels, part of Marriott Bonvoy’s collection of 30 hotel brands, has completed the $100 million renovation of W New York – Union Square, a 256-room luxury hotel in Manhattan. Locally based Rockwell Group, the original architect behind the hotel’s debut in 2001, led the renovation. Marriott International Inc. (NASDAQ: MAR) has owned and operated the hotel since acquiring the property in October 2019 for $206 million. Located at 201 Park Ave. S in Manhattan’s Union Square neighborhood, the transformation of the hotel has been reimagined to preserve the original historic architecture while launching as the brand’s global flagship property. The property opened in 1911 as the headquarters office for Guardian Life Insurance Co. of America and was converted as a W hotel in 2000. “W New York – Union Square holds a special place in our global portfolio. It is at the heart of our brand, powered by the pulse of our birthplace, New York City,” says George Fleck, senior vice president and global brand leader of W Hotels. The overhaul included the hotel’s entrance, which now has a remodeled, carpeted staircase, houndstooth banquette welcome desks, marble floors and a mural by artist Shantell Martin. The staircase leads to …

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AcquisitionsAffordable HousingMultifamilyNew MexicoOregonTop StoriesWestern

Guardian Acquires Affordable Housing Portfolio in Oregon, New Mexico for $497M

by John Nelson

PORTLAND, ORE. — Portland-based multifamily owner-operator Guardian has acquired a portfolio of 15 multifamily properties totaling 3,050 units in Oregon and New Mexico for $497 million. The deal represents the company’s largest transaction and one of the larger deals in the United States year-to-date, according to Guardian. Each property in the portfolio was built after 2000 using Low Income Housing Tax Credits (LIHTC) but after the end of the program’s 15-year compliance period, thus the properties were at risk of market-rate conversion. Guardian will voluntarily convert a portion of the portfolio’s units to income-restricted housing that is reserved for renters earning 60 percent or less of the area median income (AMI). The seller was not released. “This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing,” says Tom Brenneke, president of Guardian. The company purchased the portfolio in two tranches. The first was with capital partner AEW for two Portland-area communities spanning 310 units. The second phase comprised the other 13 properties, which span 2,740 units in the metro areas of Portland and Albuquerque, N.M. Guardian partnered with National Equity Fund (NEF) and JPMorgan Chase on the second tranche. “Partnering …

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AcquisitionsNew YorkNortheastOfficeTop Stories

Norges Bank Investment Management Agrees to Acquire 95 Percent Stake in Manhattan Office Building for $542.6M

by Kristin Harlow

NEW YORK CITY — Norges Bank Investment Management, the world’s largest sovereign wealth fund, has agreed to acquire a 95 percent interest stake in Manhattan’s 1177 Avenue of the Americas for $542.6 million. The deal values the 1 million-square-foot office property at $571.1 million. Boston-based Beacon Capital Partners will acquire a 5 percent interest in the building and will perform the asset management duties for the property on behalf of the new ownership. Eastdil Secured served as exclusive advisor to the seller, a joint venture between California State Teachers’ Retirement System (CalSTRS) and New York City-based Silverstein Properties. The transaction is expected to close this quarter. The sellers acquired the Sixth Avenue building at the end of 2007 for more than $1 billion. The 47-story property was completed in 1992. Notable tenants include law firm Kramer Levin, private equity firm Mill Point Capital, nonprofit Practising Law Institute and global insurance and investment organization Starr. The asset features a recently renovated lobby with 60-foot-high ceilings and a new outpost of Naya, a fast-casual Middle Eastern restaurant. Norges Bank Investment Management is an investment fund created to manage revenue from Norway’s oil-and-gas resources. The fund invests in equities, fixed-income investments, real estate …

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Capital-Design-District_Dallas
AcquisitionsOfficeTexasTop Stories

HFI Capital Management Acquires 126,000 SF Office Building in Dallas Design District

by Hayden Spiess

DALLAS — HFI Capital Management has acquired 1333 Oak Lawn, a roughly 126,000-square-foot office building located in the Dallas Design District. The sales price was not disclosed.  The 10-story building was completed in 2024. A partnership between FCP and Quadrant Investment Properties announced the project in early 2022, and the latter entity was named as part of the new ownership group alongside HFI. As part of the acquisition, the property will be rebranded as “The Capital Design District” and “The Capital” for short.  In addition to five floors of office space, the building features 8,000 square feet of amenity space on the ninth floor. The property also features a tenant lounge dubbed “Capital Spot,” an executive conference room, fitness center, locker rooms and a rooftop pickleball court.  Mexican restaurant concept Maroma will open this fall on the ground floor of the building.  Located along Oak Lawn, the building is positioned directly across from The Seam, a retail redevelopment that is currently underway. Upon completion, which is scheduled for summer 2026, The Seam will feature restaurants and shops. The property is also within walking distance of restaurants and attractions including Carbone, El Carlos Elegante, the Charles, the Virgin Hotel, Hilton Anatole, …

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The Mark Tampa
DevelopmentFloridaSoutheastStudent HousingTop Stories

Joint Venture Acquires Development Site in Tampa for 807-Bed Student Housing Community

by Abby Cox

TAMPA, FLA. — A joint venture between Landmark Properties, Canyon Partners Real Estate LLC and Peninsula Investments has acquired a 4.3-acre site at 2700 University Square Drive in Tampa for the development of an 807-bed student housing community. Dubbed The Mark Tampa, the six-story student housing development will be situated less than a half-mile from the University of South Florida (USF) and will offer more than 270,500 square feet of residential space across 215 units. The community will also feature a mix of studio to five-bedroom floorplans. Construction on the project will begin immediately, with delivery anticipated for the 2027-2028 academic year.  Kennedy Wilson provided the construction loan for the project and TSB Capital Advisors arranged financing. Landmark Construction will serve as the project’s general contractor, with Dwell Design Studios serving as architect. “The Mark’s unparallelled amenities and prime location just southwest of the USF campus and near a multitude of dining and entertainment options will make the community an attractive housing option for USF students,” says Jason Doornbos, chief development officer at Landmark Properties. Residences at The Mark Tampa will be fully furnished and will include quartz countertops, stainless steel appliances, washers and dryers, hardwood-style laminate floors, large closets and …

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Harrison-Street-Portfolio-Sale
AcquisitionsNew YorkSeniors HousingTop Stories

Harrison Street Sells New York Seniors Housing Portfolio for $600M

by Hayden Spiess

CHICAGO — Investment management firm Harrison Street Asset Management has sold a portfolio of seniors housing communities located in the state of New York for more than $600 million.  The buyer was not disclosed, but multiple media outlets report the buyer was senior living giant Ventas Inc. (NYSE: VTR). The portfolio comprises five communities. Harrison Street developed the properties in partnership with B2K Development between 2016 and 2022. Amenities at the communities include swimming pools, theaters, fitness centers, libraries and lifestyle programming.  The names and addresses of the five communities were not released, but Long Island Business News reports the properties are located in the Long Island cities of Mt. Sinai, West Babylon, Holtsville, Bethpage and Jericho, N.Y. “This transaction exemplifies Harrison Street’s ability to produce value by targeting strategic developments, creating portfolios at scale that deliver operational excellence and executing strategic sales at opportune moments in time,” says Ben Mohns, head of asset management, North America at Harrison Street. Chicago-based Harrison Street ranked as the fourth-largest owner of seniors housing properties in the newly released, 2025 edition of the ASHA 50. Since its inception, Harrison Street has invested roughly $14.6 billion in seniors housing assets.  In December 2024, Harrison Street sold a …

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DevelopmentLoansMixed-UseMultifamilyNew YorkNortheastTop Stories

Alloy, Vistria Obtain $535M Construction Financing for 62-Story Mixed-Use Tower in Downtown Brooklyn

by Kristin Harlow

NEW YORK CITY — Alloy Development and The Vistria Group have obtained $535 million in construction financing for One Third Avenue, a 62-story mixed-use tower that marks the second and final phase of the Alloy Block development in downtown Brooklyn. Rising 730 feet, the project will include 583 market-rate and affordable housing units along with retail and office space. Vistria will invest more than $120 million of equity to capitalize the development, and Kayne Anderson Real Estate is providing $375 million of debt. Chris Peck, Nicco Lupo and Peter Rotchford of JLL managed the capital raise. One Third Avenue marks the tallest Passive House building in the world, according to the developers. Passive House is a building standard for dramatically reducing energy use while improving indoor air quality. Elements of the Passive House design include an airtight, well-insulated building envelope, filtered fresh air and a low carbon footprint. The development’s residential and office spaces will share energy resources to minimize waste heat.  One Third Avenue joins the two projects in the first phase of Alloy Block — 505 State Street, a 44-story, 441-unit apartment tower and New York City’s first all-electric skyscraper, and 489 State Street, the first two public schools designed to …

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ColoradoIllinoisLoansMidwestOhioSeniors HousingTop StoriesWestern

Spectrum Retirement Receives $330M Refinancing for Seniors Housing Portfolio in Midwest, Southwest

by John Nelson

DENVER — Spectrum Retirement, a Denver-based seniors housing owner-operator, has received $330 million for the refinancing of a portfolio of eight seniors housing properties that are located across the Midwest and Southwest United States. Ryan Stoll and Taylor Mokris of BWE, a national commercial and multifamily mortgage banker, arranged the financing on behalf of Spectrum Retirement. The nonrecourse debt was structured with full-term interest-only payments and a “competitive” interest rate. “We are honored that Spectrum chose BWE to represent them in the debt capital markets for such a complex transaction,” says Stoll, national director of BWE’s Seniors Housing and Care team. “It is a privilege to partner with one of the industry’s most respected owners and operators, and Spectrum exemplifies the highest standard of excellence.” The direct lender was not released, but BWE disclosed that the lender was a “global private credit investor.” BWE also said the transaction drew interest from multiple capital sources, including agencies, life insurance companies, banks and private credit firms. The eight-property portfolio spans major metropolitan areas in four states, all of which benefit from attractive demographics and sustained demand for high-quality senior living, according to BWE. The properties include Green Oaks Senior Living and Palos Heights …

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Brookside-Alpharetta
AcquisitionsDevelopmentGeorgiaMixed-UseOfficeSoutheastTop Stories

Portman Acquires Metro Atlanta Office Park, Plans Mixed-Use Redevelopment

by Taylor Williams

ALPHARETTA, GA. — National developer Portman Holdings has acquired Brookside Office Park, a 266,000-square-foot development located in the northern Atlanta suburb of Alpharetta with plans to undertake a mixed-use redevelopment. The seller and sales price weren’t disclosed, but the Atlanta Business Chronicle reports that an affiliate of Bridge Commercial Real Estate sold the property for $27 million. Brookside Office Park consists of two buildings on a 20-acre site that were originally constructed in the 1980s. Portman plans to retain one 130,000-square-foot building, raze the other and pave the way for a proposed vision that includes 335 multifamily residences, 70 townhomes and 60,000 square feet of retail and restaurant space. Townhome prices will start at roughly $650,000, according to reports from the Atlanta Business Chronicle. The redevelopment will also feature activated public gathering areas, pedestrian connections and outdoor amenities that promote walkability and community engagement. Portman received unanimous approval from the Alpharetta City Council in April to transform the site into a mixed-use destination. Construction is expected to begin in 2026, with completion anticipated in 2029. “With Brookside, we’re taking an older office campus and giving it new life, keeping the best of what’s there while bringing in housing, retail and spaces …

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