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Manchester Financial Transforming Downtown San Diego with $1.5B Mixed-Use Project

by John Nelson

SAN DIEGO — Manchester Financial Group has launched Manchester Pacific Gateway, a $1.5 billion redevelopment of the Navy Broadway Complex in downtown San Diego. Situated along the waterfront near San Diego’s central business district (CBD), the new 3 million-square-foot mixed-use complex will include a new 17-story, Class A office building that will house the U.S. Navy headquarters. “The Navy is excited to break ground on a new administrative building. The Navy and San Diego have had a strong, mutually beneficial relationship for over 100 years and this project is another important chapter in that history,” says Rear Admiral Yancy Lindsey, commander of the Southwest region of the Navy. Manchester Pacific Gateway will span eight city blocks and will serve as the gateway to the San Diego CBD and downtown tourism corridor. According to the developer, the project is the largest private waterfront development on the West Coast. The 13.5-acre development will feature the following elements: ➢ Block 1 of Manchester Pacific Gateway will include a nearly two-acre plaza; a 29-story, 467,000-square-foot office tower; 68,000 square feet of retail space; and a 198,000-square-foot luxury boutique hotel with 235 rooms. ➢ Block 2 will feature a 29-story, 1 million-square-foot convention center hotel …

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AcquisitionsDistrict of ColumbiaOfficeSoutheastTop Stories

JBG Smith Sells 154,384 SF Office Building in Washington, D.C. for $65M

by Taylor Williams

WASHINGTON, D.C. — Maryland-based REIT JBG Smith Properties (NYSE: JBGS) has sold the Lion Building, a 154,384-square-foot office property in Washington, D.C., for $65 million. The Lion Building, which is located at 1233 20th St. near Dupont Circle, houses the embassies of Vietnam and South Sudan. The location puts the property within walking distance of three different Metrorail stations, 500 retail stores and restaurants and eight hotels. Jim Meisel, Andrew Weir, Matt Nicholson and David Baker of HFF represented JBG Smith in the sale. This quartet of investment advisory professionals also procured the buyer, a joint venture between private investment manager GreenOak Real Estate and Mid-Atlantic investment firm MRP Realty. Cary Abod, Dan McIntyre and Robert Carey of HFF arranged $47.6 million in acquisition financing for the transaction. The lender and loan terms were not disclosed. JBG Smith’s stock price closed at $37.10 per share on Friday, October 26, up from $31.26 per share a year ago. The company, which is listed on Standard & Poor’s MidCap 400 Index, owns and operates assets in infill markets around the Washington, D.C. area. ­— Taylor Williams

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AcquisitionsMixed-UseNew YorkNortheastTop Stories

Partnership Acquires 1.2 MSF Historic Mixed-Use Complex in Manhattan for $880M

by Kristin Harlow

NEW YORK CITY — A partnership between L&L Holding Co., Normandy Real Estate Partners and an institutional investor advised by J.P. Morgan Asset Management has acquired Terminal Stores, a 1.2 million-square-foot complex in the West Chelsea neighborhood of Manhattan, for $880 million. Constructed in 1891, Terminal Stores originally served the railroad lines that dominated the middle Hudson River waterfront. Coleman Burke, managing partner of Waterfront New York Realty, purchased the complex in 1983 and converted it into self-storage and office space. Current tenants include Uber Technologies Inc., L’Oréal USA and architectural firm Grimshaw. The property spans the entire block bounded by 11th Avenue, 12th Avenue, West 27th Street and West 28th Street. The partnership plans to transform the former warehouse complex into an office and retail development. Plans call for the conversion of approximately 500,000 square feet of self-storage space into Class A office use. Darcy Stacom and Bill Shanahan of CBRE represented the seller, a joint venture between Waterfront New York and GreenOak Real Estate Advisors LP. James Millon, Tom Traynor, Ethan Gottlieb and PJ Finley of CBRE Debt & Structured Finance arranged the $650 million acquisition financing on behalf of the borrower. Manhattan-based L&L is a privately owned …

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DevelopmentMassachusettsMixed-UseNortheastTop Stories

MP Boston Begins $1.35B Mixed-Use Tower in Downtown Boston, City’s Largest Private Investment in History

by John Nelson

BOSTON — MP Boston, a local mixed-use and residential developer, broke ground Wednesday on Winthrop Center in downtown Boston. The $1.35 billion mixed-use development represents the largest private investment for a single project in Boston’s history. The site was formerly owned by the City of Boston and housed the Winthrop Square Garage. Set for a spring 2022 completion, Winthrop Center will feature 750,000 square feet of office space, 420 condominiums, retail and restaurants, as well as a public gathering space. The tower will rise 691 feet tall, making it the fourth-largest tower in Boston. At the base of Winthrop Center will be the Great Hall, an open civic space available to the public. The center will also feature an open mid-block alley between Winthrop Square/Downtown Crossing and Federal Street/the Financial District. Handel Architects LLP and Steven Winter Associates Inc. designed the tower to achieve LEED Platinum certification with hopes to also be a certified Passive House Pilot Project. Begun by Germany-based research organization Passivhaus Institut, Passive House is the only internationally recognized energy standard in commercial construction. If achieved, Winthrop Center would be the largest Passive House office building in the world. MP Boston is developing the tower in conjunction …

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AcquisitionsMassachusettsMixed-UseNortheastOfficeTop Stories

NKF Negotiates $107M Sale of Mixed-Use Complex in Downtown Boston

by David Cohen

BOSTON — Newmark Knight Frank (NKF) has negotiated the $107 million sale of a 192,890-square-foot office and retail complex in Downtown Boston. Located at 226 Causeway St., the property features a tenant roster anchored by the corporate headquarters of Oxfam America, the Boston Celtics and two divisions of TripAdvisor, as well as a regional office for Stantec. Street-level retail at the property includes Equal Exchange Café and Title Boxing Club. The complex is located near The Hub on Causeway, a 1.5 million-square-foot residential, retail and office addition to the TD Garden, a multi-purpose arena that serves as home to the Boston Bruins and Boston Celtics. Located along the Charles River in the bustling Haymarket Square submarket, the property sits in the shadow of the three bridges connecting downtown Boston to Cambridge, Charlestown and the North Shore suburbs. EdwardMaher, Matthew Pullen, James Tribble, Samantha Hallowell and Robert Griffin of NKF’s Boston Capital Markets team represented the seller, Invesco, in the transaction. The buyer was Boston-based real estate private equity firm Rockpoint Group. “226 Causeway epitomizes the ‘cool core’ investment profile, offering stable cash flow and tangible upside potential,” says Edward Maher, NKF vice chairman. “The asset is the beneficiary of significant …

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DevelopmentDistrict of ColumbiaMultifamilySoutheastTop Stories

LCOR Opens $200M Multifamily Community in Metro Washington D.C.

by Katie Sloan

ARLINGTON, VA. — LCOR has opened Altaire, a 451-unit luxury multifamily community located in the Crystal City neighborhood of Arlington, roughly five miles south of Washington, D.C. The $200 million community comprises two buildings offering studio, one-, two- and three-bedroom units, alongside a selection of high-end penthouses and townhouses titled The Collection. These units offer larger floor plans with upgraded finishes, a superior appliance package and private, individual rooftop terraces on the 20th floor. Shared amenities at the property include a sky lounge with a rooftop terrace; landscaped courtyard with a swimming pool, grilling stations and fire pits; game room; business center and flexible work area with conference capabilities; secured parking garage with bike storage; and professional-style pet washing area. The community also boasts an extensive fitness center with personal training rooms, as well as a bike training facility where residents can virtually train and use a sports simulator. The LEED-Gold certified property offers views of Washington, D.C., Arlington and the Potomac River, as well as easy access to both cities, The Pentagon and Ronald Reagan Washington National Airport. The starting rent for a studio apartment is $2,011 per month. “Crystal City is an active, lively neighborhood with an exciting arts …

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AcquisitionsDistrict of ColumbiaHospitalitySoutheastTop Stories

Queensgate Investments Acquires Marriott in Washington, D.C. for $54.1M, Plans Rebrand

by Taylor Williams

WASHINGTON, D.C. — London-based investment firm Queensgate Investments (QI) has acquired the 148-room Courtyard by Marriott Washington D.C. for $54.1 million. QI purchased the property from affiliates of local builders Quadrangle Development Corp. and Capstone Development. The new ownership will rebrand the hotel as a Generator hotel, a line of hospitality properties featured in major European cities like Dublin, Paris, Barcelona and Amsterdam. Generator opened its first U.S. property in Miami in September. The hotel is located near Dupont Circle and offers amenities such as an outdoor pool, rooftop terrace and an onsite restaurant. Crestline will continue to manage the asset through 2019 as the rebranding effort unfolds. “The acquisition of the Washington D.C. asset marks the next step in Queensgate’s U.S. ambitions as we look to acquire both additional hotel assets to expand Generator as well as work on the acquisition of new standalone real estate platforms of significant scale,” says Jonathan Millet, head of acquisitions of QI. Brown Rudnick LLP, Ernst & Young and Rockwell Acumen advised Queensgate and Generator in the transaction. — Taylor Williams

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DevelopmentGeorgiaMixed-UseSoutheastTop Stories

Simon Breaks Ground on $300M Phipps Plaza Redevelopment in Atlanta’s Buckhead District

by Taylor Williams

ATLANTA — Simon Property Group (NYSE: SPG), the owner and developer best known for Class A malls, has broken ground on the $300 redevelopment of Phipps Plaza, an upscale shopping mall located in Atlanta’s Buckhead district. The project is a redevelopment of the former Belk department store and surface parking space at the 821,000-square-foot, three-story mall. It includes a new, 150-room hotel by Nobu Hotels, a luxury line co-founded by Robert De Niro. The hotel will offer a rooftop pool, spa and a corporate conference center, as well as a Nobu Atlanta Restaurant, a Japanese eatery that will occupy 10,000 square feet. The redevelopment will also deliver One Phipps Plaza, a 13-story, 350,000-square-foot office building that features a three-story parking garage. Other components of the project include a 90,000-square-foot Life Time Athletic Center with a rooftop pool, beach club and bistro. The redevelopment will also create an outdoor event venue and communal green space. “Phipps Plaza has long been a luxury icon in the Southeast and this expansion will further elevate its exceptional position by creating a reimagined destination to live, work, shop, and dine, unlike any other in the region,” said David Simon, chairman and CEO of Simon. According to …

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CaliforniaMixed-UseTop StoriesWestern

Public-Private Partnership Breaks Ground on $453M Redevelopment Project in LA’s Koreatown District

by John Nelson

LOS ANGELES — Trammell Crow Co. (TCC), in a public-private partnership with the County of Los Angeles (LA County), Public Facilities Group and Meta Housing Corp., has commenced construction of Vermont Corridor, a three-site redevelopment project in Los Angeles’ Koreatown submarket. The development costs are estimated at $453 million, according to local media reports. LA County owns all three sites, which span three city blocks between 4th and 6th streets. Situated on Vermont Avenue within one block of the Metro Red and Purple subway lines, the transit-oriented project comprises: • a new, 468,000-square-foot, Class A office headquarters for the LA County Department of Mental Health and Workforce Development, Aging and Community Services • an adaptive reuse of an existing 12-story office building into 172 residential units and • a 72-unit affordable seniors housing complex with a 13,000-square-foot community center to be operated by the YMCA of Metropolitan Los Angeles Construction will occur in multiple phases, beginning with the development of the Vermont Corridor County Administration Building. Designed by Gensler, the 21-story building will feature 7,500 square feet of ground-floor retail space, a peer resource center, fitness facility, open office floor layouts, outdoor terrace with an amenity deck, an indoor/outdoor conference …

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DevelopmentLoansMassachusettsMultifamilyNortheastTop Stories

JPMorgan Chase Provides $306.5M Construction Loan for St. Regis Residences in Boston

by David Cohen

BOSTON — JPMorgan Chase Bank has provided a $306.5 million construction loan for The St. Regis Residences a 114-unit, waterfront multifamily project in Boston’s Seaport district. The 22-story tower, which will be located at 150 Seaport Blvd., will feature a twisting and angular design evoking billowing sails in a nod to its location. Every residence in the property will offer views of the Boston skyline or Boston Harbor. The residences will also include underground parking and a two-story restaurant. Amenities will include a swimming pool, spa, health club, library and golf simulator. HFF represented the developer, Cronin Development, in the transaction. HFF also advised Cronin in structuring a joint venture for $34.5 million with a private equity partner, the JCM Opportunity Fund I LLC, a subsidiary holding of Joyal Capital Management. “With its unique design and location, The St. Regis Residences, Boston will be unlike any residential development ever built in the City, serving as an iconic landmark on the Boston skyline,” said HFF senior director Brett Paulsrud. Condominium units at the St. Regis Residences will range from one-bedrooms to penthouse homes. The 208,000-square-foot project will also include around 10,000 square feet of retail space, according to the developer’s website. …

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