REBusinessOnline

Tishman Speyer Receives $425M Green Bond Refinancing for JACX Office Building in Queens

LONG ISLAND CITY — Locally based developer Tishman Speyer has received a $425 million green bond refinancing for The JACX, a 1.2 million-square-foot office complex in the Long Island City neighborhood of Queens.Built in 2019 and fully leased at the time of closing, The JACX consists of two 26-story office towers connected by a five-story base. According to the developer, the property represents the single largest addition to the supply of office space in Long Island City since the opening …

DraftKings to Anchor $400M UnCommons Mixed-Use Project in Las Vegas

LAS VEGAS — DraftKings Inc., a fantasy and digital sports betting company based in Boston, plans to open its second largest office hub within UnCommons, a $400 million mixed-use development underway in southwest Las Vegas. DraftKings will occupy 90,000 square feet and ultimately house more than 1,000 employees at the new offices.Matter Real Estate Group, a San Diego-based developer, broke ground on the 40-acre project last summer and plans to deliver the first phase of the campus in …

Skanska Invests $216M for Development of Office Project in Downtown Washington, D.C.

WASHINGTON, D.C. — Swedish developer Skanska is investing $216 million in U.S. dollars for the development of 17xM, an 11-story office project in the central business district of Washington, D.C.Located at the intersection of 17th and M streets, the building will span 334,000 square feet. Construction is scheduled to begin this fall with completion slated for 2024.More than 50 percent of the project is pre-leased. Global law firm Gibson, Dunn & Crutcher LLP has signed a 16-year …

Joint Venture Receives $125M Construction Loan for Life Sciences Project in Chicago

CHICAGO — Sterling Bay, Harrison Street and institutional investors advised by J.P. Morgan Global Alternatives have secured a $125 million construction loan for ALLY, a life sciences project in Chicago. Bank OZK provided the financing. Construction is slated to begin this month.Located at 1229 W Concord Place, ALLY will feature 280,000 square feet of Class A medical research lab and creative office space. The life sciences project will be in Lincoln Yards, a 53-acre, mixed-use development …

Moderna Breaks Ground on 462,000 SF Research and Development Facility Outside Boston

CAMBRIDGE, MASS. — Moderna (NASDAQ: MRNA) has broken ground on the Moderna Science Center, a 462,000-square-foot research and development facility located at 325 Binney St., less than one mile from the company’s global headquarters in the Boston-area community of Cambridge. The biotechnology company is a pioneer in the usage of messenger RNA (mRNA) for therapeutics and vaccines, including one of the earliest and most effective vaccinations against the COVID-19 virus. Moderna plans to …

Chicago Bears to Acquire Arlington International Racecourse for $197.2M

ARLINGTON HEIGHTS, ILL. — The Chicago Bears have signed an agreement to acquire the Arlington International Racecourse property in Arlington Heights, a northwest suburb of Chicago. The purchase price was $197.2 million, according to the Chicago Tribune.The agreement raises the potential that the Bears could relocate to the 326-acre property and build a new stadium in the suburbs. The football team’s lease at Soldier Field in Chicago expires in 2033.“Finalizing the agreement was …

Ford Plans $11.4B in Electrical Vehicle Manufacturing Developments in Tennessee, Kentucky

STANTON, TENN., AND GLENDALE, KY. — Ford (NYSE: F) has unveiled plans to build Blue Oval City, a massive manufacturing campus for its electric vehicles in the tiny town of Stanton, approximately 50 miles northeast of Memphis and with a population of fewer than 500 people. In addition, the car builder is planning the BlueOvalSK Battery Park manufacturing campus in Glendale, approximately 50 miles south of Louisville, to produce the lithium-ion batteries that power those electric …

Blackstone Agrees to Sell Cosmopolitan Hotel, Casino in Las Vegas to MGM for $5.6B

LAS VEGAS — Blackstone (NYSE: BX) has entered into an agreement to sell The Cosmopolitan hotel and casino in Las Vegas to locally based hospitality and entertainment owner-operator MGM Resorts International (NYSE: MGM) for $5.6 billion.Blackstone originally acquired The Cosmopolitan in 2014 for approximately $1.6 billion, according to The Wall Street Journal. The firm subsequently invested more than $500 million in capital improvements to renovate the property’s 3,000 existing hotel …

JLL Arranges $168.3M Sale of Retail Portfolio Across Mid-Atlantic

WASHINGTON, D.C. — JLL Capital Markets has arranged the sale of a portfolio of eight infill neighborhood retail assets totaling 695,991 square feet in Washington, D.C., northern Virginia and southern Maryland.Stephen Conley, Danny Finkle, Jordan Lex and Kim Flores of JLL represented the D.C.-based seller, WashREIT (NYSE: WRE), which sold the portfolio for $168.3 million. The buyers were Rosenthal Properties and an undisclosed institutional partner, according to the Washington Business …

Brookfield Asset Management, Elion Partners Form $1B Industrial Development Partnership

TORONTO AND MIAMI — Brookfield Asset Management (NYSE: BAM) and Elion Partners have announced a $1 billion strategic partnership. The venture will expand Toronto-based Brookfield’s logistics portfolio across core infill markets in the U.S.Through the investment, Brookfield recapitalized Elion Logistics Park 55, a master-planned industrial park in Wilmington, Illinois, approximately 60 miles southwest of downtown Chicago. Located adjacent to the BNSF railway, the property features five …

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