NEW YORK CITY — C-III Capital Partners LLC has entered into a definitive agreement to acquire NAI Global, the largest network of independent commercial real estate firms worldwide. NAI Global will continue to operate as a separate company under its current management following the acquisition. The transaction is expected to close in the third quarter of 2011, for which financial terms were not disclosed. “This agreement represents a tremendous opportunity for NAI and our members,” said Gerald Finn, chairman of NAI Global. “We expect NAI will be able to significantly grow its service offerings and present new opportunities to our members.” NAI currently manages a network of commercial real estate firms comprising 5,000 professionals and 350 offices in the U.S. and 55 countries throughout the world. NAI’s network members provide a full spectrum of corporate, financial, technology and project management services. “The combination with C-III will provide a depth of resources, talent and tools from which we can draw upon to accelerate our growth,” said Jeffrey Finn, president and CEO of NAI Global. “Rarely do you find partners so perfectly strategically aligned as NAI Global and C-III. This is a natural fit and extremely exciting news for the industry.” C-III …
NEW YORK CITY — Denihan Hospitality Group and Pebblebrook Hotel Trust (NYSE: PEB) have entered into agreements wherein Pebblebrook will invest in a joint venture with affiliates of Denihan that own six upper upscale hotels in Manhattan. The transaction values the six hotels at approximately $910 million. Denihan will continue to manage the hotels, which include the following six upper upscale properties: Affinia Manhattan, Affinia Shelburne, Affinia Dumont, Affinia 50, Affinia Gardens and The Benjamin (pictured below, right). The properties currently comprise 1,640 guestrooms, but that number will increase to 1,730 rooms following the completion of a renovation at the Affinia Manhattan this fall. “Jon Bortz [chairman and chief executive officer of Pebblebrook] said this is the first time in a long time he’s invested in a partnership, and he’s done it with us due to our relationship. That’s a great vote of confidence for our company,” says David Duncan, chief financial officer for Denihan Hospitality Group. “We’re perfectly aligned here, and we look forward to Pebblebrook’s insight to add best practices. Both partners in this deal have a clear understanding of how we’ll add value to our hotels.” The hotels are currently subject to approximately $600 million in existing …
CHICAGO — Magellan Development Group has commenced construction of Coast, a 45-story, 499-unit rental apartment tower in downtown Chicago. The property, located at 345 E. Wacker Dr., is the eighth high-rise tower within the company's Lakeshore East community. Designed by architectural firm of Brininstool Kerwin & Lynch (BKL) and constructed by McHugh Construction Co., which has also constructed six buildings at Lakeshore East, Coast also will feature 18,000 square feet of retail space, an additional 18,000 square feet of amenities including an outdoor pool, fitness center, resident lounge, business center, media room and indoor spa, as well as a 272-car parking garage. First occupancy is targeted for February 2013. Coast’s modern design is described by BKL as “a composition of light and translucency.” A curtain wall on the east and west facades is a combination of translucent and fritted glass combined with aluminum while continuous inset balconies on the north and south elevations provide views of the Chicago skyline, Lake Michigan and Grant/Millennium Parks. (see photo at right) “Our successful experience with Aqua at Lakeshore East — a project that has thrived in a difficult market — reinforces our belief that going forward, high-quality design must remain a critical factor …
FORT LAUDERDALE, FLA. — Downtown Fort Lauderdale’s 110 Tower, a 30-story, 391,473 square-foot, Class A office building owned by Genesis Capital Partners XI, Ltd. an investment fund sponsored by GenCap Partners, Inc., has been awarded LEED Gold certification for Existing Buildings by the U.S. Green Building Council (USGBC). Located in Downtown Fort Lauderdale’s Central Business District (CBD), the property is the largest building in that submarket. 110 Tower is also in the midst of a comprehensive $15 million renovation program that includes upgrades to the ground floor lobby, a new look along Sixth Street, upgraded upper-floor common areas and other interior spaces, replacement and improvement of all building primary mechanical systems, and an upgraded exterior lighting system. New and existing amenities include two eateries, a health club with pool, bank, and conference center. “110 Tower is an iconic figure in Downtown Fort Lauderdale. Rather than to rest on its well established laurels, a strategic shift has been established,” said Ellen Rivera, senior property manager, 110 Tower. In order to achieve the heightened standards of LEED Gold from USGBC, the building incorporated a number of enhanced eco-friendly strategies, including: Energy Efficiency: The building now emits 33 percent less greenhouse gas emissions …
NEW YORK CITY — Brookfield Office Properties (NYSE: BPO) has unveiled its plans for a $250 million retail redevelopment of the World Financial Center in Lower Manhattan. Including 177,000 square feet of rentable square feet, the positioning of this retail component is timed with Lower Manhattan’s residential growth, creation of new transit hubs, Hudson Park completion and World Trade Center reconstruction. The retail segment at the World Financial Center will serve as the main entranceway to the 8 million-square-foot complex. Construction of the entire project is set to begin in October 2011 and will conclude in 2013. Broken down into separate sections, the changes expand the retail offerings and include high-end fashion, a European-style marketplace, and waterfront dining. “These improvements to the World Financial Center are coming at the perfect time, given the investment in Lower Manhattan,” said Ric Clark, CEO of Brookfield Office Properties. “The World Financial Center Winter Garden has served as Lower Manhattan’s welcoming public space for the past twenty years. We are pleased to be moving forward with a plan that incorporates the existing Winter Garden staircase and repositions the World Financial Center for decades to come.“ According to Brookfield, the redevelopment of the World Financial …
HOUSTON — BBVA Compass held an official groundbreaking to mark the start of construction on its new corporate office building in Houston. The 22-story, 312,000 square-foot LEED Gold certified building, of which BBVA Compass will occupy approximately 150,000 square feet and six floors, will centralize the bank's local executives, multiple business areas and staff units under a single roof. Located in the Uptown Houston area, BBVA Compass adds to a business center that is also home to more than 2,000 diverse companies. BBVA Compass' current corporate office buildings, which are located throughout the Greater Houston area, were established when BBVA combined its four U.S. subsidiaries — Compass Bank, State National Bank, Texas State Bank and LNB (formerly Laredo National Bank) — under the BBVA Compass banner in 2009. “This new office represents BBVA Compass' future home here in Houston where our employees can work in one unified location, a place designed for collaboration and the way people want to work today,” said Manolo Sanchez, BBVA U.S. country manager, and president and CEO of BBVA Compass. “It will play a vital role in our strategy to grow our business, particularly here in Texas and in Houston.” The new BBVA Compass corporate …
SAYREVILLE, N.J. — O’Neill Properties Group has broken ground and is under development on The Point, an 8 million square-foot mixed-use project in Sayreville. After closing on the 453-acre site in October 2008, the company worked with numerous agencies to gain the necessary environmental approvals in 2009 and 2010, sorting out all the issues on the former brownfield to break ground and start remediation work in February 2011. “The deal for the land went through at more than $100 million at a time when real estate development closings of that magnitude were just not happening,” says Brian O’Neill, Jr., senior project manager for O’Neill Properties Group. “That fact speaks to the fundamental strength this site has — it’s a home run.” Located at 100 Chevalier Ave., approximately 30 miles from Manhattan and minutes from Staten Island, the site stretches three miles of waterfront along the Raritan River. Development plans include retaining 74 acres of protected wetlands, and wind and solar farms are planned on an additional 14 acres. The Point is surrounded by one of the busiest intersections in the United States, just off the New Jersey Turnpike, Garden State Parkway, U.S. Route 9 and NJ Route 35, and close …
CHICAGO — Canyon-Johnson Urban Funds (CJUF) has partnered with McCaffery Interests to acquire and reposition the Roosevelt Collection, a transit-oriented mixed-use project in Chicago’s growing South Loop submarket. “The South Loop has truly come into its own as a prime destination in Chicago, and we are looking forward to revitalizing a property that will bring even more life to the area,” said Canyon Managing Partner Bobby Turner. The Canyon-McCaffery team will work to transform the 12-acre property’s 400,000 square-foot retail component over the next 18 months. Anchored by a 16-screen Kerasotes ShowPlace ICON theater, the leasing team plans to secure a mix of clothing, home furnishings and electronics retailers, along with additional restaurant tenants. The property also features 342 residential units that are currently more than 90 percent occupied, a parking garage, vacant land for a public park and rights to develop additional multifamily units. Plans call for demolition of the center median to create a shopping destination for the community and for a new active public plaza, which will include green landscaped areas, water features, children’s play areas and wider sidewalks for improved pedestrian access. All parties involved in the partnership between CJUF, the joint venture between Canyon Capital …
NEW YORK CITY — Monday Properties and Dallas-based Invesco Real Estate have completed the recapitalization of 230 Park Avenue, one of New York City’s landmark buildings. Known previously as the Helmsley Building, New York General Building and the New York Central Building, the 34-story, 1.4 million-square-foot office property straddles Park Avenue atop the Grand Central Terminal. Monday Properties has managed 230 Park Avenue since 1998 and purchased the building in 2007. The partnership will complete the property’s repositioning, initiated by Monday Properties in 1998. Monday Properties will be the operating partner within the partnership and will continue to be the managing and leasing agent. “The market consistently rewards the property for delivering exceptional service in a unique, landmark environment,” said Anthony Westreich, president and chief executive officer of Monday Properties. “We will continue that focused plan and be an outstanding choice for our tenants and our partner.” The building’s current tenants include national and global firms such as: ING, Tokio Marine Management, Novartis, Simon Property Group, Otterbourg, Steindler, Houston & Rosen P.C. and Lathrop & Gage. The property also is New York City’s first pre-war office building to obtain LEED-EB [Existing Building] Gold. Since 2002, Monday Properties has completed more …
CHICAGO — Village Green, in conjunction with the City of Chicago, has begun the $146.6 million restoration of Randolph Tower, a 45-story historic office building in the central business district of downtown Chicago. Slated to become Randolph Tower City Apartments, a mixed-use residential development, the property is located on the corner of Randolph and Wells at 188 West Randolph. The terra cotta clad building was originally constructed in 1929 in the Gothic Revival style, designed by architect Karl Vitzhum. The building was known as The Steuben Club Building though World War II, but by 1948 it became known as Randolph Tower. It originally housed retail stores, professional offices and recreational and social club space on the upper floors. The restoration project is being built in partnership with the City of Chicago, Former Mayor Richard M. Daley, Alderman Brendan Reilly, Citi Community Capital, US Bank, Bank of America, Freddie Mac, Illinois Housing Development Authority and Key Bank. “In this uniquely difficult financial market, we were able to secure the financing with Village Green’s dedicated supporters and partners,” said Jonathan Holtzman, Village Green CEO. Hartshorne Plunkard Architecture and Linn-Mathes Inc. led a team of consultants to complete the complicated details of this …