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The Wellness Village in Mead Valley, California
CaliforniaDevelopmentHealthcareTop StoriesWestern

PMB Tops Out $580M Behavioral Health Campus in Mead Valley, California

by Channing Hamilton

MEAD VALLEY, CALIF. — Local developer PMB, in partnership with the Riverside University Health System, has topped out The Wellness Village in Mead Valley, a $580 million behavioral health campus located about 25 miles south of San Bernadino, Calif. Upon completion, the campus will serve as a mental health urgent care and crisis residential program for children under the age of 13. The Wellness Village will provide a range of services, including urgent behavioral health treatment, supportive housing and outpatient care. The facility will also house primary and specialty medical care practices, as well as dental services, substance use disorder treatment and an on-site pharmacy. More specifically, Wellness Village will include: Additionally, the property will offer amenities designed to promote community interaction and holistic recovery, such as green spaces and gardens, sports courts, an activity lawn, public market/café and community meeting space for local events and activities. Construction on The Wellness Village is slated to complete in 2026. Boulder Associates is the project architect, while Snyder Langston is the design-builder. PMB Real Estate Services will serve as the property manager. Financing sources for the development include Morgan Stanley, JLL, Kensington Advisors, P3 Foundation, Advocates for Human Potential Inc. and the …

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One-Beverly
CaliforniaDevelopmentHospitalityMixed-UseRetailTop StoriesWestern

VICI Properties Provides $300M Financing for $5B One Beverly Hills Project in Metro Los Angeles

by Katie Sloan

BEVERLY HILLS, CALIF. — Cain International and Eldridge Industries have secured a $300 million investment from VICI Properties Inc. (NYSE: VICI) for the development of One Beverly Hills, a luxury mixed-use development located in the Los Angeles County community of Beverly Hills.  Construction on One Beverly Hills, which was originally announced in 2021, is currently underway with recent local coverage valuing the development at $5 billion. Foster + Partners master-planned the 17.5-acre project, which will include hospitality, residential, retail and restaurant space.  One Beverly Hills will be anchored by a luxury Aman-branded hotel and two Aman-branded residential towers designed by Kerry Hill Architects. The hotel will offer 78 all-suite guest rooms overlooking the Los Angeles Country Club. The three towers will offer access to private gardens and a 100,000-square-foot Aman Club, the brand’s private membership club offering wellness, dining and social spaces.  The project will also include a full-scale refurbishment of The Beverly Hilton, an iconic hotel that hosts the Golden Globes awards show and Milken Institute conference annually. Renovations are being led by David Collins Studio and will integrate designs that play homage to the property’s legacy. One Beverly Hills will also include curated luxury retail and dining space to …

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CaliforniaDevelopmentLeasing ActivityLife SciencesMixed-UseOfficeTop StoriesWestern

Chan Zuckerberg Initiative Signs 225,000 SF Lease to Anchor Elco Yards Development in Silicon Valley

by John Nelson

REDWOOD CITY, CALIF. — The Chan Zuckerberg Initiative (CZI), one of the largest philanthropies supporting biomedical research and AI-driven science, has signed a 225,000-square-foot life sciences lease in Silicon Valley. The company will fully occupy one of four buildings at IQHQ Inc.’s Elco Yards mixed-use development underway in Redwood City, roughly 25 miles south of San Francisco. Situated along the Caltrain corridor on the San Francisco Peninsula, Elco Yards is a 670,000-square-foot mixed-use development that comprises four buildings offering lab, office and retail space. The project, which began construction in 2021, will deliver additional phases between mid-2025 and 2026. CZI is expected to officially occupy its newly leased space in 2027. The deal brings Elco Yards to 30 percent preleased, according to IQHQ. Founded by Dr. Priscilla Chan and Facebook founder Mark Zuckerberg in 2015, CZI’s purpose is to eradicate disease, improve education and address the needs of local communities, while building a more “inclusive, just and healthy future for everyone,” according to the company’s mission statement. “We are excited to continue to grow our roots in Redwood City with this new space for our biomedical research efforts,” says Marc Malandro, chief operating officer of CZI and the CZ Biohub …

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Dolce-Midtown-Houston
Company NewsMarylandNorth CarolinaSoutheastTop Stories

Investment Management Merger: Barings Agrees to Acquire Artemis Real Estate Partners

by John Nelson

CHARLOTTE, N.C. AND CHEVY CHASE, MD. — Barings, an investment manager based in Charlotte, has entered into a definitive agreement to acquire Artemis Real Estate Partners, a commercial real estate investment firm based in the Washington, D.C., suburb of Chevy Chase. The transaction is expected to close in the first quarter of 2025. Financial terms were not disclosed. This acquisition will strengthen Barings’ position in the U.S. commercial real estate market and accelerate the company’s long-term growth by combining the firms’ complementary investment capabilities and expertise, according to company officials. Executives from Barings, as well as parent company MassMutual, also say that the move will enhance Barings’ real estate equity business. Deborah Harmon, co-founder and co-CEO of Artemis, believes that the merger will create “a more powerful platform for our investors” while simultaneously “preserving our culture while creating new opportunities for our team.” “We are deeply grateful to our investors for the past 15 years and look forward to continuing our partnership as a force multiplier for performance and purpose,” Harmona adds. Dechert LLP served as legal counsel to Barings for the transaction. Berkshire Global Advisors served as financial advisor to Artemis, with Paul Hastings LLP acting as the firm’s legal …

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SPARC-Kips-Bay-Manhattan
DevelopmentLife SciencesNew YorkNortheastTop Stories

New York City Council Approves Two Life Sciences Projects in Manhattan Totaling 2.5 MSF

by Taylor Williams

NEW YORK CITY — The New York City Council has approved two life sciences projects representing hundreds of millions of dollars in capital investment and thousands of new jobs, according to a press release issued by New York City Mayor Eric Adams and the New York City Economic Development Corp. The first project is known as Science Park and Research Campus (SPARC) Kips Bay and will be located on the current site of Hunter College’s Brookdale Campus on the east side of Manhattan. SPARC Kips Bay will encompass an entire city block and will feature more than 2 million square feet of academic, public health and life sciences space. SPARC Kips Bay is expected to generate more than $42 billion in economic impact over the next 30 years and to account for the creation of more than 15,000 total jobs (12,000 unionized construction jobs and 3,100 permanent jobs). Construction is expected to begin before the end of year in the form of decommissioning and demolishing of existing structures on the future site of the campus. International developer Skanska has been named construction manager of SPARC Kips Bay. The development team will also make public infrastructure improvements, including the creation of …

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The Reserve at Juniper in Atlanta
DevelopmentGeorgiaMultifamilySoutheastTop Stories

Middle Street, AECOM-Canyon Nearing Completion on Two-Tower Midtown Atlanta Multifamily Project

by Channing Hamilton

ATLANTA — A joint venture between developers Middle Street Partners and AECOM-Canyon Partners is underway on The Juniper and The Reserve at Juniper, a two-tower multifamily project totaling 487 apartment units. The development is located at 1081 Juniper St., a block from Piedmont Park in Midtown Atlanta.  The Juniper will feature 320 units across 37 stories. The top floor will be dedicated to amenity space, including coworking suites, a fitness center and a hot yoga studio.  Adjacent to The Juniper, The Reserve at Juniper will comprise 167 apartments across 34 stories. The building will offer amenities such as infrared and salt saunas, a cold plunge and rooftop pool. Each tower will also feature an undisclosed amount of ground-floor retail space. The development team broke ground on the project in mid-2022, and the towers were topped out in July 2024. Leasing is slated to begin in the spring. “We believe Midtown Atlanta, specifically the area adjacent to Piedmont Park, is the most dynamic submarket in the Southeast,” says Ed Alexander, development partner for Middle Street. “We set out to create a residential destination befitting the neighborhood and an addition to the skyline that will stand the test of time.” The joint venture secured …

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Rainbow-Village
Affordable HousingDevelopmentFloridaMultifamilySoutheastTop Stories

Housing Trust Group Breaks Ground on $185M Affordable Housing Development in Miami

by Katie Sloan

MIAMI — Housing Trust Group has broken ground on Rainbow Village, a $185 million affordable housing development located at 2000 N.W. Third Ave. in Miami.  Spanning 698,000 square feet, the community will feature 310 units alongside 12,000 square feet of retail space, 50,000 square feet of amenities and 442 parking spaces.  Units will be offered in studio, one-, two-, three- and four-bedroom configurations for income-qualifying residents who earn at or below 30 percent to 80 percent of the area median income (AMI). Monthly rents for one-, two- and three-bedroom apartments will range from $793 to $2,634, according to Housing Trust Group.  “As Miami continues to face a growing demand for affordable housing, Rainbow Village will offer much-needed relief to working families throughout the community,” says Matthew Rieger, president and CEO of Housing Trust Group.  Shared amenities at the property will include a resort-style swimming pool, business center, lounge area, daycare, playground, covered and open courtyards, a theater room, community center, juice bar, bike storage room, fitness center, study and play areas and a fire pit. Housing Trust Group expects to complete construction in first-quarter 2027, with leasing to begin in late 2026. Funding for Rainbow Village includes $70 million in …

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1655-1725-Third-St-San-Francisco-CA
CaliforniaLoansOfficeTop StoriesWestern

CBRE Arranges $500M in Refinancing for Uber Headquarters in San Francisco

by Amy Works

SAN FRANCISCO — CBRE has arranged $500 million for the refinancing of 1655 and 1725 Third Street in San Francisco’s Mission Bay area. Uber Technologies Inc. (NYSE: UBER) occupies the office property, which serves as the ridesharing company’s global headquarters. The asset comprises two 11-story, Class A office buildings totaling 586,208 square feet. The borrower is a joint venture between affiliates of Alexandria Real Estate Equities Inc., Uber and the Golden State Warriors, an NBA team that plays at the adjacent Chase Center. The joint venture refinanced the office development with a five-year, fixed-rate CMBS single-asset, single-borrower (SASB) loan. Brad Zampa and Mike Walker of CBRE secured the nonrecourse loan through Goldman Sachs and Barclays, both headquartered in New York. Both buildings are LEED Gold-certified and include a full-service, two-story café, barista-managed coffee bar, smoothie bar, event lounge and landscaped rooftop decks. Additionally, the properties are adjacent a to large fitness center, ground-floor restaurants and ample parking, and are part of Thrive City, a community gathering space. In the fourth quarter of 2024, the overall vacancy rate for San Francisco’s office market decreased by 40 basis points to 36.5 percent, according to CBRE. Net absorption turned positive for the first …

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LoansNew YorkNortheastOfficeTop Stories

JLL Arranges $1.1B Refinancing for 3 Bryant Park Office Tower in Midtown Manhattan

by John Nelson

NEW YORK CITY — JLL’s Capital Markets group has arranged the $1.1 billion refinancing of 3 Bryant Park, a 42-story office tower located at 1095 Avenue of the Americas in New York City. The 1.2 million-square-foot trophy building is situated within the Bryant Park neighborhood of Midtown Manhattan. Christopher Peck, Drew Isaacson, Lauren Kaufman, Jennifer Zelko and Christopher Pratt of JLL arranged the refinancing on behalf of the owner, Ivanhoé Cambridge, and the property manager, Houston-based Hines. Ivanhoé Cambridge purchased 3 Bryant Park in 2015 for $2.2 billion. Wells Fargo, Bank of America and Bank of Montreal were the lead lenders for the refinancing. Further details of the financing were not released. Located adjacent to Manhattan’s Bryant Park and the 42nd Street Subway station, 3 Bryant Park was 97.2 percent leased at the time of financing to tenants including Salesforce, which has signage atop the tower. Other tenants include Stifel, Dechert LLP, US Bank, Lloyds Bank and Standard Chartered. The tower also includes retail space leased to tenants including Whole Foods Market, Equinox, Valbella, Shake Shack and Rosetta Bakery. Other offerings at 3 Bryant Park include a new conference center, sky lobby with a coffee bar and more than 16,000 …

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DevelopmentNew YorkNortheastRestaurantRetailTop Stories

Simon Unveils Plans for Multimillion-Dollar Transformation of Smith Haven Mall on Long Island

by John Nelson

LAKE GROVE, N.Y. — Mall giant Simon Property Group (NYSE: SPG) has unveiled plans for a multimillion-dollar transformation of Smith Haven Mall in the Long Island village of Lake Grove. The redevelopment project will feature improvements to both the interior and exterior of the mall, with the addition of new retailers, restaurants, a new outdoor plaza and amenities throughout the property. The redevelopment process will begin this summer and is scheduled for completion in 2026. “At Simon, we are committed to making significant investments across our portfolio to ensure that our centers continue to deliver exceptional customer experiences for today’s shoppers,” says Mark Silvestri, president of development at Simon. Smith Haven Mall’s exterior will be repainted and will include new signage, updated entryways, landscaping and seating accommodations. The mall’s interior will receive new flooring and fixtures, as well as enhancements to Center Court and a transformation of the food court with newly installed seating. New tenants at the mall include fashion retailer Zara, which will open its first location in Eastern Long Island near Smith Haven’s Center Court next year. The square footage of the new Zara was not disclosed, but the space will be “massive,” according to Simon. Additionally, Golf …

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