Tuesday, June 17, 2025
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DevelopmentLife SciencesOfficeTop StoriesWashingtonWestern

RMR Group Begins 300,000 SF Office, Life Sciences Redevelopment Project in Seattle

by Kristin Harlow

SEATTLE — The RMR Group Inc. (NASDAQ: RMR) has begun the redevelopment of 351, 401 and 501 Elliott Avenue West in Seattle into a project dubbed Unison Elliott Bay. The existing three office buildings will be transformed into Class A office and life sciences space totaling more than 300,000 square feet. Amenities will include an outdoor lounge, conference and training rooms, fitness facility, new lab mechanical infrastructure and two backup generators for labs. Tenants will also have access to covered and surface parking, bike storage and electric vehicle charging stations. Customizable floor plates will range from 21,000 to 27,500 square feet. The buildings are located near the new Climate Pledge Arena, home of the Seattle Kraken National Hockey League team, as well as 15 acres of trails, beaches and open space. Tenants will also have access to onsite food options in addition to the dining and retail amenities of Seattle’s Lower Queen Anne neighborhood. “Unison’s customizable floor plates, distinctive spaces and common areas that prioritize wellness, with views of the natural beauty of the Puget Sound and Olympic Mountains, will be in demand from an array of tenants,” says Chris Bilotto, senior vice president of RMR. “We anticipate delivery in …

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AcquisitionsDevelopmentMidwestMixed-UseOhioRetailTop Stories

MarketSpace Capital, Park Harbor Capital Complete Purchase of Tri-County Mall Near Cincinnati, Plan $1B Redevelopment

by John Nelson

SPRINGDALE, OHIO — MarketSpace Capital and Park Harbor Capital, two private real estate investment and development firms based in Texas, have officially closed on their purchase of Tri-County Mall, an enclosed, 1.3 million-square-foot regional shopping center in the Cincinnati suburb of Springdale. The co-developers plan to transform the mostly vacant mall into a $1 billion redevelopment project housing residences, offices, restaurants, shops, a school, entertainment venues and green space. The redevelopment received unanimous approval from the Springdale City Council about 10 weeks ago. MarketSpace and Park Harbor are set to begin construction later this year on Phase I, which will include 450 apartments, 40,000 square feet of retail space and restaurants and 110,000 square feet of recreational space, including a 38,000-square-foot fitness center. Several health and wellness amenities will also feature in the initial phase, including walking and cycling trails and a park. Several local companies are involved in this project, including THP as the structural engineer and The Kleingers Group as the civil and traffic engineer. BHDP, whose founders designed the original mall in the late 1950s, will serve as the prime architect, with Human Nature serving as the landscape architect. BSB Group International will lead branding and marketing …

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AcquisitionsCaliforniaDevelopmentMichiganMultifamilyOhioSeniors HousingTennesseeTop Stories

Welltower Acquires 33-Property Seniors Housing Portfolio for $548M, Plans Two Developments in Silicon Valley

by Jeff Shaw

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL), a Toledo-based healthcare REIT, has agreed to acquire 33 seniors housing communities totaling 2,787 units in Michigan, Ohio and Tennessee. The purchase price is $548 million. The communities will be acquired as three separate portfolios from undisclosed sellers. The communities were available for purchase because the lease-up process was heavily damaged by the onset of the COVID-19 pandemic. With occupancy at only 63 percent, Welltower expects the communities will greatly improve their performance in 2023 and beyond. Welltower will install Michigan-based senior living operator StoryPoint to manage the communities under a RIDEA agreement. The acquisition is expected to be funded through the issuance of partnership units, assumed debt and cash on-hand. Simultaneously with the acquisition announcement, Welltower unveiled a development partnership with a joint venture between Related Cos. and Atria Senior Living to develop two seniors housing communities in Silicon Valley. One will be located in Santa Clara and the other in Cupertino. Welltower suggests these developments are just the first projects of many for the partnership. The Santa Clara development will consist of 191 units next to a fully entitled, 9.2 million-square-foot urban development that Related began building in 2015. The larger project, …

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520 Fifth Avenue
DevelopmentLoansMixed-UseNew YorkTop Stories

Rabina Receives $540M in Construction Financing for Fifth Avenue Skyscraper in Manhattan

by Julia Sanders

NEW YORK CITY — Rabina has received $540 million in construction financing for 520 Fifth Avenue, an approximately 1,000-foot-tall high-rise development in Manhattan. With site work already underway, the 450,000-square-foot mixed-use tower will be the second tallest building on Fifth Avenue after the Empire State Building. The construction timeline was not disclosed. The project will include residential components, boutique commercial office space, recreational facilities and ground-floor retail. The first three levels will consist of restaurants and then floors four through 28 will be office space. Floors 31 through 68 will feature residential units, according to New York Yimby. The news outlet also said the residential amenities will include a pool, spa, fitness center and sports court. Located on Fifth Avenue and 43rd Street in Manhattan’s Midtown neighborhood, the property is situated near notable buildings including the New York Public Library, Grand Central Station, Rockefeller Center and the Chrysler Building. Christopher Peck, Geoff Goldstein, Evan Pariser, Marko Kazanjian, Alex Staikos and Madison Warwick of JLL Capital Markets represented Rabina in arranging the financing. Bank OZK will provide a $410 million senior mortgage loan while Carlyle’s global credit business will provide $130 million in mezzanine financing. The loan terms were not disclosed. …

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Northeast-Heights
AcquisitionsCompany NewsNortheastRetailSoutheastTop Stories

Cedar Realty Trust to Sell Retail Portfolio, Company in Various Transactions Totaling $1.2B

by Katie Sloan

MASSAPEQUA, N.Y. — Cedar Realty Trust (NYSE: CDR) has agreed to sell the company and its portfolio of assets through several transactions totaling $1.2 billion.  The Massapequa-based firm’s portfolio includes 53 properties with approximately 7.6 million square feet of gross leasable space. Properties are predominantly located across high-density markets in New York, New Jersey, Connecticut, Pennsylvania, Massachusetts, Washington, D.C., Virginia, Maryland and Delaware.   A fund managed by DRA Advisors and KPR Centers will acquire a portfolio of 33 grocery-anchored shopping centers from the company for $840 million. Cedar also agreed to sell its Revelry redevelopment project in Philadelphia for $34 million and its Northeast Heights redevelopment project in Washington, D.C., for $46.5 million to undisclosed buyers.  In the event the sales are not completed prior to closing of the grocery-anchored shopping center portfolio acquisition, the DRA-KPR joint venture has agreed to acquire both projects at an aggregate price of $80.5 million. The company and its remaining assets are set to be acquired by Virginia Beach, Va.-based Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) in an all-cash merger valued at $291.3 million. Upon completion of the transaction, Cedar will be wholly owned by Wheeler and the company’s common stock …

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W-Hotel-Nashville
AcquisitionsHospitalitySoutheastTennesseeTop Stories

Xenia Hotels & Resorts Agrees to Acquire W Nashville Hotel for $328.7M

by Taylor Williams

NASHVILLE — Xenia Hotels & Resorts (NYSE: XHR), an Orlando-based hospitality REIT, has agreed to acquire the 346-room W Nashville hotel for $328.7 million. The sales price equates to roughly $950,000 per room. The seller and developer of the 14-story hotel, which opened in October 2021 in the city’s Gulch neighborhood and is part of the Marriott family of brands, was not disclosed. The deal is scheduled to close by the end of the first quarter. The W Nashville features six food and beverage options, including two concepts by Chef Andrew Carmellini, as well as rooftop and pool bars. The property also offers 18,000 square feet of indoor meeting and event space and 26,000 square feet of outdoor amenity space, including a 10,000-square-foot pool deck and terraces contiguous with meeting, food and beverage and event spaces. The hotel’s offering of guestrooms includes 60 suites, representing about 17 percent of the total room count. “We are thrilled to have reached an agreement to acquire an outstanding, newly constructed luxury lifestyle hotel located in the desirable Gulch neighborhood in the heart of Nashville,” says Marcel Verbaas, Xenia’s chairman and CEO. “The W Nashville is extremely well-designed and perfectly situated to attract year-round …

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AcquisitionsArizonaCompany NewsHealthcareSoutheastTennesseeTop StoriesWestern

Healthcare Realty Trust, Healthcare Trust of America Agree to Merge, Forming $11.6B Medical Office Building REIT

by John Nelson

NASHVILLE, TENN. AND SCOTTSDALE, ARIZ. — Healthcare Realty Trust Inc. (NYSE: HR) and Healthcare Trust of America Inc. (NYSE: HTA), two of the larger owners of medical office buildings in the country, have agreed to merge. Upon closing, the combined company will operate under the Healthcare Realty name and use the same stock exchange ticker symbol of “HR,” as well as keep its headquarters in Nashville with offices in Charleston and HTA’s current headquarters of Scottsdale. The combined company is expected to have a pro forma equity market capitalization of approximately $11.6 billion upon the close of the transaction, which is expected to occur in the third quarter pending approval from the shareholders of both companies. The boards of directors of both Healthcare Realty and HTA unanimously approved the merger. With 727 properties totaling 44 million square feet, the new company will be the largest “pure-play” real estate investment trust specializing in medical office buildings (MOB), with nearly double the square footage of the next-largest MOB portfolio. The company will own the largest portfolio of on-campus or adjacent to hospital campus properties comprising 28.2 million square feet. Additionally, 94 percent of the portfolio will be concentrated in the top 100 …

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The-Paxton-Brooklyn
DevelopmentLoansNew YorkNortheastTop Stories

H.I.G. Realty Partners Provides $240M Refinancing for The Paxton Mixed-Use Tower in Brooklyn

by Taylor Williams

NEW YORK CITY — H.I.G. Realty Partners, an affiliate of global investment banking firm H.I.G. Capital, has provided a $240 million permanent loan for the refinancing of The Paxton, a 43-story mixed-use development in downtown Brooklyn that is nearing completion. Developed by locally based firm Jenel Real Estate, The Paxton will ultimately feature 327 for-rent residential units, 109,000 square feet of office space and up to 36,000 square feet of retail space. The project is located in the borough’s downtown area, just across both the Brooklyn Bridge and Manhattan Bridge from downtown Manhattan. Marvel Architecture designed the building, full completion of which is slated for the fall. CBRE and RIPCO Real Estate have been tapped to lease The Paxton’s office and retail components, respectively. The tower’s location on Fulton Street is part of a growing area that includes 35,494 residents, 16,501 residential units, 3 million square feet of office space and 1.9 million square feet of retail space. In addition, the area houses 11 higher education institutions with upwards of 60,000 students, as well as over 100 arts and cultural institutions. “We are excited to be a part of such a well-built, well-located property in the growing downtown Brooklyn market,” …

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San Diego
AcquisitionsCaliforniaLife SciencesTop Stories

Oxford Properties Acquires 13-Building Life Sciences Portfolio in San Diego for $464M

by Julia Sanders

SAN DIEGO, CALIF. — Oxford Properties Group has acquired a nine-property, 13-building life sciences portfolio in San Diego. Oxford acquired the portfolio for $464 million. The seller was San Diego-based BioMed Realty, according to The San Diego Union-Tribune. The portfolio includes 650,000 square feet of space, with 12 of the 13 buildings centrally located within San Diego’s Sorrento Valley and Sorrento Mesa submarkets. The properties are 98 percent leased. The portfolio features mainly one- to two-story buildings and a 60/40 life sciences-to-office ratio. The buildings’ features include modern mechanical, electrical and plumbing (MEP) systems and ample tenant parking. According to Oxford Properties, Sorrento Valley and Sorrento Mesa have emerged as epicenters of life sciences growth within San Diego. The firm reports that San Diego recorded over 4 million square feet of leasing volume in 2021, which is an all-time high and 80 percent higher than in 2020. Because of record high demand and limited vacancy, asking rents in San Diego’s life sciences market have increased by 34 percent. The life sciences market in the area is anchored by research institutions and non-profits including San Diego State University, UC San Diego, Scripps Research and the Sanford Burnham Prebys Medical Discovery Institute. …

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Lakefront-Blocks
AcquisitionsOfficeTop StoriesWashingtonWestern

Deka Immobilien Acquires Google-Anchored Office Complex in Seattle’s South Lake Union for $802M

by Katie Sloan

SEATTLE — German investment firm Deka Immobilien has acquired Lakefront Blocks, a 635,000-square-foot office complex in Seattle’s South Lake Union neighborhood, for $802 million. Tech giant Google is the anchor tenant. Completed in 2019 and designed by Graphite Design Group, the development spans two city blocks — Block 31 and Block 25 — offering four six-story office buildings. The property also includes two apartment towers, Helm and Mera, which were not included in the transaction.  The office buildings on Block 31 are separated by a sky bridge and include retail space leased to Tapster, a self-serve beer and wine tasting bar, and 203 Degrees Fahrenheit coffeehouse. The buildings on Block 25 are separated by a public alley. Kevin Shannon, Alex Foshay, Nick Kucha, Ken White, Rob Hannan, Jesse Ottele and Michael Moll of Newmark brokered the transaction on behalf of the seller, Seattle-based Vulcan Real Estate. Kevin Smith, Gerry Casimir, Bill Burke, Nikki Lam and Tom Weber of Cushman & Wakefield advised the buyer in the transaction and will assist with ongoing management of the campus. “This project, in my opinion, was the best core office offering on the West Coast in 2021,” says Shannon. “The combination of credit, asset quality, ESG [environmental, social …

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