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DevelopmentLeasing ActivityMixed-UseNevadaOfficeTop StoriesWestern

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

by John Nelson

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 early 2022. “Our goal is to create another world-class workplace environment that will foster DraftKings’ innovation, further bolster our local presence and deepen community involvement,” says Matt Kalish, co-founder and president of the North America division of DraftKings (NASDAQ: DKNG). “With these lofty aspirations, we were thrilled to discover that UnCommons mirrors these high standards.” Designed by IA Interior Architects, DraftKings’ new space will mirror its Boston headquarters with 130 sports trading desks surrounded by multimedia walls. The property will also include collaborative work spaces, a cafeteria, putting green, custom casino training pit, private and public outdoor spaces, mothers’ rooms, prayer suites and salons for haircuts and manicures/pedicures. UnCommons will comprise more than 500,000 square feet of modern office space; more …

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DevelopmentDistrict of ColumbiaOfficeSoutheastTop Stories

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

by Kristin Harlow

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 lease at the property. Skanska is pursuing LEED Gold and Fitwel certifications for the building. Currently, 17xM is the first WiredScore SmartScore-certified office building in North America, according to the developer. The certification assesses a smart building for both its user functionality and technological foundation. Plans call for MERV-13 air filtration, air quality censors, touchless access and other sustainable and wellness-focused features. MERV refers to minimum efficiency reporting value, which measures how effectively a filter stops dust and other contaminants from passing through the filter and into the air. Amenities will include a covered drop-off area, lobby attendant, rooftop conference area, rooftop lounge, 5,500-square-foot fitness center, bicycle room and outdoor terraces. Kohn Pedersen Fox Associates is the project architect. CBRE is …

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ALLY
DevelopmentIllinoisLife SciencesLoansTop Stories

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

by Julia Sanders

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 created by Sterling Bay. Lincoln Yards was formerly an industrial site that is being redeveloped into a mixed-use community with build-to-suit office developments, retail opportunities, proposed 606 bike trail extension and future residential and hospitality opportunities. When complete, Lincoln Yards will feature affordable housing, create over 23,000 permanent onsite jobs and generate $4.1 billion in economic output for the city of Chicago. ALLY at 1229 W Concord Place is located off the North Branch Chicago River and has private outdoor space on every floor. Mark Burkemper, senior managing director and head of North American transactions at Harrison Street, says the project brings many benefits. “Lincoln Yards is close to several of Chicago’s most notable medical research institutions, and we are excited to expand …

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Moderna-Science-Center
DevelopmentHealthcareMassachusettsNortheastOfficeTop Stories

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

by Katie Sloan

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 use this site to advance its pipeline of mRNA research, which includes 37 programs currently in development and 22 ongoing clinical studies. Alexandria Real Estate Equities Inc. is developing the property, which will include custom scientific spaces for research and development, as well as collaborative office space. JLL represented Moderna in the acquisition of the development site. The project is targeting LEED Platinum certification and is scheduled for completion in 2023.  “We have been located in Massachusetts since our founding more than 10 years ago and are proud to be based here,” says Stéphane Bancel, CEO of Moderna. “As we advance our mRNA platform and science, our new science center will integrate digital-first scientific research and development labs along with space for innovation and co-creation with our …

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AcquisitionsIllinoisMidwestRetailTop Stories

Chicago Bears to Acquire Arlington International Racecourse for $197.2M

by Kristin Harlow

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 the critical next step in continuing our exploration of the property and its potential,” says Ted Phillips, Bears president and CEO. “Much work remains to be completed, including working closely with the Village of Arlington Heights and surrounding communities.” However, Chicago Mayor Lori Lightfoot tweeted late last night that her administrative team remains committed to keeping the team in the city. Arlington International held its last horserace on Saturday, Sept. 25. Owner Churchill Downs announced earlier this year that it was listing the site for sale, and expected any potential buyer to pursue redevelopment opportunities. The property provides direct access to transit, with a Metra commuter rail stop and convenient highway access at Route 53. “This has been an extraordinarily competitive bid process,” says Bill …

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DevelopmentIndustrialKentuckySoutheastTennesseeTop Stories

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

by Jeff Shaw

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 vehicles. Ford estimates development costs for Blue Oval City at $5.6 billion and BlueOvalSK Battery Park, which will comprise two separate manufacturing facilities, at $5.8 billion. Both plants are scheduled to begin production in 2025. The auto maker predicts the Stanton location will create 6,000 jobs, while the Glendale location will create 5,000 jobs. Blue Oval City will span 3,600 acres — nearly six square miles — and focus on producing F-Series electric pickup trucks. The company noted that it will work with Redwood Materials on domestic battery recycling and that the facility will be carbon neutral, producing zero landfill waste once fully operational. In addition to the new plant, Ford said it will make a new investment to increase production of the F-150 …

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AcquisitionsHospitalityNevadaTop StoriesWestern

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

by Taylor Williams

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 rooms; add 67 new rooms and suites; enhance and expand the food and beverage offerings; and upgrade common areas and amenity spaces. Under the terms of the agreement, MGM will acquire the operations of The Cosmopolitan and sign a long-term net lease with a partnership between Cherng Family Trust, alternative investment firm Stonepeak Partners and Blackstone Real Estate Income Trust Inc. The deal is expected to close in early 2022. The Journal also reported that as of Friday, Sept. 24, The Cosmopolitan’s hotel rooms had been 87 percent occupied during the current month, with an average daily room rate of $448. The Cosmopolitan originally opened in 2010. In addition to its 3,000-plus hotel rooms, the development features a 110,000-square-foot casino; 300,000 square feet of retail and restaurant space; 150,000 …

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WashREIT
AcquisitionsDistrict of ColumbiaLife SciencesRetailSoutheastTop Stories

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

by Julia Sanders

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 Journal. The news outlet also reports the seller had acquired the eight properties over the span of five decades. The portfolio includes two properties in Washington, D.C., two in Northern Virginia and four in Maryland. The properties in D.C. include Chevy Chase Metro Center and Spring Valley Village. The Virginia properties are 800 S. Washington St. in Alexandria and Concord Centre in Springfield. The southern Maryland properties are Montrose Shopping Center and Randolph Shopping Center in Rockdale; Takoma Park Shopping Center in Takoma; and Westminster Shopping Center in Westminster. The properties are 82 percent leased collectively. Four of the shopping centers are grocery-anchored by stores such as Mom’s Organic Market at Montrose Shopping Center and Aldi at Springfield’s Concord Centre. Other grocery anchors include Food Lion and Giant. The …

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Company NewsDevelopmentIndustrialTop Stories

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

by Katie Sloan

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 Class A, fully leased industrial buildings totaling 4 million square feet. The site offers the potential to develop up to 15 million square feet of additional industrial space. Park Madison Partners acted as advisor for the recapitalization.  Brookfield has also committed $80 million to Elion’s latest affiliated value-add fund — Elion Real Estate Fund V — which held its final closing last month, achieving a capitalization of $500 million. A majority of the fund’s portfolio was pre-specified prior to Brookfield’s investment and includes 3.2 million square feet of logistics properties across infill coastal markets in the U.S. “Industrial logistics real estate continues to experience positive momentum and now is the logical time to seek long-term capital,” says Juan DeAngulo, managing partner at Miami-based Elion. “This partnership structure and Brookfield’s support will enable Elion …

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AcquisitionsCaliforniaDevelopmentOfficeTop StoriesWestern

Joint Venture Acquires Pacific Gas & Electric Campus in Downtown San Francisco, Plans $2.5B Redevelopment

by Kristin Harlow

SAN FRANCISCO — A joint venture between Hines and the National Pension Service of Korea (NPS) has acquired the historic Pacific Gas & Electric Co. (PG&E) campus in the South Financial District of downtown San Francisco. The purchase price was $800 million, according to The Wall Street Journal. The buyers plan to completely reimagine the campus with a $2.5 billion redevelopment project. The first of two office projects will consist of the restoration and renovation of a 600,000-square-foot office complex dating back to the early 1900s. Hines plans to retain the historic architecture of the building façade and the original lobby. The building systems and technological capabilities will be upgraded in order to achieve the modern functionality of a Class A property. Secondly, 77 Beale is an existing 1 million-square-foot, 34-story tower that will be repositioned and renamed 200 Mission. The building will receive new systems and aesthetics. Architectural firm Pickard Chilton is leading the design. Lastly, Hines plans to develop 50 Main, a new apartment complex with more than 600 units. A timeline for construction was not released. Upon completion, the PG&E campus will represent the largest deal along Market Street in San Francisco over the last 10 years, …

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