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"rockefeller group"

JV Partnership Breaks Ground for AVE Florham Park in New Jersey

by Amy Works March 16, 2016

FLORHAM PARK, N.J. — A joint venture partnership between The Rockefeller Group and Korman Communities has started construction on AVE Florham Park, a flexible-stay community located within The Green at Florham Park in Florham Park. Slated to open in 2017, the 450,000-square-foot property will feature 256 corporate suites for corporate housing and relocations and 40,000 square feet of outdoor amenities, including a private courtyard with sitting areas and chess stations, a community courtyard with lap pool and sundeck, a ping pong table, bocce ball court, a kitchen with barbeque area, a movie screen, fire pits and cabanas. Additionally, the property will feature 24,000 square feet of indoor amenities, including an indoor media center, café with weekday club breakfast, conference suites, a fitness center, a yoga studio, a spa and a 24-hour concierge. The Green at Florham Park is The Rockefeller Group’s 268-acre master-planned development. Additional plans for The Green at Florham Park include a 425-unit active adult residential community, to be developed by Pulte Homes on 100 acres, and an Archer Hotel.

March 16, 2016

Georgia Office Southeast

Hillwood Opens Office in Atlanta

by John Nelson January 20, 2016

ATLANTA — Hillwood, a Dallas-based Perot company and real estate developer and investor, has opened a new office in Atlanta. The company has hired Todd Parker as senior vice president and market leader to oversee the firm’s industrial business in the Southeast region. Parker, who will be based in Atlanta, brings more than 14 years of experience in the office and industrial real estate sectors. Before joining Hillwood, Parker served as vice president and regional director at The Rockefeller Group. “We are excited to welcome Todd Parker to the Hillwood team. His experience will enable us to develop, acquire and joint venture significantly more properties in the region,” said Tal Hicks, president of Hillwood Investment Properties. “We see significant opportunities for growth in the Southeast region. Todd will be a great asset as we continue to increase our presence in this market.”

January 20, 2016

Brennan Acquires 112 Acres for $100M Speculative Industrial Park in Florida

by Scott Reid January 19, 2016

LAKELAND, FLA. — Brennan Investment Group has purchased approximately 112 acres of land in Lakeland, with plans to build approximately 1.2 million square feet of Class A distribution space on a speculative basis. Brennan is investing about $100 million in the project, according to the Business Observer, a weekly business publication in Florida. Rosemont, Illinois-based Brennan will construct the newly named CenterState Logistics Park in two phases. Phase I will consist of two buildings totaling 720,000 square feet. Phase II, consisting of approximately 480,000 square feet, will begin upon the completion and leasing of Phase One. The company purchased the land from New York-based Rockefeller Group for $6.25 million, according to the Business Observer. Rockefeller paid $9.3 million for the property in 2008. “The Florida industrial markets are resurgent with strong tenant demand,” says Bob Krueger, managing principal for the Southeast region at Brennan. “The Interstate 4 corridor in particular, given its central location within Florida, is seeing a significant rise in big-box leasing as Florida’s in-migration of permanent residents and job growth leads the nation in most economic indicators.” The site is bordered by Old Polk City Road on the north and State Route 33 on the south and …

January 19, 2016

California Retail Western

Costco Buys 23 Acres in Torrance, Plans Expansion

by Nellie Day December 19, 2014

TORRANCE, CALIF. — Costco has acquired a 23-acre parcel in Torrance where it plans to expand one of its local stores. The sales price was not disclosed. The land is located at 2740 Lomita Blvd., between Crenshaw and Hawthorne boulevards. Costco plans to break ground on a new 164,000-square-foot store in the first quarter of 2015. It is slated for completion by the end of the year. The wholesale warehouse first opened its 148,000-square-foot Torrance location in 1998. Costco was represented by Steve McArthur of Northwest Atlantic Partners. The seller, the Rockefeller Group, was represented by Todd Taugner, David Prior and Frank Schulz of the Klabin Company.

December 19, 2014

Arizona Market Reports Western Western Market Reports

Economic Uncertainty Contributes to Phoenix’s Office Vacancy Rate

by admin August 26, 2014

The Phoenix metro office market continues to show signs of growth and recovery despite a high level of economic uncertainty that businesses around the country are experiencing today. Besides this being an election year, there is uncertainty over healthcare costs, the regulatory environment, minimum wage, taxes, government spending, entitlement programs, political gridlock, and on and on. The Phoenix metro area has absorbed 1.1 million square feet of office space year-to-date, bringing overall vacancy down to 18.6 percent, according to Colliers. Most of the larger, contiguous office spaces that are in demand by larger companies have been absorbed. However, uncertainty has caused postponement in investment, hiring, expansion and relocation, especially for small- to medium-sized businesses. Much of the vacant office space is composed of small, noncontiguous spaces that these firms would occupy. Certain submarkets enjoy vacancy rates in the single digits. Chandler’s Price Corridor and downtown Tempe have been consistently attractive to larger office users given their amenities and concentration of technology firms, financial institutions, software developers, insurance, and many other industries and institutions. Rental rates are beginning to inch up in these submarkets as supply is absorbed and new construction begins to take shape. Excessive economic uncertainty has kept the …

August 26, 2014

Industrial Southeast

CUSHMAN & WAKEFIELD BROKERS SALE OF 1.5M SF GENERAL MILLS FACILITY

by admin May 16, 2014

SOCIAL CIRCLE, GA. — Cushman & Wakefield has brokered the sale of General Mills Distribution Center, a 1.5 million-square-foot facility located in the I-20 corridor in Social Circle, about 44 miles east of Atlanta. The Class A facility is fully leased to General Mills. An affiliate of Welsh Property Trust purchased the asset from Rockefeller Group Development Corp. and Reus GM Inc. for an undisclosed price. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield represented the sellers in the transaction.

May 16, 2014

Northeast Office

LAW FIRM SIGNS 440,000 SF LEASE AT 1221 AVENUE OF THE AMERICAS

by admin April 18, 2014

NEW YORK CITY — White & Case LLP, a global law firm with operations in 26 countries, plans to relocate but will remain on Sixth Avenue. The firm has signed a 440,000-square-foot long-term lease at 1221 Avenue of the Americas, which is owned by The Rockefeller Group. The leased space includes the top floors in the building, as well as below-grade space. The firm will move to the 2.5 million-square-foot property in 2017. The tenant was represented by Ken Siegel, Tom Doughty and Lisa Kiell of Jones Lang LaSalle. The Rockefeller Group was represented by an in-house team led by Ed Guiltinan, along with a Cushman & Wakefield brokerage team led by John Cefaly. The lease brings total new leasing activity at 1221 Avenue of the Americas to more than 700,000 square feet over the past 18 months.

April 18, 2014

Northeast Office

JOINT VENTURE ACQUIRES 28 STATE STREET IN BOSTON

by admin April 3, 2014

BOSTON — The Rockefeller Group Investment Management Corp. and Mitsubishi Estate New York have closed on the acquisition of 28 State Street in Boston from The Blackstone Group. The 40-story skyscraper features more than 570,000 square feet of office space and 7,000 square feet of retail at the northeast corner of State and Congress streets. The purchase price was not disclosed, but the Boston Business Journal reported the tower was last assessed at $177 million. Designed by Emery Roth & Sons and built in 1968, 28 State Street was completely renovated in the late 1990s. Enhancements were made to the building’s infrastructure and systems, lobby and outdoor spaces. Blackstone acquired the property in 2007.

April 3, 2014

Arizona Market Reports Western Market Reports

Is Perception Really Nine-Tenths of Reality in Phoenix's Office Market?

by admin March 25, 2014

The answer to that question is both yes and no. For some institutional investors and developers, perception is all that matters. And their perception of the metro Phoenix office market is “we’ll pass – for now.” Driving this perception is the 23 percent office vacancy rate reported by major brokerage firms in their recent quarterly market reports. But perception and reality are not always the same. Drilling down into the data reveals that certain submarkets have vacancy rates in the low single digits, and the size of available vacant space differs from what users in the market want. What cannot be determined from quarterly market reports is just how much space suffers from functional obsolescence. Numerous buildings sit vacant – even during good economic conditions – due to poor location, not enough parking, inadequate power, deferred maintenance and numerous other deficiencies. Most office brokers believe that at least 5 percent to 7 percent of vacant space is in obsolete buildings. Assuming that is true, why are good, quality buildings still 16 percent to 18 percent vacant? The majority of office vacancy is composed of smaller, non-contiguous, spaces. Due to lingering uncertainty in the overall economy, most small- to medium-size businesses …

March 25, 2014

Office Western

CENTURY PLAZA II CHANGES HANDS IN SILICON VALLEY

by admin July 10, 2013

SAN JOSE, CALIF. — Century Plaza II, a 99,126-square-foot, Class A office building in San Jose, has sold to Grosvenor Americas for an undisclosed sum. The six-story building is located at 560 S. Winchester. It is fully occupied by the Rockefeller Group Business Centers, Cushman & Wakefield and Merrill Lynch Wealth Management.

July 10, 2013

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