Wednesday, October 23, 2024
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"Adaptive Reuse"

Market ReportsMichiganMidwestMidwest Market ReportsOffice

Five Factors Defining the Grand Rapids Office Market

by Kristin Harlow

By Jeff Karger, JLL There’s no doubt that the office market today is much different than what it was five years ago. Employers across the nation have had to adjust their work models, time and time again, to meet the needs of their employees — and those in Grand Rapids are no exception. As landlords, employers and employees adapt to these changes, it’s important to understand the direction of the office market. Below, check out five factors that are defining it. 1. A flight to quality Like many other cities across the nation, Grand Rapids is experiencing a resounding flight to quality. Employers are seeking Class A and trophy spaces to appeal to their employees and offer them an experience, rather than just a cubicle to work in. Some of these office features can include free fitness centers, onsite cafés, coffee shops and restaurants, outdoor terraces and more. Plus, according to JLL research, 59 percent of employees expect to work at a company that supports their health and well-being. Interestingly enough, employees prioritize this over salary — a key reason why companies and landlords alike are investing in amenitized spaces with up-to-date HVAC systems, exercise classes and healthy food options. …

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Leasing ActivityMixed-UseNorth CarolinaOfficeSoutheast

Google Fiber Signs Long-Term Office Lease at Camp at North End in Charlotte

by John Nelson

CHARLOTTE, N.C. — Gigabit-speed internet provider Google Fiber has signed a 10-year lease at Camp at North End, a 76-acre adaptive reuse development in north Charlotte. The company will occupy 5,884 square feet at the historic Gama Goat Building, located at 1801 N. Graham St. John Christenbury of CBRE represented Google Fiber, which will relocate from its current Charlotte headquarters space at the Phillip Carey building in Uptown’s First Ward Park neighborhood. Jessica Brown and David Dorsch of Cushman & Wakefield represented the landlords, ATCO Properties & Management and Shorenstein Properties LLC. Other office tenants at Camp at North End include Kingsmen Software, Centene Corp., Ally Financial, AON and CloudGenera. Google Fiber is working with Alliance Architecture and Swinerton on the build-to-suit space at the Gama Goat Building, which the firm will occupy beginning in early 2023.

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DevelopmentMultifamilyNortheastPennsylvania

Exeter Property Nears Completion of 271-Unit Multifamily Redevelopment in Philadelphia

by Taylor Williams

PHILADELPHIA — Locally based developer Exeter Property Group is nearing completion of an adaptive reuse project that converted a former church at 1701 Race St. in Philadelphia’s Logan Square neighborhood into a 271-unit multifamily tower. Designed by Solomon Cordwell Buenz, the 23-story building is known as One Cathedral Square and houses studio, one-, two- and three-bedroom units, as well as ground-floor retail space. Amenities include a fitness center, rooftop kitchen and lounge, coworking spaces and Amazon package lockers. Leasing began this summer, and rents start at roughly $1,700 per month for a studio apartment.

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DevelopmentFeaturesMultifamilyMultifamily & Affordable Housing Feature Archive

Commercial-to-Residential Building Conversions Help Fill Housing Shortage Nationally

by Jeff Shaw

NEW YORK — The COVID-19 pandemic left many offices and commercial districts vacant, as employees worked from their homes and left cities to seek housing in more suburban areas. Simultaneously, hundreds of U.S. cities have been unable to meet housing demands for both homes to buy and homes to rent. Developers are eyeing adaptive reuse projects to address both issues. Adaptive reuse means repurposing an existing structure for a new use. Commercial-to-residential conversions are a form of adaptive reuse whereby office developments, retail spaces and hotel properties are converted into multifamily communities. Office conversions are the most common form of commercial-to-residential transformation. Forty-one percent of all rental apartment conversions in 2020 and 2021 involved former office buildings. Former factories and hotels are also common structures to be converted, according to RentCafe, a Yardi Systems apartment listing and management service, which also conducts research and publishes reports on local, state and national level multifamily dynamics. In 2020, developers completed 11,800 commercial -to-residential conversions — more than double the 5,271 units completed in 2010.The number nearly doubled again in 2021, when an approximate 20,122 units were slated for completion before the end of the year. The National Apartment Association (NAA) expects nearly 53,000 …

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AcquisitionsNew YorkNortheastOfficeTop Stories

JLL Arranges $252M Sale of AIG Headquarters Building in Manhattan

by Jeff Shaw

NEW YORK CITY — JLL has arranged the $252 million sale of the former AIG global headquarters to 99c LLC, a real estate firm specializing in adaptive reuse development in urban markets. The 31-story property is located at 175 Water St. in Lower Manhattan’s Seaport submarket and comprises 684,500 square feet of rentable space. Vanbarton Group was the seller. The purchase represents 99c’s entry into the New York market following a focus on London, where it acquired millions of square feet of commercial office space. The firm is currently one year into a four-year plan to do the same in New York. 175 Water St. features 12-foot ceilings, 24,000-square-foot floor plates, center-core configuration and an efficient design. The building’s flexibility also includes an unused ground floor, which is being primed for a reimagined lobby along with two usable rooftop terraces with amenities. The building is completely vacant, following AIG’s move to a new location in 2021. Andrew Scandalios, David Giancola, Vickram Jambu, Marion Jones, Steven Rutman and Alexander Riguardi led JLL’s capital markets investment sales advisory team representing the seller. “175 Water St. received a generous amount of investor interest given the nature of the building, which provided a blank canvas …

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DevelopmentGeorgiaLeasing ActivityMixed-UseSoutheast

Judge Commercial Adds Six New Tenants at West Broad Redevelopment Project in Savannah

by John Nelson

SAVANNAH, GA. — Judge Commercial has welcomed six new commercial tenants at West Broad, a mixed-use redevelopment of the historic 300 block of Martin Luther King Jr. Boulevard in west Savannah. The new tenants include Savannah Square Pops, Origin Coffee Bar, Chewning Interiors, AMPT-Savannah, Smithereens and National Marine Sanctuary Foundation. Existing tenants at West Broad include Forsight Eye Care, Rethink Design and Sweet Peach Cosmetic Tattoo. West Broad’s first floor is fully leased and there are commercial and coworking spaces available for lease on the second and third floors, according to Judge Commercial. The 300 block was originally constructed between 1910 and 1922 and housed the landmark Thrifty Supply Center hardware store for 60 years. Urban design and civic architecture firm Sottile and Sottile oversaw the redesign of the four-story, 60,000-square-foot adaptive reuse project.

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DevelopmentGeorgiaLeasing ActivityMixed-UseRestaurantRetailSoutheast

Stonecrest Resorts Signs 12 Tenants as Part of Stonecrest Mall Redevelopment in Metro Atlanta

by John Nelson

STONECREST, GA. — Stonecrest Resorts LLC, developer of the Sears adaptive reuse project at The Mall at Stonecrest in metro Atlanta, has announced 12 new tenants coming to the development. Phase I of the redevelopment project, called Priví, was the arrival of the SeaQuest Interactive Aquarium that opened in November 2021. The second phase of the project is set to open this fall and include Hand & Stone Massage and Facial Spa; Baldwin’s Literary Social Bookstore & Coffee Bar; 3 Degrees Infrared Sauna Suites; The Lions Cage MMA Fight & Fitness Gym; Garden Life Juice Bar & Café; The Original Hot Dog Factory; Picasso’s Splat Room; Naturally Gifted Treasures & Finds; and Bricks 4 Kidz. In addition to the new shops and restaurants, Phase II will include 6,000 square feet of event space, a coworking space, studios and a fine art gallery. Construction of Phase III and the development of Phase IV will continue this winter, with a planned opening of an upper-level food hall in summer 2023 and the TRYP by Wyndham hotel coming on line in 2024. Once fully developed, Priví will be a family entertainment and lifestyle destination featuring over 200,000 square feet of eateries, shops, services, …

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DevelopmentNew YorkNortheastRestaurantRetailTop Stories

Howard Hughes Opens 53,000 SF Tin Building Food Hall in Former Fish Market in Lower Manhattan

by John Nelson

NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) and chef Jean-Georges Vongerichten have opened the Tin Building by Jean-Georges, a 53,000-square-foot food hall at Pier 17 at the Seaport in Lower Manhattan. The new culinary destination is an adaptive reuse of the Tin Building, a historic waterfront property that once served as the site of the Fulton Fish Market. The new food hall features six new full-service restaurant concepts and six fast-casual counters, as well as three specialty retailers and bars serving wine, craft cocktails and craft beers. The eateries and shops surround a central marketplace that sells locally sourced seafood, meat, cheese and produce. “It has been a great privilege to have this opportunity to bring back the Tin Building and reinvent such an iconic New York staple in a new and authentic way — honoring and inspired by the Seaport’s rich history and continuing the legacy of providing a one-of-a-kind experience that pays tribute to the global influences found in New York City,” says Vongerichten. The eateries include a French brasserie, seafood restaurant (Fulton Fish Co.), Asian speakeasy, breakfast counter, several vegetarian options, a bakery and a coffee shop. Vongerichten curated all 20 installments at the …

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AcquisitionsMixed-UseMultifamilyNorth CarolinaSoutheast

Matthews Brokers $44.8M Sale of Loray Mill Lofts in Gastonia, North Carolina

by John Nelson

GASTONIA, N.C. — Matthews Real Estate Investment Services has brokered the $44.8 million sale of Loray Mill Lofts, an adaptive reuse development located at 300 S. Firestone St. in Gastonia, a suburb of Charlotte. Originally constructed in 1902 and renovated in 2016, Loray Mill Lofts is situated on 12 acres and comprises 189 apartments and 75,000 square feet of commercial space. Atlanta-based TriBridge Residential purchased the 600,000-square-foot mixed-use property from an entity doing business as Loray Mill Redevelopment LLC. Jack Lenihan and Connor Kerns of Matthews represented the seller in the transaction.

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AcquisitionsLife SciencesNorth CarolinaSoutheastTop Stories

CBRE Acquires Park Point Life Sciences Campus in Durham, North Carolina for $288M

by Jeff Shaw

DURHAM, N.C. – CBRE Investment Management, on behalf of a separate account client, has acquired Park Point, a 662,607-square-foot life sciences campus located within Research Triangle Park in Durham. Although the seller and price were not disclosed, Triangle Business Journal reports that Starwood Capital sold the asset for $288 million. Starwood, along with Trinity Capital and Vanderbilt, acquired Park Point in 2019 as a vacant, single-tenant industrial building, implementing a $190 million adaptive reuse project at the 95-acre site. The property now offers flexible space solutions for office, life sciences and manufacturing tenants. Located at 4001 NC Highway 54, campus amenities include a fitness center, cafe, indoor/outdoor common areas, athletic fields, walking trails, 2,546 parking spaces and a conference and training center. Park Point also has new, efficient systems that reduce energy and water consumption and enhance indoor air quality. Electric vehicle charging stations are slated to be installed at the property. “Today’s life sciences end-users have very specific and sophisticated needs for lab and research spaces,” said Sondra Wenger, head of Americas commercial operator division for CBRE Investment Management. “We believe that Park Point meets those needs and fits well with our investment strategy. This uniquely amenitized asset benefits …

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