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"Serendipity Labs"

JLL Arranges $135M Refinancing for Cummins Station Mixed-Use Development in Nashville’s Gulch District

by John Nelson June 28, 2024

NASHVILLE, TENN. — JLL has arranged a $135 million loan for the refinancing of Cummins Station, an adaptive reuse mixed-use development in Nashville’s Gulch district spanning 408,000 square feet. JLL arranged the five-year, fixed-rate loan on behalf of the borrower, DZL Management. Located at 209 10th Ave. S, Cummins Station features creative office spaces and 46,000 square feet of retail space. According to the property website, current office tenants include DZL, Gibson Brands, Serendipity Labs, Bohler, Unlock Health, Eventbrite, Revive and Wayspring. Retailers include Gibson Garage, Morning Glory Deli, Pullman Standard and Wild Wasabi. The brick property dates back to 1906.

June 28, 2024

Colorado Market Reports Office Western Western Market Reports

Innovative Solutions Continue to Push the Office Market in Denver

by Taylor Williams October 25, 2019

Denver was one of the top major metros targeted by commercial real estate investors in 2018. This year is proving to be no different as the third quarter closes out with a flood of office deals. Office investors are being forced to look for deals outside Denver’s urban core. Value-add acquisitions are mainly redevelopments driven by tenant demand for “cool” workspace and talent wars. There is no arguing Denver’s office market is maturing, but there appears to be no threats of an impending plateau or decline. The headlines this year have been dominated by large office lease transactions, including WeWork tying up 220,000 square feet at McGregor Square in LoDo. WeWork has taken a commanding stance with 2 million square feet in Denver and counting. Much of that space is dedicated to enterprise office space solutions and headquarters locations. This year has also marked the notable expansion of coworking outside of Denver’s urban core into Midtown, Cherry Creek and Southeast Denver. Occupancy levels within WeWork locations historically ebb and flow with direct vacancy rates per submarket performance. For example, WeWork at Civic Center Plaza in Upper Downtown Denver has been slow to fill with memberships and term. A WeWork desk …

October 25, 2019

Market Reports North Carolina Office Southeast Southeast Market Reports

Strong Tenant Demand Propels New Office Developments Underway in Charlotte

by Alex Tostado February 18, 2019

With 3.2 million square feet of new office space under construction, much of it in the city’s urban core, Charlotte’s skyline is in the midst of a significant transformation. Due to strong preleasing activity and solid economic underpinnings, however, the city’s office vacancy rate is projected to remain stable over the coming months as many of those projects deliver. Approximately 60 percent of Charlotte’s construction pipeline has been preleased, according to JLL research, and 2.3 million is concentrated in the city’s central business district. In Uptown Charlotte, the 33-story Legacy Union office tower recently topped out, signaling the end of vertical construction. The 850,000-square-foot development by Lincoln Harris is scheduled to deliver early next year and will be anchored by Bank of America, which has signed a lease for 550,000 square feet. Lincoln Harris recently revealed plans for a second office tower with 388,835 square feet of office space and 22,763 square feet of retail space at the high-profile site, which was once home to The Charlotte Observer. Across the street from Legacy Union, construction is also underway on Ally Charlotte Center, a 26-story, 742,000-square-foot office tower by Crescent Communities. Last year Ally Financial announced that it had leased 400,000 …

February 18, 2019

Market Reports Midwest Midwest Market Reports Office Ohio

Startups, Millennials Drive Strong Fundamentals for Columbus Office Market

by Kristin Harlow October 18, 2018

The Columbus office market continues to be diverse and thriving as the city becomes an economic hub in the Midwest. With a population that has grown to over 2.1 million people, and the eighth largest millennial population, Columbus has developed varied markets including concentrations in automotive, data centers, fashion/apparel, finance/insurance, food, healthcare, logistics, manufacturing, R&D, beauty, retail/e-commerce and technology. Columbus boasts 14 Fortune 1000 headquarters and five Fortune 500 companies, including Cardinal Health, Nationwide Insurance, American Electric Power, L Brands and Big Lots. Columbus also hosts a multitude of other large businesses, which are drivers in the market, such as The Ohio State University, JPMorgan Chase and Huntington Bancshares. Having such large employers in the central Ohio region has helped draw other small businesses and given rise to a thriving start-up community, which is supported by Rev1 Ventures (a technology incubator), several community supported incubators and venture capital. A successful Columbus start-up, Cover My Meds, recently sold for $1.3 billion, and the city of Columbus hopes that this is the first of many similar success stories. With its recent sale, Cover My Meds is now planning a new 400,000-square-foot corporate headquarters in Columbus. Another notable project in Columbus is Facebook’s …

October 18, 2018

Development Office South Carolina Southeast

Holder Properties Underway on 120,000 SF Office Building Near Charleston

by Camren Skelton September 10, 2018

MT. PLEASANT, S.C. — Holder Properties is underway on Portside, a 120,000-square-foot office building located within Ferry Wharf, a master-planned development in Mt. Pleasant that includes office, retail, hospitality and residential projects. The development is located at the foot of the Arthur Ravenel Jr. Bridge along the Charleston Harbor. Holder Properties broke ground on Portside in March. The five-story building is approximately 45 percent preleased, including a recently executed lease with Serendipity Labs Coworking. Portside will share a parking deck with a new hotel under construction at Ferry Wharf. The office building will be available for occupancy in spring 2019. McMilan Pazdan Smith Architecture is designing the building, and Freese Johnson is the general contractor.

September 10, 2018

Conference Coverage Features Loans North Carolina South Carolina Southeast Southeast Feature Archive

Competition Intense Among Real Estate Lenders, Says InterFace Carolinas Panel

by John Nelson June 7, 2018

CHARLOTTE, N.C. — Capital One Multifamily Finance’s Chad Thomas Hagwood kicked off with a fastball. When prompted with the often used “what inning are we in?” question, Hagwood’s response was indicative of how competitive commercial real estate lending is today. “I don’t know what inning we are in of the cycle, but I know I want to play ball,” says Hagwood, senior vice president of Capital One Multifamily Finance. “People are after it, and we intend to fight it out tooth and nail.” Hagwood’s commentary came during the closing capital markets panel of the ninth annual InterFace Carolinas, a half-day event that drew 212 attendees from North and South Carolina’s commercial real estate community. Bryson Thomason, senior director of Greenville, S.C.-based PMC Real Estate Capital, moderated the panel. The most intense competition for financing is in the multifamily space because of the proliferation of Fannie Mae and Freddie Mac and their designated lenders. The two government-sponsored enterprises (GSEs) have been competing against each other as well as other lenders. Hagwood describes the competition between the two agencies as a “bloodbath.” “It’s all out brutal warfare competition the two,” says Hagwood. “I do expect Fannie and Freddie to be very competitive …

June 7, 2018

Leasing Activity New York Northeast

Coworking Company UCommune Opens 34,000 SF Manhattan Location

by David Cohen April 2, 2018

NEW YORK CITY — Chinese coworking company UCommune, in a joint venture with Serendipity Labs, has opened a 34,000-square-foot office at 28 Liberty St. in Manhattan. It is the first coworking location in New York City for UCommune, the second largest coworking company in the world. The office features dedicated desks and offices, team rooms and meeting rooms as well as access to technology platform Umart that links and connects resident companies. Founded in 2015, UCommune is valued at $1.74 billion and has 160 locations in 35 cities around the world. RockTree Capital is the co-founding shareholder and international expansion partner of the coworking company.

April 2, 2018

Florida Office Southeast Top Stories

Dockerty Romer & Co. Arranges $105.3M Acquisition of Aventura Corporate Center in Suburban Miami

by Katie Sloan May 10, 2016

AVENTURA, FLA. — Dockerty Romer & Co. has arranged the $105.3 million acquisition of Aventura Corporate Center, a 242,244-square-foot office complex located in Aventura, roughly 18 miles outside of Miami. The Class A property, located along Biscayne Boulevard, comprises two five-story buildings, one six-story building and three parking garages with additional development rights. Major tenants at the complex include Morgan Stanley, South Broward Hospital, Regus and Serendipity Labs. Buildings I and II, located at 20801 and 20803 Biscayne Blvd., were constructed in 1987 and 1988, respectively, and underwent renovations in 2005. Building III, located at 20807 Biscayne Blvd., was built in 2007. Bob Dockerty of Dockerty Romer & Co. arranged the transaction on behalf of the 1031 exchange buyer, Renaissance Aventura LLC. HFF represented the seller, ACC/GP Development LLC and ACC/GP Investment LLC, in the transaction. The 1031 exchange buyer, which is affiliated with investors Kenneth and Robert Fishel, sold an asset located in Manhattan before acquiring Aventura Corporate Center. The investors primarily own multifamily and office assets across the New York City metro area. Dockerty Romer also secured a seven-year, $50 million acquisition loan on behalf of the buyer through Prudential Mortgage Capital Co. Since its inception in January 2000, …

May 10, 2016

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