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Brandywine Realty Trust, LCOR to Develop Mixed-Use Project at 1919 Market St. in Philadelphia

by John Nelson October 27, 2014

PHILADELPHIA — Brandywine Realty Trust (NYSE: BDN) has formed a 50/50 joint venture partnership with LCOR/CalSTRS for a mixed-use development located at 1919 Market St. in Philadelphia’s City Center neighborhood. The joint venture is planning a 29-story, 455,000-square-foot glass tower consisting of residential, retail and parking components. The project will be comprised of 321 luxury apartments with full concierge service and rooftop amenities that include a fitness center, club room with demonstration kitchen, outdoor roof garden with a fire pit and ledge pool and a game room including a golf simulator. The commercial space will consist of 24,000 square feet and is 90 percent pre-leased to Independence Blue Cross and CVS/pharmacy. A 215-car structured parking facility will support the development and also offer parking to the public. Brandywine has contributed the land parcel at 1919 Market St. and will manage the retail and parking components of the project. LCOR will oversee construction of the project and will be responsible for the marketing, leasing and management of the multifamily component. The project team includes architect Barton Partners and construction manager Hunter Roberts Construction Group. Construction will begin immediately with an expected spring 2016 delivery. “With LCOR’s experience developing transit-oriented communities, we …

October 27, 2014

Strong Absorption Spurs Speculative Industrial Construction in Columbus

by Danielle Everson October 16, 2014

Historically low vacancy combined with pent-up demand in the Columbus industrial real estate market is driving new speculative construction for the first time since the Great Recession. In fact, we expect delivery of 1.8 million square feet of spec construction by the end of this year. After a six-year drought, several speculative and build-to-suit buildings, ranging from 300,000 square feet to 700,000 square feet, are in the works. More than 1 million square feet of space already has been absorbed this year — the highest amount since before the recession. The vacancy rate stands at 7.4 percent, 320 basis points lower than the historical average. Average asking rents for modern bulk buildings have risen 7 percent since last year. Cargo Air Service Advantage Rickenbacker International Airport, one of the only cargo-dedicated airports in the world, is a huge growth driver. As an important part of the global, multi-modal logistics hub, Rickenbacker Inland Port moves air cargo to, from and within the United States and has routes to Singapore, Shanghai, Hong Kong and Shannon, Ireland. FedEx Air, FedEx Ground and UPS regional hubs also are on-site. According to the U.S. Department of Commerce’s International Trade Administration (ITA), Columbus was among the …

October 16, 2014

Office Texas

PM Realty Purchases Eight-Story Office Building in Dallas

by Haisten Willis October 10, 2014

DALLAS — PM Realty Group has purchased One Hanover Park, an eight-story office building located at 16633 North Dallas Pkwy. in Dallas. The 195,894-square-foot property was built in 1998 and includes a three-level parking garage. The Class A office building was 82 percent occupied at the time of sale, with floor plates averaging 25,000 square feet. Eric Mackey, Gary Carr, John Alvarado and Robert Hill of CBRE arranged the transaction on behalf of the seller, a partnership between Cawley Partners and Stockbridge Capital.

October 10, 2014

Features

Cushman & Wakefield: Global Real Estate Investment Grows 17.2 Percent

by John Nelson October 9, 2014

The global flow of capital for commercial real estate investment reached $788 billion during the 12-month period ending June 30, 2014, a 17.2 percent increase over the prior year, according to Cushman & Wakefield’s annual Winning in Growth Cities report. The commercial real estate services firm unveiled the findings at EXPO REAL 2014 in Munich, an annual international trade fair for commercial real estate investors. For the report, Cushman & Wakefield tracked commercial property acquisitions of $5 million or more. According to the report, New York is the world’s largest real estate investment market for the fourth consecutive year. Investment volume in the city rose 10.9 percent to $55.4 billion in the trailing 12 months from the second quarter 2014. This equates to 7 percent of the global market share. Second-place London closes the gap on New York with a 40.5 percent increase in investment activity. London is also the largest global market for cross-border investors, which drove the market higher with a 39 percent increase compared to 11 percent growth among domestic buyers. Tokyo reclaims third position in the ranking from Los Angeles with a strong 30.4 percent investment increase. Los Angeles drops to fourth place with $33.1 billion, …

October 9, 2014

Top Stories

Skanska Begins Construction on 301,000 SF Office Building in Boston

by Haisten Willis October 9, 2014

BOSTON — Skanska has signed a contract to build a $92 million, 301,000-square-foot, Class A office building in Boston. Construction has begun on the project, which is expected to be complete in the third quarter of 2016. Skanska USA is a development and construction company consisting of four business units: Skanska USA Building, which specializes in building construction; Skanska USA Civil, which specializes in civil infrastructure; Skanska Infrastructure Development North America, which develops public-private partnerships; and Skanska USA Commercial Development, which develops commercial projects in select U.S. markets. Skanska USA is headquartered in New York and has more than 9,600 employees with $6.7 billion of revenue in 2013. Skanska has 57,000 employees in markets across Europe, the United States and Latin America. The company is headquartered in Stockholm, Sweden and is listed on the Stockholm Stock Exchange. — Haisten Willis

October 9, 2014

Top Stories

Parkway Properties to Sell 19-Building Office Portfolio for $237M

by Danielle Everson October 8, 2014

ORLANDO — Parkway Properties Inc. (NYSE : PKY) has reached an agreement to sell a portfolio of 19 office buildings totaling 2.1 million square feet in six states for $237 million. The buyer is an undisclosed single entity. As part of the agreement, the buyer posted a $10 million earnest money deposit. The move follows Parkway’s recent purchase of 22 properties for $475 million, including three signature properties: Corporate Center I, II and III at International Plaza located in the Westshore submarket of Tampa, Fla. The three assets total approximately 974,000 square feet. The 19 office assets that Parkway agreed to sell were not consistent with Parkway’s current investment strategy, according to the company. “The successful disposition of the 19 office buildings that were included in our recently announced portfolio acquisition will allow us to achieve our ultimate goal of acquiring the three Corporate Center assets in Tampa, where we believe we can add considerable value, says James Heistand, president and CEO of Orlando-based Parkway Properties. “This transaction is yet another example of our commitment to source and structure transactions that result in Parkway’s acquisition of high-quality properties at favorable pricing,” adds Heistand. The closing of the sale is expected …

October 8, 2014

Top Stories

Chinese Insurance Group Buys New York’s Famed Waldorf Astoria Hotel for Nearly $2B

by Scott Reid October 7, 2014

NEW YORK — Beijing, China-based Anbang Insurance Group Co. Ltd. has entered into an agreement with Hilton Worldwide Holdings Inc. (NYSE: HLT), under which Anbang has agreed to purchase the iconic Waldorf Astoria New York hotel for $1.95 billion. Under terms of the sale, Anbang will grant Hilton Worldwide a management agreement to continue to operate the property for the next 100 years, and the hotel will undergo a major renovation. The Waldorf Astoria New York is the flagship hotel of Hilton Worldwide’s luxury brand Waldorf Astoria Hotels & Restaurants. The property opened in 1931, has 1,413 rooms and covers a full city block on Manhattan’s Park Avenue. Anbang is paying approximately $1.4 million per room for the Waldorf Astoria, according to MarketWatch. Since 2007, the luxury brand has grown its portfolio to 27 properties, including those in Amsterdam, Beijing, Chicago, Dubai, Shanghai and other international destinations. Hilton Worldwide intends to use the proceeds from the sale to acquire additional hotel assets in the United States. The late Conrad Hilton, founder of Hilton Worldwide, famously called the Waldorf Astoria New York “The Greatest of Them All.” The hotel is considered by many to be an Art Deco masterpiece and an …

October 7, 2014

Top Stories

Walker & Dunlop to Acquire Johnson Capital, Grows HUD Servicing Platform

by Danielle Everson October 1, 2014

BETHESDA, MD. — Walker & Dunlop Inc. (NYSE : WD) has agreed to acquire Johnson Capital’s loan origination and servicing platform. As part of the transaction, approximately $590 million in HUD servicing will be added to Walker & Dunlop’s $40 billion servicing portfolio. The terms of the cash and stock transaction were not disclosed. Completion of the acquisition is subject to certain conditions, consents and approvals. The transaction is expected to close on or around Nov. 1. Walker & Dunlop expects the transaction to be accretive beginning in 2015. Johnson Capital has sourced billions of dollars of Fannie Mae DUS loans as a correspondent to Walker & Dunlop over the past 20 years, and has originated Freddie Mac multifamily loans. Johnson Capital has originated $1.3 billion in commercial loans on average over the past three years. “As one of Walker & Dunlop’s largest mortgage banking correspondents, we know Johnson Capital extremely well and are thrilled to be adding such an exceptional team of real estate finance professionals to our platform,” says Willy Walker, chairman and CEO of Walker & Dunlop. “Johnson Capital has a significant origination presence in the West and Southwest and will grow Walker & Dunlop’s brokered originations …

October 1, 2014

Market Reports Northeast Northeast Market Reports Office Pennsylvania

Philadelphia: What’s Thriving in the City & What’s Driving the Suburbs?

by Jaime Lackey October 1, 2014

Accessibility, amenities and coworking spaces are driving the suburban and urban real estate markets in Philadelphia. While suburban office tenants prefer to have access to transit and amenities, Center City office tenants seek experiences and collaboration with new coworkers. Suburban Perspective The Philadelphia suburban market consists of 59.4 million square feet comprising 13 distinct submarkets. The majority of this inventory consists of dated commodity office space, mostly built prior to 1990. With an overall vacancy rate of 20.8 percent and average asking rents of $24.90 per square foot, the Philadelphia suburban market has been less dynamic than its Center City counterpart. Although many older properties suffer from functional obsolescence, well-maintained assets with access to major roadways/public transit and amenities outperform the market average. For example, the Radnor, Conshohocken and Bala Cynwyd submarkets remain the three strongest submarkets in the region. Vacancy rates in these markets range from 2 to 14 percent, with average asking rents ranging from $30.75 to $37.00 per square foot. All three of these submarkets have immediate access to major roadways, public transit and amenities. Suburban office developers have taken note of the strong fundamentals in these areas as well as Center City Philadelphia. They have created …

October 1, 2014

Top Stories

Excel Trust Acquires Three Shopping Centers in Utah From DDR for $223M

by admin September 29, 2014

SALT LAKE CITY — Excel Trust Inc. (NYSE: EXL), a retail real estate investment trust (REIT), has purchased three shopping centers in the Salt Lake City area from DDR Corp. (NYSE: DDR) for approximately $223 million. The three properties total approximately 1.8 million square feet. “We are pleased to reach an agreement with the team at Excel and appreciate their high level of collaboration to effectuate an off-market transaction that accrues to the benefit of both parties,” says Daniel Hurwitz, CEO of DDR, which is also a retail-focused REIT. According to the two parties, DDR has a desire to exit the Salt Lake City market and Excel wants to expand its presence in a market where it has an established corporate and operating presence. The properties included in the transaction are: · The Family Center at Fort Union · The Family Center at Orem and · The Family Center at Taylorsville As a part of the transaction, Excel Trust has sold The Family Center at Taylorsville to Dallas-based TriGate Capital. LUCESCU REALTY represented Excel in both sale transactions and dealt directly with DDR and TriGate Capital. “We value our relationship with DDR and are pleased to announce this transaction. Utah …

September 29, 2014

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