Tag Archives: brookfield

Brookfield Earnings With Plans to Establish Third Tower in Toronto'' s Bay Adelaide Centre

Bank of Nova Scotia Indications 15-Year Lease, Devotes to Occupy 51% of $500 Million Tower

Brookfield Property Partners signed the Bank of Nova Scotia to prelease 420,000 square feet in the planned Bay Adelaide Centre North office tower, a relocation that will permit the designer to begin building on the $500 million job in downtown Toronto.

Toronto-based Scotiabank signed a 15-year lease to anchor the third and last workplace tower in the 3 million-square-foot Bay Adelaide Centre, committing to occupy 51 percent of the structure.

The lease contract and plans to continue with the office tower’s advancement follows news in March reported by CoStar that Brookfield was < a href=" http://product.costar.com/home/news/188601?keywords=Bay%20Adelaide%20Centre&market=178" target=" _ blank “> selling a HALF stake in the 2 existing towers of the complex for $ 850 million. The purchaser of that stake was VPMA Bay Adelaide Property Ltd., a business connected to Guernsey-based Dadco Investments Ltd.

. With the offer to offer the half-share in the other two towers complete, Brookfield was anticipated to concentrate on the north tower’s building. The north tower was not consisted of because sale.

Bay Adelaide Centre North is located on the north side of Temperance Street, throughout from the existing east and west towers. Strategies call for a 32-floor tower amounting to 820,000 square feet.

Under its lease arrangement, Scotiabank will have a devoted reception area and special access to an outdoor podium balcony. The structure will have direct access to subways and the COURSE underground pedestrian system.

Brookfield said it anticipates the structure to be finished in early 2022, with Scotiabank’s lease arranged to start later on that year.

The 52-floor, 1.2 million-square-foot Bay Adelaide Centre West opened in 2009 and is totally rented. The building was the first brand-new office tower established in Toronto’s financial core in 17 years.

The 44-floor, 1 million-square-foot Bay Adelaide Centre East opened in 2015 and is likewise 100 percent rented.

Garry Marr, Toronto Market Press Reporter CoStar Group.

Smash Hit Deal Offers Brookfield Stake in $1.9 Billion Apartment Or Condo Portfolio

Funding Deal Recaps a Carmel Partners’ Seven-Property Portfolio from Hawaii to New York

Image of 801 S. Olive St. in downtown Los Angeles.

In what is likely to be one of the largest multifamily deals of the year, a system of Brookfield Possession Management has actually obtained a 49 percent stake in a nationwide portfolio of apartment buildings owned by Carmel Partners for $914 million, which values the complete portfolio at $1.865 billion.

The offer, which closed last month, is a recapitalization of a Carmel Partners’ portfolio that consists of 3,864-units in seven high-end multifamily residential or commercial properties in California, Hawaii and New York City.

The acquisition was made as part of Brookfield’s U.S. core-plus technique that targets top quality homes in prominent markets throughout the country. The fund support that financial investment method introduced in December 2016.

“A number of these markets are markets where Brookfield has a significant operating service already,” said Matthew Cherry, senior vice president of investor relations and communications at Brookfield Home Group. “We have been growing in city multifamily in the past two to three years and this was an unique opportunity to release capital in that method” to obtain more assets in that arena.

Carmel Partners will maintain bulk control of the homes but the offer provides Toronto-based real estate financial investment firm Brookfield a sizable ownership position. The firms will run the properties in a joint-venture collaboration, Cherry stated.

Carmel had been marketing the portfolio stake through Eastdil Guaranteed.

Stephen Basham, senior market analyst at CoStar Group Inc., which publishes CoStar News, said the offer certainly counts as a smash hit.

“It’s an enormous offer, both in terms of dollar volume and the profile of the communities included,” Basham stated. “For perspective on the size of the deal, there are just 18 markets, from the 300-plus we track, where more than $2 billion in home sales were taped over the previous year. By itself, this trade will account for more [sales] volume than a great deal of whole cities will tape in a year.”

Four of the 7 high-end apartment or condo properties are located in Los Angeles.

The last comparable mega-deal like this in L.A. was finished by House Financial investment and Management Co. in the Mid-Wilshire location in 2015 when the Denver-based firm bought a 47 percent interest in a 1,400-unit, three-multifamily property portfolio, including the 521-unit Palazzo at Park La Brea, owned by J.P. Morgan Asset management for $451 million.

Each of the Carmel Partners residential or commercial properties in the bigger single deal, which was formerly reported by Real Offer, was ascribed a particular cost.

The residential or commercial properties associated with the new joint venture with Brookfield include:

Downtown Los Angeles’ Eighth and Grand, a three-year-old, 700-unit apartment complex at 770 S. Grand Ave. that is well-known for its Whole Foods on the ground floor, which was allocated a list price of $374 million
Atlier, a 363-unit apartment built last year at 801 S. Olive St. in downtown L.A.’s South Park location, designated for $280 million
Adler, a 338-unit complex at 19401 Parthenia St. in the Los Angeles neighborhood of Northridge built in 2016, assigned for $113 million
Altana Apartments, a 507-unit apartment 540 N. Central Ave., constructed in 2015 in the Los Angeles city of Glendale, allocated for $256 million
Vintage, which was built in 2015 and consists of 345 systems, in Pleasanton, California for $187 million
A beachfront 1,457-unit residential or commercial property in the Ewa Beach area of Oahu, Hawaii at 5100 Iroquois called Kapilina, designated for $540 million. Built in 1967 and refurbished in 2003, the property covers 1.77 million square feet.
A 32-story, 157-unit tower built in 2001 at 15 Cliff St. in New York City’s Financial District, assigned for $115 million

The portfolio of properties boast high-occupancy and the majority of the buildings have some of the greatest quality finishes and features in their markets. The portfolio’s systems in downtown Los Angeles are amongst the most leading of any built in the marketplace throughout this last cycle, Basham added.

That definitely was an engaging part of the deal for Brookfield.

“From an investment perspective, it was unique chance to invest in a high-quality multifamily portfolio at a discount-to-replacement expense, which is always an appealing target within our financial investment technique,” stated Cherry. “We do see significant growth in the assets over the next 5 years through continued lease up of the portfolio.”

Carmel Partners declined to discuss the offer.

Brookfield Deal Raised Profile of San Diego-Based OliverMcMillan

Pictured: A current Urban Land Institute forum in San Diego included (from left) Brookfield Residential President Adrian Foley, OliverMcMillan CEO Dene Oliver and forum moderator John Burns, CEO of John Burns Real Estate Consulting.Courtesy: Lou Hirsh.When mixed-use developer OliverMcMillan was acquired earlier this year by Brookfield Residential, the impact was akin to having” huge turbochargers” connected to the San Diego-based business’s finances after 40 years in business. Chief executive Dene Oliver stated it also increased what was already a significant across the country profile for OliverMcMillan. One indication of its freshly improved status, Oliver informed the audience at a recent online forum presented by San Diego’s Urban Land Institute chapter, is that the firm recently discovered itself in New york city City, pitching potential areas to a significant financial services company now preparing to move its headquarters to Nashville. Oliver and Adrian Foley, president and chief running officer at Brookfield Residential, decreased to name the

pitch recipient and would only explain it as “a major New York business” presently headquartered on Sixth Avenue in Manhattan, keeping in mind talks are ongoing. Worldwide possession management firm AllianceBernstein LP previously this month revealed that it would be relocating its head office and eventually more than 1,000 employees to Nashville by 2022, with the transition anticipated to begin later this year. AllianceBernstein has not stated where it is going as of May 18, but a$ 430 million mixed-use job called Fifth & Broadway- being established by OliverMcMillan and a southeastern partnership called Spectrum Emery -is understood to be one of a minimum of 2 leading downtown Nashville candidates to & house the brand-new HQ. Another is a multi-tower mixed-use advancement called Nashville Yards, proposed by San Diego-based Southwest Worth Partners. While Fifth & Broadway has actually been under building since spring 2017, building

has actually not yet started on Nashville Yards. Whichever developer ultimately lands the occupant, Oliver approximated that the long-lasting lease might be valued at approximately$ & 150 million. AllianceBernstein up until now has only confirmed that it plans to invest about$ 70 million in costs associated with the shift. The May 17 ULI occasion, held at The University of San Diego, focused mainly on the thinking and preparations that went into Calgary-based Brookfield’s acquisition of OliverMcMillan, which was finished and announced in February of this year. Oliver and Foley remembered that OliverMcMillan in early 2017 had started the procedure of seeking out large equity partners to invest long-lasting in its organisation and help it move financially beyond exactly what had long been a project-to-project technique. Brookfield was aiming to diversify into city mixed-use advancements and saw OliverMcMillan’s $2 billion across the country job pipeline as a strong platform for achieving that function. Settlements in between the 2 firms played out over four months in late 2017, culminating in a six-week duration where, Foley stated, 4 or five Brookfield agents virtually lived in the San Diego workplaces of OliverMcMillan. They hashed out issues including disposition and re-investment in some present projects

, satisfying the monetary issues of a few of OliverMcMillan’s original however retiring partners, and other due-diligence matters.” It was literally,’ I’ll come live with you for four to six weeks and we’ll see if we like each other,'” Foley recalled of the pre-acquisition procedure.” And I stated I’ll wager that at the end of that six-week period, you’ll like us as much as we like you. And we’ll find out how we can get the two points met as it associates with the worth and the journey.” The two companies fit together over typical cultures and

ultimately agreed on those concerns and the last acquisition cost, still undisclosed. Oliver stated his firm got to Brookfield’s across the country lineup of clients and other contacts, not to mention the deep financial and development resources of its parent firm, Toronto-based Brookfield Possession Management, which oversees an international portfolio topping$ 250 billion. Introduced to each other by Del Mar-based homebuilder Expense Davidson, Oliver and Foley initially satisfied in 2015 during talks over OliverMcMillan’s planned redevelopment of a previous military base website in the Orange County, CA, city of Tustin. Brookfield now has entrĂ©e into other OM tasks currently underway in cities such as Nashville, Atlanta, Houston, Honolulu and its home market of San Diego. Oliver said he was ultimately swayed throughout settlements by the guarantees of

Brookfield that it had the finances, facilities and other resources to manage issues that might arise post-acquisition, if OliverMcMillan had to alter its relationships with both inside and outside parties involved in its numerous projects underway across the country.” By the way, in terms of take-home [lessons]: Pick your partners actually thoroughly, “Oliver informed the ULI audience, keeping in mind a practice

he’s retained given that co-founding his business with Jim McMillan in 1978.” This is a remarkably challenging business, “he added later on. “And the larger and the more intricate things you’re working on, the more problems there are, the more problems.” Lou Hirsh, San Diego Market Reporter CoStar Group.

GGP Accepts Sweetened Buyout Deal from Brookfield for $9.25 Billion Money Plus Stock

Upgraded: Chicago-Based Mall Owner Accepts Revised Quote With More Cash After Turning Down Initial Deal

Shopping mall owner GGP Inc. (NYSE: GGP)has actually accepted a sweetened offer from Toronto-based Brookfield Residential Or Commercial Property Partners L.P. (Nasdaq: BPY)to sell the remainder of the company Brookfield does not currently own for $9.25 billion cash plus stock.

The companies revealed the offer late Monday. Under the agreement unanimously endorsed by an unique committee of GGP’s board, investors of the Chicago-based retail property owner can choose to get either $23.50 cash per common share, one system of Brookfield Residential or commercial property stock, or one share of BPY U.S. REIT, a new REIT being formed by Brookfield subject to proration based upon a cash factor to consider of $9.25 billion.

The winning cash quote has to do with 2.2% above Brookfield’s preliminary Nov. 13, 2017 offer of $23 per share to buyout GGP. Brookfield currently owns 34% of GGP, and had actually pursued a combination with among the largest owners of U.S. shopping mall, second behind only Simon Home Group (NYSE: SPG), over the past several months.

“This is a compelling deal that makes it possible for GGP investors to get premium worth for their shares and gives them the ability to participate in the long-lasting advantage of their financial investment,” stated Brookfield Property CEO Brian Kingston, in a declaration. “We are pleased to have actually reached a contract and are delighted about integrating Brookfield’s access to large-scale capital and deep operating proficiency across multiple realty sectors with GGP’s portfolio of irreplaceable retail assets.”

Daniel Hurwitz, lead director and chairman of GGP’s special committee, stated the committee carried out comprehensive due diligence given that Brookfield’s preliminary offer.

“After mindful factor to consider helped by our independent consultants, the special committee figured out that Brookfield’s improved proposition, which includes an increase in the money part of the factor to consider and the capability to receive shares in a newly noted REIT entity, provides GGP investors with certainty of value, in addition to upside capacity through ownership in an internationally varied property company,” Hurwitz said.

Stifel & & Associates analyst Simon Yarmaks noted that the transaction structure had actually altered from the initial $23-per-share bid by Brookfield, which was comprised of 50% money and 50% BPY units. In the most recent deal, Brookfield upped its cash deal 2.2% to $23.50 per share for an overall cash factor to consider of $9.25 billion, which represents 61% money and 39% equity in Brookfield or the new REIT it prepares to launch.

Brookfield Residential or commercial property, the realty arm of Toronto-based Brookfield Possession Management Inc., is not currently structured as a REIT.

The combined company will be one of the world’s biggest CRE enterprises with $90 billion in overall assets and annual net operating earnings of more than $4 billion.

Following completion of the deal, GGP shareholders will own about 26% of the combined business.

The transaction undergoes the approval of GGP investors. BPY and its affiliates have consented to vote in favor of the deal, which is expected to close early in the 3rd quarter.

Weil, Gotshal & & Manges LLP, Goodwin Procter LLP and Torys LLP are acting as legal counsel to Brookfield and PwC is working as its tax advisor. Goldman Sachs & & Co. LLC is functioning as financial consultant and Simpson Thacher & & Bartlett LLP is serving as legal counsel to GGP’s special committee. Citigroup Global Markets Inc. is functioning as financial advisor and Sullivan & & Cromwell LLP is working as legal counsel to GGP.

Editor’s note: 6 pm PDT – Added comments from REIT analyst and further information about the modified transaction’s structure.

Brookfield Sells 50% Stake in Bay Adelaide

U.K. Purchaser Emerges with $850 Million Deal for Half Share in 2.2 Million-SF Complex

A purchaser from the United Kingdom has actually paid $850 million to obtain a 50 percent stake in the Bay Adelaide Centre in what is the biggest business realty offer year to date in 2018, CoStar News can validate.

Home transfer documents indicate VPMA Bay Adelaide Home Ltd. got a HALF interest in the 2.2 million-square-foot complex, the documents on the deal being sent out to Guernsey-based Dadco Investments Ltd.

. The company’s president, Victor Dahdaleh, has actually been connected to the so-called Panama Documents, a leaked stash of legal files supposedly exposing the number of rich people and personal families hold money offshore to avoid taxes, in most cases legally.

” It’s ultimately a U.K. buyer,” stated one source.

Dahdaleh lists himself as owner and chairman of Dadco and affiliated companies. “Dadco is an independently owned financial investment, manufacturing and trading group. Its founding company was developed in 1915 with operations and investments in Europe, The United States And Canada, the Middle East, Africa and Australia,” the company site says.

Sources show the offer for the existing structures at Bay Adelaide was done at about a 4.3 percent cap rate that does not consist of advancement rights at the complex, amidst indications that Brookfield might be poised to set up a north tower in exactly what is still a tight downtown office market.

Transfer documents show VPMA purchased a HALF interest in 333 Bay St. from BPO Ontario Characteristic Ltd for $421,700,000, with another $26,181,500 paid to BAC West Below Grade Sub GP Inc. in the care of Brookfield Properties, for the underground retail that becomes part of Toronto’s COURSE system.

At 22 Adelaide St. W, VPMA is purchasing a 50 percent stake from Brookfield entity Bay Adelaide East Ltd. for $378,957,500, then paying $23,161,000 for the COURSE retail underground.

Brookfield and Dadco officials could not be grabbed remark.

The 50 percent passive stake offered by Brookfield Residence closed on March 6 after reports initially put the home up for sale last October. RBC Capital Markets Real Estate Inc., Brookfield Financial Property Group LP and TD Securities Inc. recommended on the offer, but authorities from all three companies decreased to comment.

In a marketing pamphlet for the property, the trio had stated, “Bay Adelaide Centre represents among the most engaging financial investment offerings ever to come to market in Canada. The offering consists of 2.2 million square feet of Class AAA office, including Bay Adelaide West workplace tower, Bay Adelaide East workplace tower, a PATH linked retail concourse and a 1,000-stall parking center, but leaves out the Bay Adelaide North workplace development.”

The offer for the passive stake values the existing complex at $1.7 billion. With the offer done, the focus will now move to whether Brookfield will proceed with advancement of the north tower.

” They don’t require the capital (from this offer) to fund the tower,” said one source, in recommendation to Brookfield’s strong balance sheet. “Brookfield is doing the needed work underground to get as much as the surface so they will be ready to go. They are speeding up the process (for the north tower) so they are all set to go when they have a tenant.”

Stuart Barron, nationwide director of research study for Cushman & & Wakefield in Canada, said that the Class A vacancy rate at 2.2 percent in the downtown core is the tightest in 40 years, and the market might absorb another tower quickly, however it depends upon the number of projects proceed. Oxford Characteristic Corp. has said it is < a href= "http://gateway.costar.com/home/news/188304?keywords=Hub&market=178" target=" _ blank" > ready to move forward on its 1.4 million-square-foot tower called the HUB near Union station, even without a tenant.

” There will be a point in time where there will be less certainty about the market’s capability to soak up in the duration between 2021 to 2023, however it depends upon the number of statements we hear,” stated Barron, who has actually operated in realty for 25 years. “These are the greatest incentives (to construct) I have actually ever seen.”

Please see CoStar Comp # 4168877 for additional info on the sale.

Garry Marr, Toronto Market Reporter CoStar Group.

Brookfield Residential Gets National Mixed-Use Designer OliverMcMillan

Calgary-Based Brookfield Seeks to Raise Profile in Mixed-Use World With Purchase of San Diego-based Development Firm

OliverMcMillan is constructing the Fifth+ Broadway project in downtown Nashville. source: OliverMcMillan

In a considerable diversification relocation from its core homebuilding and master-planned neighborhood advancement focus, Canada-based Brookfield Residential Residence Inc. validated Tuesday that it has actually obtained the possessions of national-renowned mixed-use designer OliverMcMillan. The rate commanded by San Diego-based mixed-use developer was undisclosed.

OliverMcMillan will continue to design and develop mixed-use advancements in major U.S. city centers following the acquisition, Brookfield stated in a declaration.

” Our concentrate on our core operations stays a top priority, but we see increasing our position in mixed-use development as a substantial chance and shows our view of some potential shifts in our domestic portfolio,” stated Adrian Foley, Brookfield Residential president and chief operating officer.

Foley said the acquisition was driven by Brookfield’s belief that continuing metropolitan climax in a lot of its North American markets, combined with the continuous disturbances in the retail sector, will develop considerable redevelopment chances over the next few years.

OliverMcMillan will continue to handle its existing properties, according to the buyer, the North American residential property arm of Brookfield Asset Management, which has about $265 billion in property and other properties under management globally.

Established in 1978 by CEO Dene Oliver and Jim McMillan, OliverMcMillan is a popular developer of retail, property and mixed-use jobs throughout the nation. Its present jobs include Fifth + Broadway, a workplace and retail advancement under way in downtown Nashville; River Oaks District, a high-end retail and office project entering its second stage in Houston; and Symphony Honolulu, the latest of numerous high-rise domestic condominium projects the OliverMcMillan firm has actually developed in Hawaii given that 2009.

OliverMcMillan has actually also established retail and workplace parts in Atlanta’s upscale Buckhead commercial district. And in the Orange County, CA city of Tustin, the designer is preparing a largescale, 123-acre, mixed-use redevelopment of a former U.S. Marine Corps base.

In its flagship San Diego market, OliverMcMillan’s big projects consist of an upcoming 57-acre, mixed-use redevelopment of previous rental automobile lots on waterside residential or commercial property at Harbor Island near San Diego International Airport. The designer is likewise supervising an extensive redevelopment of a Gaslamp Quarter home that formerly housed a Pacific Theatres cineplex.

Foley stated the acquisition “supports our belief that the increased concentrate on metropolitan intensification happening in many of our North American markets, together with a few of the disturbances in the retail sector, will develop a considerable pipeline of redevelopment chances over the next few years.”

Brookfield Residential moms and dad firm Brookfield Asset Management, with headquarters in Toronto and New York City, has been in expansion mode of late. In 2016, it got New York-based mall REIT Rouse Residence Inc. for $2.8 billion.

More recently, Brookfield was reported to be in talk with get properties of Cleveland-based Forest City Realty Trust, another big operator and developer of mall.

Lou Hirsh, San Diego Market Reporter CoStar Group.

Workplace Lease Up (November 13) Brookfield Lands Another Significant Occupant at One Manhattan West as Ernst & & Young Register For 600K SF

Wrap-Up of Largest Reported Workplace Leases Includes Deals by QRM, Envision Doctor Solutions, WeWork and more

Ernst & & Young (EY) has concurred to lease 600,000 square feet of office in Brookfield Home Partners’new One Manhattan West located at 400 West 33rd St., ending up being the current significant office renter to decamp for the emerging location of the city, the worldwide tax advisory firm confirmed Thursday.

The 67-story, 2.1 million-square-foot One Manhattan West is the very first of two workplace towers Brookfield is constructing as part of its Manhattan West advancement, situated at the corner of 9th Ave. and West 33rd St. across from the under-construction Moynihan Station and obstructs from The Related Business’s massive Hudson Yards development.

EY validated it chose One Manhattan West to house its North America headquarters in a tweet. Presently, EY inhabits 966,477 square feet at its 5 Times Square base under a lease set to end in Might 2022, according to CoStar information. In an associated move, EY stated the very same year it transfers to One Manhattan West it likewise plans to open a 170,000-square-foot office in Hoboken, N.J., where it will house among its main knowing hubs.

Cushman & & Wakefield is handling the office leasing for the Manhattan West advancement, while Brookfield is in charge of retail leasing there. By Diana Bell

QRM Extends, Broadens Worldwide HQ to 107,000 SF at 181 Madison

Quantitative Threat Management (QRM) signed a renewal and expansion of its home office at 181 W Madison

in Chicago’s Central Loop. The 30-year-old danger management speaking with company has actually been operating from the 952,559-square-foot, 50-story Central Loop tower for over half of its life expectancy. The business’s decision to restore its lease and expand by an additional 17,700 square feet brings the consulting company’s total footprint at the tower to 107,000 square feet throughout the 40th, 41st,48 th and 49th floors.

Mark Buth and Kelsey Scheive of MB Realty Solutions handled settlements on behalf of 181 Madison owner HNA Property Holdings, which obtained the property in January of this year. By Landon Cox

Medical Group Indications 89,000-SF Lease in Plantation

Envision Physician Services LLC, a medical group practice, has leased 89,143 square feet at the 1801 Structure in

Plantation, FL. The two-story, 96,230-square-foot structure was constructed in 1983 and went through a series of remodellings this year after 3 long-lasting renters left. When Envision opens in the summer season of 2018, the building will reach full occupancy.

Colliers’ Alfie Hamilton, Caitlin Inklebarger and Jarred Goodstein represented the landlord. Alex Brown of Cresa South Florida represented the renter. By Paul Owers

WeWork Takes 65,000 SF in Downtown Austin’s Chase Tower

WeWork will open its 4th place in Austin after the New York City-based co-working area supplier signed a 65,076-square-foot lease at the 21-story Chase Tower in Austin’s central business district.

Anchored by J.P. Morgan Chase, RGM Advisors and Procore, the 389,503-square-foot Chase Tower was constructed in 1972 at 221 W. 6th St. minutes from the Austin Convention Center, I-35 and the Amtrak-Austin station. In addition to its anchor tenants, the residential or commercial property is the home of The Headliners Club, a private dining club located on the 21st flooring of the structure.

Jay Lamy and Matt Wilhite of AQUILA Commercial represented WeWork. Trish Williams and Andy Smith of Lincoln Residential or commercial property Co. dealt with negotiations on behalf of the Homeowner, a joint venture consisted of Lincoln Home Co. and Goldman Sachs. By Andrea Lawson

Peapod Picks Riverside Plaza in Downtown Chicago for HQ

Peapod has protected a new place for the company’s corporate workplaces, signing a 15-year lease for 52,827 square feet at the Riverside Plaza in Chicago’s West Loop. The online grocery shipment service revealed its plan back in May to transfer the business’s headquarters to downtown Chicago in an effort to bolster productivity and broaden its company. Established in 1989 and gotten by Dutch global food seller Ahold Delhaize in 2001, Peapod will totally occupy the 6th floor of the +1 million-square-foot, 23-story Riverside Plaza in the very first half of 2018.

Matthew Pistorio and Pleasure Jordan of the Telos Group brokered the offer on behalf of the homeowner, a joint endeavor comprised of Mizrachi Group and David Werner Property. Thomas Berarducci and David Burden Colliers International represented Peapod. By Jack Lepore

National Law Practice Renews 55,000-SF Lease at Two Allen Center

Chamberlain, Hrdlicka, White, Williams & & Aughtry, a nationwide law firm, has signed a lease extension for 55,000 square feet at Two Allen

Center in downtown Houston. Chamberlain, Hrdlicka &, White, Williams & Aughtry has preserved offices on the 13th and 14th floorings of the tower for more than Thirty Years, according to CoStar information. The company’s most current extension will keep them in the structure through 2028.

David Guion and Tim Relyea with Cushman & & Wakefield represented Chamberlain Hrdlicka in the transaction, while JLL’s John Pruitt, Bubba Harkins and Jessica Ochoa represented the property owner, Brookfield Property Partners. By Veryne Lawrence

Bible College Expands into 50,000-SF Structure

South Florida Bible College & & Theological Academy has signed a 50,000-square-foot, full-building lease to move its campus to 2200 SW 10th St. in Deerfield Beach, FL.

Established in 1996, the single-story office building is a previous call center that housed 300 work stations. The college is expected to relocate throughout the spring semester.

John Criddle and Joe Freitas with Cushman & & Wakefield represented the landlord, Boca Raton-based Fields Realty. Casa Bella Real estate’s Joe Souza represented the occupant. By Paul Owers

First Reserve Leased 35,000 SF in Stamford

First Reserve, a private equity investment company, signed a lease for 34,551 square feet in the office building

at 290 Harbor Dr. in Stamford, CT. The five-story building totals 185,369 square feet in the Shippan Landing workplace park. The property delivered in 1981. Other renters consist of Octagon Worldwide, Inc. and Workpoint.

Journey Hoffman and Michael Norris of Cushman & & Wakefield and Dana Pike of George Convenience & & Sons, Inc. represented the proprietor. By Matthew Hamburger

Cona Providers to Open New Midtown Atlanta Workplace

Cona Providers, a Coca-Cola System IT services company totally owned and governed by its Coca-Cola bottling partners in North America, will establish a brand-new center in Midtown Atlanta after accepting a lease for 32,594 square feet at 10 10th St.

The home is a 421,417-square-foot, 13-story office building constructed in 2001 3 blocks from Tech Square and in close distance to the Midtown MARTA station.

Andy Sumlin, Will Porter and Aileen Almassy of Cushman & & Wakefield represented Union Financial investment in the deal, while Greg Baxendale of JLL represented Cona Provider. By Terrence Allen

Corbion Takes 32,355 SF at Genesis R&D/ Workplace School in South San Francisco

Corbion signed a 51-month lease for 32,355 square feet in the South Tower of the Genesis life science R&D/ office campus located straight off Hwy. 101 in South San Francisco.

The food and biochemical components business was looking for a quick move-in and found market-ready space at 1 Tower Location, a 350,461-square-foot, 12-story office building and one of 2 residential or commercial properties that compose the Genesis complex. The North Tower, a nearby 21-story, 400,000-square-foot high-rise, is currently under advancement and slated to deliver next fall.

Jay Leslie, Randy Scott, Mary Hines and Jennifer Vergara of Newmark Cornish & & Carey, in cooperation with internal rep Becka Studer, represented structure owner Stage 3 Property Partners in settlements. Ben Stern, likewise of Newmark Cornish & & Carey, brokered the deal for Corbion. By John Walz

International Aquaculture Alliance Transferring HQ in Portsmouth, NH

The International Aquaculture Alliance (GAA) has actually reached an offer to relocate its head workplaces to a new 28,800-square-foot office complex presently under development in the Rockingham area of Portsmouth, NH.

An international nonprofit dedicated to advancing ecologically and socially accountable aquaculture, GAA will move its offices from 2 International Dr. to 15,750 square feet at 85 New Hampshire Ave. The structure is slated to provide nearby to Pease International Tradeport and simply off I-95 by spring 2018.

Renee Plummer of Two International Group brokered the lease on behalf of ownership. By Allison Quinn-Redding

Varagon Capital Transferring HQ to 299 Park Opportunity by Year End

Varagon Capital Partners, a direct loan provider for middle-market business and financial sponsors, will relocate its head office to the UBS Building at 299 Park Ave. in New York City City, having actually accepted inhabit 28,316 square feet there.

The 42-story, 1.18 million-square-foot, 5-Star office tower sits in between 48th and 49th Streets within the Plaza District submarket of Manhattan. Varagon will be transferring its existing head office from 488 Madison Ave., where it occupies 10,360 square feet, marking a significant growth for the tenant.

Leo Paytas and Conor Denihan with CBRE represented Varagon in lease negotiations. Marc Packman and Clark Briffel with Fisher Brothers, together with Newmark Knight Frank’s David Falk, Peter Shimkin, Andrew Sachs, Eric Cagner and Andrew Peretz represented the landlord in the lease offer. By Diana Bell

Food & & Water Watch Extends HQ Lease in NW D.C.

Food & & Water Watch, a non-governmental public interest company that champions healthy food and tidy water for all, agreed to restore its 18,323-square-foot head office at 1616 P St. NW in Washington, D.C.

. The six-story office building totals 68,500 square feet in the Resources & & Conversation Center. Other renters in the structure include Earth Day Network and Just Vision.

John Danziger and Eric West of West, Lane & & Schlager Real estate Advisors represented the occupant in the renewal. By Phil Graham

Regus to Anchor New Redstone Gateway Advancement in Huntsville

Regus, a workplace suite and co-working space company, signed a lease to anchor a new office complex set to be established within the Redstone Gateway development

in Huntsville, AL. The 36,000-square-foot, single-story structure is arranged to break ground this month at 4100 Market St. Regus will occupy 21,000 square feet on a 14-year offer that is expected to start in the 4th quarter of 2018.

Redstone Entrance is a 470-acre, mixed-use office park owned in a joint endeavor by Business Office Residence Trust and Jim Wilson and Associates, LLC. The final advancement will consist of more than million square feet of office, retail, restaurant and hospitality space. By Carter Wells

Lennar Corp. Signs Lease at 500 E. Morehead St. in Charlotte

LMC, the multifamily division of Lennar Corp., signed a lease for 20,400 square feet in the new office complex located at 500 E. Morehead St. in Charlotte, NC. The company will occupy its new space in early December.

The seven-story, 178,259-square-foot building delivered las April in the Midtown submarket. The project took about 15 months to complete, providing with most of the structure pre-leased. Beacon Partners established the property, inning accordance with CoStar details.

Charlie Swanson and Kristy Venning represented the owner, Beacon Partners. Mark Decherd with CBRE represented the tenant. By Shae Yeagar

Axios to Open New 15,000-SF Office in Clarendon

Axios Media, a recently launched American news and info website established by Politico co-founder Jim VandeHei, former Politico Chief White Home reporter Mike Allen and former Politico CRO Roy Schwartz, signed a lease for 15,301 square feet of office space at 3100 Clarendon Blvd. in Arlington, VA.

. Renovated in 2015, the 14-story, 272,698-square-foot high-rise is anchored by The Cadmus Group as well as homes offices for the State Dept. Federal Cooperative Credit Union and Enterprise Understanding, among others. Axios’ lease includes the whole 13th floor, which the business plans to inhabit in the spring of 2018.

David Alperstein of FD Stonewater represented Axios in settlements, while Dave Millard, Nick Gregorios, Peter Berk and Caroline Guidera of Avison Young represented the property owner, Atlanta-based Piedmont Workplace Realty Trust. By Olivia Schneider

Ametek Takes 15,906 SF at Diehl Point at Cantera

Ametek, Inc., an international maker of electronic instruments and electromechanical gadgets, signed a 10-year lease to open a new workplace at Diehl Point at Cantera in Warrenville, IL.

Ametek will occupy 15,906 square feet at 27755 Diehl Rd., a 44,730-square-foot, single-story structure finished in 1999 just south of I-88 in the Western East/West Passage. Ametek’s offer brings the residential or commercial property to completely rented.

Patrick Elwood of CBRE represented Ametek in negotiations. Peter Adamo, also of CBRE, represented the property owner, KBS Realty Advisors. By Kahn Thomas Branch

Brookfield Proposes to Obtain GGP for $14.8 Billion

GGP Validates Receipt of Unsolicited Proposal from Brookfield, Shopping mall REIT’s Board Develops Special Committee to Evaluate Deal

Brookfield Property Partners LP(NYSE: BPY) (TSX: BPY.UN) has actually made a non-binding proposal to obtain GGP Inc. (NYSE: GGP) beyond the 34% it already owns.

Brookfield would pay $23/share payable in money and stock at an overall value of $14.8 billion.

The proposal represents a premium of 21% to the unaffected closing share price of GGP’s typical stock of $19.01 on Nov. 6, 2017, prior to when reports of such a deal started distributing.

Since Sept. 30, GGP owns full or partial interest in 126 retail residential or commercial properties totaling about 125 million square feet.

Looking only at the highest-quality assets in its retail portfolio, Brookfield Property reported that if believes that 75 of the 126 properties are of the “greatest quality.” Same-store NOI at those 75 was up 4% in the third quarter.

Tenancy across the whole portfolio increased 80 basis points year over year to 95.4%.

“These favorable outcomes demonstrate that well-located, top quality retail real estate in the United States continues to perform well, despite negative understanding in the public markets,” Brookfield reported to investors last week. “While some sellers continue to deal with substantial challenges in growing their services, those sellers focused on the crossway of physicals retail with online sales channels continue to expand and grow. This development is evident from the almost 10 million square feet of renting we have actually completed so far in 2017, which is up from 9.5 million square feet for all 2016.”

GGP has continued this year to get big-box anchor spaces in its shopping malls and rearrange them.

“We can make excellent returns doing this and it is one of the best chances in U.S. retail today,” Brookfield reported. “In this regard, we recently got, either directly or by means of lease termination, 21 Sears places attached to GGP and Rouse shopping malls for $314 million. As Sears continues to rationalize its property assets, we have the ability to additional buy our shopping malls and transform these areas into higher-paying junior box utilizes and inline renters. On much of these tasks we are projecting levered returns of more than 20% on our invested capital.”

If approved, the GGP transaction would create in Brookfield Property one of the largest listed property companies in the world, with an ownership interest in nearly $100 billion of real estate possessions worldwide and annual net operating earnings of roughly $5 billion.

“Brookfield’s access to massive capital and deep operating proficiency throughout several property sectors integrated with GGP’s top quality retail possession base will allow us to maximize the value of these irreplaceable assets,” stated Brian Kingston, CEO of Brookfield Residential Or Commercial Property Group.

GGP has formed a special committee of its non-executive, independent directors to examine the proposition.

Goldman Sachs & & Co. is functioning as monetary consultant and Simpson Thacher & & Bartlett LLP is working as legal counsel to the special committee. Citigroup Global Markets Inc. is serving as financial advisor and Sullivan & & Cromwell LLP is working as legal counsel to GGP.

Brookfield Purchases $854.5 Million of Properties from TA Real estate

JLL Finishes Sale of National Workplace, Industrial Portfolios; Secures $475.5 Million Financing

Brookfield-sponsored private equity funds completed their purchase of a 46-property portfolio from TA Realty for $854.5 million.

The portfolio consists of a mix of commercial and office homes amounting to 8.6 million square feet topped 12 states, with the huge majority of the homes found in Los Angeles, Dallas, Chicago and Washington, DC metros, according to TA Real estate. The list of homes offered to Brookfield was not released.

A JLL Capital Markets group arranged the sales of a 37-property, 7.6 million-square-foot national logistics portfolio and a nine-property, 1.1 million-square-foot varied office portfolio on behalf of TA. JLL also secured $475.5 million in acquisition financing as part of the transactions.

TA Realty partners Nicole Dutra Grinnell, Michael Haggerty, Jim Raisides and dispositions officer Luke Marchand worked out the deals on the part of the seller.