Tag Archives: tower

Resident Investors Purchase AT&T Head Office Tower in Downtown Dallas

Dallas-based investors Dundon Capital Partners and Woods Capital have actually gotten One AT&T Plaza in downtown Dallas.

Dallas-based investors Dundon Capital Partners and Woods Capital have as soon as again seized on the opportunity to get a piece of their city’s skyline, together purchasing the renowned 37-story workplace tower at AT&T’s corporate headquarters campus downtown.

The investors were likewise attracted by AT&T’s recently restored lease through 2030 that market sources valued at about $278 million previously this year.

The 965,800-square-foot tower at One AT&T Plaza was cost a concealed rate by the real estate arm of New York billionaire Carl Icahn’s conglomerate Icahn Enterprises, which started marketing the home in investment circles in the spring. The other three structures that make up AT&T’s campus encompassing four city blocks in downtown Dallas were not part of this offer.

The Class A workplace tower at 208 S. Akard St. has actually been the central point of AT&T’s worldwide headquarters because the business moved from San Antonio, Texas, in 2008. A massive transformation is underway on the website to assist the business improve partnership for workers and produce a desired location for visitors.

That revitalization strategy assisted display AT&T’s commitment to downtown Dallas, making this an attractive financial investment, said Jonas Woods, president of Woods Capital.

“AT&T shares our vision of downtown becoming one of the most lively communities in Dallas,” Woods stated in announcing the deal. “We anticipate dealing with AT&T and continuing to participate in the significant growth of downtown.”

Dundon Capital Partners and Woods Capital have actually been busy investing in Dallas recently, with acquisitions such as the 50-story Thanksgiving Tower and 33-story 2100 Ross Avenue, the fictional area of the Oil Barons Club from the 1980s TELEVISION series “Dallas.”

Tom Dundon, chairman and handling partner of Dundon Capital Partners, said his group was delighted to construct on that commitment with the financial investment in the worldwide head office of “among the most vibrant, highly lucrative and well-managed media and home entertainment business worldwide.”

On the other hand, construction is already underway on a portion of AT&T’s prepared $100 million job, which has been called by executives as “Discovery District.” The transformation includes redoing the school to end up being a public space with 40,000 square feet for dining establishment and retail, a two-story food hall with balcony dining, an outdoor gathering and performance area, a six-story video wall facing Commerce Street, and a water garden.

CBRE brokers Michael Monahan, Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua represented the seller in the deal.

Office Tower in Boston'' s Seaport Sells for $450 Million, Big Workplace Record for 2018

CommonWealth Partners has paid $450 million for the new office tower on Pier 4 in Boston’s surging Seaport District, a record for this year that shows the accelerating demand for the city’s historic waterfront that’s drawing major corporations from Amazon to General Electric.

The 13-story tower at 140 Northern Ave. is 372,372 square feet and is set up for completion this month. It’s known simply as Pier 4. CommonWealth, the Los Angeles financial investment firm, paid $1,208 per square foot for the tower, the highest per-square-foot price for a large-scale workplace task in the city in 2018, inning accordance with CoStar information.

The Seaport District has actually become one of the most popular Boston workplace areas in a city that has seen a boom in the sector in the decade considering that the economic downturn. For Boston, the surging need for the location belongs to an extended payoff for an enormous cleanup of the harbor started in the 1980s that was followed by the removal of an overhead expressway that utilized to cut off the section of the city.

Newmark Grubb’s capital markets group led by Rob Griffin brokered the offer for Tishman Speyer, the New York investment and development firm that developed the home.

Boston Consulting Group has actually signed on for about half the area in the tower for its brand-new global headquarters. Other renters include Cengage Knowing, a company that produces digital knowing applications, and Man Numeric, an investment company specializing in quantitative financial investment models. It’s now more than 95 percent leased.

The tower has about 30,000 square feet of retail area. Tatte, an upscale bakery, has actually already leased area there.

The building’s functions consist of a high-end fitness center, bicycle storage and a roof terrace with landscaped “living walls.” When all work is finished, it will include an acre-sized waterside park linked to the Boston Harbor Stroll.

Tishman is also establishing the final phase of their Pier 4 job, a nine-story high-end apartment project with 106 units costing $2 million and up.

Pier 4, which is near the former site of the city’s renowned seafood dining establishment Anthony’s Pier 4, is among many recent Seaport tasks developed on speculation. The neighboring 121 Seaport for instance, broke ground simply last summer. Developer Skanska USA, the New York arm of Swedish designer, had the ability to fully rent the 415,000-square-foot tower practically right away, to pharmaceutical business Alexion and software designer PTC.

Both Amazon and General Electric have devoted to space in the Seaport also. Amazon rented 430,000 square feet there in May and is thinking about another 500,000 square feet.

Inning accordance with CoStar research study, there’s about 600,000 square feet of brand-new office space under construction in the Seaport, about 4.3 percent of total inventory. Only the tech and education-heavy East Cambridge area has more advancement underway in Boston.

To learn more on the sale of Pier 4, please see CoStar Comp # 4489780.

Tulip-Shaped Tower Planned for Miami Horizon


Making of the 73-story Okan Tower in Miami.Turkish billionaire Bekir Okan met with architect Robert Behar in 2015 and asked him to design a skyline-altering advancement in downtown Miami. As an outcome of that chat, he says building and construction scheduling is now underway on Florida’s tallest building. Behar wanted to create a symbolic referral to Okan’s

homeland and came back to him a few weeks after their conversation with an unusual idea: a tower in the shape of a blossoming tulip– Turkey’s national flower. Okan Tower.Photo Credit: Okan Group” He enjoyed it,” Behar recalled in

an interview.” Everyone in the room simply looked up and

said,’ Wow.’ That was one of the most unforgettable moments in my profession. This will be an incredible, iconic landmark in Miami. “The structure would span 70 stories and 890 feet, making it the tallest in the state, stated Behar, of Coral

Gables, Florida. It would go beyond the 868-foot Panorama Tower that opened recently on Miami’s Brickell Opportunity. The mixed-use Okan Tower has gotten city approvals and is because of begin by year’s end at 555 N. Miami Ave., according to Kasim Badak, president of Okan Group’s American service interests. Plans call for a 294-room Hilton hotel, 236 condominium-hotel units, 149 condo systems and 64,000 square feet of 5-Star office space. The price range for apartment units

is$ 320,000 to more than$ 2 million. The targeted completion is 2022. Features would consist of a sky pool, breathtaking views, a Turkish bath, health and fitness center, a cinema, dining establishment, wine cellar and cigar room. It would be Okan’s first U.S. advancement, and he prepares to finance the $ 300 million venture himself, Badak stated.” The city has constantly had my eye,” Okan discussed in a statement to CoStar

News.” I have actually circumnavigated the world, and Miami’s dynamic energy and cultural blend location it in a category all its

own. It’s an honor to construct Okan Tower here, and we want to produce a brand-new center of downtown Miami.” He paid$ 18 million for the property in 2015, inning accordance with public records. It’s about a block from the new Brightline train station, a commuter service that introduced this

year to connect the downtowns of Miami, Fort Lauderdale and West Palm Beach. Jack McCabe, a property consultant in Deerfield Beach, Florida, said he’s satisfied with the building style and said it will fit in with Miami’s varied horizon. Still, McCabe and other

experts keep in mind an oversupply of condos in downtown Miami that could result in cost decreases. Cranespotters.com, a database that tracks coastal condominium construction in South Florida, shows a 70-month supply of units priced at$ 1 million or more, while there’s a 25-month supply of systems under $1 million. McCabe stated apartment or condos may work much better at Okan Tower due to the fact that more young professionals prefer renting to owning. And there’s also the possibility of another recession, which McCabe anticipates within the next two years.

” Without a doubt, distinct as it is, this project is going to deal with a complex set of obstacles,” McCabe said. But even with an economic crisis, Okan Tower likely would be constructed for the next real estate cycle, finished in time to catch a brand-new

wave of apartment purchasers, said Peter Zalewski, principal at Cranespotters.com. Meanwhile, Rebel Cook, a South Florida realty broker, said Miami remains a dynamic location for foreign purchasers.” A lot of individuals love to pay cash for a condominium to have their money parked here, “she said. So far, more than 50 prospective purchasers have placed bookings for units in the building, with each reservation requiring a 10 percent deposit, a spokeswoman

said. Okan, a one-time teacher in Turkey, later opened a prep school and eventually

moved into advancement, tourism and textiles, inning accordance with Badak. Okan has actually been a part-time South Florida local for the past twenty years and has a child who attended the

University of Miami. Badak said it was only a matter of time before the senior Okan asked him to hunt for advancement websites in Miami. He has long had an affinity for

the region’s beaches and sunshine, Badak said.

” Who wouldn’t like all that? “he stated.” They’re like God’s gift.” Paul Owers, South Florida Market Reporter CoStar Group.

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.

Vikings Owner Proposes 17-Story Tower for Downtown Minneapolis

Strong Market Surrounding Arena Could Cause Numerous Tasks on Land Owned by the Wilf Household

The family that owns the Minnesota Vikings of the National Football League remains in movement to establish a collection of long-held residential or commercial properties that are clustered near the football group’s two-year-old, $1.1 billion stadium in downtown Minneapolis, beginning with a 17-story home tower.

Considering that 2005, the team has actually been managed by the Wilf family. Based in New Jersey, the family made its fortune in house building, industrial and multifamily advancement on the East Coast. The household has actually already undertaken one massive advancement in the Twin Cities residential areas: Viking Lakes, which includes plans to develop retail, office and a thousand domestic systems on the 200 acres around the Vikings’ brand-new corporate headquarters and practice center in Eagan.

However, previously the Wilf household hasn’t tried to profit from the growing market that has actually emerged around U.S. Bank Stadium in Minneapolis proper. Finished in 2016, the stadium hosted the NFL’s Super Bowl LII on February 4, 2018.

The new house tower is prepared for a car park at 240 Park Opportunity. But that could be simply the start of a prolonged effort to build on Wilf-owned homes downtown, stated Don Becker, who works as both task executive with the Vikings and is a principal for the Wilf’s development service, Garden Houses.

The.75-acre site at 240 Park is part of a bundle of lots purchased from Central Parking in 2007. The portfolio also includes about 1.1 acres at the northeast corner of Chicago Opportunity and 4th Street and approximately.9 acres of uninhabited land right away to the east, right before Third and Fourth Street briefly converge and dip under Interstate 35.

At that time, the business did not have specific prepare for the homes, Becker said, but thought they might be useful, either to the stadium project itself or as development homes down the roadway. At the time, downtown’s domestic population was much lower: According to the Minneapolis Downtown Council, 11,552 people moved into the downtown location between 2006 and 2017, bringing the total residential population from about 32,000 to 43,456, a 36.2 percent increase.

A hotspot in this property renaissance has actually been the location north and east of the arena, which has been in the middle of a building boom that reveals little indication of easing off. Until now, other designers like Minneapolis’ Ryan Companies, Alatus and the Sherman Group have been the most active there, Becker stated, however the Wilf household is prepared to get in the video game.

Today, much of the plan for 240 Park is initial, and many aspects of the task are still to be determined. Business executives still have yet to choose the number and type of units, amenity mix, and target segment of the rental market.

Nevertheless, Garden Residences favors low turnover in its building and chooses stable, long-lasting renters– for instance, empty-nesters or newlyweds who plan to remain for years, instead of months. Whatever the last style involves, the houses will be big enough to easily sustain families.

Becker, together with members of Minneapolis architectural firm BKV Group, will provide preliminary plans for the tower at a community conference on Monday. For now, the group is just trying to find informal feedback, Becker said.

He included prepare for the remainder of the parcels are still to be identified.

60-Story Miami Worldcenter Apartment Tower Caps Change to City Horizon

Paramount Miami Worldcenter developers are completing vertical construction on the 60-story residential high-end tower, capping a nearly $4 billion task that’s altering among the biggest skylines in the United States Southeast.

The last beam was put Friday atop the highest point in the condominium covering 10 blocks stretching 27 acres in Miami’s downtown. Developers say the job is one of the greatest now under building and construction in the United States.

During an event for the mixed-use job this morning at 129 NE 8th Ave., flags from 50 nations flew atop the building, representing the citizenships of the various purchasers. Argentina, Mexico, Russia, Greece and Guatemala are among the countries represented in the purchaser pool for a job where the typical apartment price tops $1 million.

” Miami has become a truly global city and this building is a clear indication of that,” developer Dan Kodsi said in a declaration.

The 569-unit structure has actually generated more than $400 million in presales so far, designers said. Units range from 1,180 to 2,350 square feet each, and tenancy is set for early next year.

Features include an outdoor soccer field, 2 tennis courts and a resort-style pool total with cottages and rental properties.

Aside from the condominium tower, Worldcenter will have a 444-unit apartment building that is arranged to open in the fourth quarter of 2018, and an office tower with approximately 600,000 square feet slated for 2021.

Nitin Motwani is handling partner of a development group that consists of Art Falcone. When finished, the development will feature an open-air retail, dining and home entertainment center, a 1,700-room Marriott Marquis and a 2nd house tower.

Paul Owers, South Florida Market Press Reporter CoStar Group.

BB&T Tower Trades in One of the Largest Office Deals in Jacksonville This Year at $24.5 Million

The 18-story BB&T Tower in Jacksonville, FL offered in among the greatest office sell the marketplace so far this year.

After being put up for sale by unique servicer LNR Partners this&spring, BB&T Tower chose $24.47 million, or about $86 per square foot, making it among the most pricey, inning accordance with CoStar information.

LNR Partners, which re-possessed the 285,487-square-foot complex after it entered into foreclosure in 2016, sold BB&T Tower to an entity connected to in your area based designer Ash Residence by means of online auction platform Ten-X.

Transwestern’s John Bell, who was tapped by the seller to shop the landmark possession, noted that BB&T Tower was among the most in-demand office investments in Jacksonville up until now this year. Inning accordance with Transwestern, the complex underwent an extreme bidding procedure, receiving almost 300 privacy contracts from capital sources across the country and internationally.

BB&T Tower, located at 200 W. Forsyth St., was initially integrated in 1975 however was recently remodelled. According to Bell, LNR Partners completed almost $4 million in capital improvements to the office complex and kept a 63 percent occupancy rate. The complex is anchored by its namesake renter, BB&T.

Other leading workplace offers that have actually taken place so far this year include the $13.75 million Dream Finders headquarters deal in June, the $9 million Southpoint Company Park sale in June and the Flagler Center deal that can be found in at a tremendous $136 million.

Please see CoStar COMPS # 4437572 to learn more on the BB&T Tower deal.

Hunt Cos., WestStar Begin Work on Downtown El Paso, TX'' s Tallest Workplace Tower

WestStar Tower is Very First High-Rise Office Complex to obtain Underway in El Paso in 40 Years

Courtesy: Duda |

Paine Architects.An El Paso, TX-based collaboration between Hunt Companies Inc. and WestStar has begun construction on a new 18-story, 262,000-square-foot high-rise office building, which, upon conclusion, is set to be the Texas town’s tallest tower.

The high-rise office building at 601 N. Mesa St.– the first in 40 years to obtain underway in El Paso– would consolidate four downtown WestStar places into the 306-foot tall corporate office complex, and take the name WestStar Tower. Building is slated for conclusion in summer 2020.

WestStar, a locally-owned neighborhood bank with properties amounting to $1.7 billion, intends to have “a long-lasting impact on the downtown economy and that of the entire area,” with the new workplace tower, said L. Frederick “Rick” Francis, WestStar’s chairman and chief executive.

The prepared combination would cause 260 employees of WestStar and its affiliates in one office spanning 3 floors with an industrial banking location on the ground flooring of the tower.

In addition to WestStar, Hunt Companies also prepares to move its head office from Mesa Street into the new development. In all, Hunt plans to inhabit 3 floorings in the building for its new corporate headquarters with about 175 employees.
The Hunt Household Foundation would move along with the rest of Hunt-affiliated companies into the future industrialized office space.

The office tower lines up with El Paso’s plan on rejuvenating its downtown community, stated Mayor Dee Margo.

“Today’s groundbreaking is another action toward decreasing the tax concern on residential taxpayers while increasing our commercial tax base,” Margo stated in a statement on June 22. “This advancement will be type in attracting brand-new business to move and invest into our community.”

WestStar Tower.Photo Credit: Duda|Paine Architects.The brand-new office complex

, along with a landscaped park and plaza, called Hunt Plaza, would inhabit an entire city block in downtown El Paso. The tower would likewise include about 13,000 square feet of retail space with 735 parking areas for its occupants.

For the record:

Duda|Paine of Durham, NC, is the building architect, with San Francisco-based Gensler supervising the interior decoration work. The Office of James Burnett, based in Houston, is the landscape architect of the park and plaza. Moss, of Fort Lauderdale, FL, is the job’s general professional.

Regional company Sonny Brown & & Associates is renting the workplace and retail area on behalf of the collaboration.

Patrinely Group Pulls Permit for 30-Story Workplace Tower at Block 162 in Downtown Denver

A Houston business has actually pulled its very first building and construction license for the foundation of a long-anticipated task in downtown Denver.

Plans for Patrinely Group’s Block 162 task were very first floated in early 2016 as a 32-story workplace and hotel development on 15th Street in between Welton and California streets. Updated marketing products reflect a little less enthusiastic plans for a 30-story office tower amounting to 595,000 square feet.

An agent from Patrinely Group did not instantly react to an email ask for comment.

In 2017, Patrinely signed a ground lease along with USAA Real Estate Co. to establish the site, which had actually been assembled during a number of years by Denver designer Evan Makovsky.

Marketing products for Block 162 suggest that the building will include ground-floor retail and 12 levels of above- and below-ground parking.

If developed, the tower would be the second-tallest office building built in downtown Denver in current memory, just behind Hines’ 40-story 1144 15th, which was the tallest office complex constructed in the area given that the 1980s.

$222 Million Sale of Charlotte Workplace Tower Sets Market Record

Portman-Developed 615 South College Sells for Highest Price Per Square Foot for Class A Workplace Residential Or Commercial Property in Charlotte History

CBRE Global Investors and a pension fund client simply obtained 615 South College, a brand-new Class A workplace tower in Charlotte for $222 million.

The sale of the 19-story, 375,865-square-foot office tower established by Atlanta-based Portman Holdings recorded in county records Tuesday. The brand-new office building was completed in 2017 beside Charlotte’s popular Westin Hotel and houses co-working firm WeWork.

The structure was sold by a joint endeavor partnership in between Portman, Los Angeles-based PCCP and a Chinese financial investment firm, China Orient Summit Capital Co., Ltd.

. At that rate, that sale works out to approximately $590 per square foot, a record cost per square foot for a Charlotte workplace home.

The office tower was constructed on top of a 1,456-space underground parking deck and the record-setting price shows in part the additional income produced by parking costs.

However, even representing the additional value from the parking earnings, the rate per square foot far eclipses any previous Class A workplace sale in Charlotte, which formerly had not exceeded $400 per square foot.

The sale did not set a general record rate for a Charlotte workplace property, nevertheless. That honor is still held by the 2016 sale of 301 S. College St. for $284 million.

The Atlanta office of Eastdil Secured organized the sale on behalf of the seller. The California State Teachers’ Retirement System (CalSTRS) joined CBRE Global Financiers in the building purchase. The purchaser and seller reacted to calls however stated they might not yet comment on the sale.

Brian Dawson, a managing director for Jones Lang LaSalle who heads JLL’s Capital Markets group in Charlotte, was not associated with the transaction but said he was not amazed that it traded for a record rate.

“This is a special property that is a really solid, well-designed, core trophy property located in Charlotte’s top submarket,” Dawson said. “The income produced by the parking garage and ancillary utilizes advantage net operating earnings.”

The office tower in Charlotte’s stylish Stonewall Passage is the last significant development finished by Portman Holdings before the death of its creator, renowned architect/developer John Portman, who died in December 2017. Portman personally cut the ribbon the main opening of 615 South College in May 2017.

The underground parking deck was developed by Portman at the very same time as the Westin Charlotte, which opened 15 years back. When Portman broke ground on the 700-key Portman-designed hotel in September 2000, the designer said the garage would be built to accommodate a 2nd stage that would comprise either extra hotel spaces or an office building.

The tower at 615 South College still is in its preliminary lease-up phase and currently is about 82 percent leased, according to CoStar research study. WeWork is the largest tenant and inhabits 76,000 square feet. Regions Bank occupies nearly 64,000 square feet. Other occupants consist of Addison Group, BDO U.S.A. and Direct Digital.

Asking rents are $39.50-$40 per square foot each year on a full-service basis.

To find out more on CBRE Global Investors’ acquisition of 615 South College, please see CoStar COMP # 4302369.