Alter, White Oak to Develop Building; The Deal Sheet
| The Alter Group told us today that they're partnering with White Oak Realty to develop a new 490k SF, 20-story building at 625 W. Adams. The site, just one block from Ogilvie Station and two blocks from Union Station, is waiting on an anchor tenant before it gets financing, says The Alter Group's Matt Ward, who with White Oak's Tom Saletta is leading the lease-up. | |
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| Solomon Cordwell Buenz's Martin Wolf is designing the building, which is striving for LEED certification. Matt says he hopes to attract an anchor tenant to take up 60% to 70% of the space, and is targeting companies that want an efficient floorplate to save money on space. The building will have about 31k SF per floor of leasable space with just two columns per floor. While there may be a lot of competition on the horizon for the building's slated completion date of 2013, Matt says he's confident that The Alter Group's relationships and conservative fiscal history will make their building a success. | |
| Sales News Grubb & Ellis Co. represented Grubb & Ellis Realty Investors in the sale of a 12-asset national portfolio. The investment subsidiary managed the properties on behalf of a private investor. Grubb & Ellis'Seth McKinnon and Steven Golubchik, along with local market pros, repped the investor in the sale of 11 of the properties to American Realty Capital II. Grubb & Ellis' Riki Hashimoto, represented the private investor in the sale of 11525 Main St. in Denver, a 93k SF data center building fully occupied by TIAA-CREF Individual & Institutional Services LLC. The 11-asset portfolio includes buildings in Joliet, Carpentersville, Northlake, and Montgomery. *** Trinitas Ventures, a developer and operator of student housing, and Harrison Street Real Estate Capital have formed a $100M JV partnership to develop and manage urban-infill student housing communities throughout the country. The JV recently purchased two student housing properties totaling $69M at The Village at Muller Park in Bloomington, Ind. and 1201 Indiana in Indianapolis, slated to open August 2011. This is the first purchase for the recently launched Harrison Street Capital Real Estate Fund III. *** Prime Property Investors has listed for sale a portion of its student housing assets. The firm has engaged HFF to market a 1k-bed multi-campus student housing portfolio of properties that is 100% occupied and includes properties at Purdue, Indiana University,University of Nebraska, and Florida State. HFF's Brian Kelly and Matthew Lawton are representing ownership. ***
*** Marcus & Millichap's Scott Harris and Kyle Shoemaker have retained the exclusive listing for Indigo Place, a 192-unit, 204k SF student housing community in Savoy near the University of Illinois in Urbana-Champaign. The listing price is $14.8M. Built in 2000, the 588-bedroom property is located at 117 Sterling Court in Savoy. *** Millenium Properties' Brad Thompson, sold 3200 W. Armitage, a 4k SF building that houses a Subway and Walgreens, for $210k. The new owner hopes to redevelop the Logan Square building. Leasing News *** Options Clearing Corp. has renewed its lease for 58k SF of office space at 1 N. Wacker Dr. JLL's Jack Keenan and Rob Schmidt repped OCC. Hines' Tom D'Arcy and Tom Irvine repped building owner, Hines. *** MB Real Estate's Corporate Services division represented Fortegra Financial in a 49k SF lease at 10151 Deerwood Park Blvd. and 9k SF at 10475 Fortune Pkwy. in Jacksonville, Fla. The company is scheduled to move into its new space in early 2011. Flagler Development Realty's Ross Carrier repped the owner, a private equity fund managed by affiliates of Fortress Investment Group. *** Bradford Allen Realty Services completed four new leases over the last three months for 12k SF of office space at the Kinzie Design Center, 220-230 W Kinzie in Chicago. The leases signed on behalf of Chicago-based owner, Kinzie Street Partners are: Vine Street Trading for 4k SF, The Chartis Group for 4k SF, The Well Advertising for 2k SF, and Visual Wright leasing 2k SF. Construction *** J.C. Anderson completed a 40k SF LEED Silver certified office build-out for a banking institution in Itasca. The build-out featured the design and construction of multiple conference rooms, executive offices, a large café, a lunch area for employees and new washroom facilities. J.C. Anderson's Steve Boulukos was the project executive, and Chris Derks and Larry Regovic led the construction of the bank's facility, which received LEED Silver. Gensler served as the architect. *** Opus completed construction on a 35k SF warehouse/distribution facility designed and built for King Shan at Oakview Corporate Park in West Dundee. Opus completed the facility in five months. This is the third building Opus has built at Oakview Corporate Park, now totaling approximately 300k SF. Darwin Realty's Noel Liston represented both King Shan and Opus in the transaction. *** Goettsch Partners has been commissioned by developer Guangzhou R&F Properties Co. to design a new 295 SM mixed-use tower in the city of Tianjin, China. Occupying a central parcel in the city's newly planned business district, Tianjin R&F Guangdong Tower will be one of China's tallest buildings at 439 meters. IT will include Class A office space, a 400-key hotel, 55 condos, and 8,550 square meters of retail. The project is currently finishing design and is scheduled for completion in 2015. Receiverships Management News *** Tishman Speyer announced its Franklin Center office complex at 222 W. Adams and 227 W. Monroe has earned the LEED-EB Silver cert. To earn the rating, management reduced energy consumption by 2M kWh, reduced water use by 5.4M gallons per year, and recycled 870k pounds of material. Executive Moves Finance News HFF has arranged a $66M construction/permanent loan for the development of the 334-room Radisson Blu Aqua Hotel within Chicago's mixed-use Aqua tower. HFF's Michael Kavanau and Daniel Kaufman worked on behalf of the borrowers, Magellan Development and Carlson Hotels, to secure the seven-year construction/permanent financing from MassMutual who was advised by the Chicago finance office of Cornerstone Real Estate Advisers. Total cost of the development is about $125M. Due for completion in September 2011, the Radisson Blu will occupy floors four through 18 of the Aqua tower. | |
