April 18, 2024
L&L Expands Commercial Leasing Team with Two New Hire  – Robert Khodadadian

L&L Expands Commercial Leasing Team with Two New Hire  – Robert Khodadadian

L&L Holding Company has expanded its commercial leasing team with two appointments for its New York City portfolio. Tanya Grimaldo joins as vice president of Leasing, bringing nearly a decade of experience from the Durst Organization, while Giannina Brancato is promoted to assistant vice president of Leasing. They will collaborate with executive vice president Jonathan Tootell. 

“We are pleased to welcome Tanya to the L&L team and support Giannina’s continued ascent,” said L&L Holding president & chief investment officer Robert Lapidus. “Their fresh perspectives and unique skill sets, which span the areas of commercial leasing, property management and tenant services, will further enhance L&L’s ability to attract and retain industry-leading companies to our portfolio of iconic office assets.” 

L&L’s eight million-square-foot portfolio includes assets like 425 Park Avenue and 390 Madison. The duo will participate in the redevelopment of Terminal Warehouse into a wellness-focused workplace in West Chelsea. 

The post L&L Expands Commercial Leasing Team with Two New Hire  appeared first on Connect CRE.

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate

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New York City Skyline - Robert Khodadadian

Robert Khodadadian | Commercial Observer

Candy retailer It’Sugar has opened a 16,000-square-foot, two-story sweets shop at Bayside Marketplace, an open-air shopping center and tourist destination along Biscayne Bay in Downtown Miami.

While most It’Sugar locations take up smaller footprints, the new store is among a handful of the chain’s flagship locations.

The store carries the usual inventory of Sour Patch Kids, Nerds, Skittles, Reese’s, M&M’s, Heshey’s and Starburst treats, along with retro brands and international products. Thanks to its expansive floorplate, the Bayside store, at 401 Biscayne Boulevard, includes a lollipop garden and places for photo opportunities.

It’Sugar is a unit of Fort Lauderdale-based BBX Capital. The chain filed for Chapter 11 bankruptcy reorganization in 2020, blaming a pandemic-caused slowdown in sales, but emerged from bankruptcy in 2022.

Known for its bright colors and whimsical vibe, the chain has more than 100 stores in the U.S. and Canada. That includes smaller stores at South Florida shopping centers such as Delray Marketplace and Mizner Park, and at New York City hot spots such as Times Square and Coney Island.

It’Sugar’s biggest store is a 24,000-square-foot, three-story location at American Dream mall in East Rutherford, N.J. In a more typical lease, the chain last year took 2,751 square feet at 801 Lincoln Road in Miami Beach.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.

  

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer

Read MoreChannel, Leases, Retail, 401 Biscayne Boulevard, Bayside Marketplace, BBX Capital, IT’SUGAR, Florida, South Florida, Miami, Downtown Miami Commercial Observer

Two-Lot Mixed-Use Changes Hands Along Newport Beach’s Marine Avenue – Robert Khodadadian

Two-Lot Mixed-Use Changes Hands Along Newport Beach’s Marine Avenue – Robert Khodadadian

Faris Lee completed the sale of 325-331 Marine Ave. on Balboa Island, located in Newport Beach. Situated on two separate parcels, the property, a mixed-use storefront retail with two second-story residential units, sold for $4,400,000, representing a price of $1,193 per square foot for the building and $842 per square foot for the land.

Jeff Conover, Shaun Riley, Scott DeYoung and Greg Lukosky with Faris Lee Investments, along with Greg Swedelson and Jon-Eric Greene with SSG Realty Corp., represented both the buyer and the seller.

The offering presented a very rare and unique investment opportunity and was very attractive in the sense that the sale consisted of two adjacent lots / parcels along the coveted Marine Avenue on Balboa Island,” said Conover, “Very rarely does one lot become available, let alone two in this case, for this high-barrier-to-entry market. We believe this was a trophy real estate / pride of ownership investment for the buyer.”

The post Two-Lot Mixed-Use Changes Hands Along Newport Beach’s Marine Avenue appeared first on Connect CRE.

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate

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New York City Skyline - Robert Khodadadian

Hines JV Welcomes Biotech Firm at Houston Campus – What is a Ground Lease?

Levit Green’s Phase I totals 290,000 square feet. Image courtesy of Hines

Hines and its partners 2ML Real Estate Interests and Harrison Street have signed a 7,400-square-foot lease at Levit Green, a mixed-use life science district in Houston. The tenant is PranaX, a biotechnology company scheduled to move into a turn-key lab space within the development’s Phase I building this week.

PranaX focuses on harnessing exosomes to rejuvenate inflamed, aging and damaged tissues and organs, with the goal of unlocking the regenerative properties of exosomes to promote health and enhance quality of life. The company will work together with The University of Texas MD Anderson Cancer Center to create healthy aging products. PranaX will use the new space as the headquarters of its manufacturing, research and development operations.

Levit Green’s centerpiece

Levit Green’s Phase I is a 290,000-square-foot five-story building at 3131 Holcombe Blvd. that features 56,000-square-foot floorplates, a 25,000-square-foot laboratory space, ample bay spacing, grade level doors and dock high shipping and receiving bays. Additionally, the lab and biomanufacturing facility includes a 9,500-square-foot vivarium, a 5,800-square-foot fitness center with an outdoor garden, a conference center and about 3,500 square feet of waterfront coffee bar and restaurant space.

PhanaX, in collaboration with Hines, is planning to convert one of the laboratory’s support rooms into an ISO-7 clean room that meets FDA standards. The firm will use this space to manufacture approved therapies, further advancing its research and development capabilities.

Developed in 2023, the building serves as the centerpiece of the bigger Levit Green project. The facility was designed by architectural firm HOK, while J.P. Morgan Chase Bank provided construction financing for the project, according to CommercialEdge.

The 4-acre life science building is close to Interstate 610 and within the city’s Medical Center Area, 5 miles from Houston’s central business district, 5 miles from downtown Houston, 12 miles from William P. Hobby Airport and within 23 miles of George Bush Intercontinental Airport.

Levit Green is a 53-acre life science hub adjacent to the Texas Medical Center that will encompass 4 million square feet of mixed-use space across nine buildings. Plans call for a mix of research and production facilities, as well as outdoor amenities, office, retail and residential spaces.

A team of JLL life science experts has been tapped as exclusive leasing agent for Levit Green in 2021. It is currently led by Vice Presidents Sarah Savage and Mallory Kelly, together with Managing Director Chris Wadley.

Houston’s life science megaprojects

In late 2023, Texas Medical Center opened another life science campus nearby: TMC3 Collaborative Building, which encompasses 250,000 square feet of research and life science space within the Helix Park megaproject. The building is part of the development’s first phase, which will also include a 700,000-square-foot research facility.

In August of last year, McCord Development unveiled plans for BioHub Two, a speculative 500,000-square-foot biomanufacturing campus in northeast Houston. The project will rise within Generation Park, a 4,300-acre master-planned development that will include multifamily, office, industrial, retail and medical office spaces.

The post Hines JV Welcomes Biotech Firm at Houston Campus appeared first on Commercial Property Executive.

  

In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

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Read MoreBrokerage, Development, Houston, News, Office, Southwest, Harrison Street, Hines, HOK Architects, JLL, JPMorgan Chase Bank Commercial Property Executive 

New York City Skyline - Robert Khodadadian

Robert Khodadadian | Commercial Observer

The New York City Police Department (NYPD) will stick it out for another five years at 300 Gold Street, before it plans to leave its longtime Brooklyn outpost for greener pastures.

The Department of Citywide Administrative Services (DCAS), which handles leasing for the city, is in the clear to renew the NYPD’s lease until October 2028 for the entire six-story, 51,750-square-foot building at the foot of the Manhattan Bridge in Downtown Brooklyn, according to city planning records.

The city will pay an annual base rent of $24.53 per square foot for the space at the corner of Gold Street and Flatbush Avenue while landlord One Liberty Properties completes repairs to the property, then the cost will increase to $26 per square foot, according to the terms of the deal described in The City Record.

Spokespeople for One Liberty and DCAS did not immediately respond to requests for comment. It’s unclear if brokers were involved in the deal.

The NYPD has been in the building since 1995 and some 203 uniformed and non-uniformed members across several citywide units currently work there, according to planning records. That includes the agency’s Fugitive Enforcement Division, Financial Crimes Task Force, Warrant Section, Quality Assurance Division and Chief of Department Investigative Review Section. 

The site is directly across the street from the 84th Precinct station house at 301 Gold Street. Despite the proximity to the station house, “after the five years, NYPD will not be using 300 Gold Street,” the agency wrote in its city planning application. It’s unclear where the NYPD’s 300 Gold operation will move after the lease renewal runs out.

The City Planning Commission approved DCAS and the NYPD’s office renewal application in February, and DCAS held a public hearing on March 27, completing the final step in the public review process for city agency real estate deals

Abigail Nehring can be reached at anehring@commercialobserver.com

  

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer

Read MoreChannel, Leases, Office, 300 Gold Street, 301 Gold Street, DCAS, New York City Department of Citywide Administrative Services, New York City Police Department, NYPD, New York City, Brooklyn, Downtown Brooklyn, One Liberty Properties Commercial Observer

California Economy Ranks Fifth Globally for Seventh Year – Robert Khodadadian

California Economy Ranks Fifth Globally for Seventh Year – Robert Khodadadian

California ranked as the fifth largest economy in the world for the seventh consecutive year in 2023, according to the International Monetary Fund’s (IMF) World Economic Outlook. The Golden State’s GDP was exceeded only by the economies of Japan, Germany, China and the U.S., still the world’s largest by far.

The state’s nominal GDP neared $3.9 trillion in 2023, growing 6.1% since 2022, according to the U.S. Bureau of Economic Analysis. On a per capita basis, California is the second largest economy in the world.

“California continues to punch above its weight, overperforming all but a handful of the largest countries in the world,” said Gov. Gavin Newsom. “And with our unparalleled combination of innovation, higher education, a talented workforce, diverse industries and unparalleled natural resources, we will continue to do so well into the future.”

Other economies in the top 10 as determined by IMF include India, the United Kingdom, France, Texas and Italy. Two other U.S. states rank in the global top 20, with New York in 12th place and Florida in 19th, down from 18th the year prior.

Join 500+ owners, investors, developers, brokers, financiers and more at Connect Los Angeles 2024 on May 1 at the InterContinental Los Angeles Downtown. Register now to catch insights and forecasts on today’s CRE markets from SoCal and national industry leaders. 

The post California Economy Ranks Fifth Globally for Seventh Year appeared first on Connect CRE.

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate

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New York City Skyline - Robert Khodadadian

Robert Khodadadian | Commercial Observer

The New York City Council gave aspiring casino developers an avenue forward by passing a bill Thursday allowing zoning changes for gaming facilities approved by the state.

The legislation will give any developer who wins one of the three available downstate casino licenses the ability to get a zoning amendment to build a casino in high-density and commercial manufacturing districts as of right. The switch will let developers skip over the city’s long Uniform Land Use Review Procedure usually required for zoning changes.

Developers and casino operators must submit their proposals before the June 30, 2025, deadline, and must be approved by the Community Advisory Committee (CAC).

The City Council voted 35 to 15 in favor of the bill, which was proposed in November 2023, during a Thursday meeting in which members in favor seemed interested in moving the process forward in a way that includes community input.

“I think the CAC process is going to be robust and rigorous. But in order to get to that process, and for the community to provide input on whether they want it or not, we need this text amendment,” Councilmember Justin Brannan said during a press conference prior to the vote.

Brannan’s South Brooklyn district covers one of the many competing gambling proposals: Thor Equities’ bid for a $3 billion casino in partnership with Saratoga Casino Holdings, the Chickasaw Nation and Legends on the Coney Island boardwalk.

“What we were seeing was one applicant starting at second base, the other guy was still in the dugout,” Brannan said. “So this text amendment at least puts everyone at the same footing and then we go from there. I think all the [council members] are looking forward to the CAC process because that’s ultimately where the rubber’s going to meet the road.”

Others were more leery of the bill, worried it would hand the City Council’s ability to approve or disapprove land use items relating to the casinos over to the state.

“Why would we unilaterally give up a level of authority that we have over land use matters? We’ve been granted this privilege by the voters, by the city charter to rule on these things, and we’re walking away from it,” Councilmember Kalman Yeger said in explaining his “no” vote.

There is no shortage of casino proposals in New York City. All are competing to get one of the three downstate permits.

They Related Companies with gaming partner Wynn Resorts wanting a facility in the western portion of Hudson Yards; Point72 Asset Management’s Steve Cohen planning a gambling house next to Citi Field in Queens; the Soloviev Group banding together with Mohegan for an entertainment district by the United Nations; SL Green Realty, Caesars Entertainment and Jay-Z’s Roc Nation aiming to build a gaming floor in Times Square; and Resorts World New York City hoping to redevelop its south Queens “race-ino” in a full-fledged, Las Vegas-style casino.

The state plans to officially open the bidding process for casinos next year, in an aim to give applications more time to finish their applications, with the winners set to be decided in “late 2025,” Crain’s New York Business reported.

Mark Hallum can be reached at mhallum@commercialobserver.com.

  

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer

Read MoreChannel, Construction, Design + Construction, Policy, Politics & Real Estate, Urban Planning, Justin Brannan, Kalman Yeger, Legends, New York City Council, Saratoga Casino Holdings, Thor Equities, New York City Commercial Observer

New York City Skyline - Robert Khodadadian

Robert Khodadadian | Commercial Observer

A loan secured by an iconic outdoor shopping mall in Santa Monica has entered special servicing again, and faces a maturity default for the second time in two years. 

The $300 million loan secured by Santa Monica Place — an outdoor shopping mall built in 1980 and renovated in 2010 — has been sent to special servicing and is at risk of “imminent default,” according to Trepp. While the single-asset-single-borrower CMBS loan was initially due to mature in 2019, it received a 36 month extension that established a new maturity date of Dec. 2022. 

Since then there’s been further extensions. After entering special servicing in Aug. 2022, the loan received a maturity extension to Dec. 2023 that included a pair of one-year extensions that pushed the last possible maturity date to the end of 2025. 

Macerich, a retail landlord and real-estate investment trust based in California, owns Santa Monica Place. The sponsor had exercised its first one-year extension on the loan last year. 

Santa Monica Place is more than 527,000 square-feet and sits in a neighborhood that includes 1.2 million people living nearby and more than 133,000 office workers within a three mile radius.

But the COVID-19 pandemic has gradually weakened the foot traffic and spending at the open-air mall. The debt-service-coverage-ratio on the property’s loan has fallen from 2.5x in early 2020 to 0.69x in 2023 — occupancy dropped from 80 percent to 73 percent last year. 

The property was originally appraised at a value of $622 million for securitization in 2017; the most recent Broker Opinion of Value [BOV] of the property came out to $264.5 million, according to Trepp.    

Current tenants include 7 For All Mankind, Bath & Body Works, The Cheesecake Factory, Forever 21, and Hugo Boss. Tenants planned to lease in 2024 include ARTE Museum and Din Tai Fung. Recent vacancies include Bloomingdales and Arclight

Macerich did not respond to a request for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com 

  

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer

Read MoreChannel, Distress, Finance, CMBS, Macerich, Maturity Default, Santa Monica Place, special servicing, Los Angeles, Santa Monica, Trepp Commercial Observer

U.S. CRE Price Declines Continue Deceleration in March – Robert Khodadadian

U.S. CRE Price Declines Continue Deceleration in March – Robert Khodadadian

The pace of decline in U.S. commercial real estate prices decelerated in March for the eighth month in a row, led by improvements for industrial sector, MSCI Real Assets said Thursday. The RCA CPPI
National All-Property Index fell 3.0% from a year ago and 0.2% from February.

In the current high interest rate environment, certain property sectors with stronger fundamentals have outperformed others, said MSCI Real Assets. Industrial prices have rebounded in recent months, while higher borrowing costs coupled with the uncertainty around the future for space have continued dragging down office prices.

The office sector again registered the largest monthly and annual declines of the property sectors. The CBD office index fell 33.2% from a year ago and 2.1% from February, while suburban office prices dropped 11.4% from a year earlier and 0.3% month-over-month.

The industrial sector was the only sector to post positive annual growth in pricing. Industrial prices rose 5.7% from a year earlier and 0.7% from February. Meanwhile, the pace of decline for apartment prices has decelerated in each of the past seven months, but the index fell 8.4% in March from a year earlier. Nonetheless, apartment prices are still 11% above the level seen in April 2020.

The post U.S. CRE Price Declines Continue Deceleration in March appeared first on Connect CRE.

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate

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Robert Khodadadian | Commercial Observer

The Row DTLA in Downtown Los Angeles is about to smell a heck of a lot better.

Market and restaurant concept Farmshop is opening a new wholesale bakery at the 32-acre commercial district Row DTLA, after inking a 20,000-square-foot lease with landlord Atlas Capital Group.

Farmshop was founded in Santa Monica in 2010. It’s new bakery at Row DTLA will feature 15,000 square feet of the latest culinary equipment, along with 5,000 square feet of move-in ready office space

Other terms of the lease, and details on who arranged it, were not immediately disclosed

“One of the unique benefits of having our offices under the same roof as our wholesale bakery is the opportunity for seamless collaboration and efficiency,” Farmshop co-owner Adam Block said in a statement. 

Situated on the edge of L.A.’s Arts District, the nearly 2 million-square-foot Row DTLA has become a popular retail, office and restaurant destination since opening in 2016. First known as L.A. Terminal Market upon its construction in the early 1920s, the complex was eventually redubbed Alameda Square and was known for housing the two largest produce wholesalers in the city for much of the 20th century.

Until its redevelopment by Atlas, it also served as the headquarters and manufacturing base for the now defunct American Apparel. 

Aside from a range of restaurant and cafe tenants, Row DTLA is also a hub for designer and boutique fashion brands, such as Revolve, which signed a 48,000-square-foot office and studio lease there in summer 2022. Spotify and Shopify also lease space at the property.

Nick Trombola can be reached at ntrombola@commercialobserver.com.

  

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer

Read MoreChannel, Leases, Office, Retail, Adam Block, ROW DTLA, Shopify, Spotify, Los Angeles, Downtown Los Angeles, Atlas Capital Group, Farmshop Commercial Observer

New York City Skyline - Robert Khodadadian

Arcadia Cold to Expand Chicago Footprint – What is a Ground Lease?

Arcadia Cold Storage & Logistics plans to build two cold storage facilities in metropolitan Chicago and to begin construction on the first one by the end of this year.

Logan Stuller and Sam Tippmann from Ti Cold in front of Arcadia’s Reno, Nev., facility, which opened in December 2023. Image courtesy of Ti Cold

In collaboration with its national strategic development partner, Saxum Real Estate, the Atlanta-based Arcadia intends to build a combined 600,000 square feet of space, providing support for more than 80,000 pallet positions of frozen and refrigerated capacity. Arcadia states that this space will be used for its “current client base and to satisfy demand from regional and national food manufacturers, retailers and foodservice providers….”

An Arcadia Cold spokesperson was unable to provide any additional information on either of the projects, including their dollar values or exact locations.

READ ALSO: Getting in the Heads of Industrial Tenants

The company’s website, however, does state that the first facility will be 294,000 square feet and handle 40,000 pallet positions, suggesting that the two buildings will be similar in size.

According to a company statement, the demand for cold storage facilities in the Chicago area is driven by the city’s strategic position as a major transportation hub and its status as a key player in the food distribution industry.

Established in April 2021, Arcadia Cold specializes in providing third-party handling, storage, distribution and value-added services to the food industry.

Heated expansion

Especially considering the cost and complexity of developing cold storage facilities, Arcadia’s expansion since its founding has been aggressive. The company recently announced plans to build a facility in Charleston, S.C., which is in addition to multiple other projects.

•  In March of last year, Arcadia preleased a 293,000-square-foot asset in metro Phoenix, then under development by Ti Cold and BentallGreenOak.

•  The following month, Arcadia began construction of a 216,297-square-foot facility in Jacksonville, Fla. The 30,254-pallet asset will come online later this year.

•  And in December, the company opened a 250,000-square-foot facility in Sparks, Nev. Reportedly the first cold storage facility in metro Reno, Nev., the 37,000-pallet property was designed and built by Ti Cold.

Nationally, at least a net 3.2 million square feet of cold storage space was absorbed in each of the past four years, an amount that exceeded the 2007–19 yearly average by more than 11 percent, according to a brand-new report from Marcus & Millichap.

Further, Arcadia’s three locations just above are consistent with U.S. population shifts, which have seen Arizona, Florida and Nevada grow, at the expense of California and the Northeast, Marcus & Millichap noted.

The post Arcadia Cold to Expand Chicago Footprint appeared first on Commercial Property Executive.

  

In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

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Read MoreChicago, Development, Industrial, Midwest, News, Arcadia Cold Storage & Logistics, Marcus & Millichap, Saxum Real Estate Commercial Property Executive 

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Robert Khodadadian | Commercial Observer

A Downtown Miami parking garage could potentially be redeveloped into a hotel or multifamily building, and it just got some fresh financing to help developers plan the next steps.

The joint venture of Artifact Group and Blutrich Holdings secured $20 million in senior financing for the property at 255 NE First Street, dubbed Bayfront Parking Garage. Concord Summit Capital Managing Director Justin Neelis arranged the financing, which was provided by Miami-based Vertix Group.

Artifact (known as Sageblan Investments until early last year) purchased the 247,000-square-foot, six-story garage from Tel Aviv-based Mishorim Real Estate Investments for $25 million in 2021, with the intention of operating it but later reimagining it as a multifamily building or hotel. The property is zoned for up to 800 residential units and 120 hotel rooms. 

Anil Basegmez, managing partner for Artifact, said in a statement that thefinancing allows us the flexibility and time frame that we want to plan out the best path forward” for the site.

“My family office is delighted to work with Concord Summit and to be involved in the revitalization of Downtown Miami’s historic district,” Blutrich Chairman Gil Blutrich said in a statement. “With Blutrich Holdings overseeing the development sites for over 1,400 residential units, we are excited about the transformative impact on the area.”

Nick Trombola can be reached at ntrombola@commercialobserver.com.

  

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer

Read MoreChannel, Finance, Refinance, 255 NE First Street, Anil Basegmez, Bayfront Parking Garage, Concord Summit Capital, Gil Blutrich, Justin Neelis, Mishorim Real Estate Investments, Vertix Group, Florida, South Florida, Miami, Downtown Miami, Artifact Group, Blutrich Holdings Commercial Observer

Robert Khodadadian | Commercial Observer

Robert Khodadadian | Commercial Observer





A new 28-story office tower, dubbed One Grand, has been pitched to take over an empty lot on Grand Street between Varick Street and Avenue of the Americas.

Taconic Partners and Nuveen Real Estate unveiled updated renderings for its proposed office tower last month. The designs were drawn up by SHoP Architectsthe firm behind Brooklyn’s curvilinear weathered steel Barclays Center.

New York City will use the base of the building for a 444-seat public school. The office portion begins about 100 feet up and it will have plenty of outdoor space for future tenants.

The south side of every other floor will feature double-height loggia terraces — covered outdoor areas ranging from 900 square feet to 4,500 square feet built into the tower’s floor plate — and the views from those floors won’t be anything to scoff at.

From that vantage point, the Hudson River will be visible, and the triangular Duarte Square directly below will give the tower some breathing room.

“I think you’re going to see best-in-class buildings continuing to build on this idea of indoor-outdoor space for offices,” said Gregg Pasquarelli, a founding principal at SHoP. “It was always thought of as just a residential amenity.”

The property occupies a block at the southern edge of Hudson Square at the junction with Tribeca. For that space, SHoP designed a rhomboid building with a lightweight steel façade that maximizes air and light.

It has texture, and it has verticality,” Pasquarelli said. “It’s metal and glass, but it’s got this feeling of solidity and mass that connects the base where the school is to the slender tower that goes up above.”

The development possibilities of the .75-acre full-block site have been fettered by zoning restrictions for most of the last century. The property was part of the city’s printing press hub in a neighborhood where “nothing connects with anything else, and everything looks as if it might disappear overnight,” as the New Yorker’s Janet Malcolm wrote in 1994.

But Trinity Church Wall Street’s 2013 rezoning of Hudson Square unleashed its potential.

Nuveen and Taconic — who have previously partnered on developments totaling well over 2 million square feet in New York City — entered into contract with Trinity Church in 2019 to purchase the ground lease of One Grand, where the previous building was demolished in 2007 and the lot has been vacant ever since. The land is part of a $6.1 billion Lower Manhattan portfolio Trinity has owned for three centuries. 

It’s unclear how much Nuveen and Taconic shelled out for the ground lease.

The firms have filed permits to begin foundation work at the site. Meanwhile, a JLL leasing team led by Peter Riguardi is working to secure an anchor tenant. They hope to fetch top prices.

“We are crafting a green commercial office space and wellness-focused talent draw in the midst of the city’s best culture, dining, entertainment, retail, and transportation,” said Taconic co-CEO Charles Bendit in a statement.

Abigial Nehring can be reached at anehring@commercialobserver.com.

  

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer

Read MoreArchitecture, Channel, Design + Construction, Charles Bendit, Gregg Pasquarelli, One Grand, slideshow, Trinity Church Wall Street, New York City, Manhattan, Lower Manhattan, Tribeca, Midtown South, Hudson Square, Nuveen Real Estate, SHoP Architects, Taconic Partners, Trinity Real Estate Commercial Observer

Macerich faces “imminent” default on $300M Santa Monica Place loan – Robert Khodadadian

Macerich faces “imminent” default on $300M Santa Monica Place loan – Robert Khodadadian

Macerich has an episode of déjà vu, after a $300 million loan on its Santa Monica Place mall goes to special servicing — the second time in two years. 

The loan on the 527,000-square-foot mall is expected to see “imminent maturity default,” according to Trepp. 

In August 2022, the same loan was sent to special servicing for the same reason. But Macerich managed to negotiate an extension with lender Wells Fargo, by buying a rate cap, a hedge against rising rates. With that new extension, the loan is currently set to expire in December.

 Macerich did not respond to a request for comment. 

The property at 395 Santa Monica Place has struggled for the last five years. As tenants have given up space and in the wake of the pandemic, Macerich, a real estate investment trust headquartered in Santa Monica, has struggled to fill the vacancies. 

At the end of 2019, the property was 95 percent leased, including to higher-end department stores Bloomingdale’s and Nordstrom, according to financial filings. 

Macerich was reeling in an average of $58 per square foot a year on its owned malls, it disclosed in a 2019 financial report. Based on that average, Santa Monica Place would have generated about $1.4 million a month in rent — almost double what was needed to service the debt.

But in 2020, after the pandemic hit, occupancy dropped to 91 percent. In 2021, Bloomingdale’s and ArcLight Cinemas both vacated the property, causing occupancy to shrink to 85 percent. 

More than half of the property was available for lease at the beginning of 2023, according to Macerich. 

At the end of 2023, the property was reeling in about 70 percent of what was needed to service the debt. 

Macerich expects that a renovation of the spaces left by Bloomingdale’s and ArcLight will help attract new tenants, according to a 2023 annual report. The firm plans to spend up to $40 million to redevelop the 150,000-square-foot space, a project it anticipates will finish by next year. 

The post Macerich faces “imminent” default on $300M Santa Monica Place loan appeared first on The Real Deal.

  Uncategorized, Breaking, Breaking News, Distress, LA retail market, Real Estate And Finance 

#SkylineProperties #realestatenews #commercialrealestate #offmarketrealestate #nycrealestate #Tradedny #danielshirazi #manhattancommercialrealestate #ManhattanRealEstateMarket #Skyline #NewYorkCityRealEstate #groundleases #apartmentbuildings #Realestateinvestment #robertkhodadadian #groundlease #netlease #investmentsales #brokerage #offmarketbroker #TheRealDeal #CommercialObserver #NewYorkRealEstateJournal #commercialbuildings Los Angeles – The Real Deal  Read More

Panot Capital snags $51M loan for vintage apartment buildings in LA – Robert Khodadadian

Panot Capital snags $51M loan for vintage apartment buildings in LA – Robert Khodadadian

Panot Capital has scored a $50.8 million loan to refinance 10 century-old apartment buildings in Hollywood and other parts of Los Angeles.

The Houston-based investor led by Aaron Iskowitz and Zain Sayed secured the loan for the vintage properties with 482 apartments across the city, the Commercial Observer reported. The locations of each property were undisclosed.

The loan from Israel Discount Bank of New York, or IDB, comes on a seven-year term with four years of interest-only payments at a rate of 5.94 percent. 

The deal was arranged by Northmarq, which described it as “a below-market-rate loan on vintage brick buildings across Hollywood.”

Pinot Capital, founded late last year, focuses on data-driven multifamily and mixed-use properties, with offices in Houston, Los Angeles, New York and Rhode Island.

The startup has acquired a portfolio of 1.3 million square feet of properties with more than 850 units, and 11.3 million square feet of land in California, New Jersey, North Carolina, Ohio and Rhode Island, according to its website.

Its Los Angeles portfolio includes 532 apartments within 263,300-square-feet of buildings.

— Dana Bartholomew

Read more

Los Angeles

Hollywood developer Leeor Maciborski proposes 131 apartments

Los Angeles

Onni’s decision: Office or apartment towers in Hollywood?

Los Angeles

Bolour eyes conversion of Hollywood landmark

The post Panot Capital snags $51M loan for vintage apartment buildings in LA appeared first on The Real Deal.

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#SkylineProperties #realestatenews #commercialrealestate #offmarketrealestate #nycrealestate #Tradedny #danielshirazi #manhattancommercialrealestate #ManhattanRealEstateMarket #Skyline #NewYorkCityRealEstate #groundleases #apartmentbuildings #Realestateinvestment #robertkhodadadian #groundlease #netlease #investmentsales #brokerage #offmarketbroker #TheRealDeal #CommercialObserver #NewYorkRealEstateJournal #commercialbuildings Los Angeles – The Real Deal  Read More

New York City Skyline - Robert Khodadadian

Robert Khodadadian | Commercial Observer

The Chetrit Family and The Jay Group have secured $117 million to refinance their mortgage at Sunrose Tower, a mixed-use multifamily apartment building in Upper Manhattan, Commercial Observer has learned. 

The Bank of Montreal provided the loan for the refinancing, which combines an unpaid principal of $81.6 million with a $35.3 gap mortgage note issued in April 2023, according to property records. The new mortgage was signed off by Eli Chetrit and his business partner, Jacob Aini, together with Abraham Kohn.

Located at 620 West 153rd Street in Harlem’s Sugar Hill neighborhood, Sunrose Tower sits on land the Chetrit family bought in May 2020. The family purchased the development site from Anbau Enterprises for $28.7 million. The site previously traded hands between Anbau Enterprises and Verizon in 2018 for $22.5 million. 

Joel Kohn’s Jay Group secured $83 million in construction financing in December 2021 to develop a 28-story, 210,000-square-foot, mixed-use apartment building on the site owned by the Chetrits. 

Completed in 2023, Sunrise Tower features 238 units ranging from studios to two-bedrooms, of which 30 percent are affordable and rented to tenants earning less than 120 percent of the area median income. The building includes concierge service, a tenant lounge, a fitness center, a pet spa, a roof deck and 95 parking spaces. The building also features 12,000 square feet of community space on the ground floor. 

The building was designed by architecture firm Jay Frankl Associates

The Jay Group did not respond to a request for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com 

  

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer

Read MoreChannel, Finance, Refinance, 620 West 153rd Street, Abraham Kohn, Eli Chetrit, Jacob Aini, Joel Kohn, Sunrose Tower, New York City, Manhattan, Harlem, Bank of Montreal, The Jay Group Commercial Observer

New York City Skyline - Robert Khodadadian

Robert Khodadadian | Commercial Observer

Taqueria Xochi will open its third Washington, D.C., location at The Yards, the 48-acre megadevelopment at the former Navy Yard in the Capitol Riverfront neighborhood. 

The restaurant signed a 2,422-square-foot lease at 300 Tingey Street SE at the Boilermaker Shops, a historic mixed-use building that was restored and redeveloped in 2012. The taqueria is scheduled to open this summer, according to landlord Brookfield Properties.

Taqueria Xochi got its start during the COVID-19 pandemic, and has grown to include a takeout location on U Street and a sit-down location at The Square, a food hall in Downtown D.C.

“We’re eager to join an exceptional list of restaurants in the neighborhood and to bring our unique and authentic flavors to Navy Yard,” said Taqueria Xochi co-founder Geraldine Mendoza

Other recent tenants at The Yards include New York cafe Maman, convenience store Foxtrot and Playa Bowls

Taqueria Xochi will join microbrewery Bluejacket and the Pacer running store at the Boilermaker, which was once a factory that manufactured Navy vessel boilers. 

KLNB‘s Jenn Price represented Brookfield in the transaction, while Kim Stein, also of KLNB, represented Taqueria Xochi.

Chava Gourarie can be reached at cgourarie@commercialobserver.com

  

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer

Read MoreChannel, Leases, Retail, 300 Tingey Street SE, Boilermaker Shops, Taqueria Xochi, The Yards, Washington DC Commercial Observer

New York City Skyline - Robert Khodadadian

Robert Khodadadian | Commercial Observer

CRED iQ’s research team continues to examine the commercial real estate collateralized loan obligation (CLO) ecosystem from multiple perspectives, including CRED iQ’s latest loan information from the March 2024 reporting period. In this report, we  explore and break down the distress levels for CRE CLO during the first quarter of this year.  We exclude CRE CLO deals from our monthly delinquency reports so we can continue our examination of this important sector on a stand-alone basis.  

Some of the largest issuers of CRE CLO debt over the past five years include MF1, Arbor, LoanCore, Benefit Street Partners, Bridge Investment Group, FS Rialto, and TPG. CRED iQ consolidated all of the loan-level performance data for every outstanding CRE CLO loan to measure the underlying risks associated with these transitional assets. Many of these loans were originated in 2021 at a time when cap rates were low, valuations high, and interest rates low; and are starting to run into maturity issues given the spike in rates. 

CRED iQ’s research finds the distress rate for CRE CLOs climbed from 7.4 percent as published in our 2023 summary report to 10.2 percent  at the close of 2024 first quarter, continuing the upward trend that commenced last summer — leading to a 440 percent increase. This metric includes any loan that reported 30 days delinquent or worse as well as any loan that is with the special servicer.  

Breaking down CRE CLO distress rates by property type, the office sector leads all other categories at 16.2 percent. Multifamily and retail round out the top three at 11.1 percent and 7.5 percent, respectively. Industrial, hotel and self-storage are operating below 3 percent — with self-storage at 0 percent.  

When examining distressed rates by loan payment status, it is interesting to note that 44.6 percent of the distressed loans have passed their maturity and have not paid off, in breach of their loan terms (combining performing and nonperforming loans). It’s a clear indication that the momentum in CRE loan modifications is likely to continue   

Outstanding CRE CLO loans amount to approximately $75 billion in loans. The vast majority of these CRE CLO loans are structured with floating-rate loans with three-year loan terms equipped with extension options if certain financial hurdles are met.  

The sudden spike in CRE CLO commenced in July and August 2023, when distressed rates were around 1.7 percent, increasing by an average of 1.2 percent each month,which has continued into 2024. The latest distressed levels totaled 10.2 percent for all of CRE CLO loans at the close of the first quarter. 

Example of office loan distress 

Pacific Building, a 138,252-square-foot office property in the Pioneer Square/Waterfront submarket of Seattle is backed by a $36.5 million loan that is over 120 days delinquent. The loan transferred to the special servicer in July 2023 due to delinquency. 

The current interest rate of the loan (9.618 percent) more than doubled the 4.809 percent rate at issuance. The loan is scheduled to mature in January 2025 with a potential fully extended maturity date in January 2027. The property value drastically declined from $69 million at underwriting in November 2021 to $36.2 million in September 2023. The asset was most recently performing with 41.9 percent occupancy and a 0.29 debt service coverage ratio (DSCR). 

Multifamily loan delinquency

A $39.9 million loan backed by the Tribeca Apartments in Washington, D.C., fell 60 days delinquent in March. The loan has a current interest rate of 9.268 percent and is scheduled to mature in July 2024 with three, one-year extension options. The high-rise apartment building consists of 90 units and is in the Capitol Hill submarket. Constructed in 2021, the asset was valued at $63.6 million at underwriting in May 2022. The asset was performing with a 0.24 DSCR at 88.9 percent occupancy as of year-end 2023. 

Mike Haas is the founder and CEO of CRED iQ

  

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer

Read MoreChannel, CMBS, Distress, Finance, Mike Haas, National, CRED iQ Commercial Observer

New York City Skyline - Robert Khodadadian

Robert Khodadadian | Commercial Observer

Victor Sigoura and his development firm Legion Investment Group are the proud new owners of an empty lot in Chelsea, at a relative discount after previous plans for the site fell through.

Legion purchased the 20,000-square-foot lot at 540 West 21st Street from Casco Development for $87.4 million, according to property records. Pincus first reported the news Wednesday afternoon.

“540 West 21st Street represents an exceptional opportunity to create a landmark project in one of New York’s most dynamic and trafficked neighborhoods,” a Legion spokesperson said in a statement. The lot is between the High Line elevated pedestrian park and 11th Avenue, close to the Chelsea Piers recreation complex.

It’s unclear who brokered the sale. Representatives for Casco did not immediately respond to a request for comment. 

Casco at one time had big plans for the site. The firm wanted to build a 20-story luxury apartment building at the lot, which it purchased from the Atlantic Foundation in 2014 for $50 million, according to property records. 

The project was ultimately hamstrung by debt. Casco filed to put the property into bankruptcy protection in August after secured and unsecured debt had climbed to nearly $257 million, according The Real Deal. The company initially planned to build 34 units at the site, with an expected value of nearly $540 million once completed.

Legion secured a $55.8 million acquisition loan from Deutsche Bank for the purchase. Walker & Dunlop’s Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian arranged the financing.

The property isn’t the only empty lot Legion has acquired in recent months. The firm in early March spent $68 million in four separate deals for a planned 11-story condo building at 252-258 Third Avenue in Gramercy Park after winning a court battle with a nearby cooperative for air rights there. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.

  

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer

Read MoreChannel, Land, Sales, 252-258 Third Avenue, Aaron Appel, Adam Schwartz, Atlantic Foundation, Chelsea Piers, Deutsche Bank, High Line, Jonathan Schwartz, Keith Kurland, Sean Bastian, Victor Sigoura, Walker & Dunlop, New York City, Manhattan, Midtown South, Chelsea, Casco Development, Legion Investment Group Commercial Observer

SA Warehouse Repurposed to Sr. Housing – Robert Khodadadian

SA Warehouse Repurposed to Sr. Housing – Robert Khodadadian

A San Antonio partnership made up of two senior housing non-profits has received approval from a local planning agency to pursue converting an old brick warehouse into a 48-unit affordable housing project for seniors.

The American Agape Foundation and Partners in Community Development received initial design approval Wednesday for its apartment project at 421 N. Medina St. The Lofts at Grocer will offer one-bedroom floorplans for 42 of the units, while the other six will have two bedrooms. The project also includes almost 21,000 square feet of office space and more than 2,000 square feet of community space in the basement.

The San Antonio Business Journal reports the developers are planning to apply for the Texas Department of Housing and Community Affairs’ 9% low-income housing tax credits to partially fund the development. The partnership still has a number of agency reviews to wade through before it can break ground.

The post SA Warehouse Repurposed to Sr. Housing appeared first on Connect CRE.

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate

 Read MoreConnect CRE 

Housing, Hotel Planned for Hall County – Robert Khodadadian

Housing, Hotel Planned for Hall County – Robert Khodadadian

A Buford developer is proposing a sprawling mixed-use project northeast of Atlanta. Scott Puckett hopes to build a 75-acre mixed-use project in Hall County. The Atlanta Business Chronicle reports he’s aiming to construct 500 homes, both multifamily and standalone, food and beverage locations, a 110-room hotel and a variety of outdoor amenities, such as game courts and walking trails. The project, Ridgeview, is slated for construction at the intersection of Ridge and Friendship roads off Interstate 985.

Construction is scheduled to wrap in April 2027.

Hall County has been the location for a number of planned developments. Gainesville Township, a master-planned community slated for construction in Hall’s county seat, is anticipated to span more than 1,100 acres once completed and feature more than 2,000 residences.

Other master-planned communities in the region include the 386-acre Marina Bay on Lake Lanier and the 1,000-acre Sterling on the Lake projects.

The post Housing, Hotel Planned for Hall County appeared first on Connect CRE.

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate

 Read MoreConnect CRE 

New York City Skyline - Robert Khodadadian

Clinical Research Firm Expands Office Footprint to 116 KSF – What is a Ground Lease?

Riverside Tech Park comprises 14 buildings across 70 acres. Image by CPI Productions, courtesy of Precision for Medicine LLC

Precision for Medicine LLC has signed renewal and expansion leases totaling more than 116,000 square feet at Riverside Tech Park in Frederick, Md. St. John Properties Inc. owns the 70-acre business and R&D campus.

The clinical research company has been a tenant at Riverside Tech Park since 2006, where it currently occupies the entire 75,000-square-foot flex/R&D building at 8425 Precision Way for its clinical trials, patient biology and manufacturing services.

In addition, the company leased another 41,040 square feet at 8440 Broadband Drive, a newly developed building that finished construction this January and is expected to be fully functional this fall.

READ ALSO: Attracting Life Science Tenants in Core Markets

Riverside Tech Park comprises 14 buildings totaling 753,560 square feet of flex/R&D space. Suite sizes range from 2,760 to 93,360 square feet, with clear heights between 16 and 18 feet. The property also features 30- by 30-foot column spacing and a parking ratio of 4 spaces per 1,000 square feet.

Currently, the park is 96 percent leased. Tenants include Lifeline Cell Technology, InVitro Care and CTR Laboratory, among others, according to CommercialEdge information.

Carrying the address 8415 Progress Drive within the Interstate 270 Technology Corridor, Riverside Tech Park is 2 miles from Interstate 70 and 3 miles from I-270. Downtown Frederick is 3 miles southwest, while Washington, D.C., is roughly 50 miles southeast.

A corridor breathing life into the area’s office market

More than 130 biotechnology and life science companies are situated inside the I-270 Technology Corridor, according to the Frederick County Office of Economic Development.

Among these is The National Cancer Institute, located less than 1 mile off Riverside Tech Park. Affinius Capital refinanced its headquarters building earlier this year with a three-year syndicated loan provided by Sumitomo Mitsui Banking Corp. and Commercial Bank of China Ltd.

Late last year, AstraZeneca signed a 198,000-square-foot lease at a newly constructed Class A industrial and life science building developed by Matan Cos in Gaithersburg, Md. The R&D campus is roughly 30 miles southeast of Riverside Tech Park.

The post Clinical Research Firm Expands Office Footprint to 116 KSF appeared first on Commercial Property Executive.

  

In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

ground lease, ground leases, net lease, ground leases 101, ground lease nyc, skyline properties, skyline properties nyc, Robert Khodadadian, investment sales, broker, commercial real estate, skyline properties, commercial real estate, NYC real estate, ground lease, Skyline Properties, Skyline NYC, Skyline Properties NYC, New York City Real Estate, ground leases, commercial buildings, apartment buildings, townhouses, mixed use investment building, mixed use user buildings, live plus income buildings, industrial properties, NYC Real Estate, Real estate investment, commercial real estate, robert khodadadian, skyline properties, ground lease, net lease, investment sales, brokerage, manhattan real estate, off market broker, daniel shirazi, Off-market real estate

Read MoreBrokerage, Mid-Atlantic, News, Office, St. John Properties Commercial Property Executive 

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IQHQ Tops Out Bay Area Life Science Building – What is a Ground Lease?

Spur Phase One will measure 330,000 square feet across eight stories. Image courtesy of McCarthy Building Cos. Inc.

IQHQ has topped out Spur Phase One, a 330,000-square-foot life science building in South San Francisco, Calif. Completion of the eight-story development is anticipated by early 2025.

Partners on the Class A project include general contractor McCarthy Building Cos. Inc., architect Perkins & Will, structural engineer Magnusson Klemencic Associates and VFR, which is the owner’s representative. Cushman & Wakefield is handling leasing, according to CommercialEdge data.

In November 2022, IQHQ took out a $275 million construction loan originated by Apollo Global Management, the same source shows. The developer expects to finish the exterior phase in September.

READ ALSO: San Francisco Office Deals Slowest Among Gateway Markets

The high-tech life science building will be fully electric and include a mechanical penthouse on the roof and a below-grade, four-level parking structure. Designed to achieve LEED Gold certification, the facility will feature floorplates averaging 35,000 square feet, as well as a fitness center, bike storage, café, conference room and lobby reception area. Its sustainable components will comprise daylighting usage, bioretention and recycled water irrigation.

The transit-oriented, speculative building is rising on almost 2 acres at 580 Dubuque Ave., close to Highway 101 and the South San Francisco Caltrain Station. Downtown San Francisco is 2 miles from the site, while the Alexandria Center for Advanced Technologies-South San Francisco campus, where a drug development company recently signed an early lease renewal, is 1 mile away.

IQHQ also has a 900,000-square-foot, three-building project planned for a nearly 6-acre site at 800 Dubuque Ave., CommercialEdge shows. Development costs were estimated at $1.3 billion, according to SF YIMBY.

San Francisco’s office sector faces headwinds

The San Francisco metro saw almost 5.8 million square feet of office space under construction as of February, according to the latest CommercialEdge office report. However, the market’s vacancy rate clocked in at 24 percent, rising 480 basis points year-over-year. Additionally, San Francisco is still leading the region in terms of average rent—$59.81 per square foot—although the value dropped 11.1 percent year-over-year.

In December, Healthpeak Properties received approval of entitlements for the second and third phases of Vantage, an approximately 1.7 million-square-foot life science campus also in South San Francisco. The development’s first phase included two build-to-suit properties totaling 343,000 square feet and a 40,000-square-foot amenity building.

A few months earlier, Forge Development’s plans for the construction of a 900,000-square-foot life science park moved forward. Dubbed Berkeley Forge, the development will rise on 10 acres and consist of eight buildings.

The post IQHQ Tops Out Bay Area Life Science Building appeared first on Commercial Property Executive.

  

In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

ground lease, ground leases, net lease, ground leases 101, ground lease nyc, skyline properties, skyline properties nyc, Robert Khodadadian, investment sales, broker, commercial real estate, skyline properties, commercial real estate, NYC real estate, ground lease, Skyline Properties, Skyline NYC, Skyline Properties NYC, New York City Real Estate, ground leases, commercial buildings, apartment buildings, townhouses, mixed use investment building, mixed use user buildings, live plus income buildings, industrial properties, NYC Real Estate, Real estate investment, commercial real estate, robert khodadadian, skyline properties, ground lease, net lease, investment sales, brokerage, manhattan real estate, off market broker, daniel shirazi, Off-market real estate

Read MoreDevelopment, News, Office, San Francisco, West, Cushman & Wakefield, IQHQ, LEED, McCarthy Building Cos., Perkins & Will Commercial Property Executive 

Robert Khodadadian | Commercial Observer

Robert Khodadadian | Commercial Observer

The boom in artificial intelligence and the growth of companies like OpenAI are helping key California office markets bounce back from some of the toughest years in recent history. 

However, just as Silicon Valley extends far beyond the giants like Apple, Google (GOOGL) and Meta, the resurgence isn’t solely propelled by AI. The emerging industries focused on space and climate economies are writing a new chapter in California’s long-standing history as the pinnacle of global innovation, and boosting its bruised real estate market with it

Aerospace, for one, has long been a part of California’s prosperity, and a dramatic jump in interest in the space economy signals a promising future for the state’s commercial real estate sector. 

The space economy has grown from $280 billion in 2010 to more than $447 billion in 2023. Experts agree we’re only getting started, with data showing space-related investments rocketing to $1 trillion by 2030. California has drawn approximately half of the nation’s space tech investment capital over the past 11 years, and secured over 85 percent of the total capital invested in space-related companies across the U.S. in 2021 alone.

And while traditional office assets continue to slog through an anemic market, advanced R&D space in California could be on the brink of a major boom — all thanks to this reinvigorated interest in space travel and exploration stemming from a modern-day space race led by Jeff Bezos, Elon Musk and NASA. 

Tim Smith.

This activity is driving a marked increase in demand for highly specialized spaces designed and built specifically for the needs of the aerospace industry. This upswing can be likened to the surge in interest in lab and R&D space following the life sciences expansion of the past five years. Led by venture capital investments, demand for specialized office and lab space across nine major markets grew by 48 percent, or 59 million square feet, to meet the hyper-specific needs of the biotech and life sciences research sector. 

Coupled with companies’ desires to be among the well-known players already in California like NASA, Lockheed Martin, SpaceX and Northrop Grumman, this increase in demand is giving way to the birth of space-focused projects throughout the state, all poised to move on this opportunity. One of these projects is Berkeley Space Center at NASA Research Park, a $2 billion endeavor at Moffett Field in Silicon Valley. 

Despite being fully occupied, existing facilities at Moffett Field regularly receive inquiries from would-be tenants. Since its official launch, Berkeley Space Center has received numerous expressions of tenant interest. In Southern California, a cluster of aerospace companies that include Ampaire, Astrolab and Launcher have emerged around SpaceX’s Hawthorne offices. This is the latest iteration of a cycle where companies physically cluster around key players. Clearly, there’s something to be said about being among the greats. 

The climate technology industry is also poised for immense growth in California, with climate action top of mind at both a federal and state level. 

U.S. lawmakers are taking unprecedented steps with legislation like the Inflation Reduction Actthe most significant climate policy in U.S. history. At the state level, California’s $54 billion climate budget is setting the pace globally as both a historic investment and a roadmap to solve the climate crisis. 

California is home to many of the companies involved in fixing the crisis. From startups to investment firms and established entities working on technological innovation, the state is a hotbed for change-makers — all needing physical space to work. According to Deloitte, “California is the leader in hosting climate tech company headquarters and garnering funding. That position mirrors the state’s entrepreneurial lead, as home to 15 percent of U.S. companies and the destination for 44 percent of U.S. venture funding since 2000.” 

9zero, a climate-focused investment firm, leased space in San Francisco’s Financial District. The deal made national headlines last fall because of its significance in an office market written off since the start of the pandemic. Congruent Ventures, a San Francisco-based climate and sustainability venture firm, closed its third flagship fund at $275 million in December. The company also says it has invested in 53 climate tech companies to date. Another California-based startup, Watershed, announced in February that it had raised $100 million for its emissions-tracking software. 

A commitment to innovation has made the Golden State shine for generations, and this promise continues to drive industries across the board. As investment and activity build across cutting-edge industries other than AI, they too should receive a share of the fame in writing California’s latest chapter as the pinnacle of the global innovation landscape. 

Tim Smith is director of development and project management at investor and developer SKS Partners.

  

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer

Read MoreAnalysis, Channel, Columnists, Design + Construction, Leases, More, Office, Policy, A+I, Tim Smith, California, Southern California, 9Zero, Google, Meta, SKS Partners Commercial Observer

New York City Skyline - Robert Khodadadian

Robert Khodadadian | Commercial Observer

For decades, high-speed rail in the U.S. has been a distant, impossible dream. Not even the most promising plans could break through the financial obstacles and political minefields blocking the tracks.

Now, though, a bullet-train future is inching closer to reality. The Biden administration in December awarded a combined $6 billion to two high-speed rail projects on the West Coast.

Meanwhile, congressional Democrats in March introduced a bill earmarking $205 billion for bullet-train projects nationwide. While no one expects a divided Congress to pass the proposal, the bill reflects a growing appetite for investment in the sort of high-speed rail projects that long have whisked passengers to destinations in Europe and Asia.

“This isn’t a fantasy,” said Andy Kunz, president and CEO of the U.S. High Speed Rail Association, a trade group. “It’s been proven to work in country after country.”

Train proponents nationally are pushing a variety of new-breed railroads, including the California High Speed Rail project between San Francisco and Los Angeles, a Texas line from Houston to Dallas, and the Cascadia connection linking Portland, Ore., Seattle and Vancouver, British Columbia.

The California High Speed Rail project received $3 billion from the White House, but that line often is cited as a cautionary tale. Its budget has ballooned past $100 billion, and the project’s already decades-old time frame keeps moving into the future. The latest estimates call for that system to begin carrying passengers in the 2030s.

These projects are susceptible to big cost blowouts and unforeseen delays,” said Eric Goldwyn, a professor of urban planning and transportation at New York University.

Another issue is the political chasm: There’s no cross-aisle consensus about the importance of high-speed rail. Democrats love the concept; Republicans hate it. Should Donald Trump be elected president in November, Goldwyn said, “The national vision for high-speed rail disappears.”

Political concerns aside, the project closest to the finish line is Brightline West, a $12 billion, 218-mile rail line that would connect Las Vegas with Rancho Cucamonga, Calif., a bedroom community 40 miles east of Downtown Los Angeles. Brightline’s plans call for its trains to flirt with speeds of 200 mph, topping the 186 mph threshold for a train to be considered truly high speed. (The fastest U.S. passenger trains at present — the Acela line — travel upward of 150 mph for some parts of some trips.)

Brightline hopes the service will be ready in time for the Los Angeles Olympics in 2028. The Biden administration put $3 billion in public money into the project and also is offering access to $3.5 billion in tax-exempt bonds.

Much of the Brightline West route would be built in the Interstate 15 median, eliminating the safety concerns posed by grade crossings. The train would be electrified.

In a reminder of the limitations of high-speed rail in the car-centric U.S. transportation grid, Brightline West’s high-speed rail service will stop well short of Los Angeles, which means most Angelenos will have a long commute to the train station.

Brightline West is the brainchild of private equity billionaire Wes Edens, who bankrolled the Brightline project in Florida. As the first private passenger service to operate in the U.S. for decades, Brightline Florida serves as a test case.

Since it began operating in 2018, Brightline Florida has hit the mark in some crucial ways. Its trains are clean, shiny and prompt. Brightline has built palatial stations from Miami to Orlando. The service carried more than 1.2 million ticketed passengers in 2022 and more than 2 million in 2023.

“Once you have proof of concept in one place, the second one and the third one and the fourth one come very quickly,” Edens said during a 2019 event commemorating the completion of Brightline’s Orlando station.

But, in other important areas, Brightline Florida remains less than convincing. For one thing, its technology is nowhere near the standards of high-speed rail.

Brightline’s diesel-powered locomotives operate on the Florida East Coast railway line built more than a century ago, and the trains top out at a pedestrian 79 mph in South Florida.

On the east-west portion of the track, between Orlando and Cocoa Beach, Brightline’s trains accelerate to 125 mph, but even that remains well below the speeds achieved by the oldest bullet trains in France, Spain and Japan.

Brightline also has struggled to address safety concerns. Its trains cross hundreds of streets and sidewalks, and dozens of people have died after being hit by rail cars — although Brightline never has been accused of wrongdoing in any of the accidents, which often involved suicides or motorists ignoring crossing arms and warning lights.

Another obvious red flag in Florida is financial: Given the need to recoup steep startup costs of about $6 billion, Brightline Florida is nowhere near profitability. In 2022, Brightline Trains Florida reported a net loss of $259.6 million on revenue of $32 million. In 2023, the net loss widened to $306.7 million, despite a sharp increase in revenue to $87.7 million.

In each of the past two years, according to bond filings, Brightline auditor Ernst & Young included boilerplate language conveying “substantial doubt about the company’s ability to continue as a going concern.”

Rail proponents say Brightline Florida’s financial issues are to be expected — after all, Brightline is a private company competing with publicly funded transportation options.

“That’s not high-speed rail, but it’s encouraging how much success they’ve had, even with a lower-speed service,” said U.S. Rep. Seth Moulton, a Democrat representing northeastern Massachusetts. “They’re competing against heavily subsidized transportation networks. Let’s see the auditor reports for I-95.”

Brightline West, for its part, will be even costlier — that line is expected to cost $12 billion to build.

Mammoth price tags notwithstanding, proponents of high-speed rail make a compelling case. Yes, the systems are expensive and difficult to build. But, they argue, there’s really no choice.

Kunz offers one clear selling point: “You like sitting in traffic for four or five hours?”

High-speed rail projects target routes such as Southern California to Las Vegas and Houston to Dallas, areas where the drive is annoyingly long and unpredictable. Flying is also inconvenient — by the time a traveler fights through airport traffic and soldiers through security, an hour or two has disappeared.

“Our car system and our aviation system are way overloaded. So that becomes just a huge waste of time and energy,” Kunz said. “Both of them have huge limitations in terms of capacity and throughput. If we think we can keep running these transportation systems powered by fossil fuels, we’re mistaken.”

Moulton sounded similar notes when he introduced the American High-Speed Rail Act, which calls for a $205 billion public investment in high-speed and higher-speed rail projects.

“High-speed rail is faster, cleaner, safer and better for our economy,” Moulton said in a March statement. “It will connect people to more jobs in new places, give Americans freedom and choice in how they travel, and put us on par with the rest of the world.”

In an interview, Moulton said America’s lack of investment in high-speed rail is turning the nation into a transportation laggard.

In the rest of the world, you can go 200 mph between cities, with no security delays,” Moulton said. “In America, you’re either stuck in traffic or you’re in a pressurized steel tube at 30,000 feet, hoping the door doesn’t blow off.”

Moulton’s rail bill was introduced in partnership with Rep. Suzan DelBene, a Democrat from the Seattle area. In fact, among the bill’s more than 40 co-sponsors, all are Democrats, a blue tilt that all but guarantees the measure will go nowhere in a presidential election year.

“I can’t think of a Republican who’s very pro high-speed rail,” Goldwyn said. “Ideological challenges have hampered development.”

Republicans are generally wary of electrified means of propulsion, and they’ve long viewed the massive investments required by high-speed rail as government overreach. In 2011, newly elected Florida Gov. Rick Scott killed a $2.4 billion federally funded and
shovel-ready bullet train from Orlando to Tampa because it carried “an extremely high risk of overspending taxpayer dollars with no guarantee of economic growth.’’

Given the political chasm over high-speed rail, proponents might have only a few months to guarantee the future of a long-fraught concept.

The president is into it, the [Department of Transportation] is into it. But are theinto it?” Goldwyn asked. “Are they ready to clear the obstacles and spend the money?”

If not, he said, a high-speed rail reality could fade further into the future.

  

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer

Read MoreChannel, Design + Construction, Infrastructure, Policy, Andy Kunz, Brightline, Brightline West, California High-Speed Rail Association, Eric Goldwyn, Rep. Seth Moulton, U.S. High-Speed Rail Association, National Commercial Observer

New York City Skyline - Robert Khodadadian

Logistics Property Enters Austin – What is a Ground Lease?

The 400,000-square-foot industrial development will feature a cross-dock facility and a rear-load warehouse. Image courtesy of Logistics Property Co.

Logistics Property Co. is entering Austin, Texas, with the development of a two-building industrial park. Groundbreaking on the more than 400,000-square-foot project is scheduled for this quarter, with completion expected in the second quarter of next year. AQUILA Commercial will handle leasing the campus.

The industrial park will rise on more than 31 acres at 12821 Titanium St. The location is in the Northeast Austin submarket, close to highways 130 and 290. Downtown Austin is within 16 miles of the property, while Austin-Bergstrom International Airport is some 18 miles away.

READ ALSO: Top 5 Emerging Industrial Markets in 2024

Set to encompass nearly 175,000 square feet, Building 1 will be a rear-load warehouse with 32-foot clear heights, 36 dock-high loading doors, two ramps and eight levelers, as well as a 60- by 52-foot column spacing. Additionally, the development will have a 2,500-square-foot speculative office space, a 210-foot truck court and 361 car parking spaces.

Building 2 will be a 233,000-square-foot cross-dock facility with 36-foot clear heights, 185-foot truck court, 72 dock-high loading doors, four ramps and 16 levelers. The distribution center will also feature 196 parking spots, 48 trailer stalls and a 3,000-square-foot speculative office space.

AQUILA Commercial Senior Vice President Blake Patterson and Principal Omar Nasser will conduct the leasing efforts at the property. Last year, the duo was also tapped to lease a four-building industrial center that is expected to come online in the fourth quarter of this year. That development is coming online some 6 miles from 12821 Titanium St.

Austin’s industrial inventory is growing

Austin’s industrial sector saw 3.1 million square feet of completions in the first quarter of this year, according to a CBRE industrial report. Meanwhile, more than 16 million square feet were under construction.

Last month, Titan Development received city approvals for the construction of Leander 183 Commerce Center, an industrial campus that will measure up to 1.3 million square feet. The 115-acre development will be built in three phases, with completion scheduled in 2036.

In January, Patrinely and Realterm broke ground on Airfield 130, a 439,300-square-foot project. Upon full buildout, the campus will include four buildings ranging from 75,000 to 150,000 square feet.

The post Logistics Property Enters Austin appeared first on Commercial Property Executive.

  

In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

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Tucson Asian Market Trades for $22.2M – Robert Khodadadian

Tucson Asian Market Trades for $22.2M – Robert Khodadadian

Maison Solutions Inc., a chain of traditional Asian and international food and merchandise retailers, acquired Lee Lee Oriental Supermarket, Inc. for $22.2 million. Lee Lee’s store at 1990 W. Orange Grove Road in Tucson is about 51,000 square feet. The retail center, Lee Lee Plaza, at Orange Grove and La Cholla also has a Vietnamese and BBQ restaurant.

Lee Lee, Arizona’s largest international supermarket, has been a fixture in Tucson for 30 years. It offers various groceries, live and fresh seafood, meat, and exotic produce worldwide.

The purchase for Maison was aimed at entering the Arizona market with an established base of stores before starting expansion.

“This transaction demonstrates our strategy of expanding by acquisition in geographic locations with large and growing Asian and ethnic populations,” said Maison’s John Xu. “Lee Lee International Supermarkets has an established brand presence in Arizona and is a perfect fit for Maison, giving us a base for further regional growth.”

The post Tucson Asian Market Trades for $22.2M appeared first on Connect CRE.

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate

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New York City Skyline - Robert Khodadadian

Robert Khodadadian | Commercial Observer

The New York City Police Department (NYPD) will move 260 traffic enforcement agents to a new command center in Penn Plaza, Commercial Observer has learned. 

The city’s property manager, the Department of Citywide Administrative Services (DCAS), signed a 20-year lease to relocate the NYPD’s Manhattan South Traffic Enforcement Unit to 34,000 square feet across the entire second floor and part of the third floor of 31 Penn Plaza, according to city planning records and landlord Vanbarton Group.

Representatives for Vanbarton and its broker, JLL (JLL), declined to share the asking rent, but average asking rent for office space in Penn Plaza was $94.35 per square foot in the first quarter of 2024, according to a report by Transwestern.

Some 3,300 civilian traffic enforcement agents fan out across the city each day, leaving unwelcome neon orange parking tickets on car windshields and directing traffic at rush hour. They wear police uniforms but do not make arrests.

The Manhattan South unit covers the most congested territory in the five boroughs, from 34th Street to Battery Park. The unit was headquartered at Vornado Realty Trust’s 260 11th Avenue until its lease expired in 2020, according to city planning records. Since then, it has had a nomadic existence, with agents operating out of two temporary offices at 469 Seventh Avenue and 59 Maiden Lane.

The City Planning Commission voted to approve the agency’s application in January, paving the way for the unit to be reunited at the 18-story office tower between West 30th and West 31st streets. Its new space, which was previously occupied by Blink Fitness, comes replete with a muster room and showers for agents.

The agency will enter the new office through a separate door on the south side of the property, using the building’s alternative address, 127 West 30th Street

It’s a convenient location for the unit since the NYPD’s Citywide Traffic Task Force — which issues traffic violations, makes arrests and upholds the rules of the road in New York City — is headquartered across the street at 138 West 30th Street

CBRE (CBRE)’s Jeffrey Kilimnick arranged the deal for DCAS. He declined to comment. 

Vanbarton was represented by JLL’s Kyle Young, Matthew Astrachan, Mitchell Konsker and Thomas Swartz. Young said in a statement that there has recently been significant leasing momentum at 31 Penn Plaza.

That includes food service company Compass Group renewing for another 10 years at 31 Penn and expanding its footprint from 8,600 to 14,000 square feet on the sixth floor, according to JLL.  

The U.K.-based Compass — which owns a variety of companies that provide catering in schools and senior-living facilities — has its U.S. headquarters in Charlotte, N.C., and has been a tenant in 31 Penn since 2013.

Cushman & Wakefield (CWK)’s Amy Zhen and Bianca Di Mauro represented Compass and did not immediately respond to requests for comment.

Abigail Nehring can be reached at anehring@commercialobserver.com

  

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer

Read MoreChannel, Leases, Office, 127 West 30th Street, 260 11th Avenue, 31 Penn Plaza, 469 Seventh Avenue, 59 Maiden Lane, amy zhen, Bianca Di Mauro, City Planning Commission, Citywide Traffic Task Force, DCAS, Department of Citywide Administrative Services, Jeffrey Kilimnick, Kyle Young, Manhattan South Traffic Enforcement Unit, Matthew Astrachan, Mitchell Konsker, New York City Police Department, NYPD, Thomas Swartz, New York City, Manhattan, Midtown South, Penn Plaza, Blink Fitness, CBRE, Compass Group, Cushman & Wakefield, JLL, Vanbarton Group Commercial Observer

RedShelf Relocates to Central Loop in Headquarters Expansion – Robert Khodadadian

RedShelf Relocates to Central Loop in Headquarters Expansion – Robert Khodadadian

Digital textbook startup RedShelf leased 20,000 square feet for its headquarters at 175 W. Jackson Blvd. in Chicago’s Central Loop. The sublease represents a relocation from a smaller space in River North.  

SVP Tony Coglianese with CBRE’s Chicago office represented RedShelf in the sublease, with substantial remaining term on the lease. Bill Sheehy, an EVP in CBRE’s Chicago office, represented sublandlord Wellright.  

Founded in Chicago in 2012, “RedShelf has entered a new phase of growth with differentiated novel technology and marquee university customers, so it’s critical that our headquarters provides a solid foundation to accelerate our mission,” said CEO Rob Holland

“RedShelf’s decision to recommit to in-person collaboration is not happening in a silo,” said Coglianese. “This move follows a trend we are seeing from our tech clients.” He cited a “flight to convenience for companies looking to take advantage of a distressed market, while focusing on ease of commute for employees as a critical part of their return-to-office strategy.” 

The post RedShelf Relocates to Central Loop in Headquarters Expansion appeared first on Connect CRE.

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate

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Alvarez & Marsal Nabs Rebecca Fitts From Warby Parker  – Robert Khodadadian

Alvarez & Marsal Nabs Rebecca Fitts From Warby Parker  – Robert Khodadadian

Alvarez & Marsal Property Solutions (AM-PS) has appointed Rebecca Fitts as senior vice president of business strategy. Fitts has a background in commercial real estate from Warby Parker, Leap, and GGP/Brookfield. 

At Leap, Parker expanded the retail portfolio across 12 markets, overseeing operations for 40+ brands and growing the store count to over 100. Previously at Warby Parker, she developed and executed corporate real estate strategy, expanding the store count from 60 to 100+.  

“Rebecca’s exceptional track record and innovative mindset make her an invaluable asset as AM-PS continues to push the boundaries of what’s possible in our industry,” said AM-PS Managing Director Matthew Krell. “We eagerly anticipate the transformative impact her leadership will have on our group and with our clients.” This announcement follows AM-PS’s recent enhancements to its retail leasing and advisory teams, including the addition of Max Swerdloff, Christian Stanton, Lucas Kooyman, and Libby Miller. 

The post Alvarez & Marsal Nabs Rebecca Fitts From Warby Parker  appeared first on Connect CRE.

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate

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