Robert Khodadadian

Skyline Properties Customized Canvassing

Robert Khodadadian – Commercial Observer

Aug 28, 2023

Chicken sandwich shop Roaming Rooster has inked a 2,482-square-foot lease at Woodmore Towne Centre in Glenarden, Md. The company, a Black-owned local business, began in 2015 as a food truck operating in Washington, D.C. It opened its first brick-and-mortar location in 2018, and now has a dozen stores around the region. Roaming Rooster, which serves Commercial Observer Read More Channel, Leases, Retail, Biniam Habtemariam, Michael Ginsburg, ReconCRE, Roaming Rooster, Ryan Wilner, Ryan Minnehan, Wes Neal, Woodmore Towne Centre, Maryland, Washington DC, KLNB, Urban Edge Properties

Chicken sandwich shop Roaming Rooster has inked a 2,482-square-foot lease at Woodmore Towne Centre in Glenarden, Md.

The company, a Black-owned local business, began in 2015 as a food truck operating in Washington, D.C. It opened its first brick-and-mortar location in 2018, and now has a dozen stores around the region.

Roaming Rooster, which serves only cage-free chicken, will join other eateries, such as CAVA, Silver Diner, Copper Canyon and Nando’s Peri-Peri, at the 712,000-square-foot shopping center.

Landlord Urban Edge Properties acquired the property, along with an adjacent 22-acre parcel, in 2022 for $193 million.

“With the powerhouses of Wegmans and Costco anchoring the property, along with a strongly curated mix of retail and services, Woodmore Towne Centre creates strong demand for creative concepts for both shoppers and residents in the surrounding neighborhoods,” Just in Lustig, vice president of leasing for Urban Edge, told Commercial Observer. “We love to partner with local, family businesses, creating something new that our visitors will be excited to experience. By pairing niche concepts like Roaming Rooster with national favorites, we are able to create the most compelling shopping and din ing destination possible.”

Located on 83 acres just nine miles from D.C., the property is part of a larger 245-acre master-planned community encompassing more than 500 homes, a limited-service hotel and the Children’s Medical Center.

“Our expansion to this prime location marks a significant milestone for us as we continue to bring our exceptional free-range chicken sandwiches to new communities” Biniam Habtemariam, co-owner of Roaming Roaster, said in a prepared statement. “We are thrilled to be join ing Woodmore Towne Centre’s existing culinary powerhouses and excited to be a part of this dynamic center that combines diversity, convenience and community.”

The landlord was represented by Michael Ginsburg, Ryan Wilner and Ryan Minnehan of KLNB, while Wes Neal with ReconCRE represented Roaming Rooster.

Keith Loria can be reached at Kloria@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, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease

Robert Khodadadian – Commercial Observer

Aug 28, 2023

Chicken sandwich shop Roaming Rooster has inked a 2,482-square-foot lease at Woodmore Towne Centre in Glenarden, Md.

Roaming Rooster, which serves only cage-free chicken, will join other eateries, such as CAVA, Silver Diner, Copper Canyon and Nando’s Peri-Peri, at the 712,000-square-foot shopping center.

Landlord Urban Edge Properties acquired the property, along with an adjacent 22-acre parcel, in 2022 for $193 million.

The landlord was represented by Michael Ginsburg, Ryan Wilner and Ryan Minnehan of KLNB, while Wes Neal with ReconCRE represented Roaming Rooster.

Keith Loria can be reached at Kloria@commercialobserver.com.

Robert Khodadadian – Commercial Observer

Aug 28, 2023

Harbinger Motors is rolling with Rexford. The electric vehicle manufacturer signed a 165,171-square-foot lease in Orange County, Calif., with major industrial landlord Rexford Industrial Realty, Colliers announced Monday. The deal is valued at $29.6 million. The length of the lease was not immediately disclosed. Rexford acquired the property in 2019 for $19.8 million, records show. Commercial Observer Read More Channel, Industrial, Leases, 12821 Knott Street, Clyde Stauff, Industrial real estate, Jace Gan, lease, California, Southern California, Colliers, Harbinger Motors, Rexford Industrial Realty

Harbinger Motors is rolling with Rexford.

The electric vehicle manufacturer signed a 165,171-square-foot lease in Orange County, Calif., with major industrial landlord Rexford Industrial Realty, Colliers (CIGI) announced Monday. The deal is valued at $29.6 million. The length of the lease was not immediately disclosed.

Rexford acquired the property in 2019 for $19.8 million, records show.

Harbinger will use the facility to manufacture electric light- and medium-duty delivery vehicles at 12821 Knott Street in Garden Grove, immediately off State Route 22. The building will also undergo an extensive upgrade, including the addition of approximately 40,000 square feet of office and engineering space, according to Colliers.

“Harbinger will employ over 160 people in technical, design and engineering jobs, bolstering the growing market’s economy and labor pool,” said Colliers’ Clyde Stauff, who represented Rexford on the lease along with Jace Gan.

Harbinger Motors was previously located in Gardena.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.

Robert Khodadadian – Commercial Observer

Aug 28, 2023

Harbinger Motors is rolling with Rexford.

Rexford acquired the property in 2019 for $19.8 million, records show.

Harbinger Motors was previously located in Gardena.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.

Robert Khodadadian – Commercial Observer

Aug 28, 2023

Madison Square Garden may have to avoid getting to comfy at its traditional location above Pennsylvania Station. Two New York City Council committees voted Monday to approve the special permit for the venue to remain in Midtown on the condition that it expires in five years — instead of the 10-years MSG wanted — and Commercial Observer Read More Politics & Real Estate, Erik Bottcher, Independent Budget Office, James Dolan, Madison Square Garden, Metropolitan Transportation Authority, MSG Entertainment, Pennsylvania Station, New York City, Manhattan

Madison Square Garden may have to avoid getting to comfy at its traditional location above Pennsylvania Station.

Two New York City Council committees voted Monday to approve the special permit for the venue to remain in Midtown on the condition that it expires in five years — instead of the 10-years MSG wanted — and that it fits with the Metropolitan Transportation Authority’s (MTA) plans for Penn Station.

The Subcommittee on Zoning and Franchises approved the Department of City Planning’s conditions for the renewed special permit, introduced in July, followed by members of the Committee on Land Use.

But even with the approval, which will likely be given the thumbs up by the full City Counil next month, MSG wasn’t happy with the length of the special permit.

“A short-term special permit is not in anyone’s best interest and undermines the ability to immediately revamp Penn Station and the surrounding area,” a spokesperson for MSG Entertainment said in a statement. “The committees have done a grave disservice to New Yorkers today, in a shortsighted move that will further contribute to the erosion of the city — that’s true now and will be true five years from now.”

MSG originally had a 50-year special permit following the destruction of the original Penn Station that expired in 2013 which was then renewed for 10 years, but questions over how the MTA would restore the station below to become a more functional — and aesthetically pleasing — transit hub.

The special permit actually expired on July 24.

The company, led by James Dolan, will also need to prove that it is compatible with the redevelopment once the planning phase is 30 percent completed and if the special permit is granted, it will also need to implement a slew of public realm improvements within six months of receiving the new permit.

If MSG does not meet these requirements, it could be considered in violation of the permit.

The stadium does not have many friends on its side in government or the community.

Councilmember Erik Bottcher said during the Monday hearing that operations at the stadium have outgrown its spot while public use of Penn Station has also increased.

Manhattan’s Community Board 5 adopted a resolution in April that asked the City Council to deny renewing MSG’s permit and the Independent Budget Office released a report in July showing the arena’s permanent tax break has cost taxpayers nearly $1 billion since 1982.

The special permit will now go to a full City Council vote at a future date.

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

Robert Khodadadian – Commercial Observer

Aug 28, 2023

Madison Square Garden may have to avoid getting to comfy at its traditional location above Pennsylvania Station.

The Subcommittee on Zoning and Franchises approved the Department of City Planning’s conditions for the renewed special permit, introduced in July, followed by members of the Committee on Land Use.

But even with the approval, which will likely be given the thumbs up by the full City Counil next month, MSG wasn’t happy with the length of the special permit.

The special permit actually expired on July 24.

If MSG does not meet these requirements, it could be considered in violation of the permit.

The stadium does not have many friends on its side in government or the community.

Councilmember Erik Bottcher said during the Monday hearing that operations at the stadium have outgrown its spot while public use of Penn Station has also increased.

The special permit will now go to a full City Council vote at a future date.

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

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Robert Khodadadian – Skyline Properties DC Chicken Shop Roaming Rooster to Open at Woodmore Towne Centre

Aug 28, 2023

Chicken sandwich shop Roaming Rooster has inked a 2,482-square-foot lease at Woodmore Towne Centre in Glenarden, Md.

Roaming Rooster, which serves only cage-free chicken, will join other eateries, such as CAVA, Silver Diner, Copper Canyon and Nando’s Peri-Peri, at the 712,000-square-foot shopping center.

Landlord Urban Edge Properties acquired the property, along with an adjacent 22-acre parcel, in 2022 for $193 million.

The landlord was represented by Michael Ginsburg, Ryan Wilner and Ryan Minnehan of KLNB, while Wes Neal with ReconCRE represented Roaming Rooster.

Keith Loria can be reached at Kloria@commercialobserver.com.

Chicken sandwich shop Roaming Rooster has inked a 2,482-square-foot lease at Woodmore Towne Centre in Glenarden, Md. The company, a Black-owned local business, began in 2015 as a food truck operating in Washington, D.C. It opened its first brick-and-mortar location in 2018, and now has a dozen stores around the region. Roaming Rooster, which serves Channel, Leases, Retail, Biniam Habtemariam, Michael Ginsburg, ReconCRE, Roaming Rooster, Ryan Wilner, Ryan Minnehan, Wes Neal, Woodmore Towne Centre, Maryland, Washington DC, KLNB, Urban Edge Properties

Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.

Robert Khodadadian – Skyline Properties EV Company Harbinger Motors Signs Lease with Rexford in SoCal

Aug 28, 2023

Harbinger Motors is rolling with Rexford.

Rexford acquired the property in 2019 for $19.8 million, records show.

Harbinger Motors was previously located in Gardena.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.

Harbinger Motors is rolling with Rexford. The electric vehicle manufacturer signed a 165,171-square-foot lease in Orange County, Calif., with major industrial landlord Rexford Industrial Realty, Colliers announced Monday. The deal is valued at $29.6 million. The length of the lease was not immediately disclosed. Rexford acquired the property in 2019 for $19.8 million, records show. Channel, Industrial, Leases, 12821 Knott Street, Clyde Stauff, Industrial real estate, Jace Gan, lease, California, Southern California, Colliers, Harbinger Motors, Rexford Industrial Realty

Robert Khodadadian – Skyline Properties MSG Special Permit Limited to 5 Years With City Council Committee Vote

Aug 28, 2023

Madison Square Garden may have to avoid getting to comfy at its traditional location above Pennsylvania Station.

The Subcommittee on Zoning and Franchises approved the Department of City Planning’s conditions for the renewed special permit, introduced in July, followed by members of the Committee on Land Use.

But even with the approval, which will likely be given the thumbs up by the full City Counil next month, MSG wasn’t happy with the length of the special permit.

The special permit actually expired on July 24.

If MSG does not meet these requirements, it could be considered in violation of the permit.

The stadium does not have many friends on its side in government or the community.

Councilmember Erik Bottcher said during the Monday hearing that operations at the stadium have outgrown its spot while public use of Penn Station has also increased.

The special permit will now go to a full City Council vote at a future date.

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

Madison Square Garden may have to avoid getting to comfy at its traditional location above Pennsylvania Station. Two New York City Council committees voted Monday to approve the special permit for the venue to remain in Midtown on the condition that it expires in five years — instead of the 10-years MSG wanted — and Politics & Real Estate, Erik Bottcher, Independent Budget Office, James Dolan, Madison Square Garden, Metropolitan Transportation Authority, MSG Entertainment, Pennsylvania Station, New York City, Manhattan

Robert Khodadadian – Commercial Observer

Aug 28, 2023

Six months after purchasing a Miami office building, local investor Ali Ahmed landed $27.5 million, property records show. The mortgage from Utah-based Ally Bank covers Biscayne Centre, an eight-story building at 11900 Biscayne Boulevard, just south of Northeast 123rd Street, which leads to the Bay Harbor Islands. Completed in 1986, the 287,087-square-foot property, which sits Commercial Observer Read More Channel, Finance, Refinance, Biscayne Centre, Florida, South Florida, Miami, Ally Bank

Six months after purchasing a Miami office building, local investor Ali Ahmed landed $27.5 million, property records show.

The mortgage from Utah-based Ally Bank covers Biscayne Centre, an eight-story building at 11900 Biscayne Boulevard, just south of Northeast 123rd Street, which leads to the Bay Harbor Islands.

Completed in 1986, the 287,087-square-foot property, which sits on 2.7 acres, features ground-floor retail and an attached multilevel parking garage.

Ahmed, who owns and runs the Miami Lakes Automall, paid $39 million for the office building in March, Commercial Observer reported at the time. The newly secured mortgage from the Utah-based bank marks the first time Ahmed has taken out debt for the property. The private investor could not be reached for comment.

At the time of the acquisition, the building — which houses 156,446 square feet of office space — was 81 percent leased, according to the brokers who arranged the sale.

Since the height of the pandemic, when droves of companies were relocating to the Magic City, the Miami office market has slowed.

At the close of 2023’s second quarter, net absorption stood at negative 22,500 square feet and the vacancy rate climbed 0.5 percentage points to 16.7 percent, according to data from JLL. But since 2021, asking rents have steadily climbed, and now hover around $56.3 per square foot.

Julia Echikson can be reached at jechikson@commercialobserver.com.

Robert Khodadadian – Commercial Observer

Aug 28, 2023

Six months after purchasing a Miami office building, local investor Ali Ahmed landed $27.5 million, property records show.

The mortgage from Utah-based Ally Bank covers Biscayne Centre, an eight-story building at 11900 Biscayne Boulevard, just south of Northeast 123rd Street, which leads to the Bay Harbor Islands.

Completed in 1986, the 287,087-square-foot property, which sits on 2.7 acres, features ground-floor retail and an attached multilevel parking garage.

At the time of the acquisition, the building — which houses 156,446 square feet of office space — was 81 percent leased, according to the brokers who arranged the sale.

Since the height of the pandemic, when droves of companies were relocating to the Magic City, the Miami office market has slowed.

Julia Echikson can be reached at jechikson@commercialobserver.com.

Robert Khodadadian – Commercial Observer

Aug 28, 2023

The Witkoff Group and Emirati sovereign wealth fund Mubadala Investment Company came close — but not close enough — to breaking even on the Park Lane Hotel. Qatar Investment Authority (QIA) — the sovereign fund for the Middle Eastern country — has purchased the hotel overlooking Central Park for $623 million, according to property records. Commercial Observer Read More Channel, Commercial, Hotels, Sales, 36 Central Park South, Mubadala Investment Company, Park Lane Hotel, Qatar Investment Authority, The Witkoff Group, New York City, Manhattan

The Witkoff Group and Emirati sovereign wealth fund Mubadala Investment Company came close — but not close enough — to breaking even on the Park Lane Hotel.

Qatar Investment Authority (QIA) — the sovereign fund for the Middle Eastern country — has purchased the hotel overlooking Central Park for $623 million, according to property records. PincusCo first reported the sale.

The Witkoff Group, Mubadala and QIA did not immediately respond to a request for comment.

All things considered, it probably could have sold for a lot less.

The joint venture purchased the 631-room hotel for $653 million in 2013 and refinanced it for $615 million in 2019.

Witkoff and Mubadala had planned to convert the hotel at 36 Central Park South into condominiums, but the enterprise became embroiled in the 1Malaysia Development Berhad (1MDB) fraud scheme in which the former prime minister of Malaysia, Najib Razak, embezzled $700 million in government funds out of the Asian country into personal accounts.

Low Taek Jho, an associate of Razak, helped the JV and its minority stakeholders, Howard Lorber and Harry Macklowe, acquire the property. Low, who had a majority stake, eventually relinquished control to Mubadala for $135 million through a federal forfeiture lawsuit in 2018.

The condo plan was shelved in 2016, and Park Lane still operates as a hotel.

QIA has a large portfolio in the city — be ing ranked as the ninth-largest commercial owner in 2017 — but last made a big purchase in New York in 2019, when it bought the St. Regis Hotel for $310 million, Crain’s New York Business reported.

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

Robert Khodadadian – Commercial Observer

Aug 28, 2023

The Witkoff Group and Emirati sovereign wealth fund Mubadala Investment Company came close — but not close enough — to breaking even on the Park Lane Hotel.

The Witkoff Group, Mubadala and QIA did not immediately respond to a request for comment.

All things considered, it probably could have sold for a lot less.

The joint venture purchased the 631-room hotel for $653 million in 2013 and refinanced it for $615 million in 2019.

The condo plan was shelved in 2016, and Park Lane still operates as a hotel.

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

Robert Khodadadian – Commercial Observer

Aug 28, 2023

Roberta’s, a beloved Brooklyn-born pizzeria, is coming to Miami Beach. The team behind the restaurant inked a 3,000-square-foot lease at 72 Park, a luxury condominium now under construction, according to the developer. The 22-story development at 580 72nd Street in North Beach is set to feature 206 residential units and 10,000 square feet of ground-floor Commercial Observer Read More Channel, Leases, Retail, 72 Park, Roberta’s, Florida, South Florida, Miami Beach, GFO, Lefferts Investments

Roberta’s, a beloved Brooklyn-born pizzeria, is coming to Miami Beach.

The team behind the restaurant inked a 3,000-square-foot lease at 72 Park, a luxury condominium now under construction, according to the developer.

The 22-story development at 580 72nd Street in North Beach is set to feature 206 residential units and 10,000 square feet of ground-floor retail space. The project is a partnership among Miami Beach developer Lefferts Investments, Russell Galbut’s family office GFO, and Matis Cohen.

Construction has been underway since December when the partners landed a $98 million construction loan. The joint venture assembled the 1.7-acre site between 2015 and 2016, paying about $17 million in total, according to property records.

In July, the trio proposed a similar luxury condo building across the street at 600 72nd Street.

Roberta’s was founded by Michelin-starred chef Carlo Mirarchi, along with Brandon Hoy and Chirs Parachini (who is no longer involved), in a Bushwick warehouse in 2008, back when most people had no idea where Bushwick was. The pizzeria’s specialty was wood-fired Neapolitan pies with ingredients from its rooftop garden.

It has since evolved into a Brooklyn institution with multiple Michelin Bib Gourmand picks, and an international brand with frozen pies sold at Whole Foods. It has also grown to several locations throughout New York City, as well as in L.A., Houston, Nashville, Singapore and Montauk.

In Miami Beach, Roberta’s, which is set to open next year, will wrap around the northwest corner of 72 Park. The outpost will be the brand’s first location in Florida, though it operated a six-month pop-up at the Miami Design District in 2018.

Representatives for Roberta’s and Lefferts declined to provide the length of the lease and the asking rent of the Miami Beach location.

Roberta’s is the latest New York restaurant to set up shop in the Miami area since the start of the pandemic. Other openings have included Michelin-starred Korean steakhouse Cote, Joe’s Pizza, Major Food Group’s Carbone and Sadelle’s, to name just a few. More recently this summer, Keith McNally and Stephen Starr opened Pastis, a Parisian-style brasserie, in Wynwood.

Julia Echikson can be reached at jechikson@commercialobserver.com.

Robert Khodadadian – Commercial Observer

Aug 28, 2023

Roberta’s, a beloved Brooklyn-born pizzeria, is coming to Miami Beach.

The team behind the restaurant inked a 3,000-square-foot lease at 72 Park, a luxury condominium now under construction, according to the developer.

In July, the trio proposed a similar luxury condo building across the street at 600 72nd Street.

Representatives for Roberta’s and Lefferts declined to provide the length of the lease and the asking rent of the Miami Beach location.

Julia Echikson can be reached at jechikson@commercialobserver.com.

Robert Khodadadian – Skyline Properties Private Investor Nabs $28M for Miami Office

Aug 28, 2023

Six months after purchasing a Miami office building, local investor Ali Ahmed landed $27.5 million, property records show.

The mortgage from Utah-based Ally Bank covers Biscayne Centre, an eight-story building at 11900 Biscayne Boulevard, just south of Northeast 123rd Street, which leads to the Bay Harbor Islands.

Completed in 1986, the 287,087-square-foot property, which sits on 2.7 acres, features ground-floor retail and an attached multilevel parking garage.

At the time of the acquisition, the building — which houses 156,446 square feet of office space — was 81 percent leased, according to the brokers who arranged the sale.

Since the height of the pandemic, when droves of companies were relocating to the Magic City, the Miami office market has slowed.

Julia Echikson can be reached at jechikson@commercialobserver.com.

Six months after purchasing a Miami office building, local investor Ali Ahmed landed $27.5 million, property records show. The mortgage from Utah-based Ally Bank covers Biscayne Centre, an eight-story building at 11900 Biscayne Boulevard, just south of Northeast 123rd Street, which leads to the Bay Harbor Islands. Completed in 1986, the 287,087-square-foot property, which sits Channel, Finance, Refinance, Biscayne Centre, Florida, South Florida, Miami, Ally Bank

Robert Khodadadian – Skyline Properties Qatar Sovereign Fund Acquires Park Lane Hotel for $623M

Aug 28, 2023

The Witkoff Group and Emirati sovereign wealth fund Mubadala Investment Company came close — but not close enough — to breaking even on the Park Lane Hotel.

The Witkoff Group, Mubadala and QIA did not immediately respond to a request for comment.

All things considered, it probably could have sold for a lot less.

The joint venture purchased the 631-room hotel for $653 million in 2013 and refinanced it for $615 million in 2019.

The condo plan was shelved in 2016, and Park Lane still operates as a hotel.

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

The Witkoff Group and Emirati sovereign wealth fund Mubadala Investment Company came close — but not close enough — to breaking even on the Park Lane Hotel. Qatar Investment Authority (QIA) — the sovereign fund for the Middle Eastern country — has purchased the hotel overlooking Central Park for $623 million, according to property records. Channel, Commercial, Hotels, Sales, 36 Central Park South, Mubadala Investment Company, Park Lane Hotel, Qatar Investment Authority, The Witkoff Group, New York City, Manhattan

Robert Khodadadian – Skyline Properties New York’s Roberta’s to Open in Miami Beach

Aug 28, 2023

Roberta’s, a beloved Brooklyn-born pizzeria, is coming to Miami Beach.

The team behind the restaurant inked a 3,000-square-foot lease at 72 Park, a luxury condominium now under construction, according to the developer.

In July, the trio proposed a similar luxury condo building across the street at 600 72nd Street.

Representatives for Roberta’s and Lefferts declined to provide the length of the lease and the asking rent of the Miami Beach location.

Julia Echikson can be reached at jechikson@commercialobserver.com.

Roberta’s, a beloved Brooklyn-born pizzeria, is coming to Miami Beach. The team behind the restaurant inked a 3,000-square-foot lease at 72 Park, a luxury condominium now under construction, according to the developer. The 22-story development at 580 72nd Street in North Beach is set to feature 206 residential units and 10,000 square feet of ground-floor Channel, Leases, Retail, 72 Park, Roberta’s, Florida, South Florida, Miami Beach, GFO, Lefferts Investments

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Robert Khodadadian – The Real Deal

Aug 28, 2023

After several failed attempts, officials in Concord selected Brookfield Properties to develop the former Concord Naval Weapons Station into a vast residential and commercial hub.

The decision, unanimously approved by the Concord City Council, comes at a pivotal time for the city’s ambitions to revitalize the 2,300-acre disused property, the Mercury News reported.

The chosen plan envisions a sprawling community and transit-oriented development — currently the largest ongoing project of its kind in the Bay Area.

The ambitious project is expected to encompass half of the site’s total 5,050 acres, situated south of the still-operating Military Ocean Terminal Concord, which lies on the Sacramento-San Joaquin River Delta.

In its proposal, Brookfield committed to make 25 percent of the housing on the inland site affordable, hiring 40 percent of construction workers from Contra Costa County, and prioritizing the connection of the community to a nearby BART station during the in itial construction phase.

For years, Concord’s desire to rejuvenate the Navy-owned land had encountered myriad setbacks, including collapsed agreements with previous prospective master developers.

Brookfield, however, garnered widespread backing from city officials and stakeholders.

Mayor Laura Hoffmeister expressed confidence in Brookfield’s proposal, stating that it’s “by far the best.”

Brookfield’s approach has been influenced by input from over 30 community groups and stakeholders, with the aim of infusing new vitality and exceptional experiences into Concord. The project holds great significance in addressing the East Bay’s housing shortage, potentially creating a self-contained new urban center within the city. Additionally, around 2,600 acres of the site are earmarked for the Thurgood Marshall Regional Park.

Before the U.S. Navy transfers ownership of the site to Concord, a cleanup operation to remove toxic chemicals from past military activities is in progress. Simultaneously, the Environmental Protection Agency is evaluating the soil for hazardous substances.

Despite the substantial progress, the completion of the final construction phases is anticipated to take another 30 to 40 years. The council’s next steps involve finalizing legal agreements detailing timelines, costs, and development strategies. The council is set to reconvene in September to consider these agreements.

This decision marks a turning point in the lengthy journey to redefine the former naval outpost. While the project has had its share of controversies and divided opinions among Concord residents, the main concern expressed during the approval was whether Brookfield would fulfill its commitments. The withdrawal of Housing America Partners’ proposal just before the recent decision left Brookfield as the sole option on the table.

— Ted Glanzer

The post Brookfield chosen to develop former Concord naval weapons station appeared first on The Real Deal.

After several failed attempts, officials in Concord selected Brookfield Properties to develop the former Concord Naval Weapons Station into a vast residential and commercial hub. The decision, unanimously approved by the Concord City Council, comes at a pivotal time for the city’s ambitions to revitalize the 2,300-acre disused property, the Mercury News reported. The chosen
The post Brookfield chosen to develop former Concord naval weapons station appeared first on The Real Deal. Uncategorized, Concord, Redevelopment The Real Deal

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 – The Real Deal

Aug 28, 2023

Biagi’s new role will emphasize civic engagement, equity, and ecology, focusing on projects that positively impact residents’ lives, Crain’s reported. Studio Gang’s Founding Principal, Jeanne Gang, commended Biagi’s talent for collaborative and impactful design that centers on communities.

Biagi’s career includes stints with various public-sector positions, including roles in the Chicago Park District and the city’s Department of Planning & Development.

Her return to Studio Gang, where she worked before join ing former Mayor Lori Lightfoot’s administration in 2019, coincides with the unveiling of Tom Lee Park in Memphis, Tennessee, a project she was involved in back in 2017.

Her resignation from the Johnson administration marked a series of departures, including former city Housing Commissioner Marisa Novara and Department of Planning & Development Commissioner Maurice Cox. The city’s Chief of Staff also fired Dr. Allison Arwady, commissioner of the Chicago Department of Public Health.

Biagi’s shift back to Studio Gang signals her reconnection with her passion for design and community-focused projects.

Biagi isn’t the only person to step down from Johnson’s administration.

Earlier this month, Maurice Cox, commissioner of the department of planning and development, resigned, Crain’s reported.

Cox began his tenure as commissioner in 2019, join ing former mayor Lori Lightfoot’s administration.

Cox’s resignation follows that of former Housing Commissioner Marisa Novara and Biagi’s. Johnson had requested commissioners to stay on for about 90 days after his inauguration on May 15 to ensure continuity and evaluate their compatibility.

Cox was hailed as an important get for Lightfoot, who lured him away from the top city planning position in Detroit. He helped facilitate Lightfoot in itiatives such as Invest South/West and LaSalle Street Reimagined, with the goal of transforming old and vacancy-ridden Loop office buildings into mixed-income residential areas. These programs still need some more backing from Johnson and Chicago City Council in order to be carried out, though.

Cox also worked to better coordinate development efforts with the council and other departments by appointing city planners to oversee geographic sections of the city.

However, some local developers have criticized him, largely because of a sluggish design-review process that’s hindered several large-scale projects.

— Ted Glanzer

The post Biagi returns to Studio Gang Architects after Chicago administration resignation appeared first on The Real Deal.

Former Chicago Department of Transportation commissioner Gia Biagi has returned to her previous position as principal at Studio Gang Architects following her resignation from Mayor Brandon Johnson’s administration. Biagi’s new role will emphasize civic engagement, equity, and ecology, focusing on projects that positively impact residents’ lives, Crain’s reported. Studio Gang’s Founding Principal, Jeanne Gang, commended
The post Biagi returns to Studio Gang Architects after Chicago administration resignation appeared first on The Real Deal. Uncategorized, Chicago Real Estate The Real Deal

Robert Khodadadian – The Real Deal

Aug 28, 2023

The biggest people in New York housing production are, it turns out, the little guys.

Almost half of the city’s new housing supply last year came from condominium developments of 10 or fewer units, according to Marketproof.

And those numbers will only continue to grow. Analysis of planned developments suggests that in the near future, these small projects will make up more than three quarters of the city’s new housing.

“With the decline of large projects in Manhattan, the rise of boutique condos in Brooklyn became more obvious,” said Marketproof president and CEO Kael Goodman, pointing to some large developers’ shifting their focus to South Florida.

New York’s small condo projects were concentrated in Brooklyn, where 133 are in the pipeline and 264 are already on the market.

A TRD examination of new condominium permits filed in Kings County in the past year found those projects accounted for more than 300,000 square feet of new development. Just about every neighborhood was represented, but three stood out. Borough Park and East New York tied for the most new boutique condo developments with 12 apiece. Greenwood had 11.

“Because land is so expensive in Manhattan, to do something small would also have to be very expensive,” Goodman said. “Price of entry [in Brooklyn] is much lower, which means that the price point of the product can be lower. As Brooklyn continues to develop, that development will move deeper into Brooklyn.”

Not every Brooklyn neighborhood was part of the small condo trend. Brooklyn Heights, Cobble Hill and Gowanus all had no small condo filings in the past year. The first two are pricey areas populated by row houses, and their few empty lots are more likely to be targeted for rentals.

New York

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New York

Carlyle buys Brooklyn apartment building for $98M

Gowanus development sites are almost all going to large rental projects under a late 2021 rezoning, although some builders could pivot to condos if they cannot beat the mid 2026 construction deadline to qualify for the 421a tax break.

Below-the-radar builders are behind the development brigade. TRD’s analysis of new building permits showed that the vast majority of filings were from relative unknowns with at most one other project in the pipeline.

Small developers have been on an upward trajectory for a decade or more, said Goodman. He expects the trend to continue.

The post Small condo developers powering NYC’s housing production appeared first on The Real Deal.

The biggest people in New York housing production are, it turns out, the little guys. Almost half of the city’s new housing supply last year came from condominium developments of 10 or fewer units, according to Marketproof. And those numbers will only continue to grow. Analysis of planned developments suggests that in the near future,
The post Small condo developers powering NYC’s housing production appeared first on The Real Deal. Uncategorized, Borough Park, Bronx, Brooklyn, Bushwick, Cobble Hill, Condominiums, East New York, Kael Goodman, Manhattan, Marketproof, Queens, Staten Island The Real Deal

Robert Khodadadian – The Real Deal

Aug 28, 2023

Rechler Equity Partners shanked its last attempt at redeveloping a former golf course in Sayville, Long Island. Now it has teed up a revised version, hoping to land it on the fairway.

The firm, run by Gregg and Mitchell Rechler, is pitching a 925-unit complex at 458 Lakeland Avenue, the former site of the Island Hills Golf and Country Club, Newsday reported. Rechler Equity hasn’t filed plans for the proposal as it tries to ameliorate opposition before doing so.

One change it has made from its previous effort is to surround the multifamily units with single-family homes, which are less disliked by Long Islanders who fight new housing. The development would also include a clubhouse, art center and community farm.

The company has a five-person advisory group gathering feedback from the community before officially filing anything.

That appears to be a lesson learned from Rechler Equity’s last round at the 114-acre Sayville site. In 2017, the developer submitted plans for a $500 million project with 1,365 multifamily units. Community opposition exploded and Islip Town rejected the proposal in 2021.

Resistance to the latest plans for the golf course, which has been idle for eight years, is already growing. The Great Islip Association obtained some of the conceptual plans through public records requests and is raising money to stop it. It has expressed concerns about its size and impact on quality of life.

In particular, members of the civic group reject entirely the idea of apartments on the site.

“These are people that live in this community, they have their hearts and souls here, they’re raising their families here,” Milynn Concepcion, president of the group, told Newsday.

She did not elaborate on why that makes apartments unacceptable to her members, but in suburban communities dominated by single-family homes, residents often associate rentals with ghettos, crime, property tax increases, traffic and lower property values.

— Holden Walter-Warner

Tri-State

Rechler Equity project would be first in rezoned Patchogue

Tri-State

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Tri-State

Transformco pushes redevelopment of Long Island shopping center

The post Rechler Equity uses mulligan, revising project at Sayville golf course appeared first on The Real Deal.

Rechler Equity Partners shanked its last attempt at redeveloping a former golf course in Sayville, Long Island. Now it has teed up a revised version, hoping to land it on the fairway. The firm, run by Gregg and Mitchell Rechler, is pitching a 925-unit complex at 458 Lakeland Avenue, the former site of the Island
The post Rechler Equity uses mulligan, revising project at Sayville golf course appeared first on The Real Deal. Uncategorized, Golf Courses, Long Island, Multifamily Real Estate, Suffolk County The Real Deal

Robert Khodadadian – The Real Deal

Aug 28, 2023

One of Austin’s top-producing residential real estate agents moved to Douglas Elliman from Twelve Rivers Realty recently.

Todd Burgener has closed $180 million in sales volume since the start of the pandemic, according to Elliman, and he’s been listed among the Dallas Business Journal’s top 30 real estate agents for the past three years, ranking 21st last year. He’s been listed on the Platinum Top 50 list for Austin seven years in a row.

Burgener has lived in Austin for 40 years, and his wife, Kim, has worked as his operations director since 2018. She is making the move to Elliman as well.

CBRE has a new chief in San Antonio. The Dallas-based global real estate firm promoted John Moake to first vice president, in charge of the local office, the San Antonio Business Journal reported. Moake joined the firm via CBRE’s 2019 acquisition of REATA Real Estate. Moake was born and raised in San Antonio. CBRE’s senior managing director for Central Texas is Scott Senese.

The Fort Worth Economic Development Partnership appointed Jessica Heer as its executive vice president. Heer was previously senior vice president of regional market ing for the Dallas Regional Chamber. The partnership was formed in March to drive business growth in the city.

HF Sinclair Corporation leased a 91,000 square foot space for its headquarters Dallas’ Victory Park neighborhood. The Dallas-based firm will take three floors of the 20-story 2323 Victory Avenue. It currently offices at 2828 North Harwood. Matt Schendle, Cynthia Cowen and Carrie Halbrooks of Cushman & Wakefield represented the landlord, Clarion Partners. Phil Puckett and Harland Davis of CBRE represented HF Sinclair.

Rand Construction Corporation has a new leader in Dallas. The Virginia-based firm appointed Brad Carbo to managing director, the Dallas Business Journal reported. Carbo was previously a managing director for JLL in Texas and Kansas.

Hogan Thompson Schuelke, an energy litigation law firm, leased 7,500 square feet at 1001 Fannin Street in Houston, the Houston Business Journal reported. The move accommodates growth of the “fast-growing” firm, the outlet reported. Brad Beasley and Chip Colvill of Cushman & Wakefield represented landlord JMB Realty Corporation. Joshua Brown and Kaitlyn Duffie of Newmark represented the tenant.

Crews & Associates, an investment banking firm from Little Rock, has expanded into Texas with an office in the Woodlands, the Houston Business Journal reported. A subsidiary of Arkansas-based First Security Bancorp, it recently opened a public finance branch at 1790 Hughes Land ing Boulevard.

Haggar Clothing Company renewed for a 40,000-square-foot office lease in Farmers Branch, the Dallas Business Journal reported. The company shopped around before deciding to downsize in its current location, at 1507 LBJ Freeway, and renovate. Pratt Street Capital bought the building in 2021.

Houston

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Dallas

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Movers: S2 Capital adds execs, Matt Dornak makes partner at Stream

The post Todd Burgener jumps to Douglas Elliman appeared first on The Real Deal.

One of Austin’s top-producing residential real estate agents moved to Douglas Elliman from Twelve Rivers Realty recently. Todd Burgener has closed $180 million in sales volume since the start of the pandemic, according to Elliman, and he’s been listed among the Dallas Business Journal’s top 30 real estate agents for the past three years, ranking
The post Todd Burgener jumps to Douglas Elliman appeared first on The Real Deal. Uncategorized, Brokerages, Economic development, Office Market, Residential, Texas The Real Deal

Robert Khodadadian – The Real Deal

Aug 28, 2023

Salt & Straw | Lincoln Road | Miami Beach

Terranova Corporation scored a tenant at one of its properties on Lincoln Road in Miami Beach.

Ice cream shop Salt & Straw signed a seven-year lease for 1,500 square feet at 749 Lincoln Road, according to a Terranova news release. The tenant is expected to open on Friday.

Portland, Oregon-based Salt & Straw’s has outposts nationwide, including two in Miami at 246 Northwest 25th Street and in Coconut Grove at 3015 Grand Avenue, according to the company’s website. Kim Malek is founder and CEO of Salt & Straw.

Led by Stephen Bittel, Terranova’s Lincoln Road portfolio consists of seven properties spanning 137,400 square feet, according to the release. The firm is based in Coral Gables.

Makita Latin America, All Glass Production | Beacon Logistics Park | Hialeah

Codina Partners and Affinius Capital have fully leased their Beacon Logistics Park in Hialeah.

Power tools company Makita Latin America took 92,300 square feet and All Glass Production took 232,600 square feet at the industrial campus, according to a Codina and Affinius news release.

Coral Gables-based Codina and San Antonio, Texas-based Affinius are developing the 1.3 million-square-foot Beacon Logistics Park on the northeast corner of Northwest 107th Avenue and Northwest 145th Place. Codina is led by Armando Codina and his daughter, Ana-Marie Codina Barlick. Led by Len O’Donnell, Affinius previously was known as the partnership between USAA Real Estate and Square Mile Capital.

Construction completion of the final two buildings at Beacon, buildings C and D, is expected early next year, according to a spokesperson for the landlords.

The deals come on the heels of several other leases at Beacon Logistics. International freight forwarder Gloval Shipping took 86,600 square feet; All Florida Paper took 226,700 square feet; pet products manufacturer Custom Veterinary Services took 147,800 square feet; Unified Logistics Services took 77,000 square feet; and international food conglomerate Cargill took 70,000 square feet.

Jose Juncadella and Sebastian Juncadella of Fairchild Partners represented the landlords in the deals.

TrueCoverage | Deerfield Beach

The South Florida Sun Sentinel subleased a portion of its Deerfield Beach office.

Insurance marketplace TrueCoverage, which offers coverage from over 600 health insurers, subleased 24,600 square feet at 333 Southwest 12th Avenue, according to a news release from a broker for the Sun Sentinel.

The over 380,000-square-foot property consists of a printing plant and distribution center, which will remain in operation, and a two-story office portion, a portion of which was in excess for the newspaper and was sublet, Berger Commercial Realty/Corfac International’s Keith Graves told The Real Deal.

Graves worked with Lawrence Oxenberg, also of Berger, to represent the Sun Sentinel.

The printing plant prints the Sun Sentinel, New York Daily News, New York Times, New York Post, Wall Street Journal and the weekly Barron’s financial publication, according to the release.

The Sun Sentinel doesn’t own the building but is a lessee. Property records show the owner is Blackstone’s Link Logistics.

South Florida

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South Florida

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Tutto Mare | Palm Beach

Restaurant group Tutto il Giorno will open its first Florida eatery in Palm Beach.

Mediterranean restaurant Tutto Mare leased 8,500 square feet at 70 Royal Poinciana Way, according to a news release from the landlord. The restaurant will have a 200-guest capacity and will open as part of the redevelopment of The Royal Poinciana Playhouse, which is next to The Royal Poinciana Plaza.

Boston-based WS Development owns the leasehold of the 180,000-square-foot plaza. The property owner is a trust led by Sidney Spiegel, records show.

Tutto Mare will be the first restaurant in Palm Beach on the Intracoastal Waterway.

Husband and wife Gianpaolo de Felice and Gabby Karan de Felice, in partnership with Gally and David Mayer, opened their first restaurant, Tutto il Giorno in 2008, the release says. They also have restaurants in New York’s Southampton, East Hampton and Sag Harbor.

The post Lease roundup: Terranova, Codina, Blackstone’s Link Logistics score tenants appeared first on The Real Deal.

Salt & Straw | Lincoln Road | Miami Beach Terranova Corporation scored a tenant at one of its properties on Lincoln Road in Miami Beach. Ice cream shop Salt & Straw signed a seven-year lease for 1,500 square feet at 749 Lincoln Road, according to a Terranova news release. The tenant is expected to open
The post Lease roundup: Terranova, Codina, Blackstone’s Link Logistics score tenants appeared first on The Real Deal. Uncategorized, Broward County, Deerfield Beach, Hialeah, Leases, Lincoln Road, Miami Beach, Palm Beach, Restaurants, Retail, South Florida Industrial Market, South Florida Industrial Real Estate, South Florida Office Market The Real Deal

Robert Khodadadian – The Real Deal

Aug 28, 2023

As a wave of distress rolls towards commercial real estate, lenders are pulling back accordingly.

Debt origination volumes in the sector fell 52 percent year-over-year in the second quarter, according a capital markets report from Newmark reported by the Commercial Observer. The advisory firm also found there are 32 percent fewer lenders than a year ago.

Lenders have grown more selective in recent months, demand ing lower loan-to-value ratios amid the Federal Reserve’s interest rate hikes. No sector was immune from the narrowed activity.

CMBS and collateralized loan obligations originations fell by 79 percent from last July, while debt fund loan originations are down 73 percent annually. Lending volume among banks, a typical source of loans for the real estate industry, also fell 48 percent year-over-year.

The CMBS market did show some glimmers of hope after an abysmal first quarter that saw the lowest volume of issuances in 15 years. Issuance volumes rose 57 percent from the previous quarter, but were still down 59 percent year-over-year.

As banks and other lenders tread carefully, one place commercial real estate landlords are turning to is the private equity market. The industry has raised $219 billion in dry powder for equity or debt investments. Newmark estimated that more than half of that capital will be aimed towards multifamily assets while a big chunk will also be targeted for industrial assets, sending office and retail assets to the back of the line.

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Borrowers will be jockeying for position to be among those taking advantage of any private equity deployments. There is roughly $1.2 trillion in outstand ing commercial real estate debt that is “potentially troubled,” according to Newmark, and more than $626 billion of debt is set to mature in the next three years.

Newmark executive David Bitner is trying to sound an optimistic note about capital markets in the coming year, saying there will be interest rate clarity and a tacit agreement on price points across asset classes between borrowers and lenders forthcoming.

“I’m optimistic that this impasse will break in the next six months,” Bitner told the Observer.

— Holden Walter-Warner

The post Commercial lending fell 52% in second quarter appeared first on The Real Deal.

As a wave of distress rolls towards commercial real estate, lenders are pulling back accordingly. Debt origination volumes in the sector fell 52 percent year-over-year in the second quarter, according a capital markets report from Newmark reported by the Commercial Observer. The advisory firm also found there are 32 percent fewer lenders than a year
The post Commercial lending fell 52% in second quarter appeared first on The Real Deal. Uncategorized, Lending, Newmark, Real Estate Finance, Real Estate Loans The Real Deal

Robert Khodadadian – The Real Deal

Aug 28, 2023

Despite a market slowdown, South Florida real estate firms continue to make hiring and personnel moves.

Codina Partners hired Eric Blanco as its vice president of accounting and finance, according to a press release. Blanco joins the Coral Gables-based developer from his previous role as a principal at the Carlyle Group, a global investment firm with $385 billion in assets under management, according to the company’s website.

In his new role, Blanco oversees all accounting and finance for Codina, the firm that bought a Hialeah Sears site for $16.5 million in May.

Miami-based industrial firm Elion promoted Dalia Pearson to partner and chief compliance officer, according to a press release. Pearson joined Elion in 2015 as a managing director of finance. Her most recent role was senior managing director of finance.

Pearson will oversee Elion’s finance, treasury, reporting, compliance, and fund administration functions, according to the release.

The South Florida expansion of New York City-based broker Ryan Serhant’s eponymous firm continues. The firm announced the addition of 11 agents to its Delray Beach office last week, and six more agents joined them this week. Elliot Machado and his Double L Group, which includes Jonessa Guarino and Nikki Marshall, joined Serhant from One Sotheby’s International Realty, according to a press release.

Marco Tiné moved to Serhant, bringing his team Casa Collection Realty, including David Gerber, Gabriela Guzman, Victoria Randolph, and Andrii Orfani. Tiné launched his own brokerage with Side in October.

Julie Davis, formerly of NorthStar First Properties, and Kefryn Reese, formerly of Compass, are join ing Serhant’s Delray Beach office as well, according to the release.

South Florida

Movers & Shakers: Marcus & Millichap names SVP of investments

South Florida

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South Florida

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South Florida

Movers & Shakers: Colliers brings in EVP, One Sotheby’s taps chief growth officer

The post Movers & Shakers: Codina Partners hires accounting VP appeared first on The Real Deal.

Despite a market slowdown, South Florida real estate firms continue to make hiring and personnel moves. Codina Partners hired Eric Blanco as its vice president of accounting and finance, according to a press release. Blanco joins the Coral Gables-based developer from his previous role as a principal at the Carlyle Group, a global investment firm
The post Movers & Shakers: Codina Partners hires accounting VP appeared first on The Real Deal. Uncategorized, Brokerages, Codina Partners, Movers & Shakers, Ryan Serhant, Serhant The Real Deal

Robert Khodadadian – Commercial Observer

Aug 28, 2023

An office property in Washington, D.C.’s Golden Triangle Business Improvement District was handed back to its lender at a steep discount. An affiliate of JPMorgan Chase acquired a 12-story office building at 1850 M Street NW for $37.5 million, which is 30 percent of the 1986-built asset’s assessed value, the Washington Business Journal reported, cit ing Commercial Observer Read More Channel, Distress, Finance, Alex Cooper Auctioneers, Washington DC, JPMorgan Chase, Manulife Investment Management

An office property in Washington, D.C.’s Golden Triangle Business Improvement District was handed back to its lender at a steep discount.

An affiliate of JPMorgan Chase (JPM) acquired a 12-story office building at 1850 M Street NW for $37.5 million, which is 30 percent of the 1986-built asset’s assessed value, the Washington Business Journal reported, cit ing documents filed last week with the D.C. Recorder of Deeds.

The hand ing back of the keys from the building’s owner, an affiliate of Manulife Investment Management, occurred at an Aug. 3 foreclosure auction hosted by Alex Cooper Auctioneers.

The JPMorgan affiliate filed a foreclosure notice against the building owner in June 2023 when there was a $61 million balance owed on its note, the deed records show. Manulife took ownership of the 244,070-square-foot property in 1983 before transferring it to another entity in 2017 for $108.8 million, according to deeds. The Manulife entity, called Hancock Reit 1850M LLC, took out a $50.9 million loan in 2017 as part of the transfer that was upsized to $60.3 million a year later.

The 1850 M Street NW property is currently 70 percent leased and generates around $10.9 million in annual rent, according to Alex Cooper Auctioneers.. Notable tenants include the National Association of Attorneys General, Freedom House and the American Academy of Actuaries.

Renovations done in 2020 included an upgraded lobby, according to the property’s VTS property page.

Officials at JPMorgan Chase and Manulife did not immediately return requests for comment.

The nation’s capital, like other large urban centers, has faced distress with older office properties of late due to increasing hybrid working trends spurred by the COVID-19 pandemic. Another D.C. office property at 4400 Jenifer Street NW owned by Zuckerman Gravely went 30 days delinquent last November on a $26.2 million commercial mortgage-backed securities loan originated by Natixis in 2016.

Andrew Coen can be reached at acoen@commercialobserver.com

Robert Khodadadian – Commercial Observer

Aug 28, 2023

An office property in Washington, D.C.’s Golden Triangle Business Improvement District was handed back to its lender at a steep discount.

The hand ing back of the keys from the building’s owner, an affiliate of Manulife Investment Management, occurred at an Aug. 3 foreclosure auction hosted by Alex Cooper Auctioneers.

Renovations done in 2020 included an upgraded lobby, according to the property’s VTS property page.

Officials at JPMorgan Chase and Manulife did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com

Robert Khodadadian – Skyline Properties JPMorgan Chase Assumes Ownership of Distressed D.C. Office Property

Aug 28, 2023

An office property in Washington, D.C.’s Golden Triangle Business Improvement District was handed back to its lender at a steep discount.

The hand ing back of the keys from the building’s owner, an affiliate of Manulife Investment Management, occurred at an Aug. 3 foreclosure auction hosted by Alex Cooper Auctioneers.

Renovations done in 2020 included an upgraded lobby, according to the property’s VTS property page.

Officials at JPMorgan Chase and Manulife did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com

An office property in Washington, D.C.’s Golden Triangle Business Improvement District was handed back to its lender at a steep discount. An affiliate of JPMorgan Chase acquired a 12-story office building at 1850 M Street NW for $37.5 million, which is 30 percent of the 1986-built asset’s assessed value, the Washington Business Journal reported, cit ing Channel, Distress, Finance, Alex Cooper Auctioneers, Washington DC, JPMorgan Chase, Manulife Investment Management