Highwoods Properties, Inc. (HIW - Free Report) announced that it has been selected by MetLife, Inc. (MET - Free Report) to develop a third office building for its global technology campus in Carys mixed-use Weston planned unit development (PUD). The Raleigh, NC-based real estate investment trust (REIT) will invest $63 million for this 219,000 square feet, fully pre-leased building. Construction on this build-to-suit project is slated to begin this summer and is likely to be complete in first-quarter 2019.

Notably, Highwoods developed the first two buildings for MetLife in 2015. The addition of the third building in the 655,000-square-foot campus took the REITs total investment to around $172 million. Also, with this project, the development pipeline of Highwoods has risen to 2 million square feet. This amounts to an expected investment of around $612 million, which is 85% pre-leased on a dollar-weighted basis.

Headquartered in NY, MetLife is a leading provider of insurance and financial services to a broad spectrum of individual and institutional customers and is a trusted and highly regarded customer of Highwoods. The successful growth of MetLife in Weston indicates the availability of strong technology-oriented employment pool that attracts companies to this area. Shares of Highwoods underperformed the Zacks categorized REIT and Equity Trust - Other industry in the last three months. Shares of the company decreased 3.5%, whereas the industry lost 0.8%. However, in the last 30 days, its full-year 2017 FFO per share estimates moved up.

Currently, both Highwoods and MetLife carry a Zacks Rank #3 (Hold).

Investors interested in the REIT space, may consider better-ranked stocks like Easterly Government Properties, Inc. (DEA - Free Report) and Gaming and Leisure Properties, Inc. (GLPI - Free Report) , each carrying a Zacks Rank #2. You can see the complete list of todays Zacks #1 Rank (Strong Buy) stocks here.

In the last 30 days, Easterly Government Properties FFO per share for second-quarter 2017 remained unchanged at 31 cents.

In the last 30 days, Gaming and Leisure Properties FFO per share for second-quarter 2017 increased 1.3% to 77 cents.

Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.

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Highwoods to Develop MetLife's Office Building in Weston - May 23 ... - Zacks.com

realized by jan kattein architects and meanwhile space,the project transforms a defunct council office building and car park in london with the aim of nurturing talent and boosting local businesses over the next five years. just around the corner from wood green high road, the blue house yard is a collection of creative work spaces which will soon be home to a tailor, toy maker and a brewer among other local entrepreneurs.

framed by a bright blue studio complex, nine tall, slender standalone worksheds and a double-decker bus caf, the yard itself will become a much-needed social space in the town centre, hosting markets and evening events.

jan kattein architects and meanwhile space have collaborated with high street works, a multi-disciplinary organisation intervening across london to provide high street improvements.in order to achieve an innovative and distinct design for blue house yard, adaptable to the individual needs of a broad range of creative tenants, the company ultimatelyembraced a self-build process. here, construction is not just a means to an end; it provides an opportunity to test and prototype sustainable timber frame construction, helps to train eight local carpentry apprentices and discover new design opportunities at every joint and junction.

each space has been devised to give its tenant the operational framework they need to grow. homeworkers will have their first public facing space, new businesses will be able to do market testing and more established business can take on new staff. the public space means there are opportunities for all to benefit from tenants activities, or be drawn to plan and deliver their own. the first tenants have already started moving into studios, with work on the yard set to finish in may.as construction nears completion, and tenants begin to customize their work spaces, the project is only just beginning the next phase of its creative development.

designboom has received this project from our DIY submissions feature, where we welcome our readers to submit their own work for publication. see more project submissions from our readers here.

edited by: lea zeitoun | designboom

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defunct council office turned into the blue house yard in london - Designboom

May 22, 2017 4 Comments

Coles Co. (ECWd)

As the State of Illinois crumbles from failures of our public officials to know and do their job, one only need to look at their local government to see much of the same problems. For years we have been asking public officials a simple question. Where in the law does it give you the power to do what you did? Commonly known as Dillons Rule.

Who knew Coles County was $1,105,000.00 in Bond Debt? According toits Comptroller filing, the county sold Revenue Refunding Bonds, Series 2008, among other Bonds, to finance construction of an office building for the Regional Office of Education. The original issue of those bond was $600,000.00 of which they currently owe $270,000.00, however that number does not reflect the interest.

Is county government allowed to sell bonds to build an office building for the Regional Office of Education?Where in the law does it give them the power to do what they did?

How the game is played.

The School code has outlined County Board obligations as it relates to the Regional Superintendent.

(105 ILCS 5/4-2) (from Ch. 122, par. 4-2) Sec. 4-2. Office and supplies. Provide for the county superintendent of schools a suitable office with necessary furniture and office supplies.

Although the counties code does notspecifically permitthe County to bond for an office building for the Regional Superintendent, the Building Commission Act does, which is how the county built this office building.

Is there anyone in their right mind that spends $600,000.00 plus interest to build an office building so you can provide a suitable office for the Regional Superintendent?

Under Dillons rule, the Building Commission has 1)powers granted in expressed words; 2) Those necessarily or fairly implied in or incident to the powers expressly granted, and 3.) Those essential to the declared objects and purposes of the corporation, not simply convenient, but indispensable.

Working backward, most would agree that building an office building is not essential in order to provide office space. Some may contend that building an office building is necessarily or fairly implied to the power granted of providing office space. I think that is a stretch. That leaves us with the first rule, powers granted in expressed words.

Although the Building Commission has the power to sell bonds and build buildings, the Public Building Commission Act has limitations set by resolution when they were created and can not be expanded without the approval of the voters. The PBCA states, The County Board of any county that has created a public building commission for a limited and specific purpose may expand that purpose by resolution.

Two questions:

An FOIA request has been issued for a copy of the original Resolution that shall specify the limited purpose for which such Public Building Commission is to be created. Any bets there was any reference to the construction of an office building so the county would be able to provide a suitable office for the Regional Superintendent?

As this relates to the other counties obligations, we understand there is a lease agreement with those counties and the Building Commission. That too has been FOIAd and we will update accordingly.

We also note there have been numerous school superintendents that are convinced the duties of Regional Superintendent could easily be performed by the applicable School Superintendents, which would save a small fortune to the taxpayers.

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By Kirk Allen

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Coles County sold bonds to construct office building for Regional Education Superintendent - Edgar County Watchdogs

Written by Miami Today on May 22, 2017

International real estate firm Hines announced plans Monday to develop 110 10th Street, a 45-story, 600,000-square-foot office-led, mixed-use tower within Miami Worldcenter. 110 10th is to include Class A office space and high-street retail.

The tower will be the first Class A office building of scale constructed in Miamis Central Business District in eight years, and will rise between Northeast First and Second avenues and Northeast Ninth and 10th streets, adjacent to Miami Worldcenters 360,000-square-foot high-street retail promenade.

Construction of Miami Worldcenters first phase, which includes high-street retail, the 60-story Paramount luxury condominium and a Class A rental apartment building, began in 2016. The 10-block mixed-use development is to include world-class retail, hospitality, residential and commercial uses.

Hines said it expects to start construction on the building in the second quarter of 2018 with initial occupancy in late 2020 or early 2021.

Our vision for Miami Worldcenter has always involved working with a world-class team of developers to create a mix of uses that addresses downtown Miamis commercial and residential needs and contributes to the city skyline, said Nitin Motwani, managing principal for master developer Miami Worldcenter Associates. More companies are moving to downtown Miami each day and existing brands are expanding here. An office tower at Miami Worldcenter will offer tenants a chance to be in a mixed-use setting thats centrally located, walkable and connected.

Details: http://www.miamiworldcenter.com

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Hines plans 45-story office building in Miami Worldcenter - Miami Today

An image of the revised plan for Robertson Lane, including a restoration of The Factory. (Hodgetts + Fung)

The environmental impact report on the proposed hotel and shopping plaza on Robertson Boulevard known as Robertson Lane will be presented to West Hollywoods Historic Preservation Commission on Tuesday.

The commission will meet at 7 p.m. at the Plummer Park Community Center, 7377 Santa Monica Blvd. near North Vista. The meeting is expected to draw a large crowd because of the projects location on the site of the Factory, a building at 661-665 N. Robertson Blvd. that in February was designated as eligible for listing in the National Register of Historic Places

An EIR identifies and examines likely environmental effects of a proposed project and proposes measures to avoid, reduce or offset them. The 343-page report was commissioned by Faring Capital, the developer of the project, and prepared by Dudek, an environmental impact consulting firm in Pasadena. A full copy can be found online.

At a meeting in December 2014 area residents raised questions about a variety of possible impacts of the project, including shade on nearby buildings and lack of parking during its construction. But the biggest issue, which is likely to dominate the discussion on Tuesday, is preservation of the Factory building.

Those who argue for its preservation note that it was home from 1929 to 1946 to the Mitchell Camera Co., manufacturer of Hollywood film equipment, and from 1974 to 1993 to Studio One, the gay nightclub.

The Factory as it looks today.

Jason Illoulian of Faring Capital has said that he intends to restore the Factory, re-orienting its location on the project site. The Robertson Lane project will include a hotel with more than 250 rooms, underground parking with more than 1,000 spaces and cafes and small retail spaces. The project also will include a 30- to 35-foot-wide lane providing a visual and physical connection between Robertson Boulevard and La Peer.

The draft EIR notes the history of the Factory and of its various alterations over the years.

The Factory building has had numerous uses and occupants over time, and has been altered to accommodate changes in use, reads the EIR. Some of these changes are associated with significant periods of the buildings history, and certain alterations associated with those periods are considered to have attained significance in their own right. The following description of the buildings construction and alteration history places changes to the building within the chronology of the buildings identified periods of significance.

1940: Construction of a twostory office building at its north elevation, west (to the rear) of the 1929 office building.

1942: Addition of employee restrooms and locker rooms.

1943: Construction of a onestory building assumed to be the adjacent plumbing and woodworking building at the northwest corner of the property (no longer extant).

Alterations made to the building between its period of significance as the Mitchell Camera Corporation factory and its period of significance as Studio One (19741992) include the following:

1952: Addition of a loading dock to the buildings south elevation Several additional alterations were identified through an inspection of the property, an assessment of historic photographs, and additional propertyspecific research:

Complete alteration of the Mitchell Camera Corporation office building. This building, which was constructed in 1929 as a onestory Art Deco building to house the Factory buildings office and administrative functions, has been modified in such a way that it does not retain any of its original Art Deco features. story nightclub entrance, the addition of an exterior staircase, and the construction of a patio area accessed via French doors.

Addition of the south elevation to accommodate another commercial entrance.

The modification of the west facade to accommodate a new nightclub entrance. The Studio One entrance was fronted by a fabric canopy; this canopy has been removed and replaced with a large steel canopy.

Numerous interior alterations throughout the history of the building, although little is known about the extent and dates of these modifications.

According to the EIR, Farings proposal to restore and preserve the building would involve disassembling the 24,990 square foot Factory building and its 6,764 square foot former office building (which has been significantly altered in its conversion to a restaurant) and the reassembly of an approximately 140-foot-long, two-story portion of the originally 240-foot-long building.

The building would be repositioned from its current location spanning east-west between Robertson Boulevard and La Peer Drive to a new location onsite. The building would be situated on a north-south axis along Robertson Boulevard at the eastern edge of the project site. The current Robertson Boulevard facade of the Factory would face north onto the open-air paseo. The north-facing facade would be restored to its original factory appearance, including the replacement of non-historic windows with salvaged original windows, conservation and reuse of original embossed steel cladding, and removal of non-historic elements such as an exterior staircase.

The length of the building along Robertson Boulevard would incorporate new storefront entrances for commercial tenants but would otherwise be restored to its original factory appearance. The current La Peer Drive facade would face south under the proposed reconfiguration of the building. The south-facing facade would be restored to its original Studio One discotheque appearance.

Tagged faring capital, historic preservation commission, jason illoulian, mitchell camera, robertson lane, studio one, the factory

Original post:
Robertson Lane Project Goes Before WeHo's Historic Preservation Committee - WEHOville

Makers Quarter, the five-block gentrifying section of East Village, is already making its mark.

The Coliseum, where Archie Moore once boxed, is turning into a hipster hangout with eight bowling lanes, two karaoke setups, craft cocktails and scratch food.

The first housing project, seven-story, 265-unit Broadstone Makers Quarter due to open early next year, will include a high proportion of studios and one-bedroom apartments to appeal to single millennials on the hunt for affordable urban living.

And most significant, construction has begun on downtowns first major multi-tenant office building in a decade. A formal ground breaking is scheduled May 30. Called Block D, the 60,000-square-foot project, opening next year, will feature automatic sunshades, rollup garage doors on each floor and no parking.

People are bailing their cars for Uber and FRED, said project planner Stacey Pennington, the last, a reference to the Free Ride Everywhere Downtown shuttle service.

Makers Quarter, a makeover of the Jeromes Furniture family property holdings, is south of City College and bounded by Broadway and G Street, 14th and 17th streets. Developed by Lankford & Associates, Hensel Phelps and HP Investors, it is masterplanned to include about 979,448 square feet of office space, 140,158 square feet of retail and 808 housing units. It lies within the larger I.D.E.A. District that aims to promote a new live-work-play hub for innovation, design, education and the arts.

Mark Cafferty, president and CEO of the San Diego Regional Economic Development Corp., calls Makers Quarter pretty bold, grounded as it is in the makers movement people making things and developing new ideas. It includes such amenities as an urban farm, charter school and, in the future, East Village Green park. Looking over an aerial rendering by the BNIM architectural firm, Cafferty compares it favorably with New York City.

We recognize that when we compete with other places that do well, theyre ahead of us, he said, when it comes to developing neighborhoods for urban-minded residents and workers. He called the development a real leverage play in attracting and retaining talent.

The Block D office building has plenty to offer in the way of innovation. Its a concrete, not steel, structure to take advantage of the natural heating and cooling attributes of concrete, said BNIM architect Matthew Porreco.

It will incorporate a series of red sunshades that move with the weather. When the marine layer blankets downtown, theyll fold up. When the sun shines, theyll open out to block the glare. The effect from surrounding streets will be a building facade constantly in motion.

Other design elements will offer maximum flexibility, such as locating the elevator core to one side of the building so that tenants can spread out over uninterrupted work space. Balconies and stairways will make it easy to move around the building and collaborate with fellow workers. The rollup garage doors will let in plenty of natural air and reduce the need for air conditioning.

It was about human-centered design, which is really about making workplace environments that are much more stimulating and engaging, Porreca said.

CBRE broker Matt Carlson said he has been collecting letters of interest from potential tenants but does not expect to sign leases until later this year. He called Block D a catalyst building that will touch off growth in downtowns office base, which has been largely static for years.

Its a billboard for the neighborhood to say this is the next employment hub, Carlson said. Theres office here. Companies are thriving here and right across the street we can accommodate larger users (in future buildings). This is really the start of office happening.

Sumner Lee, 40, is one of the early office pioneers in Makers Quarter. He moved his Fuse Integration defense contracting firm from Liberty Station to the Midway area. Then he and his 28-member staff moved in 2015 to a funky downtown warehouse at 1425 E Street.

Inside its far from the sleek, shipshape workspace typical of the defense industry. At this one, graffiti art fills the walls and wood pallets divide internal offices.

Its a very atypical defense contractor workforce and that is my goal, he said. By being an atypical engineering and design firm, Im going to be able to inject some creativity.

The neighborhood is still not pristine or polished, he agreed, but it has improved in the last two years. And there are microbreweries and one-of-a-kind restaurants all around to enjoy.

I really like the way being downtown connects myself and the rest of my employees to an environment that is an engaging environment, Lee said.

Denver developer Robert Thompson said the Coliseum building, a boxing club from 1924 to 1974 at 1485 E, was the only place he could imagine opening what will be the 11th Punch Bowl Social restaurant in San Diego.

When we can get our hands on a historic building like that big barrel-roof historic boxing arena, thats just about as good as it gets, Thompson said.

He said his clubs attract a millennial crowd, what with its combination of hip food and drink; darts, bowling and karaoke; and the urban setting. The 25,000-square-foot project is due to open by the end of the year.

Just because weve cracked this millennial code, I dont think anybody feels uncomfortable outside that set, he said.

Alliance Residential also has tailored its seven-story, 265-unit Broadstone Makers Quarter apartment project, due to open early next year at Broadway and 16th Street, to the millennial maker population.

Thats exactly the demographic were going after, said the design director Jonas Bronk. We think were on the front wave and its going to be great for the neighborhood and great for us.

Project architect Joseph Wong said the project will offer elements unseen in other Broadstone developments: coworking space on the second floor and a housing mix aimed at urban-minded students and young workers unburdened by excess stuff and thus needing less space carrying lower rents. To celebrate the maker vibe, the leasing office will feature metal work fashioned by designer Paul Basiles studio.

I think its going to be transformative to the area, Wong said.

Another residential project, Streetlights Makers Quarter, is due to start construction on 225 apartments later this year at 15th and F streets. High-rise office buildings are planned later at 15th and Broadway and 14th and E.

And to add to the neighborhood party scene, 10 Barrel Brewing is due to open next week at 1501 E.

Block A

Location: 15th-16th-Broadway-E

Use: 227,200 sq.ft. office; 42,600 sq.ft. retail; 248 homes

Status: Future phase

Block B:

Location: 16th-17th-Broadway-E

Use: Broadstone Makers Quarter, 265 apartments; 4,945 sq.ft.retail

Status: Under construction, open 2018

Block C

Location: 14th-15th-E-F

Use: 700,000 sq.ft. office; 28,700 sq.ft. retail; Coliseum converted to Punch Bowl Social, 24,571 square feet

Status: Punch Bowl Social opening 2018; remainder in future phase

BLOCK D

Location: 15th-16th-E-F

Use: Block D 52,248 sq.ft. office; 10 Barrel Brewing, 9,000 sq.ft.

Status: Office under construction, open 2018; 10 Barrel opening this month

Block E

Location: 13th-15th-F-G

Use: East Village Green park

Status: Construction begins 2018

Block F

Location: 15th-16th-F-G

Use: Streetlights Makers Quarter, 295 apartments; 19,893 sq.ft retail

Status: Construction to begin this year

roger.showley@sduniontribune.com; (619) 293-1286; Twitter: @rogershowley

Excerpt from:
Makers Quarter: Sunshaded offices, hipster hangouts - The San Diego Union-Tribune

An office building on downtown's W. Wisconsin Ave. will be converted into nearly 150 apartments.(Photo: CommercialSearch.com)

An underused office building on downtown's west side will be converted into nearly 150 apartments, the latest in a series of similar nearby projects.

The 12-story building, at 735 W. Wisconsin Ave., has been sold toRosemont, Ill.-based 3L Real Estate, the firm announced Friday.

3L is ready to begin a $15 million conversion of the 110,00-square-foot building into144 one-bedroom and studio apartments, the firm said. Monthly rents are expected to start at $900.

The735 West buildingsproximity to MarquetteUniversity, the future Milwaukee Bucks arena,restaurants and other attractions "render it perfect for conversion to residential use, said Joe Slezak, 3L chief executive officer.

At the same time, we are confident that the building will benefit the surrounding neighborhood," Slezak saidin a statement.

The building was sold for an undisclosed price by Zilber Ltd.

Its commercial tenants include Wells Fargo Bank, which will remain in the building's street-level retail space, according to 3L.

Construction is set to begin this summer with the project completed in summer 2018.First Midwest Bank will be providing aconstruction loan for the project.

Building amenities will include bike storage, free internet, condostyle apartment finishes anda fitness center.

735 West is the latest in a series of commercialbuildings on or near W. Wisconsin Ave. converted to apartments over the past two years.

The largest project, the $31 million conversion of a long-vacant 11-story office building, 401 W. Michigan St., intoThe Buckler, with 207 high-end apartments, was completed in February 2016.

Other projects include the conversion of the historicGermania Building,135 W. Wells St., into 46 market-rate and 44 affordable apartments. That $14.1 million project will be completed in July.

Also,the 49-unit700 Lofts, 700 W. Michigan St., and the 105-unitMKE Lofts Downtown, 152 W. Wisconsin Ave., both opened in 2015.

Meanwhile,the new owners of the Grand Avenue mall are pursuing redevelopment plans that include converting that property's Plankinton Arcade, on W. Wisconsin Ave.between N. 2nd St. and N. Plankinton Ave.,into 50 apartments.

3L's investment comes amid an unprecedented downtown building boom. Itoccurs even as other apartment developers are delaying their plans because of concerns about a possible surplus of new units.

Tom Daykin can be reached at tdaykin@jrn.com

Read or Share this story: https://jsonl.in/2r0c76c

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New owner to convert office building on downtown Milwaukee's west ... - Milwaukee Journal Sentinel

Malden, MA Seaver Construction has entered into the construction phasefor the development of afirst-class office building on the Malden River for owner Combined Properties, Inc. 295 Canal St. will offer a unique opportunity for businesses seeking quality and value.

The five-story structurewill total55,117 s/f. Each level will offerwindow lines affordinga natural light, water views and Boston skyline views.

The project is located adjacent to the Malden Bike Path, also known as the Northern Strand Community Trail and offers pedestrian accessibility to Maldens downtown retail and restaurants.

Being on a busy intersection and proximal to some residential buildings, there is special attention given mitigation of dust and noise and vibration monitoring for pile installation.

The building is supported on precast piles extending about 70 feet below grade. The structural system consists of structural steel framing with cast in place concrete slab on composite decks. The exterior skin is a balance of manufactured stone and glass.

The architectural design was performed by Combined Properties in-house design department.

The construction management team at Seaver Construction along with owners management group at Combined Properties, Inc. worked with the City of Malden agencies and a team of subcontractors and consultants to carry out the construction activities. The project is on track with both budget and schedule.

Combined Properties, Inc. is a full-service investment and development real estate firm specializing in commercial and multi-family residential properties.

Seaver Construction is a general contracting and construction management firm.

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Seaver Construction breaks ground on 55117 s/f first class office building at 295 Canal St. in Malden for Combined ... - New England Real Estate...

Bay Meadows digs in on third office building Silicon Valley Business Journal The new Station 2 building is also being erected without a tenant in mind. Newmark, Cornish & Carey are marketing the available office space, including the planned Station 1 and Station 5 buildings, which aren't yet under construction. Even so, Thacher ...

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Bay Meadows digs in on third office building - Silicon Valley Business Journal

The University of Maryland and Corporate Office Properties Trust launched a $18.5 million, three-story office building and unveiled an art walk Wednesday at its College Park campus.

The 75,000-square-foot office building, located at 5801 University Research Court, will be part of the university's newly branded Discovery District, a 150-acre area that stretches from Baltimore Avenue to River Road, where university leaders envision a hub for research and economic development.

Construction has started, and the building is expected to open in 2019.

The Discovery District encompasses the university's existing 130-acre research park, formerly called M Square.

The office building is among the new projects planned for the area. The building is designed for tenants focused on technology and research.

At an event Wednesday, university leaders, executives of project developer Corporate Office Properties Trust and elected officials also marked the opening of the Art Walk, a park with food trucks, seating areas, trails and art installations.

The Discovery District will also include a 45,000-square-foot building to house the College Park Academy, built in partnership with St. John Properties. The public charter school's building is expected to open in the fall.

The Hotel at the University of Maryland, a 297-room structure on Baltimore Avenue at Campus Drive, will open this summer.

sarah.gantz@baltsun.com

twitter.com/sarahgantz

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University of Maryland launches new Class A office building - Baltimore Sun