Crain's Chicago Business

South Loop apartment project scores $92 million construction loan Crain's Chicago Business The developers of a 46-story luxury apartment tower in the South Loop have secured a construction loan for the $175 million project, one of three big multifamily buildings in the area to get underway this year. Chicago developer John ... In addition to ...

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South Loop apartment project scores $92 million construction loan - Crain's Chicago Business

L&L, PGIM Real Estate asking $200M for Chelsea office buildings

The three interconnected properties total about 200K sf

By Mark Maurer | April 26, 2017 01:20PM

From left: 511-541 West 25th Street, Marc Halle and David Levinson

L&L Holding Company and PGIM Real Estate are looking to sell three interconnected Chelsea office buildings, sources told The Real Deal.

The firms have owned the buildings at 511-541 West 25th Street, between 10th and 11th avenues, for almost three years. They bought them from the Related Companies for $160 million in 2014.

Sources said L&L and PGIM, the asset management arm of Prudential Financial, are seeking about $200 million, or $1,000 per square foot, for the buildings.

The Class A properties, which rise four and nine stories, collectively hold about 200,000 square feet and are home to several showrooms. They are best known for their retail tenant, Tesla Motors, which has occupied the base since 2011 for its showroom. However, Tesla is soon moving to Romanoff Equities and Property Group Partners office building under construction at 860 Washington Street in the Meatpacking District.

Office tenants at 511-541 West 25th Street include Target and Bismarck Phillips Communications and Media.

The buildings value soared under Relateds ownership. The firm bought them for $93 million from Pembrook Capital Management in 2012 and then sold them two years for $160 million, thanks in part to the expansion of the High Line nearby.

L&L and PGIM hired a Savills Studley team led by Woody Heller and Michael Rotchford to sell the properties. The listing marks the brokerages first big assignment since a string of capital markets broker poaches earlier this year. Studley hired CBRE sales brokers Paul Leibowitz and David Krantz as well as Rotchford, a former Cushman & Wakefield executive in February.

L&L, PGIM and Studley declined to comment.

Elsewhere in the neighborhood, an affiliate of the Swiss pension fund AFIAA bought a 12-story office building at 125 West 25th Street last year from a Normandy Real Estate Partners-led group for $150 million, or nearly $1,100 per square foot. L&L recently hired acquisitions executive Adam Metzger from Normandy.

L&L, led by David Levinson and Robert Lapidus, is focused on developing the 47-story building 425 Park Avenue, the first new office tower on Park Avenue in 50 years.

PGIM bought a 40 percent stake in SL Greens 11 Madison Avenue for $480 million, not counting the debt, last year.

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L&L, PGIM Real Estate asking $200M for Chelsea office buildings - The Real Deal Magazine

Idaho Statesman

Developers' Ten Mile/I-84 project will build on Meridian's role as an office mecca Idaho Statesman Gardner Co. has stamped itself as the leading office developer in Downtown Boise after building Eighth & Main, buying the U.S. Bank building and now developing Pioneer Crossing. But Gardner's other project under construction returns the company from ...

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Developers' Ten Mile/I-84 project will build on Meridian's role as an office mecca - Idaho Statesman

For the second time this month, the Woodinville City Council delayed a decision on a proposed office building near the intersection of NE Woodinville-Duvall Road and NE North Woodinville Way, at its April 18 meeting.

The council delayed until May 16 a decision on whether the city should vacate a right-of-way in an area that would be part of the office and parking lot site, near 148th Avenue NE. Speakers at a public hearing on the proposal immediately before the council meeting debated whether loss of the right-of-way might hinder future access to the Wellington neighborhood, as well as whether the area might be subject to other commercial development.

The proposed office building, a 13,000-square-foot one-story structure, would house the offices of Woodinville-based Sierra Construction.

Although the city currently has no plans to use the right-of -way in the now undeveloped area, speakers at the public hearing said the council should consider the possible need for new streets in coming decades, as the Wellington neighborhood grows.

The council should consider that question carefully, because its irreversible, said Steve Yabroff, city planning commission chair.

Once that right-of-way is given up, its gone, Yabroff said.

Sierra Construction owner Roger Collins told council members that he would grant an easement to the city allowing it to build a new street, if it becomes necessary. Council members suggested that an easement or some other conditional right-of-way should be among the considerations when the proposal is considered next month.

Collins, who owns land adjacent to the office building, said he had no plans for further development in the area, and pledged that he would do whatever is necessary to guarantee that the land not be developed.

If I can get this building built, I would give that hillside away, Collins said. At their meeting, council members originally voted to reject the right-of-way sale. But, they reversed the decision after a procedural discussion and a previously unscheduled executive session to consider property transactions, called after the debate on the disposition of the land adjacent to the office-building site.

Collins, who would pay $20,000 for the right-of-way under an agreement negotiated with city staff, said the site is uniquely suited to meet the companys need for a single-story structure large enough to accommodate its staff of 40 employees.

Earlier in the month, the council delayed a decision on the proposal after hearing from residents near the development who complained that they had not been formally notified of the office building proposal. The council then directed city staff to mail notification of the April 18 hearing to residents within a 500-foot radius of the office building property, and Collins subsequently met with residents to discuss the proposal.

Council member Elaine Cook supported vacating the right-of-way to allow the office building development, and said Collins should be rewarded for his efforts to alleviate the citys concerns.

I worry that denying the vacation hurts a respectable company and its 40 employees, Cook said. I worry that it eats away at our relationship with the business community in general.

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Office building proposal delayed - Woodinville Northwest News

Jacksonville Business Journal

40 Under 40: Chris Taylor Jacksonville Business Journal Recently, the team at Moducomm Construction completed a 20,000-square-foot office building project and have been praised for finalizing a fully functional, free-standing restaurant in only 86 days. Within the first three months of 2017, the company was ...

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40 Under 40: Chris Taylor - Jacksonville Business Journal

A Ford Fusion driven by Shirley Mattson of The Dalles came out of a parking lot across from the Stratton Agency Insurance Services office in the 200 block of East Fourth Street and plowed into the insurance companys office building. Mattson said the car just took off. Photo by Jesse Burkhardt.

The Dalles Northwest Cherry Festival got off to an unusually impactful start on Friday with an incident that wasnt part of the scheduled activities.

At approximately 9:30 a.m., a black sedan came roaring out of a parking lot across from the Stratton Agency, an insurance company at 212 E. Fourth Street. The car jumped the curb and rammed into the office building with such force that bricks and cinder blocks were pushed several feet into the interior.

Glass, sheetrock, bricks and other debris was sent flying inside and the entire building shuddered, according to an employee in the office at the time.

I was sitting in my office with a customer and Boom! said Breanna Wimber, a Stratton Agency insurance agent. What the heck happened?! It was extremely scary. It was so loud and it shook the whole building. I didnt hear any screeching or anything, just Boom.

The car was driven by 83-year-old Shirley Mattson, a resident of The Dalles, who was transported by ambulance to Mid-Columbia Medical Center.

Mattson said her car, a 2009 Ford Fusion, just took off on her as she left the U.S Bank drive-thru.

I came through and the car just started speeding. The car would not stop. Ive never had that happen in all my years driving, she said. It was the fault of the car. Im going to have that car looked over very thoroughly.

Mattson suffered no broken bones, and said she hoped to be out of the hospital within a day or two.

She added that she was very grateful no one in the building was injured.

And Im so glad there were no cars or pedestrians, she said.

A desk near the front of the Stratton Agency office was knocked askew in the wreckage. The desk normally would have been occupied by Eileen Teas, and her desk and chair were mangled in the mishap. In a stroke of fortune, however, Teas was not there that day.

When Wimber dashed out of her office, the first thing she realized was that Teas normally would have been at the twisted desk.

Eileen would have been here today, but she has been off the last two days, Wimber said.

Her chair is mangled and facing the opposite way. Her briefcase was thrown about 15 feet toward the back.

According to Wimber, Mattson was screaming and had a bloody nose. Wimber went to her and tried to calm her down.

She said the car wouldnt stop, Wimber recalled.

Another Stratton agent, Liz Narciso, was on her way to the Fourth Street office when the accident happened.

I was sitting at Eileens desk yesterday, and I was going to be there today, Narcisco said. I had some work I was going to finish, and then I was going to come over to the office, but I didnt get around to it because I got a couple phone calls. Im feeling grateful I wasnt there.

The buildings owner, John Geiger, said he figured it would take about two months to repair the building, and the repair bill will be costly.

Id say $50,000-$60,000 on the low side, Geiger said.

A crew from Dave Adams Construction boarded up the building and made it safe and secure until full repairs can have made.

Wimber pointed out that the business was scheduled to have a ribbon-cutting ceremony on May 3 to commemorate the opening of their new office.

It looks like well have to call the Chamber of Commerce and reschedule, Wimber said.

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Mishap sends car into office building - Dalles Chronicle

Judith McGinnis , Times Record News 4:24 p.m. CT April 21, 2017

Amanda Gonzales, right, picks up a bag of gourmet popcorn from A.L. Williams, owner of Aunt Margie's Gourmet Popcorn in the lobby of the Oil and Gas Building at 813 8th Street.(Photo: Torin Halsey/Times Record News)Buy Photo

The Oil and Gas Building lobby is ready to pop.

Aunt Margies Gourmet Popcorn, owned, operated and made by Anita Williams, has set up shop to the delight of companies that office there.

What began with a shared recipe has now become a unique enterprise. Williams has come home to Wichita Falls with a delicious start-up business.

I really did have an Aunt Margie, Williams saidwith a broad smile. I call her original recipe butter crunch.' Its sugar, butter and popcorn. I have to tell people all the time this is not caramel corn.

A graduate of Rider High School, Midwestern State University and Bethania Nursing School, she was 10 when her civil service-employed parents came to Wichita Falls. Marriage and children moved her to different states but she was ready to return.

A. L. Williams mixes up a batch of popcorn for her business, Aunt Margie's Gourmet Popcorn, which she started recently. Williams has been making her aunt's recipe for several years and now offers several flavors and varieties.(Photo: Torin Halsey/Times Record News)

Anita had a booth at the Farmers Market for a while but this is over the top, Cynthia Laney, executive director of Downtown Wichita Falls Development said. Her office is across the hall from Aunt Margies Gourmet Popcorn. Popcorn is my favorite snack and I like to have coffee with a mix of the butter crunch and the sweet and spicy.

White Realty Management Vice President Mark Chase, who worked with Williams,is just as pleased.

Years ago this was a concession stand. Chewing gum and candy bars, Chase said. Were very excited to have Anita here. I understand soon we'll have homemade lemonade to go with the popcorn."

Aunt Margie's Gourmet Popcorn is located in the lobby of the Oil and Gas Building, seen in this old photograph as the shorter building, center right. Construction in the foreground is of the Hamilton Building. Additional floors were built onto the Oil and Gas Building later, making it roughly as tall as its next door neighbor, the City National Building.(Photo: Torin Halsey/Times Record News)

The Oil and Gas Building has been a key contributor to the growth of downtown Wichita Falls. Built in the early 1920s, its 12 stories were an oil boomheadquarters. Old photographs collected by White Reality President and CEO David White depict the building surrounded by new builds like City National Bank and vacant lots ready for construction.

White Realty also manages the Hamilton Building, Energy Center Building, Chelsea Plaza andCity National Building.

"Currently 25 companies have offices at the Oil and Gas Building," Chase said. "People have told us a number of times they want to lease space in one of these buildings because their grandfathers used to work there."

A.L. Williams stirs up ingredients for her gourmet popcorn she makes from a family recipe. Williams recently opened Aunt Margie's Gourmet Popcorn and is located on 8th Street in the lobby of the Oil and Gas Building.(Photo: Torin Halsey/Times Record News)

With samples offered to visitors, office staffers and company execs, Williams continues to develop her brand. InitiallyAunt Margie's recipe was made as a gift for friends who asked for more and told others until it became a business.

"The sweet and hot version has cayenne pepper but I've also added milk and dark chocolate to the original recipe," Williams said, "By Thanksgiving I'll have cinnamon and pumpkin pie but Ireally want to do something with cheesecake."

A bag of Aunt Margie's Gourmet Popcorn made by A.L. Williams. Williams opened her popcorn business in the lobby of the Oil and Gas Building on 8th Street.(Photo: Torin Halsey/Times Record News)

Williams makes gift bags for all occasions. Aunt Margie's Gourmet Popcorn is open from 11 a.m ("to cover lunch time") to 3 p.m. ("afternoon snack time). She is flexibleto accommodate gift pickups and other needs. For more information or to place an order call(940) 263-9558 or go to https://www.facebook.com/auntmargiesgourmetpopcorn/.

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Sweet and salty treats come to historic office building - Times Record News

Fort Worth Star Telegram

Offices made from shipping containers coming to Fort Worth Fort Worth Star Telegram Soon, Matthijs and Jie Melchiors, partners and founders of MEL/ARCH studio, will start construction on a three-story office building near Evans and Rosedale avenues made entirely of shipping containers. In all, 40 containers of various colors will be used.

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Offices made from shipping containers coming to Fort Worth - Fort Worth Star Telegram

Construction crews work on a property on West Street near Curtiss Street in Southington, Friday, April 21, 2017. A Courtyard by Mariott is planned along with restaurants and shops thatll include a Mellow Mushroom, Popeyes Louisiana Kitchen, Nutmeg State credit union and Cheshire Coffee. | Dave Zajac, Record-Journal Construction crews work on a property on West Street near Curtiss Street in Southington, Friday, April 21, 2017. A Courtyard by Mariott is planned along with restaurants and shops thatll include a Mellow Mushroom, Popeyes Louisiana Kitchen, Nutmeg State credit union and Cheshire Coffee. | Dave Zajac, Record-Journal Construction crews work on a property on West Street near Curtiss Street in Southington, Friday, April 21, 2017. A Courtyard by Mariott is planned along with restaurants and shops thatll include a Mellow Mushroom, Popeyes Louisiana Kitchen, Nutmeg State credit union and Cheshire Coffee. | Dave Zajac, Record-Journal Construction crews work on a property on West Street near Curtiss Street in Southington, Friday, April 21, 2017. A Courtyard by Mariott is planned along with restaurants and shops thatll include a Mellow Mushroom, Popeyes Louisiana Kitchen, Nutmeg State credit union and Cheshire Coffee. | Dave Zajac, Record-Journal Construction crews work on a property on West Street near Curtiss Street in Southington, Friday, April 21, 2017. A Courtyard by Mariott is planned along with restaurants and shops thatll include a Mellow Mushroom, Popeyes Louisiana Kitchen, Nutmeg State credit union and Cheshire Coffee. | Dave Zajac, Record-Journal Partial view of the dining room at Tavern 42 Burgers Brew & Que at 42 W. Main St. in Southington, Monday, August 15, 2016. After three months of renovation the new business has opened with American pub favorites and a wide selection of beers. | Dave Zajac, Record-Journal The bar area of Tavern 42 Burgers Brew & Que at 42 W. Main St. in Southington, Monday, August 15, 2016. After three months of renovation the new business opened Monday with American pub favorites and a wide selection of beers. | Dave Zajac, Record-Journal The bar area of Tavern 42 Burgers Brew & Que at 42 W. Main St. in Southington, Monday, August 15, 2016. After three months of renovation the new business opened Monday with American pub favorites and a wide selection of beers. | Dave Zajac, Record-Journal The nearly completed bar of 75 Center in Southington, Monday, January 9, 2017. Downtowns newest restaurant will open on Wednesday in the former Machiavellis location at 75 Center St. | Dave Zajac, Record-Journal Mary Forgues, marketing coordinator, draws a variety of beverage signs while preparing for the opening of 75 Center in Southington, Monday, January 9, 2017. Downtowns newest restaurant will open on Wednesday in the former Machiavellis location at 75 Center St. | Dave Zajac, Record-Journal Workers from Paramount Construction carry a 75" monitor while setting up the game room at 75 Center in Southington, Monday, January 9, 2017. Downtowns newest restaurant will open on Wednesday in the former Machiavellis location at 75 Center St. | Dave Zajac, Record-Journal Ryan Tunnacliffe, general manager of Ideal Tavern in Southington, creates a Nitro Mule, a signature cocktail at the new restaurant on Center Street in Southington, Thursday, August 25, 2016. | Dave Zajac, Record-Journal Ryan Tunnacliffe, general manager of Ideal Tavern, a new restaurant at 142 Center St. in Southington, Wednesday, July 13, 2016. | Dave Zajac, Record-Journal Joseph Lucci, executive chef, prepares Filet Mignon with Baby Vegetable and Black Truffle Aioli at Ideal Tavern, a new restaurant at 142 Center St. in Southington, Wednesday, July 13, 2016. | Dave Zajac, Record-Journal Ideal Tavern, a new restaurant at 142 Center St. in Southington, Wednesday, July 13, 2016. | Dave Zajac, Record-Journal Luxury townhouses at the Liberty Station complex on Liberty Street in Southington, Friday, January 13, 2017. | Dave Zajac, Record-Journal The Liberty Station apartment complex on Liberty Street in Southington, Friday, January 13, 2017. | Dave Zajac, Record-Journal The kitchen area of one of the new apartments at the Liberty Station complex on Liberty Street in Southington, Friday, January 13, 2017. | Dave Zajac, Record-Journal Matt Denorfia, left, and Andy Denorfia, owners of the Liberty Station complex on Liberty Street in Southington, Friday, January 13, 2017. | Dave Zajac, Record-Journal Construction continues on the new Hartford HealthCare medical building on Queen Street in Southington, Monday, January 30, 2017. | Dave Zajac, Record-Journal Construction continues on the new Hartford HealthCare medical building on Queen Street in Southington, Monday, January 30, 2017. | Dave Zajac, Record-Journal A Hartford Healthcare medical building under construction on Queen Street next to Price Chopper in Southington, Monday, May 16, 2016. | Dave Zajac / Record-Journal Inside the new Smashburger on Queen Street in Southington. | Farrah Duffany/ Record-Journal staff. FILE PHOTO: By 11 a.m. Wednesday, dozens of people were lined up awaiting the grand opening of the Smashburger location in Southington on Queen Street. The first 50 customers got free milkshakes for a year. | Farrah Duffany/ Record-Journal staff. By 11 a.m. Wednesday, dozens of people lined up awaiting the grand opening of the Smashburger location in Southington on Queen Street. The first 50 customers got free milkshakes for a year. | Farrah Duffany/ Record-Journal staff. A property under development next to Outback Steakhouse on Queen Street in Southington, Thursday, February 2, 2017. Construction began last year on the plaza thatll include a Chick-fil-A, Chipotle and Aldi. | Dave Zajac, Record-Journal A property under development on Queen Street in Southington, Thursday, February 2, 2017. A local developer is looking to rezone more houses nearby to allow commercial development and access to the plaza under construction. | Dave Zajac, Record-Journal Drainage pipes and drains staged on the property at 785 Queen Street in preperation for retail development Thursday Oct. 27, 2016 | Justin Weekes / For the Record-Journal Woodland Heights, a 72-lot development under construction on Loper Street in Southington, Friday, March 10, 2017. | Dave Zajac, Record-Journal Woodland Heights, a 72-lot development under construction on Loper Street in Southington, Friday, March 10, 2017. | Dave Zajac, Record-Journal Woodland Heights, a 72-lot development under construction on Loper Street in Southington, Friday, March 10, 2017. | Dave Zajac, Record-Journal Woodland Heights, a 72-lot development under construction on Loper Street in Southington, Friday, March 10, 2017. | Dave Zajac, Record-Journal Tree removal has begun on a new development on Loper Street in Southington, Friday, September 2, 2016. | Dave Zajac, Record-Journal Construction crews began bringing utilities from Loper Street into a new 72-lot subdivision being built by AA Denorfia Building and Development on on Thursday, Nov. 3, 2016. | Bryan Lipiner, Record-Journal Noodles & Company in Southington, left, June 1, 2015. The national chain based in Colorado will be opening its Southington location at 832 Queen St. by June 17. | Dave Zajac / Record-Journal Noodles & Company, a national restaurant chain with an emphasis on pasta and noodle dishes is under construction at 832 Queen St. in Southington, Monday, January 12, 2015. The business is located in the same plaza as Puerto Vallarta and plans to open in March. | Dave Zajac / Record-Journal A HomeGoods store under construction in the new commercial plaza on West Street in Southington, Tuesday, February 28, 2017. The plaza will also include a Michaels and Pet Valu store. Chips Family Restaurant is being built on a pad separate from the stores. | Dave Zajac, Record-Journal HomeGoods, Michaels and Pet Valu stores under construction in a new commercial plaza on West Street in Southington, Tuesday, February 28, 2017. Chips Family Restaurant is being built on a pad separate from the stores. | Dave Zajac, Record-Journal A HomeGoods store under construction in the new commercial plaza on West Street in Southington, Tuesday, February 28, 2017. The plaza will also include a Michaels and Pet Valu store. Chips Family Restaurant is being built on a pad separate from the stores. | Dave Zajac, Record-Journal

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Measuring the value of property development in Southington - Meriden Record-Journal

Recent news from the C&D recycling and demolition industry.

Ten years after receiving its first Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council (USGBC), the University of California (UC), Merced in Merced, California, has earned platinum certification for its Classroom and Office Building 2 (COB2).

This marks the campus 17th LEED certification for new construction and its eighth platinum designation.

From day one, we made a deliberate commitment to build to highest sustainable standards, Assistant Director of Sustainability Mark Maxwell says. With each new building, were proud to demonstrate that were keeping that promise.

COB2 opened in fall 2016, providing much-needed classrooms, tutorial space, research labs and academic and administrative offices to support the campus projected growth, the university says.

Some of COB2s sustainable features include diverting 93 percent of its construction waste from landfills; using 51 percent recycled content during building construction; and being 43 percent more water efficient and 46 percent more energy efficient than California code requires.

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Green building - Construction & Demolition Recycling