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In The Pipeline: CoStar Development & Construction News for Feb. 5 - 11

News, Notes and Comments on New Projects, Trends and Construction In the Commercial Real Estate Development and Planning Pipeline Around the U.S.
February 4, 2014

Kilroy Plans Mixed-Use Campus In Hollywood


Kilroy Realty Corp. (NYSE: KRC) has acquired a full city block near Sunset Boulevard and Vine Street from the Academy of Motion Pictures Arts and Sciences for $46 million.

Los Angeles-based Kilroy plans to develop a mixed-use campus of about 475,000 square feet of low- and mid-rise office space, apartments and retail on the four-acre site. The total investment is estimated at between $250 million and $300 million.

The site, originally intended as the site of the Academy Museum of Motion Pictures, is one of the few remaining mixed-use parcels remaining in Hollywood. Kilroy hopes to bring entertainment, media and technology tenants to the development.


In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.


Kilroy Realty recently started work on its $390-million Columbia Square project mixed use campus on the former site of CBS Los Angeles' television and radio operations at 6121 Sunset Blvd.

Shimoda Design Group, whose portfolio includes the renovation of 6565 Sunset Boulevard in Hollywood and the Rolex Building in Beverly Hills, will design the project.

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Mack Urban Plans South Waterfront Development


Mack Urban has purchased Block 37, a 1.67-acre waterfront property in Portland's South Waterfront District, where it plans to build a 281-unit apartment project.

It's the first foray into Portland for the developer, a partnership between New York’s Mack Real Estate Group and Los Angeles based Urban Partners LLC, partnered with Connell Real Estate and Development Co. to acquire the parcel for $7.05 million.

The project along the River Parkway, still in the early design phase, would include 250 parking stalls

The property is near the $295 million life science occupied by Oregon Health & Science (OHSU), Portland’s largest employer, and a few blocks from the Portland Aerial Tram, which carries passengers between the South Waterfront and OHSU.
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MRP-JBG Venture to Develop 965 Florida Ave


MRP Residential and The JBG Cos. have signed a letter of intent to form a venture to develop a District-owned site in the U Street Corridor.

MRP and partner Ellis Development Group, will develop a mixed-use property of about 370,000 square feet, including 50,000 square feet of retail, at 965 Florida Ave. The site is controlled by the Office of the Deputy Mayor for Planning and Development.

The District's goal is to stitch together multiple parcels in an area that could see over 1 million square feet of new development.

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Simon Acquires Long Island Mall Site From Taubman


Taubman Centers, Inc. (NYSE: TCO) has scrapped efforts to develop The Mall at Oyster Bay, selling the 39-acre site in Syosset, NY, to rival Simon Property Group (NYSE: SPG).

Simon, the world's largest mall owner and operator, also acquired Taubman's interest in Arizona Mills in Tempe, AZ. The Bloomfield Hills, MI-based REIT received $230 million in Simon Property shares and $60 million cash for the two transactions.

"Despite our best efforts and continuing enthusiasm for the opportunity, it became apparent that we were not going to be able to move forward anytime soon in Syosset with development of The Mall at Oyster Bay," said Robert S. Taubman, chairman, president, and chief executive officer of Taubman Centers.

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Casco Acquires West Chelsea Development Site


A joint venture headed by Casco Development Corp. has acquired 540-548 West 21st Street in Manhattan from The Atlantic Foundation.

The new owner plans to develop the property as a new residential condominium building with ground-floor retail space.

Uri Chaitchik, a principal of the new owner’s company, said his group is "very confident in the strength of Manhattan’s high-end residential market, especially in and around West Chelsea and the High Line."

The company expects to begin construction this year of a sustainable, environmentally friendly LEED certified project

The principals of the new owner said they have extensive experience developing and operating luxury residential projects in New York and other major world cities, including Berlin and Tel Aviv.



Digital Realty Starts 280,000-SF Ashburn Data Center



Data center owner, developer and operator Digital Realty has started construction on a new 280,000-square-foot building at its Ashburn, VA campus.

Building K will support 19.2 megawatts of critical IT load provide data center solutions for a broad range of companies.

Digital Realty operates 2.4 million square feet of data center facilities in the Northern Virginia market.

"It is estimated that nearly three quarters of the world’s internet traffic flows through Loudoun County data centers every day," said Dana Adams, Vice President of Portfolio Management for Digital Realty.

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