News and Notes on Trends, New Projects and Construction In the Commercial Real Estate Development Pipeline Around the U.S.
Partnership Acquires Tribeca Development Site for $223M
A partnership of Fisher Brothers and The Witkoff Group has acquired 101 Murray Street from St. John’s University for development of a mixed-use residential and commercial project.
The transaction represents the largest sale of a development site in Lower Manhattan and a record price for the area, according to Cushman & Wakefield, which represented St. John's in the transaction.
The parcel on the northeast corner of Murray and West Streets in the Tribeca district allows for the development of a residential building tower totaling 310,028 square feet, with the potential to increase the area to 372,336 square feet through available floor area bonuses.
The site provides a 31,028-square-foot footprint and current zoning calls for no height restriction.
In The Pipeline
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A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Karen Wiedenmann, Steve Kohn, and Michael Rotchford, represented St. John’s in the transaction.
The current structure at 101 Murray will be demolished and the site will be developed into a new mixed-use building incorporating residential and commercial spaces. Design plans have not been announced.
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Spec Warehouse Under Way in Lehigh Valley
Joint-venture partners Trammell Crow Co. and Clarion Partners have broken ground on a 677,088-square-foot speculative industrial building in Pennsylvania’s Lehigh Valley.
The building on a 40-acre infill site at 2485 Commerce Center Blvd. within Lehigh Valley Industrial Park VII, a master-planned business park less than two miles from Interstate 78 in Bethlehem, is scheduled for completion next spring.
The industrial park, formerly home to Bethlehem Steel, is designated as a Local Economic Revitalization Zone (LERTA), providing municipal, school and county tax relief on new construction for up to 10 years.
The building will feature 32-foot clear height, 190-foot-deep truck courts and ESFR sprinkler systems.
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Volvo Plans $15M Office Near Greensboro Campus
Volvo Group North America is planning a $15 million office building near the Greensboro-High Point border.
The three-story 123,000-square-foot office on 10.5 acres at 8003 Piedmont Parkway at Pegg Road and Piedmont Triad Parkway will be one of the area’s largest office construction projects of the last 10 years.
Construction is expected to begin in the third quarter and take about a year. Several divisions of Volvo Group, which employs about 2,000 people in the Triad, will occupy the building.
Carolina Investment Properties will lease the property to Volvo for 10 years and will allow Volvo Group to consolidate some of its leased space scattered around the Triad.
West & Stem Architects of Winston-Salem designed the property and Landmark Builders of the Triad will serve as general contractor. Triad Commercial Properties represented Volvo in the transaction.
Cawley to Develop Office in Platinum Corridor
Cawley Partners will develop Knoll Trail Plaza, an office building along northbound Dallas Parkway between Keller Springs and Westgrove in Dallas.
The 120,000-square-foot, four-story project on 5.75 acres is under design by BOKA Powell architects and will feature efficient floor-plates and structured and surface parking.
Energy cost savings, water efficiency, enhanced indoor air quality and green building materials and processes are among the sustainability elements incorporated into the design.
Knoll Trail Plaza is expected to be delivered to the market in November 2014. The project is already 40% preleased by Sundown Energy, represented by Scott Morse, managing partner for Citadel Partners.
The development project is being leased by Todd Ratliff and Jeremy Duggins of Cawley Partners. Construction financing is being provided by American Bank of Texas.
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Hines Breaks Ground on Denver Office
By Nina Thilert
Hines, in conjunction with Jordan Perlmutter & Co., broke ground on 1601 Wewatta Street, a 300,000-square-foot office building in the Central Platte Valley district of Lower Downtown (LoDo) Denver.
The 10-story property will contain about 283,000 square feet of office space and 17,000 square feet of retail space on the first floor. The site is next to the Union Station redevelopment project. The building is LEED Gold pre-certified and is scheduled for completion in May 2015.
HOK Architects out of Washington, D.C. designed the building that is expected to set a new architectural standard in LoDo. Chris Phenicie of CBRE handles the leasing.
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