Lord Foster Commemorates Hearst Tower’s 10th Anniversary
Hearst Corporation has released a video commemorating the upcoming 10th anniversary of the topping out of Hearst Tower, the first building commissioned post September 11 and one of New York City’s most celebrated buildings. Hosted by Lord Foster, the camera drone video tour provides a unique, never-before-seen perspective on the architecture, people and inner-workings of […]
SL Green Signs Swarovski to Multi-Floor Lease at 10 East 53rd Street
SL Green Realty today announced that Swarovski North America Ltd., the world-renowned Austrian designer of high quality crystal, has signed an 11+ year lease covering 17,850 square feet at 10 East 53rd Street, the 354,046-square-foot trophy tower currently undergoing a comprehensive $64 million redevelopment. Swarovski’s new office premises will be situated on the entire 26th […]
Columbia Property Names L&L Manager of Newly Acquired Gramercy Park High-Rise
Columbia Property Trust has acquired 315 Park Avenue South, near Madison Square Park, in an off market transaction earlier this month. The seller was San Francisco-based Spear Street Capital, which paid $250 million for the property in 2013. The acquisition was part of a two-property $436 million deal which included the purchase of an office […]
New Study Finds Global Opportunities for Greater Elevator Efficiency
More energy-efficient elevators can significantly reduce the costs of operating a building, but the information needed to help building owners identify the appropriate elevator system — and the savings associated with it — aren’t readily available, according to a new study published by the American Council for an Energy-Efficient Economy (ACEEE). ACEEE’s Sameer Kwatra presented […]
Emmes Asset Management Buys Gold Coast Apartment Tower
HFF has closed the sale of and arranged acquisition financing for The Seneca on Chestnut, a 16-story, 254-unit, Class A apartment building in Chicago’s Gold Coast neighborhood. HFF marketed the property on behalf of Chicago-based apartment investor Waterton Associates, which acquired the property in 2011. Emmes Asset Management Company purchased the asset for an undisclosed […]
Recent Chicago Fires Draw Attention to High-Rise Life Safety Deadline
On the evening of December 20th, a stove-top grease fire on the 23rd floor of the Adler Place residential high-rise on Chicago’s Near South Side was controlled by single fire sprinkler. Though the condo owner failed to extinguish the fire, the fire sprinkler quickly responded to prevent the fire from spreading. A very different result […]
LaSalle Acquires San Francisco’s Westin Market Street Hotel for $350 Million
LaSalle Hotel Properties has acquired The Westin Market Street in San Francisco for $350 million. The 36-story property has been renamed the hotel Park Central San Francisco. Highgate Hotels will continue to manage it as an independent hotel. Highgate Hotels also manages LaSalle’s Park Central and WestHouse in Manhattan and Southernmost Hotel Collection in Key […]
KBS Acquires Multiple Northern California High-Rise Office Properties
KBS Capital Advisors’ KBS REIT III has acquired The Towers at Emeryville, a three-building, Class A office complex in Emeryville, California, from a joint venture of LBA Realty and Starwood Capital Group for $248 million. Built between 1972 and 1985, the 815,018-square-foot complex is located on the waterfront directly across the bay from San Francisco. […]
Salesforce Purchases San Francisco’s 50 Fremont Street for $640 Million
San Francisco-based CRM company Salesforce has purchased the high-rise office building at 50 Fremont Street, where it has been the anchor tenant, from TIAA-CREF who acquired the building in 2005. The sales price was $640 million and the deal is expected to close in early 2015. Cushman & Wakefield advised Salesforce in the transaction. The […]
New 44-Story Seattle High-Rise Elevator Contract Awarded to KONE
JTM Construction, the general contractor for Seattle’s Fifth + Columbia project, has selected KONE to provide 19 gearless traction elevators at the 44-story office building scheduled to open in 2017. The project developer and owners are Daniels Real Estate & Stockbridge Capital Group. KONE will install six MonoSpace Machine Room-Less (MRL) elevators and 13 MiniSpace […]
Urban Renaissance Group Acquires Seattle Developer and Multiple Projects
Seattle-based real estate firm Urban Renaissance Group has acquired Touchstone, a prominent North West real estate developer. All current Touchstone employees will be retained. Touchstone’s owners Douglas Howe, Jim O’Hanlon and Shawn Parry will step back from day-to-day operation of the firm but they will continue to serve as advisors and remain invested as general […]
Ivanhoé Cambridge Buys Two Seattle Office Buildings for $280 Million
Ivanhoé Cambridge and its partner, Callahan Capital Properties, has acquired a 100% interest in two adjoining office properties in downtown Seattle, 1111 Third and Second & Spring, for approximately $280 million. 1111 Third is a 34-story, 572,500 ft2 (53 000 m2) Class-A office building that has recently undergone significant capital improvements, including an upgraded lobby […]
Hollywood High-Rise is Complete, Developer Still Faces Legal Challenge
Construction has been completed on “Sunset and Gordon,” a $76.2 million, 22-story luxury high-rise residential apartment building in Los Angeles, but legal challenges are looming for the project’s developer, CIM Group. In October of last year, Los Angeles Superior Court Judge James Chalfant ordered the building’s certificate of occupancy be revoked after attorney Robert Silverstein […]
C&W’s Steve Marcussen on Leasing-Up L.A.’s Next Tallest High-Rise
Steve Marcussen, Cushman & Wakefield’s executive director, brokerage, says there’s more to leasing a building than a walkthrough – you have to be able to explain building operations, too. Although Steve Marcussen, executive director, brokerage, for Cushman & Wakefield in Los Angeles has been in commercial real estate for more than three decades, he is […]
Chinese Developer Begins Building Second Phase of L.A.’s Metropolis Complex
Phase two of downtown Los Angeles’ mixed-use Metropolis complex is underway. Chinese developer Greenland USA — a subsidiary of Shanghai-based Greenland Group, has broken ground on phase two’s high-rise residential tower which will be 39-stories tall with approximately 670,000 sq. ft. and 525 condo units. Phase one of the $1 billion dollar project broke ground […]
Tishman Speyer Plans Waterfront High-Rise in Boston’s Seaport District
Tishman Speyer has unveiled its plans for a recently-acquired waterfront development site at Pier 4 in Boston’s Seaport District. The seller was New England Development. The plans call for a 13-story, high-rise commercial building, primarily for office use consisting of approximately 373,000 rentable square feet; a nine-story, mid-rise 100-unit luxury residential condominium building; and a […]
High-Rise Office Tower at Boston’s Fan Pier “Topped-Off”
Last week, The Fallon Company hoisted the final steel beams to the top of Fan Pier’s 100 Northern Avenue, in Boston. The $204 million 17-story glass tower, scheduled for completion in Spring 2016, will offer 516,000-square-feet of waterfront commercial space, and feature 18,000-square-feet of ground-floor retail. It will be the fifth building to be completed […]
Columbia Property Trust Acquires Manhattan and Boston High-Rises
Columbia Property Trust has expanded its holdings in Manhattan and entered Boston’s urban core through two acquisitions totaling $588 million. Columbia acquired a two-property portfolio from Spear Street Capital in an off-market transaction for a total purchase price of approximately $436 million, which most significantly included 315 Park Avenue South, a newly-renovated, 341,330-square-foot, historic Class-A […]
Another SkyHouse High-Rise Residential Tower Planned for Houston
Denver-based Simpson Housing, LLLP, Novare Group, Batson-Cook Development Company and Houston-based developer Peter W. Dienna are planning to build a 25-story, 352-home luxury high-rise apartment community located in Cypress Real Estate Advisors’ new master planned redevelopment of the Westcreek at River Oaks community in the River Oaks neighborhood in Houston, Texas. SkyHouse River Oaks is […]
Stream Realty Acquires One of Houston’s Cullen Center High-Rises
Stream Realty Partners, in partnership with DRA Advisors LLC, has acquired 600 Jefferson form Brookfield Office Properties. The 449,087 square foot, 20-story class B office high-rise is located in the Central Business District, just blocks from Houston’s Midtown neighborhood. Also known as Continental Center II, 600 Jefferson is part of the four building Cullen Center […]
DNA Properties Sells Last of it’s San Antonio Office Properties
Roslyn, New York-based DNA Partners has sold Highpoint Towers, two 11-story office towers totaling 301,118 square feet adjacent to the south Texas Medical Center in San Antonio. The property, one of San Antonio’s largest, was purchased for an undisclosed amount. Highpoint was the last office property DNA Partners owned in San Antonio after previously selling […]
Plans Unveiled for HKS-Designed Mixed-Use Dallas High-Rise Complex
Trammell Crow Company and joint venture partner MetLife, Inc. are partnering up to develop Park District, a 916,000 square foot mixed-use project designed by Dallas based HKS Architects. Park District will include a Class A office tower, a luxury residential tower, ground-floor retail, extensive below-grade parking, and a plaza designed by The Office of James […]
Cousins Sells Fort Worth High-Rise for $167 Million, Faces Tenant Lawsuit
777 Main, a 980,000-square-foot, Class A office tower in downtown Fort Worth, Texas has been sold to Atlanta-based Brookdale Group for $167 million. HFF marketed the asset on behalf of the seller, Cousins Properties Incorporated. HFF’s debt placement team also secured acquisition financing on behalf of the new owner through a global financial services firm. […]
DNA Properties Sells Last of it’s San Antonio Office Properties
Roslyn, New York-based DNA Partners has sold Highpoint Towers, two 11-story office towers totaling 301,118 square feet adjacent to the south Texas Medical Center in San Antonio. The property, one of San Antonio’s largest, was purchased for an undisclosed amount. Highpoint was the last office property DNA Partners owned in San Antonio after previously selling […]
Modernization: Owners Look for High-Impact Improvements With High-Rise Renovations
Whether you call it a modernization, renovation, rebranding, repurposing, or repositioning, there comes a time when every high-rise will need to invest in a refresh in order to stay competitive. The driver in most modernization projects is a decrease in leasing, or the potential of losing tenants. “Our primary goal is to stabilize the value-add office properties that we purchase,” explains Rubenstein Partners’ Regional Director of Mid-Atlantic Stephen Card.
New York Firm Purchases Philadelphia High-Rise, Plans Major Renovations
1635 Market Street in Center City Philadelphia has been purchased by New York real estate investment firm Nightingale Properties. Nightingale’s CEO, Elie Schwartz, has committed to $5 million in major renovations, to begin immediately. CBRE’s Kevin Maloney, Mark Adzick, George Cauffman, and Joe Wolff will market the newly branded property. “This is an exciting opportunity […]
Bought in a Foreclosure Sale, New Owner is Renovating Historic Pittsburgh High-Rise
Built in 1916 by the industrialist Henry Clay Frick, Pittsburgh’s Union Trust Building is undergoing an extensive rehabilitation and repositioning by its new owner. Since acquiring the 15-story Flemish-Gothic building at a foreclosure auction in April for $14 million, The Davis Companies has been restoring the historic property for the demands of the 21st century […]
Builder Chosen for 47-Story Residential High-Rise in Miami’s Brickell Neighborhood
Moss & Associates, the Fort Lauderdale-based construction firm, has been chosen as the general contractor for 1010 Brickell, a 387-unit, 47-story tower developed by Key International and 13th Floor Investments. This is Moss’ fourth partnership with Key International, a developer with which Moss has partnered for The Ivy and Mint condominium towers in the Brickell […]
Law Firm’s Expansion was Largest Dowtown Miami Lease of 2014
One of Miami’s largest law firms has expanded its space in the largest office deal brokered in the city’s central business district in 2014. Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. will enlarge its space to include 110,000 square feet at Museum Tower, a Class-A office building located at 150 West Flagler Street. Financial […]
Joint Venture Buys Fort Lauderdale’s New River Center for $108 Million
Fort Lauderdale-based Stiles and Prudential Real Estate Investors have acquired 200 East Las Olas, also known as New River Center, a 20-story trophy Class A office tower located on Las Olas Boulevard Fort Lauderdale’s central business district. Developed by Stiles in 1990, the high-rise office is currently 86% leased and encompasses 281,713 rentable square feet. […]
Brookdale Acquires Two High-Rises in Atlanta’s Buckhead Submarket
The Brookdale Group’s newly formed seventh investment fund recently acquired the Pinnacle and Two Live Oak buildings in Atlanta’s Buckhead submarket. The 424,350-square-foot Pinnacle building, which is 92 percent leased, and the 286,650-square-foot Two Live Oak building, which is 62 percent leased, are the first acquisitions for Brookdale in the Buckhead market. Following these recent […]
18-Story Midtown Atlanta Apartment Tower Trades Hands for $43.6 Million
Lubert-Adler Real Estate Funds has sold Solace on Peachtree, an 18-story, 533-unit high-rise apartment tower located in Midtown Atlanta to Atlanta-based Cocke Finkelstein Inc. Cushman & Wakefield represented Lubert-Adler in the transaction and also arranged the $43.6-million acquisition loan on behalf of the buyer. C&W originated the GSE loan through its correspondent lender, Walker & […]
Cousins Sells Fort Worth High-Rise for $167 Million, Faces Tenant Lawsuit
777 Main, a 980,000-square-foot, Class A office tower in downtown Fort Worth, Texas has been sold to Atlanta-based Brookdale Group for $167 million. HFF marketed the asset on behalf of the seller, Cousins Properties Incorporated. HFF’s debt placement team also secured acquisition financing on behalf of the new owner through a global financial services firm. […]
New Study Finds Global Opportunities for Greater Elevator Efficiency
More energy-efficient elevators can significantly reduce the costs of operating a building, but the information needed to help building owners identify the appropriate elevator system — and the savings associated with it — aren’t readily available, according to a new study published by the American Council for an Energy-Efficient Economy (ACEEE). ACEEE’s Sameer Kwatra presented […]
New 44-Story Seattle High-Rise Elevator Contract Awarded to KONE
JTM Construction, the general contractor for Seattle’s Fifth + Columbia project, has selected KONE to provide 19 gearless traction elevators at the 44-story office building scheduled to open in 2017. The project developer and owners are Daniels Real Estate & Stockbridge Capital Group. KONE will install six MonoSpace Machine Room-Less (MRL) elevators and 13 MiniSpace […]
Otis Installs 1,000 Specialized Skyscraper Elevators in Just Three Years
Otis High Rise Elevator recently arranged the delivery of the 1,000th Skyrise elevator, marking three years of success for their skyscraper-specific elevator system. Introduced in 2011, the Skyrise elevator was designed to address the unique challenges of skyscrapers as the world’s cities continue to rise skyward. According to global industry studies, 28 buildings over 1,300 […]
Facility Services Giant ABM Wins Unanimous Reversal of $94 Million Judgment
ABM Industries has obtained the reversal of a $94 million judgment in a wage-and-hour class action that was awarded by a California trial court in 2012. In 2012, about 15,000 security guards were awarded the $94 million in a class-action lawsuit against their employer, ABM Security Services, which had allegedly denied the workers rest breaks. […]
Optical Turnstile Reads QR Code from Visitor Smartphone to Allow Entry
Smarter Security, a provider of entrance control and outdoor security solutions, has announced the availability of FastScan TVS PS, which is the latest model of the tenant/visitor system the company first released in 2008. The PS model allows the use of two modern technologies, QR codes and smartphones, to assist visitors in quickly and securely […]
222 Broadway Installing a Remotely-Managed Security System
Datawatch Systems will soon be installing a remotely-managed access control system for 222 Broadway in Lower Manhattan. The 32-story, 756,138-square-foot office building is owned by L&L Holdings. Components of the security installation include new turnstiles and an upgraded access control and CCTV system. The security upgrade is part of a major renovation to the building’s […]
Able Engineering Services Acquires Chicago’s Hill Mechanical Operations
Able Services has reached an agreement to acquire Hill Mechanical Operations, the stationary engineering company of The Hill Group. The terms of the transaction were not disclosed. With more than 17,000 employees servicing over one billion square feet of real estate, Able Services provides stationary engineering, janitorial, and building operations to all classes of commercial […]
Atlanta’s Bank of America Plaza Reduces Indoor Water Use by 51%
Bank of America Plaza-Atlanta saw a 51% reduction in indoor water use for plumbing fixtures over the past year, following a comprehensive upgrade of flush and flow fixtures throughout the building. The high-rise office tower is the tallest building in the Southeastern United States with 1.3 million square feet of prime office space in 55 […]
Budgeting for Cold Weather Care and Maintenance
Planning ahead for key seasonal product and service purchases can lead to steep discounts and reduced operating costs this winter. Winter means colder temperatures, increased rainfall and snowfall and, for many high-rise facilities, paying for the seasonal products and services they need to combat the effects of winter weather on their daily operations. Fortunately, by […]
Historic Hartford High-Rise Residential Conversion will Produce Most of its Own Power
Fairfield, Connecticut based Becker + Becker, a sustainable development and architectural firm, is in the midst of a historic rehabilitation and adaptive reuse of an iconic Hartford office tower. The 26-story former Hartford National Bank building on 777 Main Street is being redeveloped into a sustainable, mixed-use, transit-oriented building at a cost of about $85 […]
Budgeting for Cold Weather Care and Maintenance
Planning ahead for key seasonal product and service purchases can lead to steep discounts and reduced operating costs this winter. Winter means colder temperatures, increased rainfall and snowfall and, for many high-rise facilities, paying for the seasonal products and services they need to combat the effects of winter weather on their daily operations. Fortunately, by […]
Los Angeles High-Rise Installs HVAC Opimization Software
Constellation Place in Century City, CA is known for its progressive environmental efforts. From solar panels and fuel cells to high-efficiency plumbing and lighting, this 35-story JMB Realty Corp. architectural landmark is setting the bar in efficiency. It is the recipient of the BOMA 360 Performance Program Designation and is officially certified by the city […]
Interior Renovations Complete at Manhattan’s 575 Lexington Avenue
Interior design firm Mancini Duffy has completed the transformation of Normandy Real Estate Partners’ 35-story, 749,040 square-foot office high-rise, 575 Lexington Avenue. Normandy acquired the property from Silverstein Properties in 2012 for $360 million — $56 million less than Silverstein Properties paid for it in 2006 The interior renovation included creating an inviting lobby, new […]
Six of L.A.’s Top Architects Design “Next Generation of High-Rise Office Space”
Six of Los Angeles’ leading architectural firms have conceptualized innovative office suites for Brookfield Property Partners as part of an initiative called DesignHive by Brookfield. Designed to showcase the next generation of high-rise office space, the project is being developed to provide a visual experience for leasing innovative and progressive work environments in two of […]
Pandora Media Completes New Headquarters at 125 Park Avenue
Pandora Media has completed the build-out of their East Coast headquarters at SL Green’s 125 Park Avenue in Midtown Manhattan. B.R. Fries provided construction management services, craft-oriented creative solutions, and overall project direction. The space includes 55,000-square-feet across two-floors. “We’re pleased to undertake projects like Pandora Media’s new offices, where cutting-edge workplace concepts merge with […]
Vancouver, B.C. High-Rise Features a Plant Covered “Green Wall”
700 West 8th – 2411 Heather Street are two high-rise condo buildings designed by Henriquez Partners Architects and developed by Peterson Group and Westbank. Located in West Vancouver, British Columbia at the edge of False Creek, the towers offer beautiful city views and feature a newly designed “green wall” on the exterior of the 2411 […]
Budgeting for Cold Weather Care and Maintenance
Planning ahead for key seasonal product and service purchases can lead to steep discounts and reduced operating costs this winter. Winter means colder temperatures, increased rainfall and snowfall and, for many high-rise facilities, paying for the seasonal products and services they need to combat the effects of winter weather on their daily operations. Fortunately, by […]
Vertical Transportation Consultant Lerch Bates Opens First Hawaii Office
Lerch Bates has opened a new office in Honolulu, Hawaii, and appointed Ryan See consultant, elevator consulting group, to manage the firm’s operations in the state. The addition of the Honolulu office increases the total number of domestic Lerch Bates offices to 25 and 34 internationally. See joins the world’s largest and oldest vertical transportation […]
Massachusetts Hotels Must Comply with Food Waste Disposal Ban by October
Massachusetts’ statewide commercial food waste disposal ban will take effect on Oct. 1, 2014. The ban was designed to divert food waste to energy-generating and composting facilities and reduce the state’s waste stream. Large hotels are among the estimated 1,700 facilities that will be impacted. “We are committed to protecting our natural resources and creating […]
Guidelines for Infection Control Cleaning
The winter months are when schools, healthcare facilities, offices, and many other types of locations become very concerned about infection control. Fortunately, cleaning professionals can play one of the most important roles in helping to reduce illness and infections. “There are many steps cleaning professionals can take to help improve cleaning results and at the […]
San Francisco Goodwill Placing Collection Bins in Multi-Family High-Rises
SFGoodwill is launching a new initiative that will make donating textiles as convenient as dropping a bottle in a recycling bin. Designed to serve multi-unit apartment towers, the Goodwill goBINTM lets residents donate – and do good – without leaving their buildings. Clothing, shoes, and accessories can be dropped in anytime, eliminating the weekend trip […]
Recent Chicago Fires Draw Attention to High-Rise Life Safety Deadline
On the evening of December 20th, a stove-top grease fire on the 23rd floor of the Adler Place residential high-rise on Chicago’s Near South Side was controlled by single fire sprinkler. Though the condo owner failed to extinguish the fire, the fire sprinkler quickly responded to prevent the fire from spreading. A very different result […]
Changes Proposed in NYC Building Code to Aid High-Rise Emergency Evacuation
The Department of City Planning (DCP), in collaboration with the Department of Buildings (DOB) and the Fire Department (FDNY), is proposing a city-wide Zoning Text Amendment to facilitate and make effective additional safety measures that are part of New York City’s 2014 Building Code. As part of the 2014 update to the New York City […]
Window Cleaners Rescued from Southern California High-Rise
The combined efforts of Cal/OSHA, Tractel scaffolding company, and the Orange County Fire Department helped ensure two window washers were able to safely exit a 19-story building last week. The event unfolded at Irvine’s Company Office Properties’ Jamboree Center, a complex of five towers located just off of the 405 Freeway in Irvine, CA. A […]
Historic Chicago High-Rise Uses New Software to Assist First Responders
209 East Lake Shore Drive in Chicago is adopting new software technology to help protect guests, staff and property. The software will make available to the Chicago fire and police departments critical knowledge of the luxury apartments and grounds - an important tool for a city with more than 700 non-sprinklered heritage high-rises. Designed by […]
ThyssenKrupp Elevator Developing “Game-Changing” Maintenance Solutions
ThyssenKrupp Elevator maintains more than 1.1 million elevators worldwide, including those at some of the world’s most iconic buildings, like the new One World Trade Center in New York. At the 102-story skyscraper, ThyssenKrupp’s elevators will carry an estimated 3.5 million people every year. Traveling at 23 miles an hour, the building’s elevators are the […]
Vacant for 18 Years, Downtown Cleveland High-Rise Set to Reopen
After sitting vacant for nearly two decades, the former AmeriTrust Tower in downtown Cleveland is almost ready to reopen as part of a mixed-use complex at the intersection of E. 9th and Euclid . Cleveland-based GEIS Companies teamed up with Sandvick Architects of Cleveland to bring new life to this long overlooked area of the […]
Elevate Financing Options for Energy Efficiency Upgrades
Energy efficiency upgrades for buildings have the potential to eliminate over $1.2 trillion in wasted energy costs by 2020 for an upfront investment of $520 billion, according to McKinsey & Company’s report Unlocking Energy Efficiency in the U.S. Yet, even with the knowledge of the cost-saving benefits of energy efficiency initiatives, building owners and organizations […]
Elevate Do it Yourself Tenant Window Insulation
Building owners may make the final decision on improvements for their properties – yet it’s the tenants who have to literally and figuratively pay the price and deal with the consequences on a daily basis. Windows are the weakest link of a building, in terms of heat flow and air infiltration; however, landlords will not […]
Elevate Prepare Your Windows for a Projected Harsh Winter
November 2014 was the coldest November in nearly 15 years in the US and served as a chilly reminder that no area is safe from frigid temperatures: all 50 US states fell below the freezing mark; Buffalo, NY was buried in more than 65 inches of lake effect snow; and parts of Montana experienced temperatures […]
2014 Was a Record Year for Skyscraper Construction Worldwide
2014 was a record year for skyscraper completions. According to the Council on Tall Buildings and Urban Habitat (CTBUH), 97 buildings of 200 meters’ (656 feet) height or greater were completed around the world last year. It appears that pent-up demand has returned to real-estate markets after a lull during the recession. Of the 97 […]
Global Real Estate Investors Prefer U.S. Multifamily High-Rises
Washington, D.C. continues to fall from favor among foreign real estate investors according to the 23rd Annual Survey taken among the members of the Washington, D.C.-based Association of Foreign Investors in Real Estate (AFIRE). This year Washington was at the bottom of the five-city U.S. ranking; it ranked fifteenth among global cities, down from last […]
Vancouver, B.C. High-Rise Features a Plant Covered “Green Wall”
700 West 8th – 2411 Heather Street are two high-rise condo buildings designed by Henriquez Partners Architects and developed by Peterson Group and Westbank. Located in West Vancouver, British Columbia at the edge of False Creek, the towers offer beautiful city views and feature a newly designed “green wall” on the exterior of the 2411 […]
Bridgestone Breaks Ground on New Nashville High-Rise Headquarters
Bridgestone Americas has broken ground on its new 30-story, more than $200 million headquarters to be located in the SoBro area of downtown Nashville. When completed in mid-to-late 2017, the new facility will house more than 1,700 employees – 1,100 currently in Nashville and 600 new jobs from three out-of-state business units being relocated to […]
Chinese Developer Begins Building Second Phase of L.A.’s Metropolis Complex
Phase two of downtown Los Angeles’ mixed-use Metropolis complex is underway. Chinese developer Greenland USA — a subsidiary of Shanghai-based Greenland Group, has broken ground on phase two’s high-rise residential tower which will be 39-stories tall with approximately 670,000 sq. ft. and 525 condo units. Phase one of the $1 billion dollar project broke ground […]
41-Story High-Rise Under Construction in Chicago’s South Loop
Chicago-based Golub & Company together with co-developer CIM Group, has started construction on the 41-story multifamily residential tower at 1001 South State Street in Chicago’s South Loop. The 440-foot-tall building being constructed at the corner of 9th and South State Street will offer a wide range of apartment sizes and amenities. According to the developer, […]
Motion-Sensor Controlled LED Lighting Adjusts Brightness as Needed
LaMar Lighting Company has introduced the second generation of its LED occu-smart series of motion-sensor controlled bi-level lighting, which delivers ample illumination when the space is occupied and dims down for energy-savings the rest of the time. The new fixtures feature superior LED components made in the USA and offer enhanced performance optimized for bi-level […]
Need Elevator Access Control? Schindler Introduces an App for That
More and more people living in growing cities today want to get safely and securely to where they need to be. And it’s to further reduce the associated waiting times at security gates, entrance doors and elevators – and simultaneously enhance building security – that Schindler’s Transit Management Group has developed the myPORT smartphone app. […]
Energy Efficient Alternative to Linear Fluorescent Lights
New light fixtures have been introduced to provide an energy efficient alternative to Linear Fluorescent recessed fixtures. The fixtures, from Halco Lighting Technologies, are called ProLED Panel Light fixtures. Halco offers two unique styles – the Panel and Volumetric Series. The Panel Light Series provides a sleek, classic look while the Volumetric Light Series’ architectural […]
High Rise Facilities Welcomes Robert S. Caporale to the Editorial Staff
For me elevators and escalators are (as the song playing in the background as I am writing this column says) “A Few of My Favorite Things!” As many of you may know, for the last five decades, vertical transportation (VT) systems have been my life’s work, and as I have personally witnessed on numerous occasions […]
Elevator and Escalator Code Required Maintenance Provisions
The latest edition of the A17.1/CSA B44 Safety Code for Elevators and Escalators includes specific requirements to ensure that elevators and escalators are properly maintained. Following is an explanation of the code required Maintenance Control Program (MCP) and how it is meant to ensure the proper performance of your building’s Vertical Transportation (VT) equipment as […]
Achieving Elevator Efficiency in High-Rises
Elevators in high-rise buildings carry an immense amount of traffic for long distances throughout a typical day. Efficiency – through optimized energy usage, maintenance, and even design – can lead to substantial savings in both operational costs and riders’ time. Elevators and Energy All elevators use energy. Although levels of energy efficiency may vary among […]
Behavior Detection in High-Rise Security
Commercial real estate companies have a long history of utilizing security systems and services to protect their buildings. But for security programs to be able to protect a high-rise facility from manmade threats, they must be able to deter, detect, and prevent potential threat elements from carrying out acts of violence. By its very nature […]
High-Rise Security Requires Proactive Preparation, Execution
You would never allow a potentially dangerous stranger to enter your home and wander around it without supervision, so why do we often permit such security lapses in the workplace? After all, not only do we spend more time at the job than at home, but the threats in the workplace are, in many ways, […]
Stand-Outs: High-Rise Managers Share Their Team’s Best Practices
Owning or managing a tall building is a lot like operating a small city. Being responsible for the services and infrastructure that keep occupants and tenants in business is a big job. So why not take some suggestions and help from your colleagues when you can get it?
We found some examples of best practices that are being incorporated in high-rise facilities, and arranged them into categories.
Blackwater System Helps High-Rise Reduce Water Use by Half
As water conservation efforts across the United States continue to increase, building owners are no longer just looking for ways to reduce usage – they’re also looking for opportunities to reuse water when possible. Greywater, which makes up between 30 and 50 percent of total wastewater, is nonpotable water from bathrooms and laundry areas. It […]
Taking Net Zero Water to New Heights
Net zero energy has been a hot topic in the commercial buildings industry, but energy isn’t the only commodity in the spotlight anymore. There’s a new phrase on the scene: net zero water. “As the Living Building Challenge has become more popular, so has the concept of net zero water,” explains Jacob Arlein, partner and […]
Buildings Need to Breathe for Maximum Efficiency
When benchmarking more than 400 buildings for New York City’s Local Law 84 this year, we found that median energy consumption for buildings taller than 20 stories was 87 kBtu per square foot. The minimum and maximum ranges were between 50 and 258 kBtu per square foot. What causes such a big difference in energy […]
Energy Waste: The After-Hours Factor
Between 5,000 and 6,200 out of 8,760 hours in a year, buildings are unoccupied. Do you know how your building systems function during this time? “Night walks” are the key to finding out what’s really going on in the evenings and on weekends. They can reveal easy-to-fix operational issues that could be costing energy, money, […]
Make Your High-Rise Work Harder With Total Lighting Management
Because lighting accounts for approximately 39 percent of the average commercial office building’s total electricity use, effectively managing lighting use gives high-rise building owners and facility managers the power to save more electricity than they can with any other control technology at their disposal – without sacrificing employee comfort or satisfaction. Total Light Management (TLM) […]
Rise to the Challenge: Three High-Rise Owners Turn Obstacles into Opportunities
Facilities management – especially when it comes to high-rise buildings – is often a game of discovery and problem-solving. But the answers aren’t always clear-cut. Lights being left on, extreme weather, or increased plug load may be to blame for a sudden spike in energy use. HVAC problems could be caused by solar heat gain, tenants overriding central controls, or lack of maintenance. High water bills could be due to leaky toilets, high water pressure, or irrigation […]
Make Your High-Rise Work Harder With Total Lighting Management
Because lighting accounts for approximately 39 percent of the average commercial office building’s total electricity use, effectively managing lighting use gives high-rise building owners and facility managers the power to save more electricity than they can with any other control technology at their disposal – without sacrificing employee comfort or satisfaction. Total Light Management (TLM) […]
Integrated Pest Management Offers Preventive Approach to Pest Control
Preventing and eliminating pest infestations in a high-rise environment is critical for protecting tenants and property. No one wants to live in a building where there is even a rumor of infestation by roaches, rodents, or other pests. Yet, building management may find it difficult to control individual tenant behavior that exposes the property to […]
From the Ground Up: Sustainable Flooring
Apartment and condominium hunters are presented with numerous options that impact their overall selection decisions. Things like cost, size, amenities, and location are often primary considerations. Despite accounting for more surface area than anything in a residence (except for the walls), flooring’s contribution to the space is often overlooked. This oversight could be a mistake […]
Building Owners Responsible for Safety of Window Cleaners
We’ve all seen them hanging from the side of a building and thought to ourselves, “Man, I would never do that. Those guys must be crazy.” Well, to be honest, some of them are, but most are not. The fact is, the profession of washing windows on high-rise buildings is actually very safe when all […]
Combat Thermal Stack Effect for Comfort and HVAC Efficiency
Stack effect occurs in all high-rises (and all buildings) in which temperature differences exist: warm air rises when it’s surrounded by cold air because of its lower density, and this phenomenon is what results in the thermal stack effect. Rising warm air reduces pressure in the base of the building, drawing cold air in through open […]
Buildings Need to Breathe for Maximum Efficiency
When benchmarking more than 400 buildings for New York City’s Local Law 84 this year, we found that median energy consumption for buildings taller than 20 stories was 87 kBtu per square foot. The minimum and maximum ranges were between 50 and 258 kBtu per square foot. What causes such a big difference in energy […]
Balers and Compactors for High-Rise Waste Recycling
High-rise facilities managers and owners are always looking for innovative ways to save money and help the environment. An often overlooked option is trash compacting and baling. With increasing landfill prices and ambitious government recycling goals, high-rise managers are looking at balers and compactors to help reduce costs and satisfy regulations. Balers Balers are powerful […]
Integrated Pest Management Offers Preventive Approach to Pest Control
Preventing and eliminating pest infestations in a high-rise environment is critical for protecting tenants and property. No one wants to live in a building where there is even a rumor of infestation by roaches, rodents, or other pests. Yet, building management may find it difficult to control individual tenant behavior that exposes the property to […]
Rise to the Challenge: Three High-Rise Owners Turn Obstacles into Opportunities
Facilities management – especially when it comes to high-rise buildings – is often a game of discovery and problem-solving. But the answers aren’t always clear-cut. Lights being left on, extreme weather, or increased plug load may be to blame for a sudden spike in energy use. HVAC problems could be caused by solar heat gain, tenants overriding central controls, or lack of maintenance. High water bills could be due to leaky toilets, high water pressure, or irrigation […]
Using Video Cameras to Monitor Fire Activity
Advances in video analytics, imaging, processing speed, and chip miniaturization now allow for surveillance systems and software technology that reliably and cost-effectively detect smoke and flame faster than conventional, commonly used methods in high-rise facilities.
High-Rise Emergency Notification Options
When the fire alarm sounds, what do you do? An advantage of voice evacuation and emergency communication systems (ECS) is that they provide a high-rise building’s occupants specific and detailed instructions on what to do. In case of fire or other emergency, the best course of action might be to evacuate the building – or […]
Photoluminescent Egress Path Markings Aid Emergency Evacuation
When the first terrorist bomb attack happened at the New York City World Trade Center (WTC) in 1993, the explosion in the parking garage disabled the WTC’s main electrical power line and knocked out the emergency lighting. The smoke generated rose up to the 93rd floor of both WTC towers, even in the emergency staircases. […]
Enterprise Radio Access Networks for Tall Buildings
In any metropolitan area, iconic green high-rises are a powerful testament to architectural innovation. They have created working environments that allow businesses and economies to grow. However – in the arms race between designing and constructing green buildings that consume as little energy as possible and keeping up with mobile technologies – most new buildings […]
Inside High-Rise Facilities: In-Building Wireless Systems
Concrete, brick, steel, and low-e glass can all block or distort signals – whether wireless, cellular, or RF. In tall towers that accommodate a large number of tenants or occupants, the demand on wireless infrastructure can also slow or impair signal strength. Combine these two factors, and reliable signal strength is an issue that many […]
Height of Hospitality: The Unique Challenges of High-Rise Hotels
High-rise hotels offer up some unique challenges. Regardless of the economy, guest satisfaction scores correlate with guest retention, length of stay, and overall hotel success – which ultimately contribute to a healthier bottom line. And facilities management plays an important role in making sure guests are satisfied with hotel facilities and amenities. So how do you overcome common high-rise hotel design and operations challenges to stand out as one of the [...]
Blackwater System Helps High-Rise Reduce Water Use by Half
As water conservation efforts across the United States continue to increase, building owners are no longer just looking for ways to reduce usage – they’re also looking for opportunities to reuse water when possible. Greywater, which makes up between 30 and 50 percent of total wastewater, is nonpotable water from bathrooms and laundry areas. It […]
Historic Hartford High-Rise Residential Conversion will Produce Most of its Own Power
Fairfield, Connecticut based Becker + Becker, a sustainable development and architectural firm, is in the midst of a historic rehabilitation and adaptive reuse of an iconic Hartford office tower. The 26-story former Hartford National Bank building on 777 Main Street is being redeveloped into a sustainable, mixed-use, transit-oriented building at a cost of about $85 […]
Parking Garage Industry Associations Pursue Sustainability
Today, nearly every new high-rise building includes multiple sustainability features and owners of older buildings are increasingly implemeting green retrofits to keep up. But what about parking structures? Often an afterthought in the public’s mind, parking garages are an essential part of almost any high-rise project. In the past, some parking facilities received LEED certification […]
Skyscraper Museum to Present Series of Programs About Times Square Preservation
In conjunction with its exhibition “Times Square, 1984,” The Skyscraper Museum in lower Manhattan is presenting a series of programs that reunite key actors in the transformation of Times Square over the past three decades. Each evening focuses on a set of issues and questions that ask the original authors, including government officials, planners, urban […]
Restoration Completed at Seattle’s First Skyscraper
The Courtyard Seattle Downtown/Pioneer Square has completed a 19-month, $750,000 restoration of its historic building. The downtown Seattle hotel, at 612 Second Ave., is an adaptive reuse of the 1904 Historic Alaska Building. While the restored Pioneer Square hotel today houses smartly redesigned rooms, a high-tech lobby and numerous modern amenities, the building’s historic roots […]
Skyscraper Museum Exhibit Shows Reimagined Times Square in 1984
Times Square today is bright and crowded – the most visited place on the planet, filled with electric signs, entertainment venues and retail outlets. But thirty years ago, the future of Times Square was in limbo as residents, the City and developers sparred over how best to redevelop the area. In the 1960s, Times Square […]
C&W’s Steve Marcussen on Leasing-Up L.A.’s Next Tallest High-Rise
Steve Marcussen, Cushman & Wakefield’s executive director, brokerage, says there’s more to leasing a building than a walkthrough – you have to be able to explain building operations, too. Although Steve Marcussen, executive director, brokerage, for Cushman & Wakefield in Los Angeles has been in commercial real estate for more than three decades, he is […]
JLL’s Chris Pesek on Preparing the Next Generation of Facilities Managers
Starting out as a property manager (and now serving as JLL’s managing director of integrated facility management), Chris Pesek made a rewarding career out of facilities management – and knows the next generation can, too. Chris Pesek is dedicated to making sure the next generation of workers considers facilities management as a viable career option. […]
Q&A: Danny Rodriguez, VP Engineering, MetroNational
Even though Danny Rodriguez, vice president of engineering for MetroNational in Houston, has worked for the same company for nearly three decades, no two days are ever the same as he manages buildings ranging in size from to one story to 33 stories. “I cover the whole gamut in terms of building size, from high-rise […]
Motion-Sensor Controlled LED Lighting Adjusts Brightness as Needed
LaMar Lighting Company has introduced the second generation of its LED occu-smart series of motion-sensor controlled bi-level lighting, which delivers ample illumination when the space is occupied and dims down for energy-savings the rest of the time. The new fixtures feature superior LED components made in the USA and offer enhanced performance optimized for bi-level […]
Need Elevator Access Control? Schindler Introduces an App for That
More and more people living in growing cities today want to get safely and securely to where they need to be. And it’s to further reduce the associated waiting times at security gates, entrance doors and elevators – and simultaneously enhance building security – that Schindler’s Transit Management Group has developed the myPORT smartphone app. […]
Energy Efficient Alternative to Linear Fluorescent Lights
New light fixtures have been introduced to provide an energy efficient alternative to Linear Fluorescent recessed fixtures. The fixtures, from Halco Lighting Technologies, are called ProLED Panel Light fixtures. Halco offers two unique styles – the Panel and Volumetric Series. The Panel Light Series provides a sleek, classic look while the Volumetric Light Series’ architectural […]
Lord Foster Commemorates Hearst Tower’s 10th Anniversary
Hearst Corporation has released a video commemorating the upcoming 10th anniversary of the topping out of Hearst Tower, the first building commissioned post September 11 and one of New York City’s most celebrated buildings. Hosted by Lord Foster, the camera drone video tour provides a unique, never-before-seen perspective on the architecture, people and inner-workings of […]
SL Green Signs Swarovski to Multi-Floor Lease at 10 East 53rd Street
SL Green Realty today announced that Swarovski North America Ltd., the world-renowned Austrian designer of high quality crystal, has signed an 11+ year lease covering 17,850 square feet at 10 East 53rd Street, the 354,046-square-foot trophy tower currently undergoing a comprehensive $64 million redevelopment. Swarovski’s new office premises will be situated on the entire 26th […]
Columbia Property Names L&L Manager of Newly Acquired Gramercy Park High-Rise
Columbia Property Trust has acquired 315 Park Avenue South, near Madison Square Park, in an off market transaction earlier this month. The seller was San Francisco-based Spear Street Capital, which paid $250 million for the property in 2013. The acquisition was part of a two-property $436 million deal which included the purchase of an office […]
New Study Finds Global Opportunities for Greater Elevator Efficiency
More energy-efficient elevators can significantly reduce the costs of operating a building, but the information needed to help building owners identify the appropriate elevator system — and the savings associated with it — aren’t readily available, according to a new study published by the American Council for an Energy-Efficient Economy (ACEEE). ACEEE’s Sameer Kwatra presented […]
Emmes Asset Management Buys Gold Coast Apartment Tower
HFF has closed the sale of and arranged acquisition financing for The Seneca on Chestnut, a 16-story, 254-unit, Class A apartment building in Chicago’s Gold Coast neighborhood. HFF marketed the property on behalf of Chicago-based apartment investor Waterton Associates, which acquired the property in 2011. Emmes Asset Management Company purchased the asset for an undisclosed […]
Recent Chicago Fires Draw Attention to High-Rise Life Safety Deadline
On the evening of December 20th, a stove-top grease fire on the 23rd floor of the Adler Place residential high-rise on Chicago’s Near South Side was controlled by single fire sprinkler. Though the condo owner failed to extinguish the fire, the fire sprinkler quickly responded to prevent the fire from spreading. A very different result […]
LaSalle Acquires San Francisco’s Westin Market Street Hotel for $350 Million
LaSalle Hotel Properties has acquired The Westin Market Street in San Francisco for $350 million. The 36-story property has been renamed the hotel Park Central San Francisco. Highgate Hotels will continue to manage it as an independent hotel. Highgate Hotels also manages LaSalle’s Park Central and WestHouse in Manhattan and Southernmost Hotel Collection in Key […]
KBS Acquires Multiple Northern California High-Rise Office Properties
KBS Capital Advisors’ KBS REIT III has acquired The Towers at Emeryville, a three-building, Class A office complex in Emeryville, California, from a joint venture of LBA Realty and Starwood Capital Group for $248 million. Built between 1972 and 1985, the 815,018-square-foot complex is located on the waterfront directly across the bay from San Francisco. […]
Salesforce Purchases San Francisco’s 50 Fremont Street for $640 Million
San Francisco-based CRM company Salesforce has purchased the high-rise office building at 50 Fremont Street, where it has been the anchor tenant, from TIAA-CREF who acquired the building in 2005. The sales price was $640 million and the deal is expected to close in early 2015. Cushman & Wakefield advised Salesforce in the transaction. The […]
New 44-Story Seattle High-Rise Elevator Contract Awarded to KONE
JTM Construction, the general contractor for Seattle’s Fifth + Columbia project, has selected KONE to provide 19 gearless traction elevators at the 44-story office building scheduled to open in 2017. The project developer and owners are Daniels Real Estate & Stockbridge Capital Group. KONE will install six MonoSpace Machine Room-Less (MRL) elevators and 13 MiniSpace […]
Urban Renaissance Group Acquires Seattle Developer and Multiple Projects
Seattle-based real estate firm Urban Renaissance Group has acquired Touchstone, a prominent North West real estate developer. All current Touchstone employees will be retained. Touchstone’s owners Douglas Howe, Jim O’Hanlon and Shawn Parry will step back from day-to-day operation of the firm but they will continue to serve as advisors and remain invested as general […]
Ivanhoé Cambridge Buys Two Seattle Office Buildings for $280 Million
Ivanhoé Cambridge and its partner, Callahan Capital Properties, has acquired a 100% interest in two adjoining office properties in downtown Seattle, 1111 Third and Second & Spring, for approximately $280 million. 1111 Third is a 34-story, 572,500 ft2 (53 000 m2) Class-A office building that has recently undergone significant capital improvements, including an upgraded lobby […]
Hollywood High-Rise is Complete, Developer Still Faces Legal Challenge
Construction has been completed on “Sunset and Gordon,” a $76.2 million, 22-story luxury high-rise residential apartment building in Los Angeles, but legal challenges are looming for the project’s developer, CIM Group. In October of last year, Los Angeles Superior Court Judge James Chalfant ordered the building’s certificate of occupancy be revoked after attorney Robert Silverstein […]
C&W’s Steve Marcussen on Leasing-Up L.A.’s Next Tallest High-Rise
Steve Marcussen, Cushman & Wakefield’s executive director, brokerage, says there’s more to leasing a building than a walkthrough – you have to be able to explain building operations, too. Although Steve Marcussen, executive director, brokerage, for Cushman & Wakefield in Los Angeles has been in commercial real estate for more than three decades, he is […]
Chinese Developer Begins Building Second Phase of L.A.’s Metropolis Complex
Phase two of downtown Los Angeles’ mixed-use Metropolis complex is underway. Chinese developer Greenland USA — a subsidiary of Shanghai-based Greenland Group, has broken ground on phase two’s high-rise residential tower which will be 39-stories tall with approximately 670,000 sq. ft. and 525 condo units. Phase one of the $1 billion dollar project broke ground […]
Tishman Speyer Plans Waterfront High-Rise in Boston’s Seaport District
Tishman Speyer has unveiled its plans for a recently-acquired waterfront development site at Pier 4 in Boston’s Seaport District. The seller was New England Development. The plans call for a 13-story, high-rise commercial building, primarily for office use consisting of approximately 373,000 rentable square feet; a nine-story, mid-rise 100-unit luxury residential condominium building; and a […]
High-Rise Office Tower at Boston’s Fan Pier “Topped-Off”
Last week, The Fallon Company hoisted the final steel beams to the top of Fan Pier’s 100 Northern Avenue, in Boston. The $204 million 17-story glass tower, scheduled for completion in Spring 2016, will offer 516,000-square-feet of waterfront commercial space, and feature 18,000-square-feet of ground-floor retail. It will be the fifth building to be completed […]
Columbia Property Trust Acquires Manhattan and Boston High-Rises
Columbia Property Trust has expanded its holdings in Manhattan and entered Boston’s urban core through two acquisitions totaling $588 million. Columbia acquired a two-property portfolio from Spear Street Capital in an off-market transaction for a total purchase price of approximately $436 million, which most significantly included 315 Park Avenue South, a newly-renovated, 341,330-square-foot, historic Class-A […]
Another SkyHouse High-Rise Residential Tower Planned for Houston
Denver-based Simpson Housing, LLLP, Novare Group, Batson-Cook Development Company and Houston-based developer Peter W. Dienna are planning to build a 25-story, 352-home luxury high-rise apartment community located in Cypress Real Estate Advisors’ new master planned redevelopment of the Westcreek at River Oaks community in the River Oaks neighborhood in Houston, Texas. SkyHouse River Oaks is […]
Stream Realty Acquires One of Houston’s Cullen Center High-Rises
Stream Realty Partners, in partnership with DRA Advisors LLC, has acquired 600 Jefferson form Brookfield Office Properties. The 449,087 square foot, 20-story class B office high-rise is located in the Central Business District, just blocks from Houston’s Midtown neighborhood. Also known as Continental Center II, 600 Jefferson is part of the four building Cullen Center […]
DNA Properties Sells Last of it’s San Antonio Office Properties
Roslyn, New York-based DNA Partners has sold Highpoint Towers, two 11-story office towers totaling 301,118 square feet adjacent to the south Texas Medical Center in San Antonio. The property, one of San Antonio’s largest, was purchased for an undisclosed amount. Highpoint was the last office property DNA Partners owned in San Antonio after previously selling […]
Plans Unveiled for HKS-Designed Mixed-Use Dallas High-Rise Complex
Trammell Crow Company and joint venture partner MetLife, Inc. are partnering up to develop Park District, a 916,000 square foot mixed-use project designed by Dallas based HKS Architects. Park District will include a Class A office tower, a luxury residential tower, ground-floor retail, extensive below-grade parking, and a plaza designed by The Office of James […]
Cousins Sells Fort Worth High-Rise for $167 Million, Faces Tenant Lawsuit
777 Main, a 980,000-square-foot, Class A office tower in downtown Fort Worth, Texas has been sold to Atlanta-based Brookdale Group for $167 million. HFF marketed the asset on behalf of the seller, Cousins Properties Incorporated. HFF’s debt placement team also secured acquisition financing on behalf of the new owner through a global financial services firm. […]
DNA Properties Sells Last of it’s San Antonio Office Properties
Roslyn, New York-based DNA Partners has sold Highpoint Towers, two 11-story office towers totaling 301,118 square feet adjacent to the south Texas Medical Center in San Antonio. The property, one of San Antonio’s largest, was purchased for an undisclosed amount. Highpoint was the last office property DNA Partners owned in San Antonio after previously selling […]
Modernization: Owners Look for High-Impact Improvements With High-Rise Renovations
Whether you call it a modernization, renovation, rebranding, repurposing, or repositioning, there comes a time when every high-rise will need to invest in a refresh in order to stay competitive. The driver in most modernization projects is a decrease in leasing, or the potential of losing tenants. “Our primary goal is to stabilize the value-add office properties that we purchase,” explains Rubenstein Partners’ Regional Director of Mid-Atlantic Stephen Card.
New York Firm Purchases Philadelphia High-Rise, Plans Major Renovations
1635 Market Street in Center City Philadelphia has been purchased by New York real estate investment firm Nightingale Properties. Nightingale’s CEO, Elie Schwartz, has committed to $5 million in major renovations, to begin immediately. CBRE’s Kevin Maloney, Mark Adzick, George Cauffman, and Joe Wolff will market the newly branded property. “This is an exciting opportunity […]
Bought in a Foreclosure Sale, New Owner is Renovating Historic Pittsburgh High-Rise
Built in 1916 by the industrialist Henry Clay Frick, Pittsburgh’s Union Trust Building is undergoing an extensive rehabilitation and repositioning by its new owner. Since acquiring the 15-story Flemish-Gothic building at a foreclosure auction in April for $14 million, The Davis Companies has been restoring the historic property for the demands of the 21st century […]
Builder Chosen for 47-Story Residential High-Rise in Miami’s Brickell Neighborhood
Moss & Associates, the Fort Lauderdale-based construction firm, has been chosen as the general contractor for 1010 Brickell, a 387-unit, 47-story tower developed by Key International and 13th Floor Investments. This is Moss’ fourth partnership with Key International, a developer with which Moss has partnered for The Ivy and Mint condominium towers in the Brickell […]
Law Firm’s Expansion was Largest Dowtown Miami Lease of 2014
One of Miami’s largest law firms has expanded its space in the largest office deal brokered in the city’s central business district in 2014. Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. will enlarge its space to include 110,000 square feet at Museum Tower, a Class-A office building located at 150 West Flagler Street. Financial […]
Joint Venture Buys Fort Lauderdale’s New River Center for $108 Million
Fort Lauderdale-based Stiles and Prudential Real Estate Investors have acquired 200 East Las Olas, also known as New River Center, a 20-story trophy Class A office tower located on Las Olas Boulevard Fort Lauderdale’s central business district. Developed by Stiles in 1990, the high-rise office is currently 86% leased and encompasses 281,713 rentable square feet. […]
Brookdale Acquires Two High-Rises in Atlanta’s Buckhead Submarket
The Brookdale Group’s newly formed seventh investment fund recently acquired the Pinnacle and Two Live Oak buildings in Atlanta’s Buckhead submarket. The 424,350-square-foot Pinnacle building, which is 92 percent leased, and the 286,650-square-foot Two Live Oak building, which is 62 percent leased, are the first acquisitions for Brookdale in the Buckhead market. Following these recent […]
18-Story Midtown Atlanta Apartment Tower Trades Hands for $43.6 Million
Lubert-Adler Real Estate Funds has sold Solace on Peachtree, an 18-story, 533-unit high-rise apartment tower located in Midtown Atlanta to Atlanta-based Cocke Finkelstein Inc. Cushman & Wakefield represented Lubert-Adler in the transaction and also arranged the $43.6-million acquisition loan on behalf of the buyer. C&W originated the GSE loan through its correspondent lender, Walker & […]
Cousins Sells Fort Worth High-Rise for $167 Million, Faces Tenant Lawsuit
777 Main, a 980,000-square-foot, Class A office tower in downtown Fort Worth, Texas has been sold to Atlanta-based Brookdale Group for $167 million. HFF marketed the asset on behalf of the seller, Cousins Properties Incorporated. HFF’s debt placement team also secured acquisition financing on behalf of the new owner through a global financial services firm. […]
400 South Tryon, a 584,316-square-foot Class B office high-rise in Charlotte, North Carolina, has been acquired by a joint venture between DRA Advisors LLC and Trinity Capital Advisors. A DTZ multi-market team in Charlotte, Washington, DC, and New York, brokered the sale on behalf an affiliate of UBS Realty Investors. The deal was first announced […]
Parmenter Realty Partners is under contract to sell Fifth Third Center in Charlotte, North Carolina for $215 million to Cousins Properties, after purchasing the trophy office tower two years ago for $163 million. The 30-story, 697,817 square foot building is located at 201 North Tryon Street in Uptown Charlotte, and was purchased by Parmenter Realty […]
With everything the U.S. economy has endured in the last decade, who would have thought that the development and construction of high-rise towers in major cities would be on the rise? Despite the recession, the events of 9/11, Hurricane Katrina, and the real estate market collapse, a recent report from the Council on Tall Buildings and Urban Habitat (CTBUH) – Year in Review: Tall Trends of 2013 – says that high-rise construction is increasing again across the country. [...]
Cornerstone Real Estate Advisers has announced the development of a 25-story Class-A office building named 300 South Tryon to be constructed at the corner of Tryon and Third Street in Uptown Charlotte. Groundbreaking is set for the fall of 2014, and construction is scheduled to be completed by the spring of 2017. Originally conceived as […]
Childress Klein Properties has sold One Wells Fargo Center, a 42-story high-rise office building in Charlotte, North Carolina for $245 million. The off-market purchase was made by a joint venture of Starwood Capital Group and Vision Equities. Childress Klein has owned the building since it was built in 1998. They will continue to manage and lease the tower.
One Wells Fargo Center Charlotte”This transaction is an excellent opportunity for Starwood and its investors that perfectly fits our investment strategy because it generates strong cash on cash returns, it was purchased significantly below replacement cost per square foot and is located in a market where there is limited new supply,” said Chris Graham, senior managing director at Starwood Capital.
KBS Realty Advisors of Newport Beach, Calif., one of the nation’s largest real estate investment advisors, has acquired Captrust Tower, a prestigious, 300,389-square-foot office and retail building in the North Hills area of Raleigh, N.C. The price was not disclosed but the tax value on the 17-story CapTrust Tower building is nearly $50 million, according […]
Parkway Properties has completed the previously announced purchase of NASCAR Plaza for approximately $100 million. NASCAR Plaza was built in 2009 and is a 20-story, LEED(R) Silver certified office tower. Parkway assumed the first mortgage secured by the property, which has a current outstanding balance of approximately $42.3 million with a current interest rate of […]
Parkway Properties, Inc. has announced the closing of the previously announced acquisitions of Phoenix Tower, a 626,000 square foot office tower located in the Greenway Plaza submarket of Houston, Texas, and 525 North Tryon, a 406,000 square foot office tower located in the central business district of Charlotte, North Carolina. On December 20, 2012, Parkway […]
Modernization: Owners Look for High-Impact Improvements With High-Rise Renovations
Whether you call it a modernization, renovation, rebranding, repurposing, or repositioning, there comes a time when every high-rise will need to invest in a refresh in order to stay competitive. The driver in most modernization projects is a decrease in leasing, or the potential of losing tenants. “Our primary goal is to stabilize the value-add office properties that we purchase,” explains Rubenstein Partners’ Regional Director of Mid-Atlantic Stephen Card.
Mixed Use: An Office High-Rise Transformed
Until 2013, AMA Plaza existed as a 52-story multi-tenant office building. It was LEED certified, had completed BOMA’s 7-Point Challenge, and earned the ENERGY STAR label. After experiencing significant vacancy rates, however, the building’s owner – 330 North Wabash Avenue LLC, a joint venture between Riverview Realty Partners (formerly Prime Group Realty LP) and Five Mile Capital partners – sold 12 floors of the 52-story building to Langham Hotels International. What once was an office tower now dedicates floors 2 through 13 to hotel rooms.
Rise to the Challenge: Three High-Rise Owners Turn Obstacles into Opportunities
Facilities management – especially when it comes to high-rise buildings – is often a game of discovery and problem-solving. But the answers aren’t always clear-cut. Lights being left on, extreme weather, or increased plug load may be to blame for a sudden spike in energy use. HVAC problems could be caused by solar heat gain, tenants overriding central controls, or lack of maintenance. High water bills could be due to leaky toilets, high water pressure, or irrigation […]