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Real Estate ALERT Va JUNE 9, 2021 Chicago Office Skyscraper Comes to Market UBS Realty is quietly shopping a Chicago office tower with expectations that bids 2 Va. Multi-Family Property Up for Grabs will near $440 million. The 1.1 million-sf skyscraper, at 35 West Wacker Drive alongside the Chicago 2 Family Markets Ohio Rental Portfolio River, is being pitched to a handful of potential buyers, according to market pros. 2 Related Nabs Suburban Dallas Offices Pricing close to $400/sf would produce an initial annual yield in the vicinity of 7%. UBS, which controls the building on behalf of an unidentified separate-account cli- 3 Value-Added Offices in DC Available ent, has given the listing to Eastdil Secured. The building is nearly fully occupied, according to Yardi Matrix. Two tenants 3 Ackman-Ziff Forms JV for Global Push account for most of the space. Advertising and public relations firmPublicis Groupe 3 Northern Virginia Apartments Teed Up occupies roughly 643,000 sf. The French multinational company and its predeces- sor, Leo Burnett Worldwide, have been in the building since its completion in 1989. 4 Sacramento-Area Rentals Shopped Law firm Winston & Strawn leases about 257,000 sf. The weighted average remain- ing lease term is about eight years. 4 Value-Added Apartments on Block The 50-story tower, formerly known as the Leo Burnett Building, was com- 5 Net-Leased Warehouses Available pleted by Chicago-based John Buck Co. It has a granite, glass and steel facade. There See CHICAGO on Page 8 5 Offices Near Va. Health Center Pitched 5 Medical Fund Had Healthy First Close Bridge Adds Exec Clout to New Industrial Team 6 Long Beach Office Building Shopped Bridge Investment has poached a pair of industrial heavyweights from Brookfield as it makes a big push into the booming sector. 7 KBS Shops Class-A Houston Offices Jay Cornforth joined the firm in recent weeks as chief executive officer of a new 7 Offices With Leasing Potential Pitched Bridge Logistics Properties unit. He had spent almost eight years as a managing partner and global head of industrial at Brookfield. Cornforth was joined by Brian 8 ON THE MARKET Gagne, who left Brookfield as a managing director. They are both co-chief invest- ment officers of the unit. This is a major coup for Bridge, an investment-management firm based in Salt THE GRAPEVINE Lake City that has $26 billion of assets under management, primarily in the multi- family and office sectors. It made its first foray into warehouses in April by launching Veteran acquisitions specialist John Rivard an industrial net-lease team. At the time, Bridge executive chairman Robert Morse joined investment manager Accesso said the company saw a “key market opportunity” in the sector, with e-commerce Partners as chief investment officer this See BRIDGE on Page 7 month. He leads the Hallandale Beach, Fla., firm’s investment processes and Stake in Washington Office Complex Listed oversees all capital-markets activity, reporting to founder/managing partner Brookfield and Douglas Development are preparing to shop a 49% interest in a Ariel Bentata. Rivard previously worked two-year-old Washington office complex valued at roughly $825 million. at Brightstone Capital in New York for five The 756,000-sf property, at 655 New York Avenue NW in the East End submar- years, leaving as a managing director. He ket, is the result of a redevelopment project that incorporated 19 historic structures had senior acquisition roles at Rockefeller with a new, 11-story building. Its 678,000 sf of office space is fully occupied on long- Group, Broadway Partners and O’Connor term leases, and the 79,000 sf of retail space is roughly half-leased. Capital. A deal at the estimated valuation of $1,091/sf would produce an initial annual yield in the vicinity of 4.5%. Eastdil Secured is expected to launch the marketing Blaze Capital hired investment pro Frank campaign soon. The stake is likely to appeal to investors favoring core deals amid Bruni as managing director of capital pandemic-related uncertainty about the office sector. markets at its Charleston, S.C., head- Tenants include PricewaterhouseCoopers, which leases about 182,000 sf, accord- quarters. He leads its capital-raising ing to published reports. Douglas Development is headquartered in the building, See GRAPEVINE on Back Page See STAKE on Page 6 2 June 9, 2021 Real Estate ALERT Va. Multi-Family Property Up for Grabs rates around 95%. The sales pitch is that a buyer could renovate the complexes and raise rents. The average unit is 949 sf and A luxury multi-family building in the Carlyle neighborhood rents for $842, or $0.89/sf. of Alexandria, Va., is on the market for roughly $260 million. The package includes one 15-story building, and two- and The estimated value of the 520-unit Foundry works out to three-story garden-style apartment buildings. roughly $500,000/unit, which translates into an initial annual The owners have spent $15 million in recent years on exte- yield around 4%. Walker & Dunlop is representing the owner, a rior enhancements, including new roofs, heating/air condi- partnership between ELV Associates of Boston and Washing- tioning units and water heaters. All the properties are owned ton-based Perseus TDC. and managed by the original developer. Most units have their The 16-story property, at 2470 Mandeville Lane, is an adap- original finishes, and investors are being told they can focus on tive re-use of a nearly 50-year-old former General Services interior upgrades. Administration building. It was completed last year during The marketing campaign highlights strong economic con- the pandemic and is 82% occupied. According to marketing ditions and a resilient rental market in Columbus. According materials, the property averaged 22 lease signings per month to Newmark vice chairman George Skaff, who is in Columbus, in 2020, but since the start of the year, it has averaged 36. The demand from renters is far outstripping supply. From 2010 to Foundry also has 25,500 sf of ground-floor retail space that’s 2018, he said Ohio’s capital added about 115,000 jobs but only around 80% leased. about 70,000 housing units. Units range from studios to three bedrooms and average 846 “It is one of the few markets that is truly undersupplied from sf. They have exposed concrete ceilings and columns, mosaic- a housing perspective, and we expect that to intensify with tile floors, barn doors and large windows. Amenities include increasing construction labor and material costs,” Skaff said. a rooftop pool, an entertaining area with an indoor-outdoor The area’s biggest employers include J.P. Morgan, Nationwide lounge, a three-story fitness facility, a two-level sports bar, and Ohio State University, the third-largest university campus concierge services and a three-level garage. The average rent is in the country. $2,518, or $2.98/sf. Across the street is a 22-screen movie theater and a new Related Nabs Suburban Dallas Offices 86,000-sf Wegmans grocery. Marketing materials also high- light the property’s proximity to Amazon’s second global head- Related Cos. has agreed to pay nearly $160 million for a sub- quarters, scheduled to open in 2023 in a district called National urban Dallas office building that’s net-leased to a healthcare Landing, on the border of Arlington and Alexandria. Also, company for the next 15 years. nearby will be the planned Virginia Tech Innovation Campus, The recently renovated 392,000-sf property is in the Far a 1 million-sf site focused on data science and software engi- North Dallas submarket. Cushman & Wakefield is represent- neering. ing the seller, Taconic Capital of New York. At the sale price of The Foundry is two blocks from the Eisenhower Avenue just over $400/sf, Related’s initial annual yield would be in the Metro stop with direct access to the planned Amazon facil- vicinity of 5.5%. ity, the innovation campus and Ronald Reagan Washington The building is occupied fully by Tenet Healthcare as its National Airport. headquarters, under a triple-net lease that matures in 2036. The agreement includes annual rent bumps of 2.25% and will Family Markets Ohio Rental Portfolio generate $155 million of remaining contractual income. The lease has a 10-year renewal option at market rates. That A family trust is shopping a portfolio of 20 workforce-hous- could give New York-based Related long-term upside potential, ing properties in Ohio that could draw bids north of $215 mil- given that in-place rents are 23% below market, according to lion. marketing materials. There are no termination options. The package consists of 2,529 units at 19 properties in Tenet, with 110,000 employees, generated $17.6 billion of Columbus and a 126-unit building in Cincinnati. Newmark is revenue last year and has a market capitalization of $7.3 billion. representing the unidentified trust. The estimated value works The company has pumped $29 million into improvements at out to more than $81,000/unit. The Columbus properties are the property. being sold as a package, but investors are being told the one in The 13-story building is at 14201 North Dallas Parkway in Cincinnati can be purchased separately. Farmers Branch, just north of the LBJ Freeway. Developed in Most of the Columbus properties are on the city’s east side, 1999, it’s known as International Plaza 1 and is part of a three- which marketing materials note has seen above-average rent building office campus. Taconic bought it, along with Inter- increases because of robust job growth, rising demand for national Plaza 2, in 2018, when both were vacant.
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