Development Magazine Summer 2015

Development - Ownership

New & Noteworthy

exterior view of an office building

NBBJ

1.15 million sq. ft.

Seattle developer Wright Runstad & Co. is betting that a new high rise on Rainier Square will convince technology companies to move downtown. The planned 1.15 million-square-foot development, which awaits final city approval, will cover a full block and consist of two buildings, a 58-story office and apartment tower and a separate 12-story hotel with retail space. The 849-foot tower’s unusual shape will provide large floor plates that narrow as the building rises, resulting in 27 different floor sizes. The largest, which start at 33,000 square feet, are expected to appeal to established tech firms that want to encourage interaction among employees, while the smallest, at 13,600 square feet, should attract younger, smaller companies.

exterior view of a industrial building

642,000 sq. ft.

Ridge Development expects to break ground in the second quarter of 2015 on a two-building, rail-served industrial park on 47 acres in north Fort Worth, Texas. Railhead Industrial Park’s first structure will be a 299,000-square-foot speculative building; the second is being marketed as a 343,000-square-foot build-to-suit opportunity. The park will be a joint venture between Ridge and LaSalle Investment Management.

exterior view of a distribution center

381,800 sq. ft.

Dermody Properties has begun construction on LogistiCenter Cheyenne, a 381,800-square-foot distribution facility on 20 acres in the North Las Vegas submarket. The structure, which it expects to complete in October 2015, will feature a 32-foot clear height, 80 trailer stalls and parking for 248 cars. The site is near Interstate 15, within a single day’s drive of key West Coast markets and within a two-day drive of a 17-state regional market. Hillwood Investment Properties is acting as the project’s strategic financial partner. Colliers International is marketing the property.

exterior view of an office building

250,700 sq. ft.

Stockdale Capital Partners expects to break ground on Marquee at the District, a new 250,700-square-foot Class A creative office building in downtown Scottsdale, Arizona, in the third quarter of 2015. The project has been designed to appeal to the many tech companies moving to Scottsdale; more than a dozen Silicon Valley and Silicon Alley firms have opened there within the past year. The structure has been planned as a signature project within the city’s rapidly emerging downtown tech cluster. CBRE is marketing and leasing the space.

exterior view of a data center

234,000 sq. ft.

Urbacon Data Center Solutions Group, in partnership with Fonds Immobilier de Solidarité FTQ, has begun construction of Montreal’s first stand-alone, purpose-built data center. The 10-story, 234,000-square-foot structure is being built next to an existing structure that is being converted into 19,000 square feet of leasable office space. The $70 million data center will feature eight floors of white space (usable raised-floor environment), two floors dedicated to generators, and underground fuel storage.

exterior view of an industrial campus

188,600 square feet

Pacific Industrial has broken ground on the Pacific District Center, a three-building industrial campus in the heart of the Central Los Angeles market that will have a total of 188,600 square feet of Class A space. The site, which borders the 710 freeway, is close to the Ports of Los Angeles and Long Beach. The campus will feature high dock loading, 100 percent concrete secured truck courts, two-story office spaces and above-standard skylights to enhance interior daylight. It is expected to be completed in the first quarter of 2016.

exterior view of a Foot Locker store int he bottom of an office building

180,000 sq. ft.

Shared workspace provider WeWork has leased the entire 180,000 square feet of office space at 1460 Broadway in Manhattan’s Times Square. Law firm Skadden Arps, which previously leased all of the 16-story building’s office space from owners Himmel + Meringoff and The Swig Company, vacated it on March 31, 2015, the same day WeWork signed a 19-year lease for all but the second and third floors. Those floors will be combined with the existing ground-floor retail space to create a 36,000-square-foot, multilevel flagship Foot Locker store with a new glass facade. WeWork is scheduled to move in later this year; Foot Locker plans to open in time for the 2016 holiday season.

aerial view of an intermodal hub

400 acres

Canadian National Railway (CN) plans to build a new intermodal and logistics hub adjacent to its main line in the town of Milton, Ontario, about 30 miles west of Toronto and roughly 80 miles from Buffalo, New York. The CA$250 million (about $206 million) facility will be able to handle up to 450,000 container units a year and will give shippers better access to transborder markets and ports on both coasts. If the 400-acre project receives timely approval from the Canadian Environmental Assessment Agency, construction could begin in 2016 and be completed by the end of 2017.

From the Archives: Development Ownership Articles from the Previous Issue

exterior view of office tower

Real Estate Takes Its Place as the Fourth Asset Class 

When and why commercial real estate joined stocks, bonds and cash.

exterior view of medical office building at night

Enhancing the Health Care Bottom Line With Leased Facilities 

New health care delivery and revenue models are having significant impacts on how and where new health care facilities are planned, developed, owned and operated.