Northern Virginia trophy office asset trades for $90 million

3150 Fairview Park Drive, a 257,489-square-foot
 trophy office building in Falls Church, VA

WASHINGTON, DC – JLL Capital Markets announced it has closed the $90 million sale of 3150 Fairview Park Drive, a 257,489-square-foot, trophy office building in Falls Church, Virginia.

 Bill Prutting

 JLL represented the seller, Clarion Partners, LLC, and procured the buyer, funds managed by U.S.-based Apollo Global Management.

 3150 Fairview Park Drive is 100% leased on a long-term basis and serves as the mission-critical global headquarters for General Dynamics Information Technology (GDIT), a wholly-owned subsidiary of General Dynamics (NYSE: GD).

Completed in 2001, the property recently underwent a complete asset repositioning which included building operating systems, the creation of an atrium lobby, constructing all new common areas, tenant spaces and enhancing building amenities.

 The JLL Capital Markets team representing the seller was led by Senior Managing Directors Bill Prutting and Jim Meisel and Managing Director Matt Nicholson.

Jim Meisel 

 “3150 Fairview was highly sought-after due to its rare combination of a long-term leased global headquarters of a strong credit tenant, a fully renovated trophy asset and a submarket (Fairview Park) in Northern Virginia, which has experienced one million square feet of leasing activity since 2017, with many tenants landing in Fairview Park from ‘on-Metro’ locations.” Prutting added. 

About Clarion Partners, LLC

Clarion Partners LLC, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 36 years.

Headquartered in New York, the firm maintains strategically located offices across the United States and Europe.

Matt Nicholson

With $50 billion in total assets under management as of March 2019, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its 350 domestic and international institutional investors.

More information about the firm is available at clarionpartners.com.

 About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. 

CONTACT:

Kristen Murphy

Senior Manager

 Public Relations

 Investor Services JLL

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

  jll.com.

$84.3M in financing secured for six-property industrial portfolio in Sunbelt

Part of six-property industrial portfolio totaling
1.58 million square feet throughout the Sunbelt

 

Christopher (Chris) Drew

MIAMI, FL – JLL Capital Markets announced  it has arranged $84.3 million in post-acquisition financing for a six-property industrial portfolio totaling 1.58 million square feet throughout the Sunbelt with assets located in Miami, Florida; Atlanta, Georgia; Greensboro, North Carolina; Memphis, Tennessee; and Phoenix, Arizona, markets.

 JLL worked on behalf of the borrower, MDH Partners, to place the five-year, floating-rate loan with Wells Fargo Bank, N.A.

 

The borrower acquired the portfolio properties in separate transactions throughout the year. 

The portfolio comprises two Florida properties, 1350 NW 74th St. in Miami and 3115-3165 Lakewood Ranch Blvd. in Bradenton, along with 5300 Kennedy Rd. in Forest Park (Atlanta MSA); 404, 420 A&B N. Chimney Rd. in Greensboro; 4565 W. Watkins St. in Phoenix; and 3527-3539, 3543 Lamar Ave. in Memphis.

Maxx Carney

The well diversified portfolio is home to more than 30 local, regional and national tenants and located within high-performing industrial markets with robust tenant demand, demonstrated by limited vacancy rates and substantial 12-month net absorption.

 

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Christopher Drew, Director Maxx Carney and Associate Reid Carleton, along with Senior Managing Director Ed Coco and Director Carl Beardsley.

 

“The portfolio received significant lender interest, which is a testament to exceptional strength of the sponsorship and the markets’ demand for industrial financing opportunities,” Drew said. “We are honored to have advised MDH Partners on this transaction.”

 

Reid Carleton

“The capitalization of this portfolio is a prime example of how industrial assets and exceptional borrowers continue to command superior interest from debt capital providers in a fragmented capital markets environment,” Carney added.

 

MDH Partner’s CFO, Arun Singh said, “This new portfolio enhances MDH’s platform with great tenant diversity, long leases and expanding MDH’s reach to Central Florida.

 

"We are delighted with JLL’s financing execution, especially given uncertain market conditions. We wanted to evaluate multiple loan structures and were impressed with the final outcome.”

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

Ed Coco 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sale advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

 For more news, videos and research resources on JLL, please visit our newsroom.

 

 

About MDH Partners

 

Founded in 2005 as the successor to a 50-year-old real estate development company, MDH Partners has participated in over $4 billion of acquisitions, developments and asset management.

Arun Singh

 

 In 2019, MDH launched a $350 million closed-end fund targeting industrial and logistics properties in the Southeast and Southwest for its institutional investors.

Carl Beardsley

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

 JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

 JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020.

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

 Contact:

 Kimberly Steele

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 

Leonard Bernstein’s 'Radical-Chic' New York Penthouse on the Market for $29.5 Million

 Leonard Bernstein 

 

  NEW YORK, NY -- Fifty years ago Leonard Bernstein and his wife, Felicia Montealegre, were the owners of one of Park Avenue's very best apartments.

 

Felicia Cohn Montealegre Bernstein

The former Park Avenue penthouse of famed composer and cultural icon Bernstein who hosted some of the world’s most illustrious celebrities and politicians of the 1970s, is now on the market. 

 

Priced at $29.5 million. 

Jason Robards

 According to TopTenRealEstateDeals.com, the Bernsteins' home was also the site of one of the famous and controversial social-political happenings of the 1970s when some of New York's wealthiest citizens met with top leaders of the anti-police Black Panther Party.

Barbara Walters

 

Or as Tom Wolfe described it in his January 1970 New York magazine article, “Radical Chic: That Party at Lenny's.” Big names from the entertainment world including Jason Robards, Jerome Robbins, Otto Preminger, Barbara Walters and Mike Nichols were there.

Lillian Hellman

So were Harold Taylor, Lillian Hellman, Cynthia Phipps and several dozen other members of New York City's cultural and intellectual elite. 

Tania Isacoff Friedland

 

Wolfe described it as a “a penthouse duplex full of stars, a Manhattan tower full of stars, with marvelous people drifting through the heavens.”

 

Allison Chiaramonte

The 14-room penthouse sits atop one of the most elegant prewar Art Deco full-service cooperative buildings on the Upper East Side, built in1930. 

 

 Spread across two floors of the 21-story building, the duplex measures approximately 6,300 square feet with an additional 700 square feet of outdoor space between two private landings.

 

A private elevator landing opens to a 34-foot grand gallery that continues to the formal living room, dining room and library.

                     Bonnie Chajet

There are six bedrooms, seven bathrooms, multiple wood-burning fireplaces, wood plank floors and a sunny enclosed solarium. 

 

 There are good views across Midtown Manhattan and the cityscape surrounding Central Park.  The building amenities include doormen, health club, squash court, basketball court and even an elevator attendant.

 

The penthouse is listed with Bonnie Chajet, Allison Chiaramonte and Tania Isacoff Friedland of Warburg Realty, Manhattan.

 

 CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

Photo credit:  Warburg Realty

Sources: www.warburgrealty.com and TopTenRealEstateDeals.com  

Joe Springsteen Joins Expanding RKW Residental Team as Senior Vice President

Marcie Williams 

Orlando, FL, Nov. 13, 2020 — Rapidly growing multifamily management firm RKW Residential bolstered its team serving the Orlando market with the addition of new Senior Vice President Joe Springsteen.

The industry veteran will oversee RKW’s portfolio and future expansion in Orlando and other key Florida markets, including Tampa. 

 Springsteen has nearly two decades of multifamily experience, including operations and portfolio management roles on new construction lease-ups and major renovation projects in the Orlando, Tampa, Jacksonville and South Florida markets.

Joe Springsteen

For RKW, he is responsible for oversight and strategy of the company’s market expansion and property operations, with a focus on asset profitability for each client.

 “Joe Springsteen is a significant addition both for our existing community assignments in Central Florida and future opportunities,” RKW President Marcie Williams said. “He has a dynamic personality and vast experience that our team and clients will benefit from.”

 Prior to RKW, Springsteen served as Vice President for Pinnacle, where he was responsible for 17,000 units across Florida. Before that, he was Director of Operations with Cortland. Springsteen also has a background in law as a corporate mergers and acquisitions attorney for General Mills in Minneapolis and the Sutherland firm in Atlanta.

 “I am excited to have the opportunity to play a role in RKW’s expansion plan for Orlando, Tampa and other Florida markets,” Springsteen said. “These areas have been booming with new construction and population growth. With an incredible team that delivers superior customer service and unparalleled industry relationships, we are well-positioned to grow in lockstep with these markets.”

 

 CONTACT:

 Eric Kalis

Vice President

 BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

www.rkwresidential.com.

Bridge Investment Group LLC Acquires Tampa Commons Office Tower in Metro Tampa Bay

Kelly Kuykendall

 

ATLANTA, GA, Nov. 12, 2020 – Bridge Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge Office) announced today the acquisition of Tampa Commons, a 13-story, 253,922 square-foot Class A office building at 1 North Dale Mabry in Tampa, Florida.

 

The acquisition marks Bridge Office’s return to the metro Tampa Bay market, and further bolsters the company’s Florida portfolio with nearly 2.4 million total square feet across nine properties.

Ryan Reynolds

Located at the intersection of Dale Mabry and Kennedy Boulevard in the Westshore submarket, the property conveniently lies just minutes from downtown Tampa, Tampa International Airport and Midtown Tampa, a $500-million mixed use project set to open in early 2021 that will enhance the area’s already strong amenity base.    

Originally built in 1985, Tampa Commons received more than $3 million in improvements in 2018, including a new covered mezzanine as the primary entrance from the renovated parking garage, upgrades to first-floor lighting, floors and furniture as well as the addition of a tenant conference room, concierge desk and management office.

John Heald

In line with Bridge’s proven strategy for creating next-generation workplaces, the firm plans additional investment to revamp and reintroduce the property to the market as 1 North Dale Mabry, a nod to its physical address and connection to the surrounding community.

 Improving the tenant experience is the focus, with planned improvements and amenities including a new fitness center, lawn games, upgraded outdoor seating area, move-in-ready suites and state of the art building systems.

 

“Historically Bridge has owned several properties in Tampa. After successfully disposing of our last asset in 2019, 1 North Dale Mabry signaled the right opportunity for us to break back into the market,” said Kelly Kuykendall, Director of Asset Management for Bridge Investment Group.

Jackson Kilcoyne

“At Bridge, we believe in the enduring value of the office for companies to foster necessary culture, collaboration and creativity.

 

"With the exciting momentum in Tampa’s hottest submarket, we see an incredible opportunity to deliver a refreshed option for businesses looking for a compelling office destination  -- whether to occupy right now or in the near future -- where their teams will want to come to work, connect and grow together.”

 

With an 83% occupancy rate, the property has traditionally outperformed the submarket with rental rates comparable to Tampa’s Central Business District.

 

Notable tenants include American insurance company Travelers, Ideal Image’s corporate headquarters and med spa, and law firm Rissman, Barrett, Hurt, Donahue, McLain & Mangan.

 

Available office spaces at Tampa Commons range from 4,944 to 19,900 square feet. Bridge has hired Ryan Reynolds, John Heald and Jackson Kilcoyne of CBRE to oversee leasing of the property.

 

“This is an iconic building at the intersection of the two most well-known thoroughfares in Tampa,” said John Heald, Senior Vice President at CBRE. “With the redevelopment taking place along the Dale Mabry corridor, this asset will be among the most desirable suburban office options.”

 

“We are incredibly excited to welcome Bridge back into Tampa,” said Reynolds. “Their investment in this asset is a testament to the strength and trajectory of the market.”

 

Eastdil Secured represented the seller in the transaction.

CONTACT:

 

Nick Banaszak · Account Supervisor

1718 Peachtree St., Suite 1048 

Atlanta, GA 30309

M: 256-457-5384

www.thewilbertgroup.com

 www.bridgeig.com.

www.bcre-atl.com. 

bridgecre-office.com.

Ware Malcomb announces Jamie Salvo has joined firm as director, Interior Architecture & Design in Pleasanton, CA office

 

Jamie Salvo

 PLEASANTON, CA, Nov. 12, 2020 – Ware Malcomb, an award-winning international design firm, today announced Jamie Salvo has joined Ware Malcomb as Director, Interior Architecture & Design in the Pleasanton office.

In this role, Salvo is responsible for the growth and management of the Interior Architecture & Design Studio and oversees all interiors projects for the Pleasanton office.  

Salvo, who relocated from Southern California to join Ware Malcomb’s Pleasanton leadership team, brings over 20 years of industry experience to her new position.

 Jim Terry

Her project experience spans a wide variety of sectors including corporate headquarters, commercial office, restaurant and hospitality. She is also a frequent speaker and thought leader in the industry, recently serving as a panelist at Bisnow’s “Workplace of the Future” conference. 

“Jamie’s strong project management, business development, mentoring and communication skills have earned her the respect of clients and peers alike,” said Jim Terry, Principal of Ware Malcomb’s Pleasanton office.

“She brings a wealth of knowledge and design talent to our Interior Architecture & Design Studio, and we look forward to her contribution to the continued growth and leadership of Ware Malcomb in the Northwest region.”

Salvo received a Bachelor of Arts degree in Human Environmental Sciences and Design from Point Loma Nazarene University in San Diego, Calif. and completed a Summer Studies Program at the Rhode Island School of Design.

She is an active member of Commercial Real Estate Women (CREW) and holds a Leadership in Energy and Environmental Design (LEED) Accredited Professional credential from the U.S. Green Building Council. 

CONTACTS:

 

Rachel Devany

VP Public Relations, KCOMM

 for Ware Malcomb

Rachel@kcomm.com 

 

Maria Rodgers, Public Relations Manager, 949.660.9128, mrodgers@waremalcomb.com

 

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com

 

waremalcomb.com

http://www.waremalcomb.com/news and view Ware Malcomb’s Brand Video at youtube.com/waremalcomb.