JLL completes $252 million sale of downtown Manhattan office tower

175 Water Street, a 31-story,
 684,500-SF office tower
  downtown Manhattan.

NEW YORK, NY, Oct. 17, 2022 – JLL’s Capital Markets group announced today that it has closed the $252 million sale of 175 Water Street, a 31-story, 684,500-square-foot office tower prominently positioned in downtown Manhattan.

Marion Jones

JLL marketed the property exclusively on behalf of the seller, Vanbarton Group, and procured the buyer, 99c LLC.

Andrew Scandalios

 175 Water St. is a fully vacant office tower offering a variety of repositioning opportunities. The property was renovated in 2014 and features a center core configuration with flexible 24,000-square-foot floorplates.

Each floor offers 12-foot ceiling heights with expansive windows and an abundance of natural light and air.

 Additionally, the tower has two usable rooftop terraces with protected views of New York City and all three East River bridges.

 “99c is tremendously excited to deliver a comprehensive re-use plan in a prominent FiDi location. 

Vickram Jambu

The fabric of the Fox Fowle-designed building is visible from the Brooklyn waterfront and a prominent part of Fidi’s skyline,” said 99c co-founder Carlo Bellini.

“When considering the challenges some commercial buildings are facing post-pandemic, we at 99c are looking for unique and sustainable ways to reinvent such spaces.” 

 Located within the Seaport submarket of downtown Manhattan, 175 Water St. has exceptional accessibility throughout Manhattan and the entire New York City metro area via numerous subway lines and PATH trains.

 In addition, the property is served by numerous bus lines and is close to the New York Waterway East River Ferry.

 The Seaport submarket is New York’s original commercial hub and has received more than $30 billion in public and private funding in the last decade that has revitalized the area to a 24-hour live-work-play neighborhood.

Residential demand in downtown Manhattan has been on the rise with only a 3.3% vacancy rate and less than 400 units under construction.

 

David Giancola

JLL’s Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Directors Andrew Scandalios and David Giancola, Managing Directors Vickram Jambu and Marion Jones, Senior Director Steven Rutman and Director Alexander Riguardi.

 “175 Water St. received a generous amount of investor interest given the nature of the building, which provided a blank canvas to reimagine and reactivate the property as a best-in-class office tower or consider alternative uses,” Scandalios said.

 

Steven Rutman

“Downtown Manhattan and particularly the Seaport submarket is going through a transformative period for both office and residential uses,” Jambu added.

“Between the interest in this building and the results we achieved through this process, we think this transaction signifies the strengthening of the New York City office market.”

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

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

Alexander Riguardi

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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

 

About 99c LLC

99c is a specialty financing and development firm focused on adaptive reuse development within urban markets. The firm is actively looking to broaden its New York portfolio.

   

Contact: 

 Jenna Sharp, JLL Associate

Public Relations

Phone: +1 214 394 3356

Email: Jenna.Sharp@am.jll.com

 

JLL announces Sandy Tsujimura as the new Vice President, Regional Specialty Leasing Manager in Hawaii

 

Sandy Tsujimura 

 HONOLULU, HAWAIi, Oct. 17, 2022 – JLL is pleased to announce that Sandy Tsujimura (S) RPA® has joined the company’s property management team as Vice President, Regional Specialty Leasing Manager in Hawaii.

In her new role, Tsujimura will bring a wealth of knowledge in property and facilities management and will oversee the specialty leasing program for a large portfolio of properties throughout the islands.

 Before joining JLL, Tsujimura was previously the Vice President at the Commercial Brokerage of Cushman & Wakefield ChaneyBrooks, Vice President of Commercial Brokerage at Coldwell Banker Commercial Pacific Properties, and the Hawaii Asset Manager for Healthcare Realty Trust.

Brian Yano

“We are thrilled to have Sandy join JLL to lead our specialty leasing team,” said Brian Yano, Vice President, Regional Manager for JLL's Retail Group in Hawaii.

“Sandy’s diverse commercial real estate expertise and experience in specialty leasing and short-term retail space leasing will offer our clients strategic opportunities to drive value to their portfolios and for JLL to expand the success of the program in the Hawaii market.”

Sandy is a licensed real estate salesperson in the State of Hawaii and received her Real Property Administrator (RPA) professional designation from the Building Owners & Managers International (BOMI).

  

Contact: 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 

JLL Capital Markets closes $47 million sale of 36, transit-oriented apartment properties spread across the East Boston neighborhood

Boston Mayor Michelle Wu.

BOSTON, MA -- JLL Capital Markets has closed the $47 million sale of a 36-building, 114-unit, multi-housing portfolio in the growing East Boston neighborhood. 

 JLL represented the seller, a joint venture between The Grossman Companies and Hodara Real Estate Group.

 East Boston Community Development Corporation (EBCDC) acquired the portfolio. EBCDC has acquired this portfolio to help expand affordable housing options in East Boston.

Kellie Coveney

They were attracted to the portfolio given the immediate scale it provides across all neighborhoods, the quality of assets and access to transit.

 The portfolio includes 36 buildings spanning the Jeffries Point, Eagle Hill and Orient Heights neighborhoods within Greater East Boston. The properties feature floorplans ranging from studios to seven-bedroom units with the majority being one- and two-bedroom units.

Jacqueline Meagher

The 36 properties are spread across 2.5 miles within the neighborhood. Residents benefit from access to four MBTA Blue Line stations, the immediacy to downtown Boston, proximity to Boston Logan Airport and a fully walkable neighborhood. 

The properties also offer easy highway connectivity to Route 1, I-90 and I-93. Additionally, the properties are just five-minutes from the neighboring Suffolk Downs redevelopment, which will encompass 16.2 million square feet of commercial, life science, retail and residential space.

Madeline Joyce

"As Boston continues to grow, we are moving urgently to ensure that all of our residents and families have access to safe, affordable housing," said Boston Mayor Michelle Wu. 

"This acquisition of over 100 units in East Boston is a great example of what is possible when we use every tool as a city and partner across sectors to make Boston a city for everyone. 

"I'm grateful to the Mayor's Office of Housing for their leadership and look forward to accelerating our efforts for affordability across our neighborhoods.”

 The JLL Capital Markets Multi housing team was led by Director Kellie Coveney, Director Jacqueline Meagher and Associates Madeline Joyce and James Burr.

 “The portfolio thoughtfully encompassed a variety of multi-housing product in East Boston,” said Coveney. “There was strong interest from the market and the overall outcome represents a great execution and partnership between buyer and seller.”

 “Having acquired these assets piece-meal over a 24-month period in 2014-2015 and completing moderate renovations in all of the units, we are pleased to have successfully executed our strategy by selling the portfolio to a single buyer,” said David Grossman, principal at The Grossman Companies.

James Burr

“On behalf of the Grossman family and our investors, we are ecstatic that these units will be owned for the long-term by EBCDC and its constituents, who will preserve this housing and lease it to mixed-income residents going forward.” 

East Boston One

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

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

East Boston Two

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

                       East Boston Three

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

CONTACT:

 

Jenna Sharp

JLL

M +1 214 394 3356

JLL.com

 

KAI Enterprises, The UP Companies Promote Shawn Lewinski, CPA to Chief Financial Officer and Amanda Schwane, MSA to Vice President of Finance and Controller

 

Amanda Schwane

St. Louis, MO --  KAI Enterprises proudly announces the promotion of KAI Vice President of Finance Shawn Lewinski, CPA to Chief Financial Officer and KAI Controller Amanda Schwane, MSA to Vice President of Finance and Controller. They will also be serving in these roles for sister firm The UP Companies (UPCO).

Shawn Lewinski

In their new positions, Lewinski and Schwane will oversee the finance and accounting functions for both KAI and UPCO, with a focus on aligning talent, functions and processes that provide best class services to internal operating customers, ownership groups, external stakeholders, partners and customers.

 Lewinski and Schwane both joined KAI in December 2021. Lewinski has nearly 25 years of finance and accounting experience, having previously worked for large privately held firms, public companies and Big Four audit and tax firms. He has a Bachelor of Science in Accounting from the University of Missouri-Columbia.

 

 

Brian Arnold

 

Schwane has nearly 12 years of accounting experience. Prior to KAI, she held accounting positions at Scottrade Inc., MasterCard International, Centene Corporation and EGA America Inc.

 

 She has a bachelor’s degree in Finance and a minor in Accounting from the University of Missouri-St. Louis and a master’s in Accounting from Maryville University.

 

The recent retirement of UPCO CFO Rick Stemler created an opportunity for KAI and UPCO leadership to implement its vision for shared accounting services sooner than expected.

 

“Our accounting team has done amazing work for KAI over the past six months. Under the leadership of Shawn and Amanda, we have performed a historic turnaround of our books, systems and team," said KAI and UPCO CEO Michael B. Kennedy.

 

Michael B. Kennedy

 "All these corrections and improvements have allowed our leadership team to make sound timely decisions. This is an exciting time in the evolution of our companies and a real opportunity to step up, focus on teamwork and technical excellence, and live the process.”

 

 “Our businesses at both The UP Companies and KAI have grown significantly and become infinitely more complex and geographically diverse in recent years," said UPCO President Brian Arnold.

 

 "It was time to take the next step towards realizing our goals for shared support services and address the complexities and new challenges that both growing companies face today,”.

 

Contact: 

 Jennifer Beidle

314-607-9459

jennifer@jbeidlepr.com

 

www.kai-db.com.

 www.theupcompanies.com or

 call 314-865-3888.

 

Veteran CRE Pro Jared Rothgeb Joins GreenRock as Underwriting Director

 

Jared Rothgeb

 Chicago, IL – Veteran commercial real estate professional Jared Rothgeb recently joined GreenRock Capital LLC (GreenRock) as its director of underwriting. 

Rothgeb has more than 15 years of experience underwriting real estate acquisitions and debt financing across all real estate asset classes.

  Prior to joining GreenRock, he managed the central region multifamily underwriting team for Freddie Mac’s small balance loan program.  

 

“We are very fortunate to have such an experienced industry professional as Jared join the GreenRock team,” said Chris Robbins, managing principal of GreenRock.

 Chris Robbins

“He has a wide breadth of knowledge across all asset classes and significant experience working with institutional owners.”

 

Rothgeb also has previous experience in acquisitions for Ventas, a publicly traded healthcare REIT.

 

 His earlier experience included 10 years at LaSalle Bank and Bank of America underwriting construction and bridge loans for institutional real estate investors.

 

 Rothgeb graduated from Michigan State University with a B.A. in finance and an MBA from the University of Chicago Booth School of Business. 

 

 Contact: 

 David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

JLL Capital Markets welcomes Dan Gillard to its multi-housing debt advisory team

 

 Dan Gillard 

PHILADELPHIA, PA – JLL Capital Markets has welcomed Managing Director Dan Gillard to its multi-housing debt advisory team.

 Gillard is based in the Philadelphia office and reports to Senior Managing Director Ryan Ade, co-head of the Philadelphia office.

 Gillard’s primary focus will be on sourcing new multi-housing and commercial financing opportunities both nationally and locally.

Ryan Ade

“We are extremely pleased to have Dan join the JLL Capital Markets team in the Philadelphia office,” said Ade. “Dan brings a wealth of knowledge in the space, and we look forward to working alongside him to strengthen and grow our debt advisory services.”

 Previously, Gillard spent six years with Greystone, most recently serving as Managing Director and head of the Philadelphia production team.

Contact: 

  Jenna Sharp

 JLL Associate

 Public Relations

Phone: +1 214 394 3356

Email:  Jenna.Sharp@am.jll.com

 

 

Karen Whitt

 PHOENIX, AZ -- Leading diversified professional services and investment management firm Colliers (NASDAQ and TSX: CIGI) today announced it will acquire a controlling interest in Arcadia Management Group, Inc. (“Arcadia”), a leading commercial real estate property management firm focused in the Southwest U.S.

 Arcadia’s senior leadership will retain a direct equity stake in the business and continue to drive operations going forward under Colliers’ unique partnership model.

 Arcadia will rebrand as Colliers immediately following closing. Details of the transaction were not disclosed.

 

Gary Shaw

Founded in Phoenix in 1986, Arcadia and its 150 professionals provide property management, property accounting services, and project management to over 60 million square feet of office, retail, and industrial properties in 24 states.

 “Our strategic investment in Arcadia positions Colliers as the leading property management firm in the important and fast-growing Southwest U.S. market,” said Karen Whitt, President, Real Estate Management Services of Colliers | U.S.

  “We are excited to welcome this talented group of professionals to our organization and look forward to helping them accelerate their success – and that of their clients – as part of Colliers.”

 “Arcadia has enjoyed tremendous success in our 36 years as an independent firm, and the natural next step for us was to partner with a leading global brand and operating platform with national and global capabilities and operating tools to better meet the needs of our clients,” said Gary Shaw, Regional Managing Director and Partner of Colliers Real Estate Management Services, Arizona, Utah and Austin.

 “Both leadership teams recognized early in the process that we share an entrepreneurial and collaborative culture. We look forward to enhancing client service and helping our professionals leverage the benefits of this world-class organization.”

 Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

 

Contacts: 

 Christian Mayer

Chief Financial Officer

(416) 960-9500

 

Karen Whitt

President,

 Real Estate Management Services | U.S.

(703) 650-5709