KBS and Kane Realty Sign Lease Agreements Totaling 31,659 Square Feet at Bank of America Tower in Raleigh, NC

 

 Bank of America Tower, Raleigh, NC

Raleigh, NC, Sept. 26, 2024 – KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, and Kane Realty Corporation of Raleigh, N.C., announce they have leased 31,659 square feet of space to two tenants, including a new large-footprint tenant and a renewal and expansion of a longtime North Hills tenant, at Bank of America Tower, a Class A mixed-use property totaling 300,322 rentable square feet in Raleigh, North Carolina.

 

Eva Garland 

Brightly Software, a Siemens company and global leader in intelligent asset management solutions, has signed a lease for 28,658 square feet of space on a full floor in the building. The new office will also serve as the global headquarters for Siemens Industry, Inc.

Stephanie Dorsey

The other lease is an expansion of Eva Garland Consulting (EGC), a leader in securing and managing non-dilutive funding for startups. EGC, a long-standing existing tenant in Bank of America Tower, added more than 3,000 square feet to expand their current space to nearly 15,000 square feet.

Marc DeLuca

“The transactions highlight the strength of the economy in the Raleigh market. Growing companies are gravitating toward high-quality office space with active retail, restaurant, and entertainment to support their efforts to attract and retain the best employees,” according to Marc DeLuca, CEO and regional president, Eastern U.S., for KBS.

 

“Well-located, top-tier commercial office properties provide growing companies with a strategic advantage when it comes to meeting the workplace needs of both new and current employees,” says DeLuca.

 

“KBS has been a leader in owning and managing world-class office assets for the past three decades. We have a history of capitalizing on important office trends such as excellent health and wellness and technology amenities to assist tenants in generating maximum value from the office space they lease.”

Allen Aldridge

Allen Aldridge, asset manager of Bank of America Tower, senior vice president and co-director asset management for KBS, notes that Bank of America Tower’s location in the prestigious North Hills district of Raleigh and its mix of onsite retail and fine dining is a great example of an office property that is well-suited to attract top talent.

Don Kurelich

“Bank of America Tower really delivers on its promise as a top-quality office asset at all levels,” says Aldridge. “Tenants have access to terrific retail and dining, like The Capital Grille, and amenities including a tenant lounge, and designated EV parking spaces.”

According to CBRE for Q2 2024, the local Raleigh metro area leasing is currently dominated by tenants renewing existing leases or seeking higher-quality office space with a smaller footprint.

 

Additionally, JLL reports leasing by large tenants requiring more than 10,000 square feet has grown steadily during the year, increasing 23% year-over-year.

Hooker Manning

As the market moves into the second half of 2024 and beyond, JLL sees a shift of focus in the market to existing high-quality assets as the number of new properties slated for construction after this year drops to zero.

 

“The move to Bank of America Tower allows us to bring Siemens Brightly Software and Siemens Smart Buildings under the same roof. By creating one space for both companies, we are improving our sustainability and decarbonization goals as part of Siemens 2030 Sustainability Goals,” says Stephanie Dorsey, CEO Siemens Real Estate Americas.

 

“Our new location in North Hills will serve as a meaningful asset to us for talent recruitment and retention and company culture, giving employees access to a beautiful mixed-use area with a variety of restaurants, fitness options, parking, electric vehicle charging, and other walkable amenities,” adds Don Kurelich, CEO of Brightly Software, a Siemens company. “We are moving to a more modern, central location that fosters collaboration and engagement.”

 

Bank of America Tower is an 18- story, mixed-use, Class A, LEED Gold certified building with six floors of covered parking, high-speed internet, and a state-of-the-art conference center. Bank of America Tower is ideally located near upscale residences, innovative workplaces, entertainment, hotels, retail and dining destinations.

 

“As one of the first tenants to be welcomed into Bank of America Tower we’re proud to have grown along with the North Hills community. As our company continues to expand, we know that the building offers our employees the highest-quality workspace with access to the best restaurants and shopping in the area,” says Eva Garland of Eva Garland Consulting. “The combination of location and top-tier service, made the decision to renew and expand our lease a natural one.”

 

“From convenient hotels to restaurants and retail, the office assets in North Hills such as Bank of America Tower have immediate and nearby access to every kind of amenity an employee or corporate tenant might require, all conveniently located right off Raleigh’s Interstate 440,” comments Hooker Manning, director of office leasing at Kane Realty. “This unmatched tenant experience attracts meaningful companies to relocate here and successful companies to continue to grow and expand.”

 

Bank of America Tower is located at 4242 Six Forks Road, Raleigh, North Carolina.

 

About KBS

KBS is one of the largest investors of premier commercial real estate in the nation.

 

 Peter Bren

As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of more than $45.2 billion on behalf of private and institutional investors globally.

Chuck Schreiber

Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates premier commercial real estate in some of the most successful epicenters in the country. The firm is committed in its business ethics, its business relationships, and its constant focus on exceeding the expectations of its investors, partners, and tenants. SEC registration as an investment advisor does not imply any particular level of skill or training. 

 

 

Contacts:

 

Ginny Walker

KBS Senior Public Relations Director

949-417-6535

gwalker@kbs.com

 

Lexi Astfalk or Sophia Reznicek

The Smart Agency

 

949-438-6262

 

KBS@thesmartagency.com

 

Kane Realty 

Hannah Smith

hsmith@kanerealtycorp.com

 kanerealtycorp.com.

www.kbs.com.

 

Ben Clark Joins Judge Realty as Commercial Property Manager

Ben Clark

 SAVANNAH, GA, Sept. 26, 2024 – Judge Realty – a leading commercial, residential and property management firm proudly headquartered in Savannah, Ga. – recently hired 

Ben Clark as a Commercial Property Manager.

 

In his new position, Clark is responsible for overseeing the day-to-day operations of the firm’s managed commercial properties, ensuring that they are well maintained and helping to generate maximum return for clients.

 

Originally from Atlanta, Clark is a licensed Realtor who brings more than 13 years of experience in the commercial real estate industry to his position.

 

Clark began his real estate career in Charleston, S.C. in 2006, working with a developer on Kiawah Island. He transitioned to commercial real estate with a subsidiary of Daniel Island Company, sold residential real estate with Carolina One and eventually went into Industrial Real Estate redevelopment and management with IC Berkeley Partners III, LP, a $125 million institutional value-add industrial real estate fund based out of San Francisco, Calif. 

 

 Lori Judge

“Ben has years of experience managing all classes of retail, industrial, mixed-use and office space and is a wonderful asset for commercial clients in Savannah, which is one of the hottest markets in the country for office and industrial space,” said Lori Judge, founder and CEO of Judge Realty. “His ability to anticipate client needs and his dedication to providing excellent customer service make him a wonderful addition to our dynamic team.”

 

Clark is a licensed real estate agent in Georgia and South Carolina. He earned a B.B.A. from Valdosta State University, where he was a member of the Sigma Alpha Epsilon fraternity.

 

Contact:

Allison Hersh

Capricorn Communications

912.441.1285

pr@capricorncomm.com

www.capricorncomm.com

 judgerealty.com

 

Subtext to Bring Elevated Living to University City, MO with “LOCAL on Delmar”

Planned LOCAL on Delmar mixed use community in University City, MO

                                               (Renderings by ESG)

ST. LOUIS, MO – Subtext, a nationwide real estate company, in partnership with Larson Capital Management, a St. Louis private equity firm, recently acquired 1.98 acres at 6650 Delmar Blvd. in University City, MO, for the construction of LOCAL on Delmar.

 The five-story residential community is located in University City’s Delmar Loop entertainment district just north of Washington University in St. Louis. Construction will begin in September 2024 with completion expected in the summer of 2026.

 

LOCAL on Delmar is Subtext’s second project in  University City’s Delmar Loop entertainment district just north of Washington University in St.Louis 

LOCAL on Delmar is Subtext’s second project in the area, after delivering VERVE St. Louis near Saint Louis University in 2021. Headquartered in St. Louis, Subtext has a strong understanding of the local market.

 

The 259-unit, 398,225-square-foot apartment community will offer a mix of studio, one-, two-, and three-bedroom layouts, including townhomes.

 

The building will also host 399 parking spaces in a secure, attached five-story garage, and over 7,000 square feet of vibrant street level retail with an outdoor dining patio, adding to the energy of the Delmar Loop.

 

Featuring approximately 12,000 square feet of shared amenity spaces, LOCAL on Delmar is designed to provide residents with an elevated living experience that will support their holistic health, wellness, work, and social needs.

 Brandt Stiles

Amenity highlights include a work from home hub with plentiful private and collaborative spaces; a wellness suite with sauna and meditation room; a gym with cardio, weights, and outdoor fitness; a yoga and open fitness studio; a pool terrace with grilling, cabanas, and fire pits; and a club room with media wall, game room, vinyl listening station, and entertaining kitchen.

 

All of these spaces are designed to engage residents through a hospitality focus and a deep connection to local culture. Iconic architectural elements and salvaged items will bring in the rich spirit of the neighborhood.

 

Located at the corner of Delmar Blvd. and Leland Ave. in the Loop, LOCAL on Delmar offers residents an unbeatable lifestyle and location just a 12-minute walk away from Washington University and within a short drive to Downtown Clayton, Forest Park, and Central West End St. Louis.

 

“This site has long awaited redevelopment, and we are proud to have worked collaboratively with University City to design a project that not only meets the housing needs of the community but also fits authentically within the context of the Loop,” said Brandt Stiles, Founding Partner, Subtext.

 

“That is what our LOCAL brand is all about – putting residents first, creating spaces where they can truly be a part of the neighborhood and immersed in the local scene. We’re thrilled to be bringing this vision to life and contributing to the vibrancy of U City and the WashU community.”

 Brian Satterthwaite

LOCAL on Delmar was designed by ESG Architecture & Design. Other development team partners include local and regional groups: Brinkmann Constructors, general contractor; civil engineer, Stock and Associates Consulting Engineers, Inc.; and First Mid Bank & Trust as the lender.

 

“We have enjoyed a long and fruitful partnership with Subtext, as our firms share a common vision for how to bring exceptional value to residents,” adds Brian Satterthwaite, CEO of Brinkmann Constructors. “We have delivered premium projects across the country, but it’s particularly rewarding to build together in our home market and add to the development of the greater St. Louis area.”

 

 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.”

 

subtextliving.com

www.larson.com/services/alternatives/real-estate.

www.brinkmannconstructors.com

 

Falcone Group COO Alfonso Costa Jr. Earns ULI Young Leader of the Year Award

 . 

Alfonso Costa Jr.

Boca Raton, FL –Falcone Group is pleased to announce that Chief Operating Officer Alfonso Costa Jr. was named the 2024 Young Leader of the Year by the Urban Land Institute Southeast Florida/Caribbean District Council (ULI).

This prestigious award honors inspiring industry professionals aged 35 or younger whose outstanding achievements and contributions are advancing the industry and positively shaping our region’s communities.

Costa Jr. will receive the Young Leader of the Year Award on Sept. 26 at ULI’s 16th annual Vision Awards event, which brings together the top land use leaders and practitioners throughout Southeast Florida and the Caribbean.

“ULI has been such an important part of my real estate career thus far, and I am humbled by this meaningful recognition,” said Costa Jr. “Our entire team at the Falcone Group—led by real estate titan Art Falcone—continues to make a positive impact on the communities where we invest and develop, which is why this award is truly a reflection of our company as a whole.”

Art Falcone

Prior to joining Falcone Group, Costa Jr. served as Deputy Chief of Staff & Opportunity Zones lead for the U.S. Department of Housing and Urban Development (HUD), where he oversaw policy for the $50 billion annually-budgeted Cabinet agency.

.Costa Jr. earned his law degree from Harvard University, master’s degree from the University of Oxford, and bachelor’s degree from Yale University, where he played both Division-I basketball and Division-I lacrosse while serving as Chair of the Yale Athletic Department’s Thomas W. Ford Community Outreach Committee.

 

 CONTACT

 

Michelle Griffith

Vice President

mgriffith@boardroompr.com

C 561-706-4585

O 813-534-5251

Web | Facebook | Instagram | LinkedIn

 

KW PROPERTY MANAGEMENT & CONSULTING Continues Central Florida Growth with New Regional Vice President Jeff Lessey

Jeff Lessey 

ORLANDO, FL –– KW PROPERTY MANAGEMENT & CONSULTING, a premier Florida-based association management company, welcomes seasoned professional Jeff Lessey as KWPMC’s new Regional Vice President overseeing the Central Florida market. Lessey is based in Orlando, where KWPMC is experiencing significant portfolio expansion.

Lessey is an accomplished operations executive with more than 20 years of experience in community management. He most recently served as a Vice President at FirstService Residential.

Jorge Lago.

KWPMC recently announced the addition of three new Orlando community assignments totaling nearly 2,000 units. The company now oversees management of Cascades of Groveland Homeowners’ Association, Inc. (a Trilogy-branded community), Solaire at the Plaza and Star Tower.

“Jeff Lessey joins us at an ideal time, given the increased demand for our services in Central Florida,” said KWPMC Chief Operating Officer Jorge Lago.

Mark King

“Jeff’s background in traditional property management, community management and hospitality fit seamlessly with the different residential product types in the region. He will play a critical role in ensuring our continued operational excellence across Central Florida.”

As KWPMC continues to expand its footprint across Florida, KWPMC also added industry veteran Mark King as its new Director of Talent Acquisition. Based in Miami, King has more than two decades of talent acquisition experience in the property management, real estate and hospitality industries.

One of the fastest-growing property management companies in the U.S., KWPMC manages more than 100,000 units and employs 2,600 team members.

 

 

Contact: 

 

Maria Suarez

(786) 363-1935

msuarez@KWPMC.com

 www.kwpmc.com.

 

Comparing home prices and wages worldwide

 

Paul Hoffman

This is Paul from BestBrokers, Chicago, IL: 

As home buyers worldwide are struggling with high property prices and mortgage rates, I am reaching out with our latest report, comparing home prices and wages across 62 different countries. We found that despite the increased cost of living and elevated real estate prices in the United States, homes in the country are among the most affordable around the world, second only to those in South Africa.

The team at BestBrokers checked the average prices of real estate from the price comparison website Numbeo and did extensive research into the net salary employees earn on average in 62 countries.

 We also took the inflation into account and applied the projected inflation percentage for the third quarter of the year to the monthly wage. This allowed us to see the current situation income-wise in these countries and estimate the real affordability of homes. To do the comparison, we then converted all prices and wages into U.S. dollars.

The calculation shows that the United States ranks second in the world in terms of home affordability. To purchase a 1,076.4-sq.ft. home (100 sq. meters), Americans need to save 76 real monthly wages. In South Africa, which ranks first on this list, a home of this size costs only 71 wages.

Here are a few key takeaways from the report:

·                                 Considering the average net salary in the United States is $4,246 per month and the projected inflation for the third quarter of the year is 2.8%, the “real” wage we get is $4,127.11.

·Meanwhile, the average price for a 1,076.4-sq.ft. home stands at $313,240, which means that it costs roughly 76 average real wages. In other words, the price of a home of this size is equivalent to 7 years and 4 months’ worth of salaries.

·                                 With a nominal net wage of $1,362 and a price of $91,582.50 for a property of the same size, South Africa ranks first for home affordability. Homebuyers there need only 71 monthly wages or around 6 years and 11 months' worth of average salaries to afford a purchase.

·                                 Bahrain, Denmark, and Ireland follow with homes costing 99, 114, and 123 monthly wages, respectively.

·                                 According to the data we collected, Nepal is the least affordable country in the world to buy a home on an average income. People there need to save 684 monthly wages or their earnings for exactly 57 years to be able to purchase a home. Other countries where homes are expensive relative to the average salary are Turkey (631 wages), India (578 wages), Indonesia (563 wages), and Armenia (520 wages).

We calculated the “real” mortgage interest rates for 62 countries and found that the cost of borrowing money is surprisingly low in places such as Argentina and Turkey. 

Due to the hyperinflation in the past year, Argentina has the lowest real mortgage rate in the world, -175.89%. The nominal rate, of course, is not negative and is currently 24.11%. 

The country where banks have the highest interest rates on home loans is currently Russia. There, mortgage rates are 12.3% on average but are expected to increase even more in the coming months.

More information about the mortgage rates, prices and salaries can be found in the full report here. It also includes the full methodology we used in calculating the so-called "real" interest rates, whereas the complete data on all 62 countries is available in Google Drive via this link. Feel free to use any data or graphics from the report by providing a link attribution to the original work.