The first half of 2023 finished with record absorption as hyperscalers, financial firms, healthcare companies and other major enterprises raced to secure data center space. Most of the supply that will be delivered in the third and fourth quarter of 2023 has already been preleased or is under exclusivity. Due to primary market power constraints, supply coming online in 2024 will also be preleased, resulting in limited options for users who are not in the market far in advance of their preferred go-live date.

 “The data center industry is continuing to experience explosive growth in demand which is leading to completely sold-out primary markets, secondary market expansion and the development of newer tertiary markets,” said Andy Cvengros, Managing Director, JLL. “Major markets and most secondary markets have reached a state of supply and demand imbalance; the development timeline for new data centers has grown to three to five years – or more in some cases. If you want a new data center within that timeframe, start planning for it now, as we don’t see any sign of this demand slowing or the power situation getting any better.”

When it comes to primary data center markets, Phoenix and the Northwest have outpaced Northern Virginia as the leader in absorption with 194.5 MW and 185.9 MW, respectively, compared to 184 MW for the first half of 2023. Primary markets already have a limited inventory of colocation space, leading data center operators to increase pricing by up to 20 to 30%. JLL Research anticipates secondary markets, including Columbus, Salt Lake City, Reno and Austin, to continue to support the overflow from these constrained primary markets.  

 AI changes everything

AI is expected to accelerate this demand as more and more industries adopt AI as a tool to achieve corporate objectives. The last three years have seen massive investments in AI and machine learning through venture capital, private equity and M&A. So far, 2023 has seen $32 billion in investments through Q1.  

“AI implementation requires significant computing power and resources, which translates to increases in leasing,” said Kari Beets, Senior Manager, Research, JLL. “AI needs also require higher power densities which require additional infrastructure in most data centers.”

 Additionally, the demand for edge computing is accelerating. Generative AI, like ChatGPT, is also driving demand for edge computing requirements, as cloud companies are leveraging edge to enhance scale and deliver AI applications for faster, better responses.

AI models are also changing data center infrastructure, with some large requirements driving densities to 50-100 kW per rack. Many colocation providers have adjusted the voltage delivered to the floor to 415 volts, which can reduce the upfront cost of delivering power to these high-density clusters.  

 “Data centers are massive power users and require significant efforts to keep cool,” said Matt Landek, Managing Director, Data Centers & Telecom, Work Dynamics, JLL. “Given hyperscaler and colocation provider sustainability goals, the data center industry will need new innovations to improve cooling and energy efficiency for AI uses.”  

Data center investment market remains strong

Even with a high interest rate environment, data center lender and investor demand remain strong, a bright spot for the capital markets. The sector is still attracting a variety of lenders, including life companies, banks, debt funds and CMBS/SASB, and the record-setting M&A activity of the last two years in the data center sector continues, with a flurry of recent major announcements.

“Evidence of growing investor demand is apparent when analyzing the trend of M&A valuation and EBITDA multiples, which is, simply put, a measure of a company’s return on their investment,” said Carl Beardsley, Managing Director, Capital Markets, JLL. “In the trailing 12 months, EBITDA multiples have averaged 26.5x versus an average of 23.2x since January 2017, meaning that investment value is increasing.”

The post AI and cloud adoption propel data center demand to record levels for 2023 appeared first on Real Estate Weekly.

Envisioned by award-winning architecture firm Arquitectonica with interior design by globally recognized Meyer Davis, ONE Park Tower by Turnberry has been thoughtfully designed to offer resort-style, attainable luxury living for families seeking a walkable and connected community to call home. 

Consisting of spacious one-, two-, and three-bedroom units plus a collection of penthouses, the residences boast dens and powder rooms and are designed to fit a range of lifestyles, all with connectivity to the outdoors and panoramic views of the stunning turquoise lagoon, Oleta River State Park, Biscayne Bay, the Atlantic Ocean, and the Miami city skyline. 

Spanning 900 square feet to 2,100 square feet, residence interiors intentionally blend the natural beauty of the site with the vibrancy of the surrounding urban atmosphere. High ceilings and walls of glass open up to oversized private wrap-around terraces with seamless glass railings. All units will be completely finished with porcelain floors, oversized master bedrooms and walk-in closets (with upgrades available), and master baths featuring wet rooms with shower and soaking tub. 

The centerpiece of the SoLé Mia community, a crystal-clear swimmable lagoon the size of 21 Olympic-sized pools, will provide ONE Park Tower by Turnberry residents a dedicated lagoon-front beach with umbrellas and beach chairs. Property staff will offer exceptional, individualized service for which Turnberry is known, including a Beach Concierge to arrange stand-up paddle boards and kayaks for rent and dining from The Lagoon Café and adjacent restaurants. 

ONE Park Tower by Turnberry’s healthy lifestyle includes 37 acres of active and passive green space with eight miles of biking and running trails, private swimming pools, pickleball courts, and a state-of-the art wellness center which includes fitness, spa and massage facilities. Residents will also enjoy co-working facilities, a library, private event rooms, a climate-controlled wine room and dedicated children’s playroom. A gated entry, 24-hour security and secured garage parking with electric charging stations complete the offering. 

ONE Park Tower by Turnberry is located at 2411 Laguna Circle, North Miami, FL. 

The post ONE Park Tower by Turnberry Unveils Luxe Amenities, Interiors appeared first on Real Estate Weekly.

Leslie Granger, CAWA, President and CEO of Bideawee, made remarks at the ribbon-cutting, located outside in Bideawee’s newadjoiningdog enrichment park on the west side of the building. Also in attendance were New York State Senator Michael Gianaris, Deputy Majority Leader; Assemblymember Linda B. Rosenthal; and Alexandra Silver, Director of the Mayor’s Office of Animal Welfare, in addition to Bideawee Board members, staff, and supporters. A handful of adorable shelter dogs, currently residing at Bideawee’s new flagship, were also there to celebrate. Gianaris and Rosenthal were co-sponsors of the recent Puppy Mill Pipeline Bill, which was signed into law last year by Governor Hochul and bans the sale of dogs, cats, and rabbits at retail pet stores starting in 2024.

The building — a former restaurant — has been transformed to accommodate the needs of the homeless animals Bideawee serves. The new building — more than 7,000 thoughtfully designed square feet – boasts an optimized layout for current best practices of animal care with an environmentally focused design.

Entering on the ground floor, visitors in the lobby will get a front row seat into the free-roaming cat mezzanine allowing all who enter to meet a furry friend right away. Also in the lobby, visitors can meet with an adoption counselor to discuss adding a pet to their family or stop by the Bideawee Boutique to purchase pet supplies and branded merchandise. Beyond the lobby lies the cattery featuring free-roaming communal rooms complete with perches and climbing apparatus as well as cat condos notable for their portals allowing multiple spaces for each kitten or cat and windows to the outside world.

The second floor houses plexiglass fronted kennels for puppies and dogs featuring large spaces, comfortable beds, and room for bonded pairs as well as individuals. Bars on kennels are banned in this new space, promoting face to furry-face time. Throughout the building there are several interaction rooms which will allow adopters a chance to meet and fall in love with their newest family members.

The third floor focuses on people, with flex-workstations for staff needed onsite as well as a multi-purpose room for organized activities such as volunteer trainings and meetings. This floor also houses onsite laundry and food prep facilities for both animals and people. In a strategic effort to focus on its animals first and foremost, senior management, including Bideawee’s President and CEO Leslie Granger, do not have offices in this building, intentionally dedicating as much space possible to its cats and dogs instead.

Finally, an enhanced veterinary suite comprises a full floor featuring new medical equipment such as an X-ray machine, new isolation wards as well as treatment and surgery rooms enabling the best possible care right onsite for all the animals in Bideawee’s care.

One of the most unique features of Bideawee’s new home lies just beyond the indoor space — an adjoining lot that has been transformed into an outdoor dog park. Fully fenced in and covered in cleanable artificial grass, this nearly 2,000 square foot multi-purpose enrichment space will provide room for exercise and training allowing resident pets to burn off energy as well as learn to sit, stay and other valuable tricks they will utilize in their new homes. This rare asset for a shelter located in the density of Manhattan was key to the selection of this site.

The news space will also boast a custom-built HVAC system partially funded by a grant from the New York State Department of Agriculture and Markets. This state-of-the-art HVAC system provides 100% fresh air throughout the kennels and catteries for the best possible air quality for animals and the people who love them. In addition, a building automation system regulates temperature throughout the space while monitoring for potential emergencies, such as floods, and provides remote access ensuring immediate response to issues. The building’s north and west facing windows flood the spaces with natural light as well as allows glimpses of two kennels for dogs and puppies on the second floor to all who pass by.

Granger said, “We are so thrilled to open our doors and, as always, our hearts, to dogs and cats in need in this beautiful new facility. We have found creative means to utilize this new space in ways that far exceed our usage in our old headquarters. Our new home is meant to provide the best possible temporary housing for the animals we serve all while making it accessible for potential adopters to meet and connect with their future pets. Bideawee cannot stress enough the importance of all dogs and puppies getting sufficient training, both in shelter and in their forever homes. This new outdoor dog park provides an exciting opportunity for us to be able to start that training process. Additionally, it provides a safe and comfortable environment for our canines to run or relax outside the shelter walls. I would like to thank everyone who has helped us take this incredibly important step forward in our organization’s collective history and everyone here helping us celebrate today. I encourage everyone to stop in and take a moment to meet the sweet furry faces we get to see on a daily basis. We look forward to meeting our new neighbors and creating many more animal/human families for years to come.”

In order to fund its new home of 9,000 square feet (including both indoor and outdoor space), Bideawee has been holding a capital campaign to raise the building’s $7.5 million price tag. Currently halfway funded, the campaign will be going public in the spring. Those interested in participating in the capital campaign can contact Ilana Sarkozi at ilana.sarkozi@bideawee.org.

Bideawee, which means ‘stay a while’ in Scottish, has been finding loving homes for rescued animals since 1903. Bideawee’s mission is to create and strengthen the human-animal bond through best-in-class lifesaving and compassionate care for pets and the people who love them. In 2022:

·       Bideawee found forever homes for more than 1,820 deserving animals. 

·       Bideawee’s volunteers and foster parents donated 42,038 selfless hours helping staff and the animals in our care.

·       Bideawee placed 718 dogs and cats in foster care and has 373 new foster parents.

·       Bideawee’s adoption centers performed 1,465 surgeries as well as cared for 1,837 private veterinary clients.

·       Bideawee supported 755 families with compassionate end of life services for their beloved pets.

·       Bideawee hosted seven webinars with 623 attendees from around the world and provided more than 1,071 spay/neuters for feral cats in NYC and Long Island.

The post Bideawee Opens State-Of-The-Art New Flagship In Manhattan’s Chelsea Neighborhood As Nonprofit Celebrates 120th Anniversary appeared first on Real Estate Weekly.

“This milestone brings us another leap forward in developing OAK as the new center of gravity for retail, dining and entertainment in Oklahoma City,” said McNeill. “Now that we can see this vibrant mixed-use environment rising around us, we are even more confident that OAK is going to be a game changing experience for this fast-growing market. We are incredibly proud to celebrate OAK’s topping out with the community, and are counting the days until the official grand opening in September 2024.”

OAK’s first phase includes 135,000 square feet of retail, a 132-key boutique hotel, and 320 upscale apartments. The entertainment-driven destination will also include a 7,000-square-foot central green space at the heart of the property, which will be activated with more than 100 community events each year, such as live concerts, pop-up farmers markets and outdoor yoga. A future phase of the project includes 100,000 square feet of loft office space and an additional 85,000 square feet of retail. 

An unequaled retail, residential and hospitality experience is taking shape at OAK with acclaimed, first-to-market brands RH, Arhaus and Capital Grille already onboard. Open Realty’s Michael Nagy and Chris Speciale are leading retail leasing efforts, and plan to announce several other best-in-class concepts in the coming months. 

Most recently, Veritas and Dallas-based Gatehouse Capital announced that Lively Hotel, a boutique hotel concept by Hilton, is joining the mixed-use community. As Oklahoma’s first Tapestry Collection hotel, Lively Hotel will include 132 rooms; a 3,050-square-foot bar and restaurant; an elevated amenity deck with a 2,400-square-foot outdoor bar and activated pool area; a fitness center; and over 2,600 square feet of meeting space. At the ground floor, the hotel will feature 13,500 square feet of retail space. 

“We are absolutely thrilled to celebrate this major milestone with the topping out of the structure for Lively Hotel,” said Andrea Gossard, Project Executive at VINCIT Constructors. “Our dedicated team, along with our valued partners like Veritas, has worked tirelessly to bring OAK to life as a vibrant mixed-use destination in Oklahoma City. We are proud to be part of this transformative project and look forward to continuing our efforts to make OAK an unparalleled experience for our community.”

Veritas has engaged Mintwood Real Estate as the multi-family development partner to create a first-of-its-kind residential experience for Oklahoma City. OAK’s 320 apartments will have curated interior finishes, including quartz countertops, walk-in closets, and powder baths. The building amenities include a first-class fitness center featuring a kid’s playroom, private work and conference rooms, an entertainment suite featuring a golf simulator and shared kitchen, a resort-style pool and elevated courtyards. 

OAK’s topping out ceremony will be held in front of the Lively Hotel on Friday, Aug. 11 at 11 a.m. The culmination of the ceremony will be marked by the raising of the final beam to the pinnacle of the structure, symbolizing its attainment of the ultimate height. This ceremonial beam shall be adorned and autographed by all the esteemed stakeholders and participants, adding a touch of significance to the development milestone. 

McNeill is joined by Everett Dobson and the Dobson family as partners in the multi-phase project.

To learn more, visit oakokc.com and follow the project on Facebook, Twitter and Instagram.

The post Highly Anticipated Mixed-Use Project OAK Tops Out in Oklahoma City appeared first on Real Estate Weekly.

The NYAM initiative is seeking a landlord partner to create what would be the nation’s first permanent facility dedicated to showcasing the past, present and future of the automobile.

 JLL New York chairman Peter Riguardi and vice president Charles Gerace are leading the effort to secure a strategic partner with a prime location for a world-class entertainment destination featuring exclusive car collections, educational exhibits and technological innovations, along with unique shops, social gathering spaces and a restaurant.

“We are excited to partner with the New York Auto Museum initiative to find a home for their innovative new concept, which is already generating interest from several property owners,” said Riguardi. “New York is one of the world’s most exciting cities with attractions that draw millions here every year. This tremendous new venture promises to further elevate the city’s standing as a premier venue for spectacles that inspire and delight visitors and residents alike.”

 NYAM is seeking a centrally located Manhattan property that could accommodate approximately 200,000 square feet of contiguous venue space. The initial plans include outdoor space and capacity to host original programmed events and gatherings, along with digital infrastructure to support a focus on culture, innovation, learning and research.

 “The New York Auto Museum initiative is moving forward with a venture that will have a major impact not just on tourism, but on the overall New York City economy,” said David Senater, executive director of NYAM. “It will create jobs, bolster tourism and bring benefits to local households, businesses and state and local tax revenues. Our non-profit component also intends to offer low-cost tickets valued at $30 million-a-year to the Department of Education.”

Members of the board of the NYAM initiative include leading experts in the automobile, historic preservation and popular culture sectors, including National Corvette Museum founder Ray Battaglini, Formula 1 Club director Christian Ginet, pop artist and racing historian Bernd Luz, and Eric-Mark Huitema, the former director general of the European Automobile Manufacturers Association (ACEA).

 Otto F. Wachs, former CEO of the famed Autostadt Volkswagon theme park that draws two million visitors annually to Wolfsburg, Germany, serves as chairman of the board of NYAM. Wachs commented, “New York is the ideal place to open an impressive and informative Auto Museum to tell the extraordinary history of the automobile’s contribution to global mobility and personal freedom and its significance in a dramatically evolving world. It is a great honour to support this magnificent venture to create an automotive super-destination.”

According to market and consumer data provider Statista, museums were the most popular immersive activity (digital or physical) across all age groups in 2021. Home to two of the world’s largest museums – the Metropolitan Museum of Art and the Brooklyn Museum – New York has seen a surge in experiential concepts as people emerge from the pandemic eager to see, feel and touch in person again.

 In 2021, JLL’s Gerace arranged the 70,000-square-foot short term lease at Pier 36 for Lighthouse Immersive Inc. to stage the first large-format, fully immersive digital Van Gogh Exhibit. Gerace said, “As the global office market undergoes a transformational shift, the museum presents an opportunity to repurpose space. New York Auto Museum will offer the type of tangible enjoyment that has been enthusiastically embraced since the pandemic upended our lives.  As a car enthusiast myself, it’s exciting to be involved in this new venture and I look forward to working with NYAM, the city’s landlords and the Administration to bring another great concept to New York.”

The post Car buffs tap JLL to find space for 200,000 s/f auto museum in Manhattan appeared first on Real Estate Weekly.

JLL worked on behalf of the borrower, a joint venture between Criterion Group and Columbia Pacific Advisors, to secure the five-year, floating-rate loan through Axos Bank.

The sites average approximately 10.5 acres each and are located in prime Northeast, Southeast, and Texas distribution markets. Industrial outdoor storage sites are characterized as low coverage industrial sites that can be used for a range of industrial purposes, including fleet parking, heavy machinery/construction equipment storage, shipping container storage, and more.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Christopher Peck, Managing Director Peter Rotchford, and Vice President Christopher Pratt

“With the growing necessity of last-mile logistics due to the continued growth of e-commerce, leasing for industrial outdoor storage assets has started to shift from typically non-credit, local tenants to national credit tenants, thus attracting a more institutional investor-set as well,” Rotchford said.

“The broad geographic scope of this portfolio positions it to increase in value as last-mile logistics drive increased demand for parking and outdoor storage space,” said Shibber Khan of the Criterion Group. “The portfolio offers the opportunity for powerful near- and long-term rent growth.”

The post Criterion JV refinances 22-property outdoor storage portfolio with $132.3M loan from Axos Bank appeared first on Real Estate Weekly.

Represented by JLL, Chelsea Piers Fitness will create a premier, best-in-class fitness club where building residents and members will enjoy life-enhancing fitness, wellness and community experiences. Their initial plans include a spacious member lounge and workspace, indoor pool, outdoor pool and sundeck, indoor basketball court, indoor track, luxury locker rooms, group fitness studios including cycling and heated / non-heated yoga, extensive cardio and weight training equipment, as well as large functional and athletic training spaces.

“24-11 Jackson Avenue offered unrivalled new space and a dynamic seven-day-a-week location in one of the fastest-growing neighborhoods in New York,” said Erin Grace, managing director, JLL Retail. “Given the building’s space, location and design, this was a natural decision for this established leader in sports and fitness.” JLL expects that CPF will be a strong attraction for the leasing of the additional 10,000 square feet of retail space in the tower.

“Chelsea Piers Fitness creates distinguished fitness clubs and athletic facilities where our members can feel relaxed, engaged and inspired to reach their fitness goals as part of a vibrant community,” said David Tewksbury, CEO & co-founder at CPF. “With its growing population and development pipeline, Long Island City is the ideal location for our next fitness club and 24-11 Jackson Avenue will be a perfect new home for our iconic, New York-based brand. We could not be more enthusiastic to partner with Tavros and Charney Companies on this remarkable project.”

Situated on the northeast corner of Jackson Avenue and 23rd Street at the main entrance of the Court Square subway station, 24-11 Jackson Avenue will be a 55-story mixed-use tower with approximately 600 apartments and 80,000 square feet of commercial space.

Colin Rankowitz, partner, Tavros, commented, “We are thrilled to announce this ground-breaking partnership with Chelsea Piers Fitness. As a born and raised New Yorker, I couldn’t be more excited to play a small role in the expansion of Chelsea Piers’ iconic brand and impressive business. Chelsea Piers Fitness brings an impeccable fitness product with state-of-the-art facilities and authentic community and social engagement that sets them apart. The club that Chelsea Piers Fitness is planning at 24-11 Jackson Avenue will have a profoundly positive impact on the lives of Long Island City residents.”

Founded in 1995, Chelsea Piers is an established sports and fitness leader in the New York tri-state area, with seven locations including its flagship 1,000,000-square-foot, 28-acre sports and entertainment complex at Pier 60 on the Hudson River. The company opened its first stand-alone fitness club in Downtown Brooklyn in 2018 and its success generated a strategic rollout that includes a signature 56,000-square-feet, four level fitness club at SL Green’s new One Madison skyscraper in the Flatiron District set to open in 2024.

Located one subway stop from Manhattan, 24-11 Jackson Avenue is steps away from leading retail brands, including Trader Joe’s and Target, as well as unique bakeries and shops. Long Island City is also home to world-class restaurants, sculpture gardens, parks, and the East River, where ferries traverse from its docks to many parts of New York City.

“With growing residential interest in Long Island City, it has been critical to also bring sought-after amenities to the neighborhood,” said Sam Charney, principal, Charney Companies. “We are confident that the addition of Chelsea Piers Fitness will be a huge boon to the area and are thrilled to work with them to bring their impressive vision to fruition.”

JLL executive managing director Erin Grace and executive vice president Matt Ogle serve as agents to Chelsea Piers Fitness in the Northeast United States and represented them in this transaction. Tavros and Charney Companies were represented in-house.

The post Chelsea Piers Fitness signs 72,000-SF lease at Long Island City residential tower being developed by Tavros and Charney Companies appeared first on Real Estate Weekly.

New York Compensation Insurance Rating Board (NYCIRB), a non-profit association of insurance carriers that underwrites the state’s workers’ compensation insurance coverage, will relocate from 733 Third Ave. to occupy 30,166 square feet across the entire eighth floor of the Class-A tower under a 20-year lease.

In the second deal, alternative investment manager Aetos Capital has signed an eight-year expansion and renewal at the property for 12,212 square feet of space. A tenant since 2018, previously occupying 4,377 square feet, Aetos will expand by 7,835 square feet to a new prebuilt on the 22nd floor.

The transactions bring 875 Third Ave. to 98% occupancy, distinguishing the tower as a stand-out in the Third Avenue corridor, which has underperformed the rest of the market. Its roster of high-profile tenants includes global investment companies Cerberus and DWS, and the law firms of Troutman Pepper, Epstein Becker & Green, and Kaufman Borgeest & Ryan, which relocated to the property last year following a renovation of the building’s three-story lobby atrium. It is also home to Scotland-based global investment company Abrdn, which relocated its New York office to the Forum at 875 Third, a unique-to-market facility on the fourth floor that provides fully furnished and wired space at flexible terms.

 A JLL team led by vice chairman Paul N. Glickman, senior vice presidents Diana L. Biasotti and Kristen E. Morgan, and associate vice president Harrison G. Potter, represented ownership in the transactions. The association was represented by a Savills team that included vice chairmen Jeffrey Peck and Daniel Horowitz, executive managing director Roi Shleifer, and managing director Jacob Stern. Horowitz also represented Aetos Capital in its renewal. Asking rents in the building range from $65 to $75 psf.

According to Glickman: “NYCIRB’s arrival and Aetos Capital’s expansion at 875 Third bring the building to 98 percent occupancy and highlights ownership’s commitment to maintaining the property as a best-in-class office tower that supports leading corporate occupants seeking to attract and retain skilled employees.”

Originally developed in 1982 by Robert Gladstone, 875 Third Ave. is a 14-sided, 29-story, 750,000-square-foot, glass-clad office tower. The property boasts a unique design that creates double-height ceilings on some floors. Global Holdings recently welcomed creative salad company Chopt as a tenant within its renovated lobby atrium, joining the likes of I Tavolo and Nare Sushi. The atrium also offers direct connection to multiple subway lines, allowing for direct transit to Grand Central, Penn Station and Port Authority.

Jeremy Attie, president and CEO of NYCIRB, commented, “Global Holdings Management Group stood out to us as a discerning owner from the very first tour; they have worked hard to ensure 875 Third remains a premier address in New York’s corporate heart, and we look forward to having many successful years ahead in our new HQ.”

Craig Panzirer, senior vice president and director of leasing, Global Holdings Management Group, said: “We are delighted NYCIRB has chosen to relocate to a turnkey space in this strategically located tower where the association will flourish within a modern, new headquarters – and we are also so glad that Aetos, in today’s competitive market, chose to expand and extend its relationship with us.”

JLL continues to market space within Forum at 875 Third, which offers flexible leases for fully furnished and wired pre-built offices ranging in size from 4,800 to 6,800 square feet square feet, all opening into a 6,000-square-foot central amenity space available only to tenants on the floor. The amenity space, which creates a dynamic addition to the individual offices, features lounge seating, conference facilities, huddle rooms, recreation areas, and a pantry. Forum’s office suites come move-in ready with ergonomic furniture, abundant natural light, high-speed internet and HID Access that allows tenants to use their smartphone to interact with the building.

The post Global Holdings Management Group nears full occupancy at 875 Third Ave. appeared first on Real Estate Weekly.

“The Seaport is poised for major growth as we continue the ongoing revitalization of the neighborhood, reimagining a future that pays tribute to the past,” said Zach Winick, Co-President of the New York region for The Howard Hughes Corporation. “JLL understands our vision and partnering with them will cement the Seaport’s status as a year-round destination for residents, workers and visitors alike.”

The JLL Retail New York leasing team of Davie Berke, Corey Zolcinski and Michael Remer will lead the retail leasing initiatives, joined by vice chairman Patrick A. Smith. Senior vice president Catherine Loy will direct specialty leasing while executive vice president Erika Schanke will co-ordinate global and cross border tenant pursuits.

“The Seaport is one of New York’s most charming neighborhoods and an established destination in its own right,” said Smith. “As the global retail market continues to recover and reinvent itself, we will be looking to build on the ecosystem already in place with compelling new offerings, flexible terms for unique and relevant concepts and carefully selected long-term anchors positioned for success with a forward thinking, well capitalized ownership group. We believe we can help continue the Seaport’s evolution into an innovative, must-visit destination.”

The 10-acre Seaport is home to Jean-Georges Vongerichten’s world-renowned Tin Building, dining and entertainment destination Pier 17 with its summer rooftop concert series and restaurants by David Chang, Andrew Carmellini, and Helene Henderson, and independent businesses such as McNally Jackson Books, Manhattan’s first iPic Theaters, and the historic South Street Seaport Museum. JLL will oversee retail leasing across the entire neighborhood, which is strategically positioned to reap the advantages of thriving residential and office populations in Downtown Manhattan and a resurgence in tourism following COVID.

According to JLL’s Q1 2023 NYC retail report, the city’s retail sector is benefitting from a surge in tourism with the number of domestic and international visitors expected to continue growing this year.  The Seaport attracts more than 10 million visitors a year, with foot traffic increasing dramatically in 2022 from pre-COVID levels.

The Seaport is New York City’s original neighborhood, a maritime hub of history located along the East River in Lower Manhattan, with iconic waterfront views of the Brooklyn Bridge and the city skyline. It serves as a vibrant home to residents and a global destination for travelers, offering more than 450,000 square feet of entertainment, dining, and cultural experiences. Home to independent businesses, the historic South Street Seaport Museum, the entertainment hub Pier 17®, and the newly restored Tin Building—a 53,000-square-foot culinary destination curated by Jean-Georges, the Seaport is an epicenter of culture. With support from Chase® and Heineken® — founding partners in The Howard Hughes Corporation’s revitalization of the Seaport — the neighborhood celebrates emerging and resident artists, local organizations, and community connectivity through its curated seasonal programming.

The post JLL retained as exclusive retail leasing agent for the Seaport in Lower Manhattan appeared first on Real Estate Weekly.

“New Jersey remains one of the nation’s leading centers of life science innovation and the Princeton West Innovation Campus sits at its heart,” said Joel Bergstein, President of LEG, one of the Northeast’s leading full-service real estate companies. “We are excited to move forward with our plans to further enhance the property with the type of advanced R&D and manufacturing space the industry demands.”

The announcement comes following the lease of 56,000 square feet of space at the property to Enzene Biosciences, a global biotech company based in Pune, India. Enzene Biosciences leased the entire West wing of Building 21 at the multi-purpose R&D campus to create a state-of-the-art biopharmaceutical manufacturing plant that will facilitate an expansion of its manufacturing capabilities to serve North American clients.

A JLL team led by vice chairman Dan Loughlin, managing director Bob Ryan, senior managing director John Buckley and executive managing director Jim Medenbach, serves as exclusive marketing agent for the property and represented ownership, along with LEG’s Sr. Director of Leasing, Ken Flynn, in the lease with Enzene Biosciences. The tenant was represented by JLL managing director Jason Benson and senior managing director Dan Spero.

“We are thrilled to welcome Enzene Biosciences to the Princeton West Innovation Campus at a time of heightened demand for specialized life science facilities in the region,” said Loughlin, who noted that the ownership group also has the ability to upgrade two existing buildings for an additional 106,000 square feet for modern R&D lab and manufacturing uses.  “The property offers life science companies robust existing utility infrastructure, development entitlements in place, a secure state-of-the-art location ideal for continued innovation and speed to market opportunities.”

A former Bristol-Meyers Squibb (BMS) facility, Princeton West is a multi-purpose R&D campus of 33 buildings situated on 433-acres centrally located between New York City and Philadelphia, along the Boston to Washington D.C. Northeast Corridor of AMTRAK rail and less than five miles from the East Coast’s main Interstate Highway, Interstate 95.  The property is already home to several leading global companies, including PTC Therapeutics, BeiGene, Princeton University, Passage Bio and Gennao Bio who benefit from the campus’ robust utility infrastructure, including an on-site substation with dual 69kv electric feeds, 18 inch main water line and an on-site N-4 Industrial Waste Water Treatment Plant.

In addition to the specialty manufacturing and R&D offerings, the campus has over 250,000 square feet of available office space, and an amenity package that includes a full-service café, large fitness center, common conference space and walking trails. Some 200 acres of the site are dedicated to preserved farmland and open space on Pennington-Rocky Hill Road in Hopewell Township.

According to JLL’s Q1 2023 New Jersey Life Sciences Insight, flight-to-quality has been a recurring theme of the industry, as established companies including AbbVie, Bristol Myers Squibb and Sanofi have relocated within the state into high-end spaces to accommodate new workplace strategies.

Said Ryan, “New Jersey has one of the most highly educated, highly skilled workforces in the U.S.  including the highest concentration of scientists and engineers in the world. Its established life sciences ecosystem presents invaluable opportunities for collaboration and the state’s business-friendly environment supports growth in the sector.”

 Lance Bergstein, Managing Director of LEG, added “The collective team thanks ChooseNJ, BioNJ and the NJEDA for their support and guidance in attracting Enzene Biosciences to New Jersey.  We anticipate continued demand from companies who can utilize the property’s existing infrastructure and embrace its prime location along New Jersey’s life sciences corridor.”

The post LEG  to expand biotech manufacturing hub at the Princeton West Innovation Campus appeared first on Real Estate Weekly.