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Millennium Partners Breaks Ground
on $630M Mixed-Use Project in Boston
 | | Rendering of Millennium Tower and Burnham Building development in Boston's Downtown Crossing neighborhood. |
BOSTON -- Millennium Partners, a New York-based developer, has kicked off construction of its Millennium Tower and Burnham Building development in Boston's Downtown Crossing neighborhood. Located at the site of the former Filene's Department Store, the $630 million project consists of the 1912 Burnham Building and the 62-story, 450-unit mixed-use Millennium Tower. The 1.4 million-square-foot development will feature office space, street-level retail and luxury residential condominiums. "The Filene's site is synonymous with Downtown Boston," said Boston Mayor Thomas Menino at the groundbreaking ceremony. "The start of construction celebrates the beginning of a new chapter in the history of this historic building and highlights the promising future that is in store for this neighborhood." To read the full story, click here.
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Somerset Kicks Off $100M Redevelopment of Bell Labs Property
 | | The former Bell Labs facility in Holmdel includes a 2 million-square-foot building and 470 acres surrounding the facility. |
HOLMDEL, N.J. -- Holmdel Township has selected Somerset Development for the $100 million redevelopment of the former Bell Labs facility in Holmdel, located about 23 miles north of Staten Island, N.Y. The property includes a 2 million-square-foot building and 470 acres surrounding the facility. Somerset has spent the past several years working closely with the Holmdel community and officials to devise a plan that will transform the structure into a vibrant, mixed-use town center. In addition, the approved plan allows for residential, recreational and open space uses outside the building, including the development of up to 40 single-family homes and 185 age-restricted townhomes, as well as a fieldhouse for sports and an 18-hole golf course.
The complex, which was originally constructed between 1959 and 1962, and then expanded to its current size between 1966 and 1982, is revered for its architectural distinction, in particular its notable mirrored glass fa�ade. Designed by Eero Saarinen, the former Bell Labs research complex was home to Bell Laboratories division of Bell Telephone, later known as AT&T, Lucent and today, Alcatel-Lucent. Toll Brothers is in contract with Somerset for the purchase of land outside the building to construct the development's residential component.
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Philadelphia REIT Sells Two Shopping Centers for $87.3M
NEWARK, DEL. -- Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) has sold two power centers in Delaware and South Carolina for a combined total of $87.3 million. The properties include Christiana Center in Newark, about 13 miles southwest of Wilmington, Del., and Commons at Magnolia in Florence, S.C. The sales price represents an average cap rate of 6.8 percent and a profit of $45.4 million. PREIT intends to use the proceeds to make further reductions in debt and for general corporate purposes.
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National Development to Build
Luxury Condos in Boston
 | | A rendering of SEPIA at Ink Block, an 83-unit luxury condominium development in Boston. |
BOSTON -- National Development has announced plans to build SEPIA at Ink Block, an 83-unit luxury condominium development in Boston. The project will be built as part of Ink Block South End, a six-building, mixed-use development in the South End neighborhood of Boston. Construction is slated to begin in early 2014, with a sales center opening at 401 Harrison Ave. later this month. Amenities at SEPIA at Ink Block include underground resident parking, a rooftop sundeck, private balconies, access to Ink Block's rooftop pool, fitness center, clubroom and a bicycle workshop.
Residents of the community will also be in proximity to the 50,000-square-foot Whole Foods Market, which is slated to open at Ink Block South End in early 2015. The SEPIA condos are slated to be complete and open for occupancy in mid-2015. Cranshaw Construction is the general contractor, and Elkus Manfredi Architects is the architect for SEPIA. The Collaborative Cos. will serve as the marketing and sales agency.
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Jones Lang LaSalle: Multiple Property Sectors Poised to Finish 2013 Strong
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 | | Jay Koster of JLL |
CHICAGO -- Rising interest rates and the potential tapering of quantitative easing may have given investors momentary pause about committing to commercial real estate, but those two factors ultimately don't appear to be dampening the enthusiasm that investors of all stripes have for the sector. According to Jones Lang LaSalle (JLL), investment sales in the first half of 2013 increased 18 percent compared to the same period last year. Transactions may slow in the early part of the second half of 2013 given the timing of interest rate increases and quantitative easing discussions, but activity is expected to bounce back strongly later in the third and fourth quarters. In the end, full-year sales volume should increase between 10 to 15 percent when compared to 2012, say the experts at JLL Capital Markets.
"With institutions, private equity, high-net-worth individuals and foreign investors all in aggressive pursuit of commercial real estate, transaction activity in the United States should remain brisk and continue to grow," says Jay Koster, Americas president for JLL Capital Markets.
To read the full story, click here.
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Related Cos. Hires Philippe Visser
as Senior Vice President |
 | | Philippe Visser |
NEW YORK CITY -- Philippe Visser has joined Related Cos. and the Hudson Yards development team as senior vice president of development. In this role, Philippe will be a part of the executive team on the 28- acre project and will lead the development of the 80-story, 2.5 million-square-foot North Tower, as well as other Hudson Yards commercial projects.
Visser previously served as director of the World Trade Center project, leading the $15 billion, 14 million square-foot World Trade Center redevelopment since joining the Port Authority of New York & New Jersey in 2009. Prior to the Port Authority, Visser was responsible for the acquisition and development of New York City projects for Tishman Speyer, worked in acquisitions at Vornado Realty Trust and ran the day-to-day development of commercial office and mixed-use projects for Forest City Ratner.
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Inaugural Annual EisnerAmper Real Estate Private Equity Summit
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Overview: More than 400 real estate and private equity executives will convene at the McGraw-Hill Conference Center for the inaugural EisnerAmper Real Estate Private Equity Summit. The conference will focus squarely on bringing real estate investors and owners together on a single platform to discuss how the top real estate private equity deals were made.
When: Tuesday, Sept. 24, 7:30 a.m. - 5 p.m.
Where: McGraw-Hill Conference Center, 1221 6th Ave. in New York City
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International Trade Symposium
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Overview: Central Maine Growth Council is hosting an international trade symposium that will focus on helping businesses with their trade and international globe outreach.
When: Wednesday, Oct. 2, 3 p.m. - 7 p.m.
Where: Colby College: Ostrove Auditorium-Diamond Building, 5100 Mayflower Hill Drive in Waterville, Maine
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Industry Spotlight Series: Women Leading New York's Real Estate Families Panel
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Overview: As part of its Industry Spotlight Series, NYCREW is hosting The Women Leading New York's Real Estate Families event. The panel features three female executives working within some of New York's most prominent, family owned real estate companies.
When: Thursday, Oct. 3, 6 p.m. - 8 p.m.
Where: McGraw Hill Executive Dining Room (50th floor), 1221 Sixth Ave. in New York City.
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The Changing Lehigh Valley Economy Forum
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Overview: The Lehigh Valley Economic Development Corp. has joined forces with the Lehigh Valley Consortium of Professional Organizations to provide an in-depth analysis of the region's economy. The presentation will examine how Lehigh Valley's economy has transformed during the last decade, examine its characteristics today and discuss the global economic forces that could shape its future.
When: Wednesday, Oct. 30, starting at 4 p.m.
Where: The Barristers Club, 1114 Walnut St. in Allentown, Pa.
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Contact us
Rachel Goff, Associate Editor Northeast Real Estate Business France Media, Inc. 404-832-8262 404-832-8260 [email protected] www.rebusinessonline.com |
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