MARCH/APRIL 2019 REAL ESTATE FORUM 49 www.globest.com/realestateforum
Totaling $180 million,
A $630-million con-
struction loan allowed
work to begin on the
Grand, a Frank Gehry-
designed, mixed-use development on Downtown’s Grand
Avenue. Related Cos. is building the $1-billion project with
CORE USA, a JV of China Harbour Engineering Co. and CCCG
Overseas Real Estate. Deutsche Bank served as the Lead
Arranger and Administrative Agent.
In San Francisco’s financial district, Golden Gateway Center
SPE LLC took out a $550-million fixed-rate loan for the Gateway
apartment complex. The 10-year debt was provided by Deutsche
Bank and Bank of America. A Paul Hastings LLP team of Jeffrey
Diener, Jane Song, Eric Keller, Adam Bulkley, Jennifer Iacono
and Steven Mare worked
out the financing. The
complex features 1,254
units in 12 buildings, 58
townhomes, 62,000 sf of
retail space and 916
Rialto had a great year in
2018 with the completion
of an 855,000-sf industrial
building and the Grand
Opening of Renaissance
Marketplace, a 430,000-sf
lifestyle center with shop-
ping, dining and an
Hillwood’s John Magness and Scott Morseare leading the
development team, which also includes Bryan Goodman and
Glen Crosby of the Lewis Co. The 534-acre master-planned
development, which is located on the site of the former Rialto
Municipal Airport and one of the largest public-private partnerships in the Inland Empire.
And in one of the most interesting deals of 2018, the Sterling
Organization doubled its money in one day on the sale of a
7,634-sf parcel at 456 N. Rodeo Drive in Beverly Hills. A subsidiary of luxury brand retailer LVMH paid $110 million for the
park that is being developed by Overton Moore
Properties Facebook is taking space in one of the
four buildings in the park. John McManus, a
Cushman & Wakefield broker, is handling leasing
Facebook also took 225,654 sf in the East Bay in
the three-building Gateway 84 complex.
Panattoni Development Co. and Clarion Partners
developed the 400,000-sf project and JLL is handling the leasing.
In Los Angeles, Facebook signed more than
260,000 sf across two leases at a creative office
complex called the Brickyard in Playa Vista that
was developed by Tishman Speyer.
Facebook was busy on the East Coast as well in
2018. In New York City it took 78,000 sf at Vornado
Realty Trust’s 770 Broadway, expanding its footprint in the building to 513,000 sf.
In another Vornado building, 770 Broadway,
Facebook expanded to a total of 880,000 sf, taking
an extra 370,000 sfin the building.
JLL’s Rob Martin, Joe Messina and TJ
Hochanadel represented J.Crew, which had been
bought out to make room for Facebook.
Facebook also leased 870,000 sf at 63 Madison
Ave., a NoMad property owned by Loeb Partners
Realty, George Comfort & Sons and Jamestown.
At 335 Madison Ave., Facebook grabbed 40,000
sf for a full-floor at Milstein Properties’ tower, which
is called The Company Building. Milstein is investing in a $150 million renovation of the building.
In Chicago, the John Buck Co. inked a 253,000
sf lease with Facebook at its new 35-story, 807,000
sf CNA Center.
Cushman & Wakefield represented Facebook in
the transaction and Bill Rolander and Jon Cordell of
Newmark Knight Frank represented John Buck.
In Pittsburgh, Facebook took the entire 105,000
sf District 15 office building located in the Strip
District. The $23 million 4-story building is being
constructed by RDC Design + Build and Orangestar
In Denver, Facebook leased 22,800 sf at Union
Station, taking over the entire seventh floor at the
17-story building. CBRE broker Chris Phenicie represented the landlord in the deal.
In Austin, Facebook leased all of Domain 12, a
320,000 sf, 17-story office building under construction at the Domain mixed-use project in North
Austin, which is being developed by TIER REIT and
Endeavor Real Estate Group.
In Seattle, Facebook leased 630,000 sf at the
Dexter project, which is under construction to
deliver two 12-story buildings and a 15-story tower
with 500,000 sf. BioMed Realty and Kilroy Realty
are developing the buildings.
In Bellevue, Facebook leased 85,000 sf across
two central business district buildings owned by
Kilroy Realty. It also signed a 14-year lease in
Wright Runstad’s & Shorenstein’s 11-story Block
16 in the city’s Spring District for 338,000 sf of
In Washington, DC, Facebook quietly signed
75,000 sf at the 11-story Terrell Place, which is
owned by Beacon Capital Partners and consists of
three adjacent buildings at the corner of Seventh
and F streets NW.