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Commercial News
Boston Properties, Rudin Sign “Huge” Deal at Dock 72
In the largest new office lease in Brooklyn since January, design and innovation firm Huge will relocate its global headquarters to Dock 72, a 16-story, 675,000-square-foot office tower at Brooklyn Navy Yard, announced Boston Properties (BXP) and Rudin.
Huge signed a 12-year lease to occupy 71,000 square feet of office space spanning the entire 15th floor and a portion of the 14th floor of Dock 72. Huge will move from its current location at 45 Main Street to Dock 72 in the first quarter of 2023.
Huge was represented by Winter Stockwell, Huge’s global vice president, real estate, as well as Cara Chayet, David Hollander, Liz Lash and Ken Rapp of CBRE. Andrew Levin, senior vice president, leasing at BXP, and Robert Steinman, senior vice president at Rudin, along with Joe Cirone, Ron Lo Russo, Patrick Dugan and Pierce Hance of Cushman & Wakefield and Sacha Zarba and Freddie Fackelmayer of CBRE represented building ownership.
BP Expands Ampm Convenience Brand to East Coast
BP has opened its first Ampm convenience store in New York City, expanding from the West Coast. The store, at 824 Allerton Ave. in the Bronx, is the first unit on the East Coast.
The store features BP branding throughout the fuel experience and Ampm’s food menu, including a hot deli and grocery with fresh fruit and extensive dry goods. The entire customer-centric experience is modeled after Thorntons, the Kentucky-based fuel and convenience retailer that BP took full ownership of in 2021.
“As BP transitions toward becoming a net zero company, convenience will play a huge role in delivering our integrated strategy. The experience customers feel at our retail sites will be key to attracting them in and ensuring they return. Because New Yorkers are always on the go, the Empire State is a perfect fit for
Centennial, a real estate investment firm with a national portfolio of retail and mixed-use destinations and a full-service advisory services platform has acquired the operating platform of Birmingham, Alabama-based Bayer Properties, with a portfolio nearly eight million square feet of open-air fashion, power and neighborhood centers as well as mixed-use destinations.
Centennial operates over 15 million square feet of owned or managed assets in 11 states. Like Centennial, Bayer Properties provides leasing and merchandising, investment and asset management, development, property management, marketing, construction, tenant coordination, research and technology services to its partners, creating immediate synergies between the two organizations.
As a combined platform, Centennial will now have a wider national reach with more than 23 million square feet of managed properties in 18 states. The combined organization will take the Centennial name and the headquarters will remain in Dallas.
Photo courtesy of BXP and Rudin
Photo courtesy of PRNewswire
this expansion,” said Dave Lawler, chairman and president of BP America.
The first Ampm store opened in Southern California in 1978.
400 Capital Management LLC Signs at 660 Fifth Ave.
Alternative credit asset manager 400 Capital Management LLC has signed a lease at Brookfield Properties’ 660 Fifth Ave. The firm will occupy 25,572 square feet on the 27th floor beginning August 2024. In relocating, 400 Capital Management will more than double the size of its office footprint at 660 Fifth Ave.
Brookfield Properties is completing a $400 million redevelopment of the building. The redesigned tower features a new lobby, elevators, mechanical systems, upgraded infrastructure and a new façade reclad in 11x19 foot single-pane glass units.
David Hollander, vice chairman and Brad Auerbach, senior vice president of CBRE brokered the deal on behalf of 400 Capital. Brookfield Properties was represented inhouse by McCuaig, Dave Caperna and P.J. Massey, as well as Bruce Mosler, Josh Kuriloff, Ethan Silverstein, John Santora, Matthias Li, Nicholas Dysenchuk and Howard Cross of Cushman & Wakefield.
Blackstone Funds Complete $13B Acquisition of American Campus Communities
Blackstone Core+ perpetual capital vehicles, primarily comprising Blackstone Real Estate Income Trust Inc. (BREIT) and Blackstone Property Partners (BPP), have completed the previously announced acquisition of all of the outstanding shares of common stock of American Campus Communities, Inc. (ACC), the largest developer, owner and manager of high-quality student housing communities in the United States, for approximately $12.8 billion, including the assumption of debt.
BofA Securities served as ACC’s lead financial advisor in the transaction, while KeyBanc Capital Markets Inc. also acted as a financial advisor. Dentons US LLP served as ACC’s legal counsel. Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs, Morgan Stan-
Mesirow, an independent, employee-owned financial services firm, recently led the $275 million financing of NASA’s Washington, D.C. headquarters at 300 E Street S.W. The property is owned by Hana Alternative Asset Management and managed by Ocean West Capital Partners. Through this financing, the partnership recapitalized its equity interest in the property and effectively monetized what is currently the sixth largest Government Services Administration lease in the country.
“Executing in today’s debt markets presents a degree of challenge that we are proud to have met through close partnership and collaboration across several unique facets of the Mesirow franchise, including our muni desk and the more traditional CRE fixed income sales and trading channels,” said Nat Sager, president of Mesirow Capital Markets. Mesirow served as placement agent and administrative agent on the financing. Cushman & Wakefield also served as advisor to the borrower in shaping the loan request and brokering the ultimate engagement with Mesirow.
Photo courtesy of Brookfield
ley & Co. LLC, SMBC (a member of SMBC Group) and TSB Capital Advisors served as Blackstone’s financial advisors. Simpson Thacher & Bartlett LLP acted as Blackstone’s legal counsel.
Photo courtesy of PRNewswire
