BOSTON'S ONE LINCOLN STREET ‘TOPS OUT’
Commercial real estate executives and city officials celebrated the “topping out” of One Lincoln Street — downtown Boston's first spec office building in nearly two decades — June 5. The ceremony marked the completion of the steel frame for the 36-story, 1 million sq. ft. office tower. “One Lincoln will become a signature gateway to the financial district,” said Boston Mayor Thomas Menino. The Gale Co., based in Florham Park, N.J., is developing the $350 million building in a joint venture with Boston-based Columbia Plaza Associates. State Street Corp. will lease the entire building beginning in June 2003.
$250M MIXED-USE PROJECT TAKING OFF ON NAVAL AIR STATION
San Diego-based developer OliverMcMillan LLC is planning a 1 million sq. ft. mixed-use project on the grounds of the former Glenview Naval Air Station near Chicago. The Glen Town Center is slated to open in September 2003 as the centerpiece of The Glen, a 1,100-acre residential and commercial redevelopment project in Glenview, Ill. The Glen Town Center will include 470,000 sq. ft. of retail space, 183 apartments, 154 townhouses and Hangar One, a museum chronicling the history of naval aviation on the site. Major tenants will include Galyan's, Crown Theatres and Von Maur.
SWEETHEART CUP TO OPEN MASSIVE DISTRIBUTION CENTER SOUTH OF CHICAGO
USAA Real Estate Co., a San Antonio-based developer, has begun construction of a $20 million, 908,000 sq. ft. regional distribution center for Sweetheart Cup in University Park, Ill. Completion of the facility is slated for early 2003. St. Louis-based Clayco Construction Co. is the designer and general contractor on the project. Owings Mills, Md.-based Sweetheart is a manufacturer of disposable food-service items.
CLASSY, CLASSICAL BOUTIQUE HOTEL OPENS IN D.C.
The Hotel Monaco Washington, D.C., has opened after a three-year, $35 million renovation of the city's original U.S. Post Office building. San Francisco-based Kimpton Hotel & Restaurant Group developed the 184-room boutique hotel and signed a 60-year lease with the Government Services Administration. Modeled after the first marble building in Rome, the renovated building — which was originally built in 1842 — features Corinthian columns, and the interior blends 19th century architecture with modern furnishings and designs by prominent designers.
UNITED DOMINION RESOURCES BUYS SUBURBAN D.C. APARTMENTS
Richmond, Va.-based United Dominion Resources has purchased Presidential Greens, a 397-unit apartment complex in Alexandria, Va., for $29.8 million. Williamsburg, Va.-based Chandler Management Co. was the seller. The Washington, D.C., office of Encino, Calif.-based Marcus & Millichap Real Estate Investment Brokerage Co., represented both parties in the transaction. Presidential Greens features units ranging from 590 sq. ft. to 776 sq. ft. The property was 97% occupied at the time of the sale.
MACK-CALI ENTERS HOTEL BUSINESS IN JERSEY CITY
Cranford, N.J.-based Mack-Cali Corp. is finishing up its first hotel project. In a joint venture with Chicago-based Hyatt Hotels Corp., the company will open the 350-room Hyatt Regency Jersey City July 2. The $102 million hotel is part of the Harborside Financial Center, which includes 2.1 million sq. ft. of office space, and will offer views of Manhattan from each of its guestrooms.