IRGENS DEVELOPMENT PARTNERS LLC AND PODOLSKY NORTHSTAR CORFAC INTERNATIONAL have begun construction on a 45,800 sq. ft. office building in Riverwoods, Ill., that will provide business owners options to either lease or buy space. The two-story, Class-A project, known as Riverwoods Corporate Center, will feature parking for 130 cars, is currently 39% leased, and is scheduled for completion in 2006.
SKANSKA USA BUILDING INC. has begun construction management on a $98 million renovation project for Verizon Communications in Basking Ridge, N.J. Verizon's domestic telecom and international units will take over the updated 1.3 million sq. ft. campus formerly occupied by AT&T. The project, which includes interior and exterior upgrades, is expected to be completed in July 2006. The new Verizon facility will house approximately 3,500 employees.
CHICAGO-BASED CORUS BANK has granted a $31.1 million loan to a partnership of Trammell Crow Residential and the Daniel Island Co. to finance the construction of a condominium project in Charleston, S.C. Pier View Condominiums will consist of three, four-story buildings containing 136 units and a total of 205,082 sq. ft. on Daniel Island, within 20 miles of downtown Charleston. The condominiums will be Trammell Crow's third project in the community.