1.2 million sq. ft. project slated for fall 2000 ARLINGTON, Va. - RTKL Associates' Washington office completed design development for Pentagon Town Center, a 1.2 million sq. ft. mixed-use project that includes retail, leisure and residential space.
The project is adjacent to the 809,000 sq. ft. Fashion Centre at Pentagon City in Arlington and is located on an 18-acre site.
Construction of the first phase of the project, which includes 300,000 sq. ft. of street-level retail and 500 apartment units on the upper levels, will begin in February. The second phase features a 17-story apartment building with 320 units to be completed in fall 2000.
The new development features an urban pedestrian plaza that connects an existing residential area with Pentagon Fashion Centre's food court and metro station. The plaza, which features an ice-skating rink, is surrounded by two levels of retail, restaurants and a fitness facility topped with three floors of apartments.
The landowner is Washington-based H Street Building Corp., the retail developer is Federal Realty Investment Trust, Rockville, Md., and the residential developer is Atlanta-based Post Properties.
Germany bonds with America in bank merger FRANKFURT, GERMANY - Deutsche Bank AG will acquire all outstanding shares of the common stock of Bankers Trust at $93 a share in a $10.1 billion takeover that will create the world's largest bank.
The merger, which joins Germany's largest bank - with $675 billion in assets - and the eighth-largest U. S. bank - with $156 billion in assets - will result in 5,500 layoffs. According to Deutsche Bank Chairman Wolf Breuer, the layoffs will mostly be in New York and London and not all of the lost jobs are at Bankers Trust.
With a closing date of this May, the deal will be financed partly with a $2.35 billion capital increase and a one-time $1 billion restructuring charge for personnel.
Because the deal is worth more than Bankers Trust's assets, Deutsche Bank will make annual goodwill payments of $370 million over 15 years. Deutsche Bank is planning a $1.5 billion restructuring to cut costs, while Banker's Trust announced a $300 million restructuring at the end of the third quarter.
ChainLinks president dies of cancer at age 53 SAN ANTONIO - ChainLinks president Bill Horvath, 53, died Nov. 23, 1998, of cancer.
The Detroit native started with ChainLinks in 1994 as executive director and had been president since September 1998. During his younger years, Horvath was city wide student council president of his high school and student body president of St. Olaf College. He graduated from Yale Divinity School in 1970, after which he returned to Detroit to help repair the inner city as a result of the civil rights movement. His work convincing local companies to build needed grocery stores in the city gained national attention, and in 1976, Horvath joined H.E.B. Food Stores and rose to senior vice president of real estate.
Horvath served on such boards as Planned Parenthood, YMCA and his local broadcasting system and was on the editorial advisory board of Shopping Center World magazine. He is survived by his wife, Kathryn, and two daughters.
Fannie Mae provides funds for Manhattan apartments WASHINGTON - Fannie Mae has completed a transaction to provide credit enhancement for New York City Housing Development Corp. bonds for $150 million of multifamily mortgage financing for One Columbus Place.
It is the largest single-asset multifamily transaction in Fannie Mae's history. American Property Financing originated and will service the loan.
Located in Manhattan's Upper West side, the project will use $143.3 million of tax-exempt bonds and $7.7 million of taxable bonds to finance its mortgage. The 729-unit complex offers 20% of its vacancies to low- and moderate-income tenants.
Construction of the two-building, 49-story complex was finished late in 1997, and it includes four street-level retail stores and about 76,000 sq. ft. of professional office space.
"By making the financing available for a mixed-income property of this size and quality, Fannie Mae has demonstrated not only good lending practices, but also its understanding of local housing needs," says Alan Weiner, chairman of American Property Financing.
Three to form largest executive suite company MELVILLE, N.Y. - Alliance National Inc., InterOffice Holdings Corp. and Reckson Executive Centers have agreed to form the largest executive suite company in the United States. The companies are expected to generate $170 million in 1998 pro forma revenues with more than 150 centers nationwide.
"Our plan is to create a powerful brand that will be recognized worldwide," says David Beale, the future president and CEO of the combined companies. "This will enable us to distinguish ourselves as the industry leader in a very competitive marketplace."
Scott Rechler, CEO of Reckson Service Industries, will be the new company's chairman of the board, and Jon Halpern will be a member of the board and of the executive committee of the new company, which has letters of intent on an additional 75 national and international locations.
Tishman adds real estate services to its list WASHINGTON - A real estate services division has been added to Tishman Realty & Construction Co.'s existing construction services unit. This addition makes Tishman Realty, which celebrated its 100th anniversary in 1998 with more than 300 million sq. ft. built and managed, the first major full-service builder in Washington's metropolitan area.
"The traditional process of working with a different broker, lender, developer and builder adds months to the process," says Jim Clark, an executive vice president of the new unit, Tishman Real Estate Services. "By providing full service in house - from acquisition to financing to construction and management - we can save the customer time and money, two critical concerns in a supercharged real estate market like ours."
Gerald Fay, the other vice president of the new company, believes Washington is ripe for this national trend because vacancy rates in this and other cities in the area are experiencing low vacancy rates.
Since 1989, Tishman has provided construction services in the Washington area for such projects as the Ronald Reagan Building and the International Trade Center.
Texas' largest business park in 10 years creates new jobs MIDLOTHIAN, Texas - RAILPORT, a 1,700-acre business and industrial park is the largest real estate development in the Metroplex in 10 years. Developed by Dallas-based TXI's real estate division, the project has commitments for more than $500 million in construction and improvements.
At an anticipated value of $800 million, RAILPORT will create about 4,800 direct and indirect employment opportunities and will create a cumulative regional economic impact of $12.8 billion over 30 years.
The three-phase project's potential occupants include manufacturing and assembly plants, warehouses, distribution centers and service-oriented businesses and includes dual rail, electric and gas services, a competitive labor market, lower land costs and lower taxes.
Phase I is slated for a 2000 completion, Phase II is to be completed between 2000 and 2006, and the final phase is slated for a 2015 completion. Construction also began on a 1,100-megawatt gas-fired power plant being built by American National Power on the RAILPORT site, which will be completed by 2000.
Downtown Silver Spring gets a $326 million facelift SILVER SPRING, Md. - The city's 26-acre downtown is scheduled for a $326 million redevelopment to begin in mid-March 1999. The design, which was created by Baltimore-based RTKL Associates Inc., features a mix of uses and dedicates 6.7 acres for public use for plazas, parks and walkways.
Vacant lots and empty buildings will be transformed into an urban community that has been the topic of conversation in the area for some time. Project goals include gathering places, access to parking and public transportation, restaurants, shops and entertainment venues, a different approach to the original mega-mall plan.
Slated for a 2002 completion, the redevelopment features a "Main Street USA" layout with two focal areas. "Silver Circle" is an active space with street-facing storefronts and sidewalk dining and a 16-screen, 5,000-seat multiplex cinema that looks down into the shops and restaurants on the first floor. The theater from the 1930s will receive a $7.8 million restoration and will be operated as a showcase for the arts by the American Film Institute. "Town Square" has a civic and community focus with year-round festivities held in a civic building for public functions.
Also included in the Silver Spring redevelopment is a hotel and office building located at the southern end of the urban renewal site, and 152 units of attached housing to the north of the civic building.
"It has been a privilege to work with a development team focused on creating a new downtown district that will effect the rebirth of Silver Spring as a whole," says Jim Leonard, RTKL project manager and architect. The development team also includes Rockville, Md.-based Foulger-Pratt Development Inc. and Fairfax, Va.-based The Peterson Cos.
Two firms merge to create $500 million company NEW YORK - First Security Financial Services (FSFS) and New York Mortgage Corp. (NYMC) announced a merger that created a company with more than $500 million in annual sales. Through the merger, which creates The New York Mortgage Co. LLC, NYMC will become a mortgage banker, and FSFS will gain a strong sales force allowing the two companies to serve mortgage applicants in residential and commercial financing on a national scale.
Since its 1991 opening, NYMC has achieved a near-perfect approval rating and has been a preferred mortgage company for associations, major corporations, retail customers and real estate brokers. Founded in 1989, FSFS was created to provide high-end residential mortgage financing for self-employed homeowners. The company became a mortgage banker in 1994 to accommodate its customer base, which had changed from retail to wholesale customers.
Joseph V. Fierro, former president of FSFS, will be the COO of the newly formed New York Mortgage Co., which will occupy a 17,000 sq. ft. headquarters at 304 Park Avenue South in New York.