• Amazon.com HQ Creates New Hub

• “Edge” Developer Sparks Residential Rebirth

• Lake Nona Positions Orlando as Global Healthcare Hub

AMAZON.COM HQ CREATES NEW HUB

In 2007, Amazon.com was experiencing unprecedented growth. With year-over-year sales up 35%, the company had outgrown its 200,000-square-foot headquarters in the Beacon Hill neighborhood of Seattle and occupied multiple buildings throughout Seattle's Downtown core as a temporary solution. With a need for a new headquarters in a central location, the tech giant faced a critical juncture. 

[IMGCAP(1)]

This same year, the urban center neighborhood plan for the South Lake Union community was updated to reflect a changing development environment. Vulcan Real Estate owned about 60 acres in South Lake Union and had developed 17 acres with 1.2 million square feet of office/life sciences research space and 600 residential units. The company's vision for South Lake Union and its work in the neighborhood to date provided a foundation for the goals set forth in the city's updated neighborhood plan. With more than 40 acres remaining for redevelopment, Vulcan held the largest urban land portfolio in Seattle. Importantly, the company had 600,000 square feet of commercial space designed and permit ready. Vulcan's development track record, as well as its ability to deliver the large and complex project within the compressed time frame, solidified Amazon.com's decision to move forward with Vulcan and its relocation and expansion in South Lake Union.

Amazon.com's move marked a high point in the area's revitalization and created nearly 4,000 union construction jobs during the down economy. The new headquarters allowed Amazon.com to remain in Seattle with a unified location to accommodate its growing employee base, supporting the vitality and competitive edge of Seattle and the region as a whole with thousands of creative class employees. The deal involved negotiating six 14- to 16-year leases with Amazon.com.

Amazon was so satisfied with the campus development and its eventual purchase that it signed three more build-to-suit leases with Vulcan for another million square feet. This success between Vulcan and Amazon.com has translated into immense benefits for other stakeholders as well. The tech company's corporate headquarters has produced positive social, cultural, educational, economic and financial outcomes for the city of Seattle and the local community. It has resulted in 7.4 million square feet of commercial office and life sciences research space; 5,680 units of for sale and for rent housing; 500 hotel rooms (including two proposed projects); an increase in land values of 45% since 2007; an average residential occupancy of 95%; and improved public infrastructure through a number of completed and/or funded investments totaling $594 million.

[IMGCAP(2)]

After Amazon.com's tenancy was secured, a large number of like-minded businesses moved to the South Lake Union area. The neighborhood became a hub for innovation and collaboration across companies and sectors. Soon, start-ups, life science companies and tech companies alike were relocating to South Lake Union because of its unique atmosphere. In 2014, South Lake Union was recognized as one of seven “innovation districts” in the country by the Brookings Institute.

With the completion of Phase VII and VIII later this year, the Amazon.com campus will reach 14 buildings and 2.7 million square feet. Thoughtfully designed as an urban tech campus near retail and residential uses and incorporating pocket parks, plazas and street-level amenities, the headquarters blends with the neighborhood, which was one of Vulcan's most important goals. Additionally, the streetcar line that initially served as a catalyst for attracting Amazon.com to South Lake Union in 2007 will continue to grow, creating a circuit of increased transit flow and connectivity between the campus and outlying areas of Seattle.

Vulcan's completion of this five-phase development for Amazon.com's new global headquarters represented the largest office lease transaction in Metro Seattle's history. To date, the campus includes 1.7 million square feet of office space, 100,000 square feet of street-level retail space and two historic rehabs. The development of the campus and its subsequent sale have generated more than $70 million of tax revenue for the city of Seattle.

Vulcan plans to continue investing in the growth of South Lake Union, bolstering the Amazon.com offices with an increasingly diverse mix of surrounding retail, hospitality and residential properties. The online retailer has already made an immense impact on the local economy, and it will continue to do so by attracting an increasing range of other innovative companies and urban dwellers to the neighborhood. By utilizing a community-centric approach to development, rather than focusing on only adding more office assets, Vulcan will continue to make a difference in the community by building an infrastructure for the future.—Lisa Brown

KEY FIRMS ON THE PROJECT TEAM 

"EDGE” DEVELOPER SPARKS RESIDENTIAL REBIRTH

Before any dirt was moved, the wheels were turning for Jim Lake Cos. Nearly 15 years ago, the Dallas-based company sought to change zoning in the Design District, aiming to bring an affordable live-work-play dynamic to the primarily industrial submarket.

Jim Lake Jr. worked with the city in 2005 to create a TIF District, located approximately 2.5 miles northwest of downtown, adjacent to Stemmons Freeway. The district was created to allow the city to invest public funds to assist in redeveloping the industrial and warehouse district, to promote transit-oriented development, and to improve access to the Trinity River and the quality of development adjacent to the Trinity Corridor. (The district will expire in 2027.)

[IMGCAP(1)]

After winning approval to re-zone the area, Jim Lake Cos. then went to work on bringing its vision—the area's first residential complex, called Trinity Lofts—to fruition.

“They call me an edge developer because I'm always on the scary edge of things,” Lake Jr. told the Dallas Morning News last year.

No matter. Lake Jr. went on to imbue the development with luxury amenities, and capitalized on the location's impeccable downtown skyline views. The 92-unit complex, built at the site of the former Lee Optical Co. warehouse, features brushed-nickel finishes, wood floors and stainless-steel appliances. Additional community amenities include a fully equipped fitness center, fenced-in dog park, resident conference/media room and a rooftop lounge. Residents moved into the complex in 2006.

The lofts are easily recognizable by the bright-orange neon lettering and unique slanted-building style, and Lake Jr., Mike Morgan and Stephen Barnes put a template in place for other developers to “discover” the well-positioned area too.

Situated just northwest of downtown, the Design District quadrant is nearby the Medical District, I-35 corridor, Oak Lawn/Uptown and Victory Park. Long known for its art galleries, kitchenware showrooms, and housing other industrial-warehouse concerns, the neighborhood has seemingly sprung to life after the development debuted. Destination restaurants such as Meddlesome Moth, Ascension Coffee and Rodeo Goat have found homes in the Design District, further lending a credible appeal to the once-undesirable location.

Art-focused entities, like the Dallas Contemporary and Goss-Michael Foundation, have opened and expanded their presence in the neighborhood as well.

And, most importantly, based on the success of the project, numerous other multifamily developers have seen just how viable—and desirable—the area is. Recent apartment community additions in the Design District include Alta Design District, Alta 1900 Lofts and Camden Design District.

As for Lake Jr. and his company, he's eying other parts of the city for similar redevelopment. Having long been associated with successfully gentrifying the Bishop Arts District, Lake is now focused on the Jefferson Boulevard area of Oak Cliff. The developer is working to convert the 86-year-old Jefferson Tower in the 300 block of West Jefferson into a mixed-use project. Construction has begun, turning the eight-story building and adjoining retail strip into 17 loft apartments, with office space and shopping and restaurants. According to the Lake Cos. website, retail and office space leasing opportunities are currently available.—Anna Caplan

GATEWAY PROJECT ROUSES UNIVERSITY CITY DISTRICT

The Cira Centre, Cira Centre South and the renovation of the historic 30th Street Main Post Office just west of the Schuylkill River sparked revitalization efforts in the University City district of Philadelphia, bringing 10,000 jobs and over 1,000 residents. Brandywine Realty Trust, the owner and developer of the sites, calls them “the gateway to a new part of the city that will change the rest of the Philadelphia skyline.”

Brandywine completed Cira Centre in 2005. It sits adjacent to Amtrak's 1930s-era Beaux Arts-style 30th Street Station, in a West Philadelphia location that was not regarded as a prime commercial market.

Instead of reducing its risk by taking a low-cost approach, Brandywine did exactly the opposite at Cira Centre. “If we are in a pioneering location, let's pioneer it from an architectural and design standpoint,” says Gerard Sweeney, president and CEO. Brandywine held an architectural competition inviting well-known designers from around the country to offer their best visions for the site.

[IMGCAP(1)]

Brandywine selected renowned architectural firm Pelli Clarke Pelli to design Cira Centre, which connects Philadelphia's CBD to the thriving University City area. Today, Cira Centre has become an icon on the Philadelphia skyline and helps to define the city as a bold, thriving destination along the Northeast corridor.

Then in 2010, Brandywine completed the $252-million renovation of the historic Main Post Office, converting the building into office space. Embarking on one of the largest historic rehabilitation projects in the nation, Brandywine modernized and retrofitted the building while maintaining its designation as a national historic site.

That development led the way for Brandywine's next project in University City: Cira Centre South, a 2.7-million-square-foot mixed-use development that includes a 1,662-space parking garage and a one-acre elevated park, Cira Green, which connects two towers.

The first tower, evo at Cira Centre South, is a 33-story, 850-bed tower completed in 2014. The building, a joint-venture partnership with Campus Crest Communities and Harrison Street Real Estate, houses upscale units for graduate students. Construction on the second building—FMC Tower at Cira Centre South, a 49-story, 830,000 square foot, mixed-use development—got under way in 2014, with completion scheduled for mid-2016.

That tower will include 268 luxury rental units, an aquatic center, a fitness center and a business/conference center. A progressively designed urban campus redefining workspace utilization for the next generation, FMC Tower is being lauded as the city's first true “vertical neighborhood.”

Brandywine expects FMC Tower at Cira Centre South will be an iconic landmark, defined as much by its contemporary glass and steel architecture as by how its embrace of the natural elements will transform the workplace experience. With direct access to Amtrak's 30th Street Station and SEPTA's regional rail, the development will help companies meet increasing demands by employees for a more convenient method of commuting and business travel. The highly accessible location of the buildings will allow companies to better embrace the live-work-play paradigm required by the next generation workforce.—Steve Lubetkin

KEY FIRMS ON THE PROJECT TEAM

     Brandywine Realty Trust

     Pelli Clarke Pelli

     BLT Architects

TROPHY OFFICES SHINE ON AVENUE OF THE STARS

The 2000 Avenue of the Stars project in Southwest Los Angeles was the catalyst for the rejuvenation of Century City. The 12-story, $400-million trophy office project comprises two twin premier office towers totaling 775,000 square feet of office space, a four-acre centerpiece park, 45,000 square feet of destination dining, the 30,000 square-foot Promenade of Cafes and the 10,000-square-foot Annenberg Space for Photography. It has joined the landmark Century Plaza Towers to form the 14-acre superblock known as Century Park, creating jobs for more than 3,600 union employees and generating more than $400 million in economic output from its design, entitling and construction.

[IMGCAP(1)]

The project began when the former aging ABC Entertainment Center, which contained the once-iconic ABC building and the Shubert Theater, became too costly to renovate. Trammell Crow Co. determined that the best and highest use for ownership would be to demolish the building and construct a new trophy, class-A office building over a functioning six-level subterranean parking structure. But TCC faced complex situations on several fronts: environmental, political and community. First, the surrounding neighborhoods were concerned with traffic issues derived from a new building and the associated construction. In addition, the City of Los Angeles has a complex and difficult entitlement process requiring coordination and approval from a multitude of City departments.

TCC adopted a two-pronged strategy to gain acceptance with the community and City. First was the creation of a Neighborhood Traffic Mitigation program funded by TCC to address the traffic issues. Additionally, TCC agreed to build a cultural pavilion for the community. This strategy and TCC's diligent attention to the community was successful in cultivating supporters, convincing decision-makers and allowing the planning commission and city council to vote unanimously for its approval with strong community support.

TCC enlisted Gensler and SWA to create a modern, class-A office building to replace and complement an already-successful development. It also required design and reengineering to fit the existing site, including underground parking and infrastructure.

[IMGCAP(2)]

The building's design is accentuated by a 100x100-foot aperture, effectively dividing the structure into two separate but connected towers. The envelope of the building consists of unique sun-storm-coated aluminum and Low-E blue-tinted glass with office floor plates ranging from 28,000 square feet to more than 70,000 square feet. The building has an independent central plant, with a unique economizer mode, allowing for maximized use of ambient outside air temperature. Water-saving features include water-efficient automatic faucets, saving 20% in annual water consumption, while high-efficiency lamp and ballast and microprocessor lighting-control systems optimize energy use. The dramatic design and four-acre centerpiece park subsequently established 2000 Avenue of the Stars as one of the premier office buildings in the Western US, as evidenced by the project's sale in December 2014 at a then-record price for office buildings in the Western US.

The project is anchored by Creative Artists Agency, which occupies more than 240,000 square feet. In moving to 2000 Avenue of the Stars, global leading talent agency Creative Artist Agency relocated its world headquarters from Beverly Hills to Century City, subsequently making Century City an anchor and desirable office location in the prestigious west side of Los Angeles. Other tenants include the Annenberg Foundation, Craft restaurant, Ares Management, Canyon Partners, Morris Yorn Barnes & Levine Law Firm, Imperial Capital, Fidelity Investments, UBS and Comerica Bank.

Ten years from now, Century City will be surrounded by rich amenities such as the Century Plaza Hotel and Westfield Shopping Center, will provide a professional home to 40,000 daily employees and, as a revitalized mixed-use community, will be home to more than 6,000 residents. Combined with the 2.3-million-square-foot Century Plaza Towers located directly adjacent to the property, 2000 Avenue of the Stars will remain one of the most desirable office buildings in the Western US.—Carrie Rossenfeld

KEY FIRMS ON THE PROJECT TEAM

VERTICAL CAMPUS MOVES GROWTH UP, NOT OUT

At 32 stories, the Wabash Building at Roosevelt University, located at 421-425 S. Wabash Ave. in Chicago, is the second-tallest educational facility in the country and the sixth-tallest in the world.

With some 414,000 square feet, the $128-million high-rise addition houses nearly every university function, comprising student-services offices, a full-service dining center, recreational facilities, meeting rooms, general-purpose classrooms and lecture halls, faculty offices, laboratories for biology and chemistry, the University's Walter E. Heller College of Business Administration and offices for the University's senior administration. The top 18 floors of the building contain a residence hall with 600 student residences.

[IMGCAP(1)]

The team behind the revolutionary building included the John Buck Co. as program manager, JLL as client representative, VOA As.sociates Inc. as architects and Power Construction. Together, their combined expertise made the transaction possible. According to reps for the building, the financing challenges were immense; the bulk of the university's financial planning took place in the wake of Lehman Brothers' collapse. The university sought to increase its debt outstanding by 200%; to navigate the complexities imposed by the covenants on its already outstanding debt; and finally, to ensure it could handle significant increases in its annual debt service.

The Transaction team consisted of the university's CFO, underwriter Barclays, financial advisor Columbia Capital, bond counsel Katten Muchin, borrowers counsel Holland and Knight, and underwriters counsel Kutak Rock. They developed a legal and financial structure for a bond sale, issued through the Illinois Financing Authority and secured by a general pledge of the university, a debt service reserve fund and a mortgage on most of the Chicago campus.

The design of the building, completed in March 2012, was able to envision and implement a two-tiered elevator system to ensure non-resident students had access to classrooms and labs but not dorm floors, and that resident students could get to classes without first descending to the lobby. The right elevator strategy was critical in a small floorplate building with multiple uses and heavy traffic flows.

The facility is connected on several levels to Roosevelt's main campus facility, the national historic Auditorium Building. To prepare for the new development, Roosevelt demolished a closed residence hall at 425 S. Wabash Ave. The heating and chilling plants within this building, which also serve the Auditorium Building, were replaced with new, more efficient equipment installed inside the Auditorium Building. The west facade of a university-owned structure at 421 S. Wabash Ave., which was designed by the famed architect Andrew Rebori in 1924, was preserved and incorporated into the new building, while the remaining portions of that building were demolished.

The development process helped the team successfully transform a commuter college in a constrained, urban space to a full-scale university. Now, the building stands as a striking addition to the iconic Chicago skyline, and it also brings students and faculty to the diverse Chicago South Loop neighborhood, thus encouraging economic opportunity in an area once “closed after 6 p.m.” Foot traffic from busy students and their professors has created vibrancy without gentrification, and it gives the community a feeling of bustling, intellectual activity.

The school's Miroslava Mejia Krug, chief financial officer and senior vice president for finance and administration, says the students feel more energized and the faculty more innovative—in fact, they have created more new programs in the past two years than in the past 10. This building leads the way in showing how a complete change in a university can inspire an educational community to move forward.—Anna Caplan

KEY FIRMS ON THE PROJECT TEAM  

NORTH HILLS TRANSFORMS OLD RETAIL WITH NEW LIFE 

Kane Realty saw opportunity where others saw an aging retail area. Looking back, the company took a big risk and wound up with a bigger vision than it first imagined. The result is an award-winning 130-acre mixed use, multi-generational district in the heart of Midtown Raleigh, NC called North Hills.

North Hills represents the transformation of what was the aging, first enclosed two-level mall between Washington, DC and Atlanta. Kane started the massive undertaking in 1999 when it purchased and redeveloped North Hills Plaza. Kane went on to purchase North Hills Mall and build one of the most comprehensive private redevelopment infill projects in the Southeast US.

[IMGCAP(1)]

Before North Hills, Raleigh residents that wanted to go out to dinner didn't have a cluster of options in one urban destination—much less a city within a city. Today, North Hills is home to luxury hotel rooms, class A office space, fine dining, salons and day spas, high-end boutiques, national retailers, a grocery store, a 14-screen movie complex, state-of-the-art athletic club and public gathering places.

Of course, it didn't happen overnight—or without challenges. For example, securing Target's approval for a store with its only customer entry located under a parking deck was a challenge. So was pre-leasing class A office space in a market with a close to 20% vacancy rate. And when Kane set its sights on the east side of Six Forks Road, the 50 acres of buildings that were purchased had no connectivity.

The acquisition of 19 separate separate parcels of land was the most high-risk undertaking of the North Hills redevelopment because the entire 50 acres had to be rezoned and deed restrictions had to be removed. Kane worked to win the community's approval with its grand vision and ultimately saw one of the largest rezoning approvals in Raleigh history, paving the way for 1.5 million square feet of office space, 1,800 residences, 2,000 hotel rooms and 450,000 square feet of retail.

North Hills differentiates itself with hotel rooms, office tenants and residences located directly above a high energy and active first floor. The first floor is home to 120 merchants including Anthropologie, Lulu Lemon, REI and Vineyard Vines, along with 30 restaurants like Ruth's Chris Steak House, Yard House, Chuy's and Bonefish. With vertical integration of retail, Kane has created an urban layout that is nearly 100% full in retail, office, multifamily and hospitality at the highest rates in the market.

In 2014, Business NC magazine named John Kane, chairman and CEO of Kane Realty, the Developer of the Year. The award recognized Kane for “hitting his stride” at North Hills.

Kane isn't resting on its laurels, though. Over the next decade, the developer is planning to bring online more apartments, hotels, retail, and class A office space that will add to the Midtown skyline and the Triangle's growing economy. North Hills will work to continue filling the void for Raleigh's newest employees, residents and guests who are looking for a 24/7 walkable environment with active streets, outdoor dining, late night activity and a multitude of events.—Jennifer LeClaire

KEY FIRMS ON THE PROJECT TEAM 

A TRANSFORMATIONAL PROJECT IN SAN FRANCISCO

Located at 1355 Market St. and 1 Tenth St. in San Francisco, Market Square was originally constructed in 1937 as the Western Furniture Exchange and Merchandise Mart, offering wholesale home furnishings to design professionals and retailers. Shorenstein Properties acquired the mostly vacant property, consisting of 1.1 million square feet in the two buildings, in March 2011. Construction began immediately on a $200-million redevelopment of the property from showroom use to class A office and street-level retail space, transforming the historic building into creative space. The first tenant took occupancy in 1355 Market in the summer of 2012, and construction at 1 Tenth was completed in the spring of 2014. Shorenstein's strategy brought the project's occupancy from 10% to 99%.

[IMGCAP(1)]

Shorenstein's goal was to reposition Market Square by offering the largest block of contiguous, creative office space available in San Francisco to satisfy the growing demand from technology tenants to move to—or expand operations within—the market. Shorenstein took a risk with significant challenges at the time of acquisition: converting the functionally obsolete buildings to technologically advanced, seismically safe structures suitable for cutting-edge office and retail tenants; and overcoming the undesirable location in the Mid-Market submarket which was rife with homelessness, as well as a 30.5% office vacancy rate. Shorenstein worked with other property owners in the district, funding the “Civic Center Community Benefit District” which, in part, is a beautification program to clean up the area, promote safety, and to assist the public with information on area merchants and public transportation

The project did make a significant mark on San Francisco and the firms operating there—Market Square has attracted companies such as Twitter, One King's Lane, Yammer and Runway. Once Twitter signed a lease to house its headquarters at Market Square, other creative office space users came on board, bringing the asset to almost full occupancy

[IMGCAP(2)]

The retail space at Market Square is leased to three restaurants, a food market, a bank and a health club. Within months of the Twitter lease being signed, residential developers began construction of more than 1,000 luxury apartments on sites adjacent to the property. These residential properties are now more than 95% occupied

Meanwhile, the office vacancy rate for the Greater Mid-Market submarket has dropped from 30.5% to 5.6%, and the area has transformed into a vibrant community. Market Square anchored this transformation, bringing commercial life to a long underserved, under-utilized portion of San Francisco. The project has made a measurable impact on the community, serving as a catalyst for the area's redevelopment by creatively reusing a dilapidated eyesore and attracting real estate investment capital from around the world.—Lisa Brown

KEY FIRMS ON THE PROJECT TEAM 

LAKE NONA POSITIONS ORLANDO AS GLOBAL HEALTHCARE HUB

It all started 20 years ago with a big vision and a long journey to see that vision become a reality. That's when Tavistock Group, an international private investment organization owned by British businessman Joe Lewis, acquired the Lake Nona Golf & Country Club and about 4,000 adjoining acres in Orlando.

[IMGCAP(1)]

Over the years, Tavistock acquired another 3,000 acres of land to build what is now known as Lake Nona, a 7,000-acre master designed community with entitlements for seven million square feet of commercial space and 11,000 homes, with cutting edge technology infrastructure. Tavistock estimates the project will ultimately create 30,000 jobs.

Former Florida Gov. Jeb Bush called Lake Nona “one of the cornerstones of Florida's Future.” In Fortune magazine's June, 2014 cover story titled “How to Build a Great American City” it was written, “In the past decade, Tavistock…has created a thriving mini-metropolis [at Lake Nona]…one that may ultimately transform the region as much as Disney World did back in the 1970s.” And Fortune posed this question: “Is Lake Nona the future of cities—or a unique creation that can't be replicated?”

Strategically located next to the Orlando International Airport at 9801 Lake Nona Rd., the project is home to medical, research, office and academic institutions, recreational facilities, retail centers and entertainment venues, and diverse housing options with world-class educational facilities from pre-K to PhD.

[IMGCAP(2)]

Some of the nation's top hospitals, universities, research institutions and health and life science companies—including Sanford-Burnham Medical Research Institute, University of Central Florida's Health Sciences Campus, Nemours Children's Hospital, Orlando VA Medical Center, University of Florida Research & Academic Center, and Johnson & Johnson's Human Performance Institute—make up Lake Nona Medical City.

Lake Nona has experienced explosive growth in the past seven years, seeing over $3 billion in development. Lake Nona is positioning Orlando as a global destination for healthcare, research and medical education. The annual Lake Nona Impact Forum brings together thought leaders in medicine, wellness, science, technology and policy to engage in spirited discussion on how to make a positive influence on health and wellness, locally and globally.

Lake Nona is a walkable, pedestrian-friendly community with over 1,000 acres of lakes, 44 miles of planned running and biking trails, aquatic centers, community gardens, farmer's markets, outdoor concerts, festivals and sporting events. The combination of these features has made Lake Nona one of the fastest-selling communities in the nation and the fastest-selling community in Greater Orlando, with double the sales of its closest competitor.

On the technology front, Cisco named Lake Nona a “Smart + Connected Community,” one of only nine in the world and the first in the United States. Residents have broadband speeds of 1 gigabit—over 200 times the speed of most United States households.

Over the next decade, Tavistock plans to continue evolving Lake Nona into a leading mixed-use project in the country, gleaning from attributes of communities like Boston, Austin, Nashville, San Diego, Silicon Valley, Boulder, Colorado, Portland and Seattle. Tavistock wants Lake Nona to be known for its creativity, collaboration, excellence in education, rich programming, sustainability and the health of its residents.—Jennifer LeClaire

KEY FIRMS ON THE PROJECT TEAM 

BAYER HQ DEMONSTRATES SUSTAINABLE MXD PHILOSOPHY

When Vision Equities and Rubenstein Partners purchased the 194-acre former Alcatel-Lucent campus at 67 Whippany Road in Whippany, NJ in 2010, the firms knew the famous former Bell Labs property could serve as a benchmark example of infill revitalization for the state of New Jersey. Bayer Healthcare's North American headquarters marks a milestone for the partnership's vision to redevelop the site into a modern, sustainable mixed-use community.

“This property is, without a doubt, the most successful redeployment of a major corporate campus in New Jersey to date,” says Robert Donnelly, executive vice chairman, Cushman & Wakefield. “It ranks among the nation's best case studies for second-generation positioning of suburban office inventory.”

[IMGCAP(1)]

The partnership master-planned one of the largest-scale, mixed-use redevelopment sites in Northern New Jersey, and then retained C&W (which represented Alcatel-Lucent in the property sale), to represent the partnership's interest in securing a major corporate user to propel the project from concept to reality. In May 2012, the partnership subdivided and sold 94 acres to Bayer Healthcare and subsequently designed, executed approvals and broke ground on a 675,000-square-foot, build-to-suit redevelopment for this global industry leader and long-time New Jersey corporate citizen.

The Bayer headquarters development introduced new class A corporate space while actually reducing office supply in a market currently struggling with high vacancies. It also is driving forward the project's residential, retail, hospitality and, potentially, additional office components; the 100-acre “South Campus” parcel currently is being master planned by Vision Real Estate Partners (an outgrowth of Vision Equities that now holds the property). The Vision/Rubenstein partnership ultimately will produce a distinguished mixed-use community of appropriate scale – a truly uncommon achievement considering Northern New Jersey's lack of quality, large-scale infill locations.

“67 Whippany Road is a stellar example of what can be,” says Sam Morreale, founder and managing partner, Vision Real Estate Partners. “Its success is a testament to every stakeholder involved, from contractors, architects and engineers, to the brokerage community, to the legislators and public agencies that continually show support for our industry.”

The Bayer headquarters ushered in a successful infill revitalization project that will have a tremendous, ongoing economic benefit. It replaces lost municipal tax revenues, retains 2,500 corporate jobs, generates years of construction jobs, retail commerce, and new housing.

However, getting to completion meant the Vision/Rubenstein team had to address a number of complexities. The partnership worked diligently to complete environmental cleanup and the demolition of 13 of the 15 existing buildings (more than a million square feet). The remaining structures were identified as suitable for redevelopment. While reflecting a commitment to reuse, incorporating existing building footprints also accelerated the design and construction process.

Three new floors added to one of the buildings helped achieve the additional required square footage, and a five-story atrium connected the two main buildings. The partnership also installed modern, energy-efficient mechanical systems and converted a high-bay, column-free tech building into a health and wellness facility, including a full basketball court.

The Bayer headquarters includes specific emphasis on sustainability, and is designed to LEED Gold standards. More than one million square feet (or 90%) of existing ceiling tiles were recycled, remanufactured and utilized throughout the new building. The Armstrong Companies recognized the project as the national award winner for the “Largest Quantity of Recycled Materials,” and the “Largest Green Project in New Jersey” for reclamation and recycling in a redevelopment project. The US Green Building Council New Jersey named Bayer Healthcare's East Coast Headquarters as co-recipient of its 2014 Suburban Green Project Award.

The Vision/Rubenstein partnership also incorporated ecologically friendly features into the redevelopment, such as public viewing spaces overlooking landscaped open areas, storm water retention ponds and preserved mature forests and more than 45 acres of vital wetlands.—Steve Lubetkin

KEY FIRMS ON THE PROJECT TEAM 

   Vision Real Estate Partners

   Rubenstein Partners

   Cushman & Wakefield

   Bayer Healthcare

   Resource Realty

SKYSONG: PARTNERING FOR GROWTH AND BRIGHTER FUTURE

SkySong is a mixed-use development in Scottsdale, AZ consisting of 1.2 million square feet of office and retail space at full build out in addition to 325 residential units on site, with more under construction on an adjacent project. Organized around a central plaza with the project's signature, iconic shade structure and a grand boulevard at ground floor, SkySong is designed for innovative companies whose global business success is enhanced by a facilitated collaboration with Arizona State University's human and technological assets.

[IMGCAP(1)]

The relationship with ASU cannot be overstated. ASU is an anchor tenant with a number of different entities located at SkySong and provides a distinctive and distinguishing advantage to SkySong tenants. The presence of ASU SkySong, the incubator space at SkySong, provides a resource for companies looking to partner with one of America's largest and most research-focused universities to better innovate and to identify a highly prepared student and graduate workforce.

“SkySong represents ASU's vision for creating an environment that fosters the development of solutions-focused innovation and entrepreneurship and drives economic development that has an impact on our society,” says Sethuraman Panchanathan, senior vice president for Knowledge Enterprise Development at ASU. “We are delighted that SkySong has been recognized as a Pioneering Project, which aligns with ASU's commitment to create an inclusive environment that supports research and discovery for the companies and technology leaders that call SkySong home.”

SkySong as a whole has served as a catalyst for the revitalization of south Scottsdale. Rising from a property that formerly housed a dead shopping mall, SkySong is now a vital, active center for economic development where more than 50 companies and 1,000 people conduct business each day. According to a study by the Greater Phoenix Economic Council, SkySong's economic impact is estimated to be almost $9 billion over the course of the next 30 years. SkySong 3, the newest office building in the project which opened in late 2014, is the next step toward completion and full build out of this transformative project.

[IMGCAP(2)]

Additionally, the first two buildings at SkySong opened during the start of the economic downturn, providing a challenging environment for growth and leasing. But because of the innovation and technology at the heart of the SkySong vision, the project continued to attract new companies and businesses throughout the recession, until the point where the first two buildings neared 100% occupancy. The construction of SkySong 3 shows that the SkySong vision continues to be a significant attraction for companies that stress innovation and entrepreneurship.

“We're very proud to be able to receive this prestigious recognition for SkySong,” says Sharon Harper, president and CEO of Plaza Cos., the master developer. “When we set out to build SkySong, we envisioned it being a transformative project that would have a positive effect on Scottsdale and the Phoenix area as a whole. We're pleased to see that vision becoming a reality as the project grows.”

The completed project will be a vigorous, 21st Century center for innovation, entrepreneurship and business development. Upon buildout, it will be home to thousands of employees and hundreds of residents, as well as including a strong retail presence.

“Scottsdale was founded with a pioneering spirit, so this recognition is fitting,” says Scottsdale Mayor W.J. Lane. “SkySong is making a difference in our community by serving as a catalyst for economic growth and as an example of how public-private partnerships can work in creating positive results.”—Kristian Seemeyer

KEY FIRMS ON THE PROJECT TEAM 

ONE OF THE MOST AMBITIOUS PROJECTS IN ATLANTA'S HISTORY

Some consider it one of the most ambitious projects in Atlanta's history. It is certainly one that is seeking to transform the industry by focusing on the human experience rather than just the buildings. Avalon is a 2.3-million square foot mixed-use project in Atlanta's Alpharetta, GA submarket.

Cincinnati-based North American Properties snapped up a 106-acre site in 2011 to execute its unique vision. Crews broke ground on Avalon in January 2014. The first phase of this massive $600-million project alone includes 400,000 square feet of retail, 106,000 feet of class A office, 101 single-family homes and 250 multifamily units.

[IMGCAP(1)]

It didn't take long for NAP to prove demand for its ambitious mixed-use concept. On Oct. 30, 2014 Avalon celebrated its grand opening. Thousands flocked to the corner of Old Milton Parkway and GA 400 to experience the new destination.

At launch, Avalon had 50 retailers and 10 restaurants—including 10 first-to-market brands and seven chef-driven eateries. Tenants include Whole Foods, Regal Cinemas, Gap, Crate & Barrel and J. Crew. Consumer anticipation was so strong that 15 tenants broke company-wide opening day sales records at their Avalon location.

Avalon is certainly unique in the commercial real estate industry and, given its early success, may foreshadow developments to come. Indeed, NAP has positioned Avalon as more than just office space, apartments or retail. What sets Avalon apart isn't the bocce court, dog park, skating rink or gigabit Wi-Fi. It is how it all works together that creates what NAP describes as the “Avalon experience.”

Avalon has made its mark on metro Atlanta in more ways than one. First, it demonstrated exceptional retail success and highlights the region's strong retail recovery. Avalon's retail component opened 98% leased with 60 tenants. Technology wise, the project also stands out as home to the first all-fiber optic network in Georgia, offering Internet speeds of 1 Gbps.

[IMGCAP(2)]

Avalon is also winning big on the residential side of the market. The project's single-family sales top the market at 100% over competitors and multifamily rents are eclipsing all suburban properties. Avalon's office rents are also commanding a significant premium. Beyond the success of the project is its impact on the local economy. Avalon has created about 4,500 new jobs and is expected to generate $21 million in annual sales tax revenue.

Phase II opens on Oct. 27, 2016 and includes 80,000 square feet of retail, 550,000 square feet of office, 276 multifamily units, a 325-room hotel, and a 45,000 square-foot conference center. A decade from now, NAP expects Avalon to achieve full market acceptance as a standout destination in the Southeastern United States, ultimately putting the Alpharetta submarket on the map.

A big part of that future is the $100 Hotel Avalon and its accompanying 45,000-square-foot conference center. NAP is building a hub of activity for businesses, specifically those with a tech focus, that will further positioning Alpharetta as a technology city of the south.

NAP also envisions signature events—such as weekly yoga in the park and weekend concerts—and a tenant mix that stays fresh and up-to-speed with target market demand. NAP predicts Avalon will continue to spur development in the surrounding region, which could include the extension of MARTA, Atlanta's public transit system, into the North metro Atlanta area.—Jennifer LeClaire

KEY FIRMS ON THE PROJECT TEAM  

CITYVISTA HELPS LIVEN UP DC'S “DRAB” IMAGE

Newbie Washington, DC residents may find this hard to believe but at one point the city was widely considered to be just a drab company town—a place where commuters came to work and then left for nearby suburbs. Although this wasn't true, the perception was unshakeable among many quarters until ambitious work-live-play projects started to come on line.

Chief among these has been CityVista, a 1.8-million-square foot mixed-use project in the Mount Vernon Triangle submarket that sports 244 apartment units, 441 condo units, 115,000-square feet of retail and a 828-space garage.

[IMGCAP(1)]

Developed by Lowe Enterprises, which teamed up with Bundy Development, CIM Group, Neighborhood Development Company as well as the local community, the project has completely repositioned Mount Vernon Triangle—and proven without a shadow of a doubt that people do indeed want to live and play in DC as well as work.

This was hardly obvious in 2004, when the Lowe Enterprises-led team was selected by the National Capital Revitalization Corp. to build the project. At that time, the area between 5th and K streets, NW, was quite underdeveloped, home to parking lots and troubled by vice activities. It took some vision to recognize the area's potential despite its close proximity to Downtown and public transit.

The project delivered in 2008 just as the recession began—although admittedly the District and surrounding areas remained immune to its effects for some time. Still, Lowe Enterprise had little difficulty finding buyers for the project's various components.

The retail component of CityVista sold in 2008. The apartment building sold in 2010. The final condominiums were sold in 2010. The office component is thriving as well: The District of Columbia's Deputy Mayor's Office of Planning and Economic Development remains the ground lessor of the property.

CityVista was also something of a trailblazer for affordable housing in the District. The project has three residential buildings totaling 685 housing units: The L with 149 condominiums; The K with 292 condominiums; and The V with 244 apartments. Twenty percent of the residences are affordable units for households earning between 30% and 80% percent of area median income.

However, CityVista delivered before the city had a formal ADU program in place and no database of qualified applicants was available. Lowe Enterprises, at its own expense, engaged a team of consultants and non-profit organizations to establish an outreach program, conduct an audited lottery program and provide assistance to the renters and buyers.

CityVista also brought community-serving retailers to the area with a 55,000-square-foot, 24-hour urban lifestyle Safeway grocery store and another 60,000 square feet of retail, restaurants and services. These convenience and specialty stores include Starbucks, Bergmann's Dry Cleaning, VIDA Fitness, 5th Street Hardware, Chipotle, Taylor Gourmet deli and a bank, as well as the very popular Busboys and Poets restaurant.

The project also features a number of public spaces and common areas with landscaped courtyards and promenades. A sculpture by artist David Black can be found in front of Busboys and Poets and two other sculptures, Lift Off and Inspiration, were installed on the corner of 5th and K Streets in 2009 and 2010, respectively.

Not surprisingly, the project has gone on to win accolades from the community. Readers of the Washington City Paper named it the best residential property and the project won Delta Associates' prestigious award for Best Mid-Atlantic Neighborhood Impact Condominium Community in 2007.

CityVista's chief accomplishment, however, has been the impetus it provided to the Mount Vernon Triangle. Simply put, this part of town was able to reinvent itself in a short period of time thanks to CityVista. Today a vibrant urban core, the submarket has 1.7 million square feet of office, 3,689 units, 228 hotel rooms, and 260,000 feet of retail existing and under construction.—Erika Morphy 

KEY FIRMS ON THE PROJECT TEAM  

600 BRICKELL: A PHOENIX RISING FROM THE FLAMES

600 Brickell at Brickell World Plaza in Miami is the class A-plus office tower that almost wasn't. Foram Group started planning the 40-story tower in 2005 and broke ground in 2007—a year before the banking crisis, busted real estate bubble and subsequent Great Recession.

By 2009, Foram's work on 600 Brickell came to a screeching halt. The $310-million tower sat undone as over one million square feet of office space was delivered to the urban core in early 2010.

Foram regrouped later that year, even as office space in Greater Downtown Miami was still sitting empty, and resumed construction. In a bold move of vision, Foram CEO Loretta Cockrum decided to keep the project's creative team in place. Their mission was to create a building that would stand the test of time and even to make new rules.

[IMGCAP(1)]

600 Brickell came to market in 2011 and proved to be a pace-setting commercial office tower that many believe set the standard for luxury, security, connectivity, and sustainability in the Central Business District's office market. To be sure, there was nothing quite like the 631,866 rentable-square-foot 600 Brickell before it opened in 2011 at 600 Brickell Ave.

Foram weathered a huge economic storm to deliver what is now a signature project in the heart of the Brickell Financial District, the primary “gateway” linking Europe, North America and Latin America. 600 Brickell is a standout project in a fast-growing Greater Downtown Miami, now with nearly 90,000 people and the most densely populated neighborhood south of Manhattan.

600 Brickell is Florida's first building in its category to be certified LEED Core and Shell Platinum by the US Green Building Council. It features daylight harvesting, a solar-reflective roof, double-pane windows with energy-efficient glazing, a water reclamation system, a recycling facility, and green cleaning.

600 Brickell is a pioneer in generator-backed electricity and emergency preparedness, with fully redundant power and water systems. The Great Recession rethink took place when October 2005's Hurricane Wilma—which blew out windows and offices throughout Brickell—was fresh in people's minds. 600 Brickell is also the Southeast's first truly “smart,” connected class A office building tapping into the NAP of the Americas, a large data center and Internet exchange point in Miami. The bulding is also ISO 27001 certified, an important feature in an age of multimillion-dollar data breaches.

600 Brickell is the epitome of luxury with amenities that are helping attract diverse tenants like global law firm Hogan Lovells, wealth management firm Northern Trust, and Paris-based international banking firm Credit Agricole Group. The building features a 14th-floor conference center with wraparound balcony and next-generation videoconferencing and telepresence capabilities. Foram is also tapping the alternative office space trend with a 24,000-square-foot shard office facility that targets small business owners.

Foram Group developed 600 Brickell as a long-term family property for generations rather than as a commodity to be traded. In 10 years, the firm expects 600 Brickell to continue to set the pace for sustainability, design, amenities, and technology. Developers envisioned 600 Brickell as a community landmark, with the World Center Plaza as its signature, and expect those ties to the neighborhood and region to grow as Miami continues to evolve as a world-class community where people live, work, and play.—Jennifer LeClaire

KEY FIRMS ON THE PROJECT TEAM