ANN ARBOR, MI—On Friday evening, October 21, Related Cos. executives Stephen M. Ross and Jeff T. Blau joined hundreds of students, faculty and fellow alumni at the University of Michigan for the dedication of the Jeff T. Blau Hall. The $135 million building officially opened its doors in September after two years of construction and a fundraising effort led by a $10 million contribution from Blau, chief executive officer of Related. “The new buildings are specifically designed to encourage collaboration, creativity, and innovation among our students and our staff,” Blau says, “and in doing that, they help keep our school among the very best in the world.”

CHICAGO—CBRE Group, Inc. recently promoted Scott Marshall to executive managing director of investor leasing to oversee the company's leasing work across all asset types. Furthermore, Adam Mullen has been appointed to succeed Marshall as leader of the company's industrial and logistics business. The Chicago-based Marshall now has responsibility for the growth strategy, operating platform and client-care programs associated with CBRE's investor leasing business across office, industrial and retail property types. In 2015, CBRE handled 444,000 lease transactions valued at $80.3 billion on behalf of owners in the Americas region. A 20-year veteran of the commercial real estate industry, Marshall joined CBRE in 2011 and most recently was a managing director and one of four leaders running CBRE's Chicago operations.

DEALTRACKER

CHICAGO—Mesa West Capital has provided a joint venture led by local development firm Sterling Bay with $82.6 million in debt to recapitalize 121 W. Wacker Dr., a 41-story office building in the Central Loop. The financing included a first mortgage loan originated out of Mesa West's open-ended Mesa West Core Lending Fund, and mezzanine debt provided by Pearlmark Real Estate on behalf of its Pearlmark Mezzanine Realty Partners, IV, LP. The joint venture, which owns the 1930's vintage Art Deco building, has recently completed an extensive renovation of the building. Improvements include a new lobby and retail level, updated building systems and new tenant amenity floor overlooking the Chicago River. The distinctive Holabird & Roche designed limestone and granite clad building is located at the southeast corner of Wacker Dr. and LaSalle St. Tenants currently occupy 88% of its space.
As reported in GlobeSt.com, in February 2015, Mesa West provided Sterling Bay with a $220 million floating rate loan to refinance 1KFulton, the redevelopment of a cold storage warehouse in the Fulton Market district into a 530,000-square-foot creative office building that now serves as the new regional headquarters for Google.

COLUMBUS—CBRE Capital Markets' Debt & Structured Finance team recently secured a $140 million loan for the refinance of Huntington Center, a 37-story, 907,010-square-foot class A office tower in Columbus. The team secured a 10-year loan with five years of interest-only payments on behalf of a joint venture led by Carlton Associates, Lakestar Properties and Hines. Financing was provided by Morgan Stanley. Shawn Rosenthal, executive vice president, of CBRE's Midtown Manhattan office in partnership with Peter Marino, executive president, and John Parrett, senior vice president, of CBRE's Chicago office, secured the non-recourse loan on behalf of ownership. As reporter in GlobeSt.com, in the coming months, Hines plans to add best-in-class amenities and create vibrant common areas for Huntington tenants.

CHICAGO—Redfin recently expanded its lease in O'Hare Plaza to accommodate a growing workforce of real estate agents and corporate staff. Its current footprint of 8,600 square feet will triple to nearly 26,000 square feet by December 1, 2016. “The light-filled space, the easy access to transit and highways, as well as the proximity to O'Hare and nearby hotels make it a natural fit for Redfin, a national brokerage with a strong presence in Chicago,” says Dario Medina, Redfin's Great Lakes district manager. The company has a second Chicago office in the Wicker Park neighborhood.

BY THE NUMBERS

ST. LOUIS—The St. Louis industrial market experienced its highest positive absorption for a single quarter in the past 20 years, with 3.28 million square feet of positive absorption in the third quarter, according to Cushman & Wakefield. This ranks St. Louis No. 7 in the US for third-quarter net absorption. As reported in GlobeSt.com, the region has put together a few remarkable years, last setting a record for net absorption in 2014. And “limited blocks of available space across the metro area have sparked a flood of new development,” says Brian Ungles, Cushman & Wakefield managing principal. “We are tracking signed deals that will lead to another 1.5 million square feet of positive net absorption due to occur in the fourth quarter, making 2016 the highest single year for absorption in St. Louis history.”

NEWS & NOTABLES

ANN ARBOR, MI—On Friday evening, October 21, Related Cos. executives Stephen M. Ross and Jeff T. Blau joined hundreds of students, faculty and fellow alumni at the University of Michigan for the dedication of the Jeff T. Blau Hall. The $135 million building officially opened its doors in September after two years of construction and a fundraising effort led by a $10 million contribution from Blau, chief executive officer of Related. “The new buildings are specifically designed to encourage collaboration, creativity, and innovation among our students and our staff,” Blau says, “and in doing that, they help keep our school among the very best in the world.”

CHICAGO— CBRE Group , Inc. recently promoted Scott Marshall to executive managing director of investor leasing to oversee the company's leasing work across all asset types. Furthermore, Adam Mullen has been appointed to succeed Marshall as leader of the company's industrial and logistics business. The Chicago-based Marshall now has responsibility for the growth strategy, operating platform and client-care programs associated with CBRE's investor leasing business across office, industrial and retail property types. In 2015, CBRE handled 444,000 lease transactions valued at $80.3 billion on behalf of owners in the Americas region. A 20-year veteran of the commercial real estate industry, Marshall joined CBRE in 2011 and most recently was a managing director and one of four leaders running CBRE's Chicago operations.

DEALTRACKER

CHICAGO—Mesa West Capital has provided a joint venture led by local development firm Sterling Bay with $82.6 million in debt to recapitalize 121 W. Wacker Dr., a 41-story office building in the Central Loop. The financing included a first mortgage loan originated out of Mesa West's open-ended Mesa West Core Lending Fund, and mezzanine debt provided by Pearlmark Real Estate on behalf of its Pearlmark Mezzanine Realty Partners, IV, LP. The joint venture, which owns the 1930's vintage Art Deco building, has recently completed an extensive renovation of the building. Improvements include a new lobby and retail level, updated building systems and new tenant amenity floor overlooking the Chicago River. The distinctive Holabird & Roche designed limestone and granite clad building is located at the southeast corner of Wacker Dr. and LaSalle St. Tenants currently occupy 88% of its space.
As reported in GlobeSt.com, in February 2015, Mesa West provided Sterling Bay with a $220 million floating rate loan to refinance 1KFulton, the redevelopment of a cold storage warehouse in the Fulton Market district into a 530,000-square-foot creative office building that now serves as the new regional headquarters for Google.

COLUMBUS—CBRE Capital Markets' Debt & Structured Finance team recently secured a $140 million loan for the refinance of Huntington Center, a 37-story, 907,010-square-foot class A office tower in Columbus. The team secured a 10-year loan with five years of interest-only payments on behalf of a joint venture led by Carlton Associates, Lakestar Properties and Hines. Financing was provided by Morgan Stanley. Shawn Rosenthal, executive vice president, of CBRE's Midtown Manhattan office in partnership with Peter Marino, executive president, and John Parrett, senior vice president, of CBRE's Chicago office, secured the non-recourse loan on behalf of ownership. As reporter in GlobeSt.com, in the coming months, Hines plans to add best-in-class amenities and create vibrant common areas for Huntington tenants.

CHICAGO—Redfin recently expanded its lease in O'Hare Plaza to accommodate a growing workforce of real estate agents and corporate staff. Its current footprint of 8,600 square feet will triple to nearly 26,000 square feet by December 1, 2016. “The light-filled space, the easy access to transit and highways, as well as the proximity to O'Hare and nearby hotels make it a natural fit for Redfin, a national brokerage with a strong presence in Chicago,” says Dario Medina, Redfin's Great Lakes district manager. The company has a second Chicago office in the Wicker Park neighborhood.