Prologis Unveils Plans for Alameda Crossings Studio Complex

Prologis has submitted its plans for a new studio campus in Los Angeles’ Arts District. Designed by Relativity Architects (whose recent projects also include production facilities in Boyle Heights and Glendale, Calif.), the development will be known as Alameda Crossings.

The current owners acquired the property last year, spending $90 million to close that deal. Located at 1716 E. Seventh St. on a nine-acre site that previously hosted a Greyhound bus terminal, the campus will feature 10 soundstages and 291,000 square feet of Los Angeles office and support space. The proposed project will also have a parking garage with capacity for 941 vehicles and 136 bicycles.

“We are excited about the opportunity to redevelop what was the Greyhound Bus Terminal in LA’s Arts District,” said Prologis Vice President, Lauren Achtemeier. “We will work with the city on our plans and engage with the community throughout the process. Prologis is a long-time member of the Los Angeles business community. We own and operate 17 buildings in the city of Los Angeles, resulting in over 1,000 jobs and supporting more than 60 customers.”

Prologis’ entitlement application also contained an alternative plan for the site that would allow for the construction of a logistics facility geared toward research and development. Plus, the logistics giant can always capitalize on its relationship with Amazon as the flow of goods going through Prologis-owned properties makes up 2.5% of global gross domestic product.

The San Francisco-based REIT’s plans follow on the heels of a flurry of soundstage and studio developments to accommodate the likes of Amazon, HBO, Netflix, Disney and Warner Bros.

Similarly, East End Capital also announced the construction of a 720,400-square-foot studio downtown that’s likely to incorporate 16 soundstages, along with Class A Los Angeles office space in four buildings at the corner of Sixth and Alameda streets.

Notably, the greater Los Angeles area already boasts 57 such facilities totaling 54 million square feet of space with occupancy rates well above the 90% mark. The Los Angeles Times’ former printing plant is also scheduled for a $650 million redevelopment as Atlas Capital Group seeks to transform it into a studio complex with 17 soundstages and 212,300 square feet of offices.

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Haystack Oncology Leases New Facility in Baltimore

Biotech firm Haystack Oncology recently inked a lease for 20,000 square feet of office and processing lab space at City Garage Science & Technology Center in South Baltimore. The owner of the 135,000-square-foot life sciences building, located at 101 W. Dickman St., is Rockville, Md.-based commercial real estate investor South Duvall.

The tenant was represented by Mark Deering, a partner with MacKenzie Commercial Real Estate Services, while Nate Crowe of Scheer Partners negotiated on behalf of the landlord.

Haystack Oncology, which is currently based at 301 W. 29th St. in Remington, is scheduled to move into its new facility by next summer. The company’s new space will feature an open office design with clinical diagnostic, research and sample processing labs. Haystack will take over part of the former space occupied by Under Armour.

Originally built in 1965 as a bus depot, City Garage was redeveloped into a manufacturing hub with the backing of Sagamore Ventures in 2016. The property is part of the Baltimore Peninsula, a mixed-use project undertaken by a team that includes the likes of MAG Partners, MacFarlane Partners, Sagamore Ventures and the Urban Investment Group within Goldman Sachs. Currently undergoing construction, the 235-acre development is estimated to deliver more than 14 million square feet of commercial office, retail and residential space to the local market.

“We’re looking forward to building out a state-of-the-art clinical laboratory at City Garage to support the innovations in precision medicine that Haystack Oncology is delivering to the clinic,” said Dan Edelstein, Haystack Oncology CEO and president. “Accessibility to the extraordinary life science expertise in the Baltimore region makes the location particularly attractive.”

Deering added: “City Garage is a recognized destination for research and development and life sciences companies, so with this move, Haystack Oncology will be situated in a high-energy environment with like-minded organizations. The project features lab-ready infrastructure, convenient access off Interstate 95, and an entrepreneurial atmosphere that will serve as an amenity to attract new talent to the company.”

The delivery of the Baltimore Peninsula will provide an important boost to the region’s life sciences market. According to a recent report, the Baltimore and Washington, D.C. region ranked fourth among U.S. life sciences markets, with Baltimore contributing roughly 28% of the dedicated space.

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Marx Realty Signs Trio of Fintech Tenants at 10 Grand Central

Having already secured the likes of Merchants Bancorp, Bucks Productions, and online news magazine The Week as part of its roster, Marx Realty recently closed on three more lease deals with fintech companies at 10 Grand Central. Specifically, Fin Capital will occupy 5,212 square feet on the 33rd floor of the 35-story Midtown Manhattan office. Meanwhile, DIF Capital Partners and Colibri Equity Ventures will open their offices on the 23rd floor, having agreed to 3,745 square feet and 2,915 square feet of space, respectively. Asking rents ranged between $87 and $99 per square foot.

JLL’s Mitchell Konsker, Simon Landmann, Kyle Young, Carlee Palmer and Thomas Swartz negotiated on behalf of Marx Realty. JLL’s Palmer also handled Colibri Equity’s deal. Additionally, CBRE’s Anthony Manginelli and Jeff Kilimnick handled the deal for DIF Capital, and Gabi Koshgarian of Vicus Partners represented Fin Capital.

“10 Grand Central continues to attract outstanding tenants,” said Craig Deitelzweig, president and CEO of Marx Realty. “The building’s repositioning strategy and role in Midtown Manhattan’s post-pandemic rebirth has resonated with the market, and it’s incredibly exciting to elevate 10 Grand Central’s position as one of Midtown’s most exciting office offerings.”

Designed by Ely Jacques-Kahn, 10 Grand Central has undergone major renovations since 2019. The effort — lead by David Burns, principal of Studios Architecture — was part of Marx Realty’s repositioning strategy for the 359,000-square-foot tower. Notably, the new façade features soaring marquee brass fins and oversized walnut doors. The lobby has also been refurbished, boasting a 7,500-square-foot indoor/outdoor lounge and club floor. The property also has a 40-seat conference space and a 1930s-inspired garden party outdoor space, dubbed The Ivy Terrace.

“10 Grand Central has more terraces than floors,” said Marx Realty President & CEO, Craig Deitelzweig. “The Ivy Terrace is only one of 44 terraces. Our repositioning strategy brought back multiple outdoor terraces that were once unused and undervalued and are now a key amenity for many in the building’s remarkable tenant roster.”

This year, lease deals at 10 Grand Central added up to more than 50,000 square feet of office and ground floor retail space. The building is home to notable companies, such as: real estate investment and management firm Strata Equity Group; conference organizer for health innovation HLTH; golf investing and tour organizing company LIV Golf Inc.; real estate investment firm Benenson Capital Partners; and international news agency Agence France-Presse.

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Amazon Nabs 569,000 Square Feet at Bronx Warehouse

Amazon will be leasing 568,500 square feet at a warehousing space in the Bronx developed by Innovo Property Group and Square Mille Capital Management. Located at 2502 Bruckner Blvd., the 1.1-million-square-foot industrial space was the site of the former Whitestone Cinemas, which was demolished a few years ago to make room for New York City’s largest logistics facility.

Leslie Lanne and Rob Kossar of JLL represented the landlord. Details regarding the agreement or the team that negotiated on behalf of Amazon have not been disclosed. However, according to JLL, the agreement is currently the largest industrial lease in New York City in 2022. Approximately 499,000 square feet on the property’s second floor remains available to lease.

New York-based Innovo acquired the property in 2017 from Extell Development for $75 million in its bid to buy up and develop last-mile warehouses in the outer boroughs.

The facility’s proximity to Cross Bronx Expressway, Hutchinson River Parkway and the Bruckner Expressway gives Amazon access to more than 9.4 million potential customers within a 15-mile radius — a boon for the e-commerce giant, which has been increasingly focused on last-mile logistics since the start of the pandemic.

“Tenants seeking to service the region’s massive consumer base continue to search for last-mile logistics space that takes the guessing out of delivery, and we are already seeing a great deal of interest in the remaining space available at 2505 Bruckner Boulevard,” Lanne said in a statement.

This latest Amazon lease deal comes on the heels of a major shift in the company’s strategy after it initially sought to trim its industrial footprint to cut costs throughout 2022. In fact, company executives revealed that Amazon would shed excess space by cutting back its warehouse pipeline and walking away from some of its leases in markets like New York and New Jersey. Instead, the company has been looking to acquire industrial properties, rather than lease them out.

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Sodexo Inks Deal for New Bethesda Headquarters

Sodexo has closed on a deal that will allow it to move its headquarters to a North Bethesda, Md., mixed-use building that’s currently under development. Owned by Federal Realty Investment Trust and scheduled for completion by the end of next year, 915 Meeting St. will be a 276,000-square-foot trophy office property that will include 9,600 square feet of ground-level retail and 700 parking spaces.

Federal Realty was represented by JLL’s Bernie McCarthy and Danny Sheridan, while Colliers’ Adam Schindler and Mohr Partners’ James Kang conducted negotiations on behalf of the tenant. The terms of the deal were not disclosed.

Sodexo is expected to move in the spring of 2024, leaving its current location at 9801 Washingtonian Blvd., which has served as its headquarters since the 1980s, when the Paris-based company opened its American arm. According to the Washington Business Journal, Sodexo previously considered a relocation in 2012. However, that move was scraped after county and city officials offered $4 million in public incentives.

The new headquarters in North Bethesda also marks an important downsizing — from 117,000 square feet to 52,000 square feet — thereby adding Sodexo to the growing list of companies willing to reduce the footprint of their workplaces in exchange for top-notch finishes and amenities. The “flight to quality,” as it’s referred to, has created an increasing demand for class A office spaces at the expense of class B or class C assets.

Designed by Gensler, 915 Meeting St. will provide access to a rooftop conference center, private terraces and the latest air filtration technology. While the building itself is pursuing a LEED Gold certification, a unique selling point is that the entire Pike & Rose project that the property is part of has achieved a LEED for Neighborhood Development certification. The rating — which represents environmental friendliness of the whole surrounding area — is a token of heightened interest in a sustainable office landscape.

Federal Realty’s deal with the food services management giant is the second company headquarters at 915 Meeting St.: Choice Hotels previously committed to 105,000 square feet in the building.

“The announcement of Sodexo continues to solidify Pike & Rose as the office destination in Montgomery County,” said Stuart Biel, senior vice president at Federal. “For executive leaders throughout the D.C. metro seeking a dynamic environment to relocate or grow their own headquarters, the neighborhood’s best-in-class offerings should be on the short list for consideration.”

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