Columbia acquiring Normandy for $100M in New York real estate’s latest megamerger

Normandy | October 16, 2019

Columbia Property Trust is buying Normandy Real Estate Management in a deal worth about $100 million, Columbia announced on Wednesday. Columbia has signed a definitive agreement to acquire Normandy’s operating platform, along with its general partner interests in a trio of active management funds, the company said. The transaction is expected to close by the end of the year.

Spotlight

Raffles City Chongqing is strategically located in the heart of the Yuzhong District – a densely populated district in Chongqing where government and international offices are located.

Spotlight

Raffles City Chongqing is strategically located in the heart of the Yuzhong District – a densely populated district in Chongqing where government and international offices are located.

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REAL ESTATE TECHNOLOGY

Genesis San Diego Lands First Life Science Tenant

Barings | June 22, 2022

Barings, one of the world's largest diversified real estate investment managers, along with Phase 3 Real Estate Partners and Bain Capital Real Estate, announced its joint venture has signed its first tenant to Genesis San Diego, a premier Class A life science building in Downtown San Diego, California. Formerly known as The Thomas Jefferson School of Law, this approximately 203,000 square foot, 8-story office building located at 1155 Island Avenue has been transformed into a state-of-the-art life science property. Modifications and improvements include upgraded HVAC and plumbing infrastructure (including VRF heating and cooling systems, new exhaust fans, 100% outside air for lab areas, and needlepoint bipolar ionization) along with a new 5,000 lb. service elevator and upgraded lab floor loads. Additional enhancements include a new lab services facility with a glass wash, autoclave and staffed shipping and receiving room, a top floor lounge and event space, and ready-to-occupy 'spec suites' consisting of 50% lab / 50% office built out in various sizes throughout the building. Barings is excited to lead the life science migration to Downtown San Diego, giving tenants a highly amenitized work, live and play environment. Greater San Diego is an undeniable life sciences global capital and we continue to hear from life science leaders interested in a downtown, urban destination. This investment is a prime example of Barings' value-add real estate investment strategy focusing on creating unique, competitive assets that attract innovative tenant demand." Joe Gorin, Managing Director, Head of US Acquisitions and Portfolio Management for Barings "Delivering premier Class A research ready life science environments that meet the needs of visionary companies continues to be our focus," added BJ Van Aken, Executive Vice President, West and Head of Portfolio Operations for Phase 3 Real Estate Partners. "As a key component of our Genesis portfolio, Genesis San Diego sits at the forefront of life science assets in greater San Diego, and provides the modern design and opportunities for innovation that will bring tenants to this exciting downtown location." Life sciences are a major driver of San Diego's innovation economy. The region is home to more than a thousand life sciences companies, and as the third largest life sciences cluster in the nation, demand for high-quality lab space in greater San Diego continues to increase. While suburban Torrey Pines and Sorrento Mesa have historically answered the call for life science asset needs, Downtown San Diego is poised to be the next life sciences node for greater San Diego given its unmatched amenities, proximity to the popular Gaslamp Quarter and Petco Park, key connections to the existing scientific community such as the new UCSD satellite building, and commutability via the extension of the Blue Trolley line. "Downtown San Diego has all the building blocks for a successful life science industry cluster," added Betsy Brennan, President & CEO of the Downtown San Diego Partnership. "Our community has long known this and our 2021 Demographic Study proves it. Whether it's the highly skilled talent living here, a lifestyle that can't be beat, connectivity to our regional ecosystem of innovation, or new projects like Genesis San Diego that offer quality lab and office space, Downtown is where dreams are becoming reality." Genesis San Diego represents a commitment to sustainability, tenant health and wellness, and digital connectivity. The development includes smart building systems, green design elements, and is currently LEED-Gold. About Barings Barings is a $371+ billion global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. About Genesis Genesis is a life science real estate brand that leverages the deep experience and global breadth of its owners' partnership to create an environment focused on meeting the needs of its tenants to accelerate their ground-breaking discovery. Genesis' owners unique integrated venture combines Phase 3 Real Estate Partner's decades of life science real estate development and tenant experience with Bain Capital's pioneering value-add investment approach and the firm's decades of leading experience in the Healthcare and Life Science industry. At Genesis, we relentlessly pursue not only to provide the right environment today but through our deep industry partnerships and participation provide the best environment for cultivating tomorrow's undiscovered advances in science. About Phase 3 Real Estate Partners Phase 3 Real Estate Partners, Inc., develops premier ready to occupy research and development facilities in the major innovation clusters of the United States. Phase 3's focus on delivering the highest quality space with accelerated speed to occupancy within these key geographies allows companies to immediately pursue their scientific goals. The Phase 3 team delivers a clean, modern design aesthetic, the right combination of amenities to create community and appropriate infrastructure to meet the needs of the companies who call our facilities home. The firm's expertise in development, construction and management of life science facilities results in a strong partnership between our tenants and our team. Phase 3's current portfolio consists of nearly 4.5 million square feet and is growing in San Diego, San Francisco and Boston. About Bain Capital Real Estate Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed more than $6.8 billion of equity in more than 550 assets across multiple sectors, including more than $1.7 billion in over 6.8 million SF of life sciences assets. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate's strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm's global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities.

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REAL ESTATE TECHNOLOGY

Brokerfied Launches Online Commercial Real Estate Listing Platform Focused on Small Landlords and Investors

Brokerfied | June 09, 2022

Brokerfied Inc. launched an online platform that provides landlords nationwide with a suite of tools to list and market their properties directly to potential customers. The platform was developed by expert commercial brokers to address the needs of small-scale commercial real estate owners who have long been neglected in the current market. The commercial real estate market has traditionally focused on major landlords, investors, and brokerages, while landlords of smaller properties face difficulty finding brokers to list their properties and exorbitant broker fees, which are hard to justify for smaller spaces. Brokerfied bridges the gap, allowing landlords and customers to interface directly. Brokerfied will change the game for landlords who have faced an uphill battle just to list their properties. This platform provides comprehensive support throughout the entire process, allowing small-scale commercial real estate owners to efficiently manage communications, paperwork, and logistics at low cost while expanding their reach to potential customers-tenants or buyers." Dan Bernier,Brokerfied Founder Brokerfied estimates that the 1.2 million small and vacant properties across the United States could drive revenue of three-quarters of a billion dollars annually, presenting a considerable opportunity for market disruption. Billions of dollars of additional revenue could be available to small landlords who currently do not have the experience or wherewithal to lease out their space or the marketing reach to find a buyer Brokerfied is subscription-based, with plans ranging from one to six months. Once all necessary property information has been provided, Brokerfied creates a search-engine-optimized website with all available information for landlords to showcase their properties to potential customers. Other tools include a professional flyer for online and in-person marketing, signage with QR codes for owners to display on site, a Brokerfied email and phone number to safeguard landlords' private information and communication center where all property-related communications are consolidated. Relevant engagement statistics, such as QR code scans, emails, and phone calls are displayed on a user-friendly property dashboard. "We envision vacant storefronts in neglected communities coming back to life, leading to bustling activity that will revitalize neighborhoods and encourage investment," Bernier said. "There are millions of properties across the country just waiting to be utilized, and Brokerfied provides landlords the tools to unlock their full potential." About Brokerfied Brokerfied is the only service that empowers landlords to list and market their properties directly to potential customers. Founded by commercial real estate veteran Dan Bernier, Brokerfied is a low-cost subscription that provides everything a landlord needs to market their commercial real estate for sale or for lease.

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REAL ESTATE INVESTMENT

BGL Real Estate Advisors Completes $160 Million of Financing for the Acquisition and Development of Auburn 18 Business Park

Brown Gibbons Lang & Company | June 16, 2022

Brown Gibbons Lang & Company (BGL) is pleased to announce the financial closing of $160 million for the acquisition and development of Auburn 18 Business Park, a 129-acre industrial site in Auburn, Washington. BGL's Real Estate Advisors team served as financial advisor to Industrial Realty Group (IRG), with Oak Street, a Division of Blue Owl, as the capital partner to IRG. IRG is a nationwide real estate development and investment firm specializing in the acquisition, development, and management of commercial and industrial real estate throughout the United States. IRG, through its affiliated partnerships and limited liability companies, operates a portfolio containing more than 150 properties in 31 states with over 100 million square feet of rentable space. Oak Street is a real estate investment firm focused on investing in net-leased properties. Oak Street seeks to form partnerships with best-in-class organizations and real estate developers by creating structures that facilitate our partners' strategic and financial initiatives. We are excited to form a long-term partnership with IRG, one of the leading industrial developers in the country." Colleen Collins, Managing Director of Oak Street Auburn 18 Business Park is comprised of approximately 129 acres of land located one mile southwest of the Commercial Business District of the City of Auburn. The property is currently improved with over one million square feet of space, including two large office buildings, seven large warehouse buildings, an operations and maintenance building, and several other small support buildings located throughout the property. Originally purchased in 1944 by the United States Army as 435 acres of farmland, the site was improved with 20+ dry storage warehouses for use during World War II. In 1962, the U.S. General Services Administration (GSA) took ownership of a 177-acre portion, with multiple WWII warehouses, three 1950s-era warehouses, an administration office, and a water tower. The remaining U.S. Army property was sold to private developers. During the 1990s, GSA donated land to the City of Auburn for a park and the Auburn City School Bus Depot. An additional 8.4 acres was donated to the City of Auburn for its municipal fire training center. The disposal of the Auburn complex is part of a larger strategy to evaluate underutilized assets and shrink the federal footprint. IRG acquired the Auburn Federal Complex through an online auction process. Renovations to the existing eight warehouse buildings have begun and include fire and life safety upgrades, lighting improvements, and adding additional loading docks, as needed. With excellent frontage on C Street, this perfectly positioned site offers prime visibility and easy access to WA-18, WA-167, and I-5. The site is within two miles of the Auburn Municipal Airport and the BNSF Rail Yard, as well as various key supply chain, logistics, and manufacturing facilities, including UPS, Starbucks, Safeway, Behr, Gist USA, Boeing, Amazon, Costco, DHL, and REI. BGL's Real Estate Advisors Group offers comprehensive real estate investment banking services tailored to the middle market. It provides client-focused solutions with an emphasis on real estate advisory, debt, preferred and private equity placement, financial restructuring, recapitalizations, sale-leasebacks, structured finance, and asset acquisitions and dispositions across all asset classes. The team assists real estate owners and developers looking to form alliances and joint ventures with single-source capital providers to gain local and institutional access for all capital needs. About Blue Owl Capital Inc. Blue Owl is a global alternative asset manager with $102.0 billion of assets under management as of March 31, 2022. Anchored by a strong permanent capital base, the firm deploys private capital across Direct Lending, GP Capital Solutions and Real Estate strategies on behalf of Institutional and Private Wealth clients. Blue Owl's flexible, consultative approach helps position the firm as a partner of choice for businesses seeking capital solutions to support their sustained growth. The firm's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Blue Owl employs over 400 people across 10 offices globally. About IRG IRG is a nationwide real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the United States. IRG, through its affiliated partnerships and limited liability companies, operates a portfolio containing over 150 properties in 31 states with over 100 million square feet of rentable space. IRG is nationally recognized as a leading force behind the adaptive reuse of commercial and industrial real estate, solving some of America's most difficult real estate challenges. About Brown Gibbons Lang & Company Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, capital markets, financial restructurings, business valuations and opinions, and other strategic matters. BGL has investment banking offices in Chicago, Cleveland, and Philadelphia, and real estate offices in Chicago, Cleveland, and San Antonio. The firm is also a founding member of Global M&A Partners, enabling BGL to service clients in more than 30 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, Inc., an affiliate of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC.

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