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Tag: JLL

  • Garden City mixed-use building sells for $36M | Long Island Business News

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    THE BLUEPRINT:

    • 127,496-square-foot sold at 1300 Franklin Ave. in Garden City

    • Buyer paid $36 million, according to public records

    • Building is 78.5% occupied with medical and tenants

     

    A mixed-use property in the heart of Garden City has been sold. 

    The 127,496-square-foot building on 2.3 acres at 1300 Franklin Ave. has a new owner after Garden City Buyer LLC, an entity with an address of Manhattan law firm Tarter Krinsky & Drogin, purchased it from Boston-based Intercontinental Real Estate Corporation. The sale price was not disclosed, though public records show the deed transferred for $36 million. 

    Once the home of Saks Fifth Avenue in a canyon of big-box retailers more than two decades ago, the building at 1300 Franklin Ave. was acquired for $13.5 million in Jan. 2005 by Yonkers-based Alfred Weissman Real Estate which redeveloped it into a mix of office and retail. Weissman then sold the Garden City building to Intercontinental for $31.3 million in Oct. 2010, according to public records. 

    Today, the building is 78.5-percent occupied by tenants that include NYU Langone , Walgreens, Cornell Medicine and Healthtrax. About 27,000 square feet at the building is available to lease. 

    Jose Cruz and Jeremy Neuer of ‘s Capital Markets Investment Sales and Advisory team represented the seller, with JLL’s David Leviton providing leasing and market support, according to a company statement. 

    “Medical buildings continue to appeal to investors due to the stability of their  tenants and the recession-proof nature of the sector in general,” Cruz said in the statement. “The value-add aspect of this offering also drew significant interest particularly given its central location in a healthcare hub on Long Island.” 

    The building at 1300 Franklin Ave. is next to another department-store-turned office building at 1200 Franklin Ave. That property, which now has Morgan Stanley as a 62,000-square-foot tenant, was once a Lord & Taylor store which closed as part of the company’s bankruptcy five years ago. 

    Once known as “Long Island’s Fifth Avenue,” the Garden City corridor was a shopper’s paradise, with department store chains like Bloomingdales, Abraham & Strauss, Saks, Lord & Taylor and furniture retailer W.J. Sloane. Eventually, the stores either fled to greener pastures like the nearby Roosevelt Field mall or closed up shop entirely. 

    Since then, much of Franklin Avenue and its environs have become home to a collection of financial firms and ever-growing medical tenants. 


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    David Winzelberg

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  • Manhasset office portfolio sells for $3.9M | Long Island Business News

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    A three-building in Manhasset has sold for $3.9 million. 

    , the owner of , purchased the three buildings that total 11,900 square feet, as well as a 5,000-square-foot parking lot. 

    The properties in the portfolio include a two-story, 7,000-square-foot office building at 47 Hillside Ave.; a 4,000-square-foot office building at 57 Hillside Ave.; and a 900-square-foot office building at 28 Locust St. 

    The building at 57 Hillside Ave. is fully occupied by three tenants and 28 Locust St. is occupied by a single tenant. 

    The second floor of the building at 47 Hillside Ave. is occupied, and the currently vacant first floor will be used by London Jewelers for its jewelry repair operations, according to a broker on the deal. 

    Kyle Crennan, Joe Lopresti and Brian Weigold of  represented the buyer, as well as the sellers, MAG Hillside LLC, RJG Hillside LLC, JVG Hillside LLC and DAG Hillside LLC, in the sales transaction. 

    “We are pleased to have successfully completed the sale of the Manhasset office portfolio to Mark Udell, who recognized the unique opportunity to acquire income producing assets with space available for his own business operations,” Crennan, managing director at JLL, told LIBN. “The portfolio’s prime location just one block from the Manhasset LIRR station and proximity to the made this a rare acquisition opportunity.” 


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    David Winzelberg

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  • Webster Bank to open new branch in Port Jefferson Station | Long Island Business News

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    Cornerstone Kings Park breaking ground near LIRR station 

    New $22.5M transit-oriented apartment project, Cornerstone Kings Park, breaks ground with 46 units, amenities,[…]

    October 6, 2025

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    David Winzelberg

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  • Capstone taps JLL for Franklin Avenue Plaza leasing | Long Island Business News

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    THE BLUEPRINT:

    • acquired for $41M

    • appointed exclusive leasing agent for 523,758 SF complex

    • Office space available at $36/SF with modern amenities

    • Current tenants include Merrill Lynch, Stifel, and ShelterPoint

     

    The new ownership of a sprawling Garden City office complex has retained JLL as the property’s exclusive leasing agent. 

    Known as Franklin Avenue Plaza, the four-building complex, totaling 523,758 square feet, was acquired by Manhattan-based Capstone Equities. Capstone, led by principals Joshua Zamir and Avi Kollenscher, purchased the properties from The Treeline Companies for about $41 million this summer, according to real estate industry sources. The Treeline Companies acquired Franklin Avenue Plaza in 2007 from Cammeby’s International for about $99 million. 

    The complex includes the three-story 1205 Franklin Ave., the six-story 1225 Franklin Ave., the five-story 1305 Franklin Ave. And the six-story 1325 Franklin Ave. The four office buildings are about 88 percent occupied by a variety of financial and professional services firms, including Merrill Lynch, Stifel, Bessemer Trust, and ShelterPoint Insurance, according to a JLL statement. 

    Amenities at the Garden City office complex include a fitness center, conferencing facility, full-service café, and a dry cleaner. 

    “Franklin Avenue Plaza has a strong legacy as a cornerstone of the Garden City office landscape, and we are excited to build on that foundation at a time when the office market is rapidly evolving,” Zamir said in the statement. “We look forward to collaborating with JLL to support current tenants and welcome new businesses seeking inspiring, high-quality office space in a prime setting.” 

    The JLL team of Joe Lopresti, Kyle Crennan and Brian Weigold are leading the marketing efforts for Franklin Avenue Plaza. 

    “We are thrilled to be partnering with Capstone Equities to reintroduce such a prominent office complex to the market,” Lopresti said in the complex. “With a well-capitalized new owner in place, we will be able to deliver top-quality buildouts, refreshed common areas, and upgraded amenities for tenants. The stage is set for an exciting new chapter at Franklin Avenue Plaza, and we look forward to attracting and retaining leading businesses in the area.” 

    Most of the available office space at Franklin Avenue Plaza is being offered at $36 a square foot. 


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    David Winzelberg

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  • There’s one bright spot for San Francisco’s office space market

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    SAN FRANCISCO — In recent years, San Francisco’s image as a welcoming place for businesses has taken a hit.

    Major tech companies such as Dropbox and Salesforce reduced footprints in the city by subleasing office space, while retailers including Nordstrom and Anthropologie pulled out of downtown. Social media firm X, formerly Twitter, vacated its Mid-Market headquarters for Texas, after owner Elon Musk complained about “dodging gangs of violent drug addicts just to get in and out of the building.”

    While the city remains on the defensive, one bright spot has been a boom in artificial intelligence startups.

    San Francisco’s 35.4% vacancy rate in the first quarter — among the highest in the nation — is expected to drop one to three percentage points in the third quarter thanks to AI companies expanding or opening new offices in the city, according to real estate brokerage firm JLL. The last time San Francisco’s vacancy rate dropped was in the fourth quarter, when it declined 0.2% — the first time since the COVID-19 pandemic, according to JLL.

    “People wanted to count us out, and I think that was a bad bet,” said Mayor Daniel Lurie. “We’re seeing all of this because the ecosystem is better here in San Francisco than anywhere else in the world, and it’s really an exciting time.”

    Five years ago, AI leases in San Francisco’s commercial real estate market were relatively sparse, with just two leases in 2020, according to JLL. But that’s since soared to 167 leases in the first quarter of 2025. The office footprint for AI companies has also surged, making up 4.8 million square feet in 2024, up from 2.6 million in 2022, JLL said.

    “You need the talent base, you need the entrepreneur ecosystem, and you need the VC ecosystem,” said Alexander Quinn, senior director of economic research for JLL’s Northwest region. “So all those three things exist within the greater Bay Area, and that enables us to be the clear leader.”

    AI firms are attracted to San Francisco because of the concentration of talent in the city, analysts said. The city is home to AI companies including ChatGPT maker OpenAI and Anthropic, known for the chatbot Claude, which in turn attract businesses that want to collaborate. The Bay Area is also home to universities that attract entrepreneurs and researchers, including UC Berkeley, UC San Francisco and Stanford University.

    Venture capital companies are pouring money into AI, fueling office and staff growth. OpenAI landed last quarter the world’s largest venture capital deal, raising $40 billion, according to research firm CB Insights.

    OpenAI leases about 1 million square feet of space across five different locations in the city and employs roughly 2,000 people in San Francisco. The company earlier this year opened its new headquarters in Mission Bay, leasing the space from Uber.

    OpenAI began as a nonprofit research lab in 2015 and the people involved found their way to San Francisco for the same reason why earlier generations of technologists and people pushing the frontier in the United States are drawn to the city, said Chris Lehane, OpenAI’s vice president of global affairs in an interview.

    “It is a place where, when you put out an idea, no matter how crazy it may seem at the time, or how unorthodox it may seem … San Francisco is the city where people don’t say, ‘That’s crazy,’” Lehane said. “They say, ‘That’s a really interesting idea. Let’s see if we can do it.’”

    The interior of OpenAI's new San Francisco headquarters in the Mission Bay neighborhood. (OpenAI)
    The interior of OpenAI's new San Francisco headquarters in the Mission Bay neighborhood. (OpenAI)

    The interior of OpenAI’s new San Francisco headquarters in the Mission Bay neighborhood. (OpenAI)

    Databricks, valued at $62 billion, is also expanding in San Francisco. Databricks in March announced it will move to a larger space in the Financial District next year, boosting its office footprint to 150,000 square feet and more than doubling its San Francisco staff in the next two years. It pledged to hold its annual Data + AI Summit in the city for five more years.

    The company holds 57,934 square feet at its current San Francisco office near the Embarcadero, according to CoStar, which tracks real estate trends.

    “San Francisco is a real talent magnet for AI talent,” said Databricks’ co-founder and vice president of engineering Patrick Wendell. “It’s a beautiful city for people to live and work in and so we really are just following where the employees are.”

    Several years ago, Wendell said his company was considering whether to expand in San Francisco. At the time, it was unclear whether people would return to offices after the pandemic, and some businesses raised concerns about safety and cleanliness of San Francisco’s streets. Wendell said his company decided to invest more in the city after getting reassurances from city leaders.

    “People are seeing an administration that is focused on public safety, clean streets and creating the conditions that also says that we’re open for business,” said Lurie, who defeated incumbent mayor London Breed last November by campaigning on public safety. “We’ve said from day one, we have to create the conditions for our arts and culture, for our small businesses and for our innovators and our entrepreneurs to thrive here.”

    Laurel Arvanitidis, director of business development for San Francisco’s Office of Economic and Workforce Development, said that the city’s policy and tax reforms have helped attract and retain businesses in recent years, including an office tax credit that gives up to a $1-million credit for businesses that are new or relocating to San Francisco.

    On Thursday, Lurie announced on social media that cryptocurrency exchange Coinbase is opening an office in San Francisco after leaving the city four years ago.

    “We are excited to reopen an office in SF,” Coinbase Chief Executive Brian Armstrong wrote in response to the mayor’s social media post. “Still lots of work to do to improve the city (it was so badly run for many years) but your excellent work has not gone unnoticed, and we greatly appreciate it.”

    Santa Clara-based Nvidia is also looking for San Francisco office space, according to a person familiar with the matter who declined to be named. The news was first reported by the San Francisco Chronicle. Nvidia, which also has California offices in San Dimas and Sunnyvale, declined to comment.

    “It’s because of AI that San Francisco is back,” Nvidia Chief Executive Jensen Huang said last month on the Hill & Valley Forum podcast. “Just about everybody evacuated San Francisco. Now it’s thriving again.”

    But San Francisco still has challenges ahead, as companies continue to push workers to return to the office. While the street environment has improved, it will be critical for the city to keep up the progress.

    Lurie said his administration inherited the largest budget deficit in the city’s history and they have to get that under control. His administration’s task is to make sure streets and public spaces are clean, safe and inviting, he said.

    “We have work to do, there’s no question, but we are a city on the rise, that’s for sure,” Lurie said.

    Times staff writer Roger Vincent contributed to this report.

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    Wendy Lee

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  • $620 Million in Acquisition Financing for Hyatt Regency Orlando

    $620 Million in Acquisition Financing for Hyatt Regency Orlando

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    JLL Hotels & Hospitality group announced that it secured $620 million in acquisition financing for Hyatt Regency Orlando, a 1,641-key, AAA Four Diamond resort in Central Florida.

    JLL represented affiliates of RIDA Development Corporation and an Ares Management Real Estate fund to secure the floating-rate, five-year loan through Wells Fargo, Bank of America and Deutsche Bank on behalf of borrowers.

    This premier resort offers spacious guest rooms averaging 453 square feet and suites averaging 846 square feet. The accommodations feature marble-accented bathrooms, sleeper sofas, mini-fridges and 65-inch streaming TVs.

    Guests can also enjoy in a variety of amenities, including six dining options, a 24-hour fitness center, tennis courts, a spa and an outdoor pool. Furthermore, the hotel features 315,000 square feet of meeting and event space along with its three direct connections to the Orange County Convention Center (“OCCC”), the second largest convention center in the United States.

    Located at 9801 International Drive, the property also provides exceptional proximity to top Orlando demand generators, such as Walt Disney World and Universal Studios Florida and Universal Islands of Adventure. Both attractions are conveniently less than a 15-minute drive away. Additionally, Universal Orlando is constructing Epic Universe, its largest theme park in the United States spanning 750 acres, situated just minutes from the hotel. Epic Universe is set to open in 2025.

    Hyatt Regency Orlando sold for $1.02 billion to joint venture, or about $622,000 per guest room.

    The JLL Hotels & Hospitality team was led by Americas CEO Kevin Davis, Managing Director Mike Huth and Senior Director Barnett Wu.

    “We are pleased to have worked together with RIDA, Ares, and Hyatt in this transaction,” said Davis. “We enjoyed working with the sponsors in their strategic vision for the future of the Orlando convention district and look forward to continuing to work with all the stakeholders in the future.”

    JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.

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  • Office Wellness Evolution: From Fitness Rooms To Holistic Health Clubs

    Office Wellness Evolution: From Fitness Rooms To Holistic Health Clubs

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    As employers recognize the link between employee health and productivity, office wellness programs and initiatives are evolving from a mere perk to a fundamental part of workplace culture and design. Extending beyond the traditional scope of healthcare, these amenities include a holistic approach towards physical, mental, and emotional health that tenants have come to expect—and owners and investors can no longer ignore.

    The advantages of these programs are manifold, including improved health, increased productivity, reduced absenteeism, enhanced job satisfaction, talent retention, and a competitive edge in the job market. In turn, these benefits make it more likely for businesses to renew leases or opt for a building that offers health-related perks. The key is to offer a variety of areas and facilities and consider the diversity of needs among your tenant population. Wellness offerings can be integrated into office buildings through multipurpose outdoor areas, on-site healthcare services, and access to nutritious food options.

    Envisioning the future of wellness

    Once upon a time, the terms “wellness” and “fitness” were synonymous, and simply having a couple treadmills in a basement would be enough to keep tenants happy. That’s no longer the case. Office wellness now encompasses a range of amenities, from fitness centers equipped with state-of-the-art equipment and offering sweeping views to outdoor multipurpose facilities for sports and games to on-site mental health support clinics. Standard elements of a wellness program may include ergonomic workstations in common spaces, healthy food options, relaxation spaces, and access to health screenings and preventive care.

    The office building of the future is expected to place even greater emphasis on wellness, with trends indicating a shift from traditional gyms to more versatile wellness spaces. That said, everyone views wellness differently. Some people want space to meditate that’s quiet with essential oils filling the air, while others want to sweat it out with a pick-up game of basketball. Rooftop and outdoor spaces are now being refitted into multipurpose facilities that can host popular pickleball matches on a rooftop or private greenspaces for relaxation. If the space can reset to do both, even better.

    A holistic approach to wellness

    Convenience of healthcare, such as minute clinics that offer annual exams, biometric screenings, and other non-urgent services are another aspect of wellness programs. Bringing these offerings on site, where tenants can fit in a routine screening on their coffee break, is a draw and has the added benefit of keeping tenants happy and healthy.

    Food and beverage services that offer greater access to healthy options, versatile spaces that can accommodate various wellness activities, and on-site healthcare services that provide convenience and reduce time away from work are all prime areas for investment. While many urban office markets are integrating fresh, healthy options, those in suburban settings too often still rely on burgers, fries and packaged foods. It’s important to pair indulgent choices with nutritious ones, creating accessible pathways to healthy eating for a holistic impact.

    It’s one thing to just have a space, but people need to be shown how to use it. Programming is a key way to drive active engagement with wellness programs, such as organizing sports tournaments—whether pickleball or two-on-two basketball teams—guided nature walks, and healthy food truck visits that give tenants options without requiring a physical space to prep and serve. It’s about communicating with tenants to understand their interests and ensure they’re connected to the services they want.

    Become a changemaker

    Wellness is no longer a luxury but a necessity for modern workplaces, particularly for Class A assets. Whether you’re trying to scale up services for a well-occupied building to retain tenants or court new leases, multifunctional wellness amenities will continue to pay dividends for the investment. Experience management plays a pivotal role in driving these programs, ensuring that the wellness spaces are not just available but are actively utilized by employees.

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    Mark Zettl, Contributor

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  • JLL: Hot Present Meets Cool Future, Posing Headwinds For Construction

    JLL: Hot Present Meets Cool Future, Posing Headwinds For Construction

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    JLL released its Construction Trends and Mid-Year Outlook several days ago, updating its 2023 Construction Outlook published in March.

    The new report, with its updated set of projections, highlights several hurdles the industry faces during a time of enormous economic uncertainty. Specifically, the report examines general construction industry health, along with the state of the labor market, materials availability and overall costs.

    Focusing first on industry health, the report noted that while the field has enjoyed increased activity this year, rising interest rates and tighter lending standards have led to a slump in construction starts since June.

    A heated market is up against the growing likelihood of a cool down, leading to substantial hurdles for the industry. JLL forecasts a construction start slowdown that will extend significantly into next year, the byproduct of interest rates that aren’t anticipated to peak until late this year. Look for construction activity to differ widely from sector to sector, rendering specialization and complexity management increasingly critical in driving contractor success, the authors predict.

    At the same time, the challenge of finding and keeping labor continues to bedevil the industry. Construction faces many of the structural labor woes and high labor costs other industries confront in the post-pandemic world. Fold in declining productivity, and it’s no surprise many construction firms are doubling down on talent retention.

    Construction sectors buttressed by public spending plan to continue adding workers to their payrolls, as they scarcely miss a beat.

    On the other hand, the sectors anticipating plummeting construction starts are already beginning to pare their employee ranks.

    The big, and worrisome, picture, JLL reports, is that for the foreseeable future, construction activity per employee is expected to stay above pre-pandemic levels, while employment growth will remain stubbornly below industry requirements.

    Materials costs

    There’s good news on the materials front. Supply chain dynamics have reverted to something approaching traditional norms, while future cost hikes are predicted to be governable. Elevated lead times characterized the first half of the year, particularly in mechanical, electrical and plumbing goods. Here, materials supply is failing to keep pace with the burgeoning need for data centers and electrification.

    As they look ahead, industry prognosticators see a return to single-digit inflation. Prices of materials are predicted to continue increasing at their present moderate rate. But costs will ease further as ebbing activity results in a clearing of the current pipeline. At the same time, some materials are experiencing supply pressures.

    That is the case, for instance, with Canadian softwood, whose supply has been hurt by summer wildfires.

    Total costs

    Costs in the industry have stabilized, making for the slowest growth period since just after the emergence of Covid-19 was termed an international emergency. That has buoyed contractors’ outlooks, even while activity levels have moderated.

    Building construction starts have declined, leading JLL’s report authors to forecast active build construction to dwindle by a fifth in the first months of next year.

    At the same time, wage growth will stay elevated at a projected rate of five to seven percent, while materials costs are expected to average four percent. In addition, lead times have improved, resulting in inventories being established for more products.

    The expected slowdown – and contractors’ response to it – have precipitated a decline in total costs over the course of the summer months. JLL’s expectation is for a total cost growth of two to four percent. But it cautions that the “average total cost increases by sector will look very different.”

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    Jeffrey Steele, Contributor

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  • How CRE Owners Can Prepare To Recover From Climate-Related Emergencies

    How CRE Owners Can Prepare To Recover From Climate-Related Emergencies

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    As the frequency and severity of extreme weather events, such as hurricanes, floods and wildfires continue to rise, it’s more critical than ever that commercial real estate (CRE) owners and operators prepare by developing proactive, resilient climate-related emergency strategies.

    While addressing climate change requires partnerships and coordinated action, front-end planning for severe weather and other climate-related emergencies can also benefit from outside experience and perspective, putting owners in a better position to reduce damage, bounce back quickly, protect their teams and tenants and potentially save lives when things go from bad to worse.

    Conduct a site-specific risk assessment

    Knowing how to respond in a climate emergency requires first understanding a property’s unique characteristics and vulnerabilities—more specifically, the property type and location. After all, generic plans won’t anticipate all the potential scenarios for both a 50-story office building with controlled access and a shopping mall that is designed to welcome in the general public. With different uses being present throughout properties, knowing how to manage each area is essential for creating a thorough emergency response plan.

    Among the questions to consider: Is the property primarily an office, retail, industrial or medical facility? What secondary uses does the property have that may affect emergency response? What are the known direct geographical climate risks (hurricanes, tornadoes, wildfires, excessive heat or cold) and indirect impacts from ancillary locations (smoke, droughts, floods)?

    Identifying the specific vulnerabilities of a property and its location allows owners to tailor an appropriate plan for when disaster strikes. This may involve incorporating measures such as flood barriers for properties located in flood-prone areas or wildfire prevention strategies for those in fire-prone regions, leveraging historical weather data and local climate projections to formulate an effective plan.

    Develop a climate emergency response plan

    After assessing the risks, property owners must develop a comprehensive plan that outlines the necessary steps before, during and after climate-related emergencies. The plan must encompass various scenarios, including evacuation procedures, communication protocols and resource allocation. Collaborating with local emergency services and authorities can help create a more efficient response plan and facilitate access to real-time weather updates, early warning systems and evacuation routes in the event of an emergency. Regular drills and training sessions ensure that all building personnel are well prepared to handle emergencies effectively.

    Create a front-end checklist

    Now that you’re ready to put your plan into action, here are three things you can do to ensure building tenants, staff and other on-site personnel are on the same page:

    1. Ensure tenants are trained and the plan is accessible.

    The value of any emergency response plan lies in its efficiency during a crisis, requiring that everyone is well versed in the plan’s specifics and knows what to do in various scenarios. Regular training and drills are indispensable to test the plans’ efficacy, help employees understand their roles during emergencies and ensure a coordinated response. Digital solutions, such as mobile apps or web-based platforms, can provide instant access during a crisis. Keep a condensed version of the plan for quick reference with physical binders or printed copies strategically placed in key locations as a backup in case of power failures or when digital access is not feasible.

    2. Make sure tenants and staff have everything they need.

    It’s impossible to anticipate the severity and length of a climate-related emergency, so ensure the property is stocked with essentials and consider what those on site might need during a crisis. Is there plywood or storm shutters at the property? Is there enough food and water for employees in case the team decides to stay—or if deteriorating weather conditions strand tenants?

    3. Confirm that facilities are up-to-date.

    Sometimes the most damage comes from mundane oversights. Assess the structural integrity of buildings, drainage systems and utility installations. Routine maintenance can pay dividends, such as ensuring trees are trimmed throughout the summer to prevent clogged roof drains that contribute to building collapse. Elevated foundations or flood barriers can help offset risk in flood-prone areas. While not specifically part of emergency preparedness, routine property management tasks are essential to keeping the building in top shape for any future emergency.

    Invest in sustainable practices and infrastructure

    To truly climate-proof commercial properties, owners and operators must be willing to invest in climate-resilient infrastructure. Prioritize sustainability measures that reduce a properties’ impact on the environment and mitigate climate risk, including upgrading existing buildings to meet higher construction standards, utilizing climate-resistant materials and integrating innovative technology to enhance resilience.

    Green roofs and rainwater harvesting systems, for example, can help mitigate risk by managing excessive rainfall and reducing stormwater runoff. Nature-based solutions, like permeable pavements and green spaces, can absorb excess water. Energy-efficient technologies, such as LED lighting, smart HVAC systems and solar panels not only reduce carbon emissions, but also lower operational costs over time. Renewable energy sources, such as wind or geothermal, offer dual benefits—mitigating climate change and providing a reliable energy supply during emergencies when conventional power systems might be compromised.

    Adopting water-saving fixtures and landscaping practices can significantly decrease water consumption, particularly in regions vulnerable to droughts, benefiting the environment and the bottom line. Additionally, promoting waste reduction and recycling initiatives within commercial properties contributes to a greener, more sustainable future.

    Prepare now for a climate-resilient future

    Climate change poses unprecedented challenges to owners and operators of commercial real estate properties. But there are ample opportunities to prepare now for a more climate-resilient future. Taking proactive steps with comprehensive planning and preparedness is not only essential for protecting assets and ensuring business continuity but also safeguards the well-being of communities during times of crisis.

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    Mark Zettl, Contributor

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  • Malls Are Being Reborn As Next-Gen Mixed-Use Properties

    Malls Are Being Reborn As Next-Gen Mixed-Use Properties

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    At this point, the U.S. housing crisis is well documented. The nation is short some 6.5 million homes, and developers can’t seem to build fast enough to meet the demand. Experts expected rising interest rates to exacerbate the housing shortage by stalling development activity and further throwing off the housing supply-demand pendulum—but in May, there was some good news. U.S. homebuilding surged, rising 22% despite expectations that new construction activity would decrease. As it turns out, the low levels of housing supply increased builder confidence enough to offset economic concerns and rising costs. According to the National Association of Home Builders/Wells Fargo Housing Market Index, builder confidence is increasing for the first time in a year.

    The confidence is helping to accelerate alternative opportunities for home building, and obsolete shopping malls have shot to the top of the list. While residential is in short supply, shopping malls are suffering from a problem of abundance. People don’t use or need as much physical retail space as they did in the past. Because retail has historically followed rooftops, most malls are already in dense population centers—the exact places most in need of housing. The dynamic is pushing developers to repurpose mall sites into mixed-use projects that can supply both the housing and retail that communities need to thrive. The new surge in housing construction has started to increase bids for mall redevelopment sites across the country.

    Housing leads mall redevelopment projects

    Housing is an ideal fit for mall redevelopment, and it is the use most frequently pursued by developers. In an analysis of 135 mall redevelopment projects, JLL found that 53.6% include housing. Comparatively, less than 34% convert to office, the second most added use. This doesn’t mean that retail is out. When converting a shopping mall, 85% of projects retain retail on the site, illustrating the value of merging uses in a single development.

    It isn’t difficult to see the appeal of converting unused retail into housing. Malls are often in attractive locations where people want to live, unlike office or industrial projects that can be in undesirable areas for residential use. The footprint of a mall site (sprawling, flat and built for consumer use) is also easily adaptable to a residential use. And for retailers, there is an added benefit: housing supports retail and retail needs residential to survive. With residents (aka consumers) on site, housing can fulfill an anchor position at the property, adapting the standard retail model to fit modern living and shopping habits.

    There are successful examples of these projects emerging across the country. In Orange County, California, The Westminster Mall is transforming into a mixed-use complex with 3,000 residential units, 425 hotel rooms and green space, while the Laguna Hills Mall is being redeveloped into 1,500 housing units, plus office, hotel and retail space, all of which is more aligned with community needs. There is ample opportunity for similar concepts across the country. The Urban Land Institute and National Multifamily Housing Council Research Foundation estimate that there is 1 billion square feet of obsolete retail in the US, meaning that these projects are likely to become more common.

    Executing a successful redevelopment project

    While housing is compatible with the mall format, redeveloping a property into a new use is never a simple endeavor. To start, developers should be careful to select the right site for their project. That is, selecting sites that are in markets with a clear need for housing and an oversupply of retail—the particular dynamic that makes a mall-to-housing conversion project viable.

    Market dynamics are just one consideration. A conversion project will likely need adjustments to zoning and entitlements to reflect the new use; developers might also review incentives provided by local governments to convert underutilized real estate into housing. There are also operational nuances. Developers should work closely with management to navigate existing tenant relationships, including addressing existing lease agreements and negotiating early exits. Once complete, the developer may also need to execute a new tenant leasing strategy to capture businesses and retail concepts that better align with the new mixed-use format.

    Due to the complexity in both executing a redevelopment project as well as the different operational needs of a mixed-use property, many developers and property managers are pursuing strategic partnerships. Last year, for example, JLL and Poag Shopping Centers formed an agreement for Poag to provide development services to JLL-managed properties, while JLL provides management services for Poag’s 10-property portfolio of lifestyle centers. The partnership illustrates the symbiotic relationship between redevelopment and operational functions, and a growing interest from owners in pursuing redevelopment opportunities.

    Mall redevelopment projects are an opportunity to bring critical housing supply to the communities and neighborhoods that need it most. While developers will need to pursue an amalgam of development solutions to create enough supply to meet housing demand, mall redevelopments are certainly pushing the needle in the right direction.

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    Kristin Mueller, Contributor

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  • CBD Revitalisation Offers Encouragement For Auckland Retail Rebound – Medical Marijuana Program Connection

    CBD Revitalisation Offers Encouragement For Auckland Retail Rebound – Medical Marijuana Program Connection

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    Monday, 27 February 2023, 9:28 am
    Press Release: JLL

    Market snapshots: CBD revitalisation offers
    encouragement for Auckland retail rebound while prime office
    and industrial sectors remain in strong demand across all
    three major centres

    Auckland has seen a
    positive rebound in retail occupancy according to JLL’s
    latest commercial property snapshots, released
    today.

    JLL NZ’s Head of Research, Gavin Read, says
    that despite an additional 3210sqm of space becoming
    available, retail vacancy in Auckland’s CBD actually
    decreased in the last quarter of 2022 to 8.2%, with space
    around the city’s future rail stations in particularly
    high demand.

    “With the recent pedestrianisation of
    Queen Street, workers returning to the office and the
    restart of tourism, we’ve already seen retail vacancy
    rates steadily decrease. Added to this we now see many
    retailers eyeing up opportunities ahead of the scheduled
    completion of the City Rail Link in 2024.”

    Office
    vacancy in Auckland’s CBD is also down. While overall
    vacancy sits at 10.8%, the ‘flight to quality’ trend of
    companies seeking quality locations and amenities to attract
    and retain staff has widened the gap between premium and
    secondary space vacancies, now sitting respectively at 5.4
    and 16.3%.

    “We are also seeing evidence that the
    flight to quality trend is extending out to more suburban
    areas like the North Shore and South Auckland too,” says
    Read.

    Auckland industrial…

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    MMP News Author

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  • The Voice of General Counsels a Game-Changing Influence at Ethisphere’s 10th Annual Global Ethics Summit

    The Voice of General Counsels a Game-Changing Influence at Ethisphere’s 10th Annual Global Ethics Summit

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    Top company legal minds assemble in New York City to discuss integrity as a performance accelerator.

    Press Release
    –


    updated: Mar 1, 2018


    NEW YORK, March 1, 2018 (Newswire.com)
    –
    The Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices, announced today a roster of company legal practitioners anchoring a diverse faculty at Ethisphere’s 10th Annual Global Ethics Summit, March 14-15 at the Grand Hyatt in New York City.

    A special selection of current and former General Counsels (GC) and Deputy GCs will offer candid insights through interactive sessions with peers and other company officers highlighting some of the unique angles on corporate behavior today. Each leader will speak on a distinct range of topics impacting corporate integrity and performance in a global business environment rife with both opportunities and pitfalls.

    Among those topics are the emerging impact of artificial intelligence, global compliance team management, influence at the executive level, board-level relationship building, career-shaping, key insights into anti-bribery and corruption, careful execution through times of crisis, progressing the “speak up” culture and more.

    First-time members of the faculty leadership include:

    • Trish Walsh, Chief Legal Officer, Voya Financial, Inc.
    • Rich Rothberg, Senior Vice President and General Counsel, Dell
    • Ann D. Davidson, Senior Vice President, General Counsel and Corporate Secretary, L3 Technologies
    • Guillermo Bichara, Vice President, General Counsel and Corporate Secretary, Praxair, Inc.
    • Gregory L. Riggs, Former Senior Vice President – General Counsel and Chief Corporate Affairs Officer, Delta Air Lines, Inc.
    • David Pitofsky, General Counsel and Chief Compliance Officer, News Corp.
    • David Deitchman, Deputy General Counsel, Global Functions, Ethics & Compliance, HP Inc.
    • Michele M. Brown, SVP, Chief Ethics & Compliance Officer and Deputy General Counsel, Leidos
    • Callie Pappas, Vice President, Chief Compliance Officer & Deputy General Counsel, Schnitzer Steel Industries, Inc.
    • Tushar Chawla, General Counsel, India, JLL
    • Glenn Leon, SVP & Deputy General Counsel, Chief Ethics & Compliance Officer, Hewlett Packard Enterprise

    Among those returning to the Global Ethics Summit to offer new insights and advancements are:

    • David Howard, Corporate VP and Deputy GC, Litigation, Competition Law and Compliance, Microsoft Corporation
    • Lucy Fato, Executive Vice President & General Counsel, AIG
    • Edward A. Ryan, Former Executive Vice President and Global General Counsel, Marriott International, Inc.
    • Richard Buchband, Senior Vice President, General Counsel and Secretary, ManpowerGroup
    • Lynn Haaland, SVP, Deputy General Counsel, Global Chief Compliance & Ethics Officer and Chief Counsel, Cybersecurity, PepsiCo, Inc.
    • Kathryn Ditmars, Global Litigation Director and General Counsel, Americas, JLL

    Drawing from Ethisphere’s Business Ethics Leadership Alliance (BELA) community and further enriched from a broad selection of additional multinational companies, the Global Ethics Summit is the premier annual event connecting some of the most respected and diverse company leaders. Senior representatives come together to share forward-thinking practices and amplify the need for greater application of values ethical culture, and responsible practices. CEOs, board members, GCs/CLOs, corporate secretaries, chief compliance officers, law firm partners, and other influencers participate in the Summit to examine together the ways in which companies can make a difference in doing good.

    “Throughout the Summit, there will be more than 70 speakers each contributing unique perspectives and meaningful advice, but the voices of General Counsels continue to be transcendent as these are roles that are make-or-break for the executive team and the company itself,” said Kevin McCormack, Vice President of Global Thought Leadership & Programs at Ethisphere. “You simply cannot have the proper calibration of many of the issues addressed at the Summit without GCs in the mix. They are a universal connector when it comes to balancing risk, integrity, culture, and strategy within the organization. From the GCs involved each year, we see that while they may represent very different organizations and industries, there is a shared purpose and commitment to continuous improvement enabling companies to perform better while keeping their values intact.”

    Join these leaders and other influencers among over 400 delegates as the Global Ethics Summit celebrates its 10th Anniversary March 14-15, 2018 at the Grand Hyatt New York City. Registration remains open but is closing soon: https://www.globalethicssummit2018.com.

    About Ethisphere 

    The Ethisphere® Institute is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust, and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character. Ethisphere honors superior achievement through its World’s Most Ethical Companies® recognition program provides a community of industry experts with the Business Ethics Leadership Alliance (BELA), and showcases trends and best practices in ethics with Ethisphere Magazine. Ethisphere is also the leading provider of independent verification of corporate ethics and compliance programs, including Ethics Inside® Certification and Compliance Leader Verification™. More information about Ethisphere can be found at http://www.ethisphere.com. 

    Media Contact

    Aarti Maharaj

    Director of Communications

    646-480-9715

    aarti.maharaj@ethisphere.com 

    Twitter: @Ethisphere

    Source: The Ethisphere Institute

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