DivcoWest Refinances New Boston Lab and Office Buildings With $1.2B Loan

PUBLICATION: COMMERCIAL OBSERVER

The two buildings at 350 Water Street and 450 Water Street are just a portion of the larger, master-planned Cambridge Crossing life sciences mixed-use development in Boston.

A collection of four lenders have come together to originate a $1.23 billion loan to refinance developer DivcoWest’s 350 Water Street and 450 Water Street, two newly built life sciences and office buildings located adjacent to each other in Cambridge, Mass.

Deutsche BankBank of AmericaJPMorgan Chase and 3650 REIT teamed up on the 15-year commercial mortgage-backed securities (CMBS) loan, according to data from Fitch Ratings, which analyzed the transaction. The deal is in line to close on Nov. 9… READ MORE.

Comstock secures refinancing for three office towers at Reston Station

PUBLICATION: RESTON NOW

Comstock Holding Companies, Inc. has officially secured refinancing for a trio of office towers at Reston Station, according to a company release.

The Reston-based company arranged a $350 million financing package for the first three office towers built at Reston Station, a 60-acre, mixed use project near the Wiehe-Reston East Metro Station.

The office towers at 1900, 1902 and 1906 Reston Metro Plaza are anchored by tenants like GoogleNeustarRolls-Royce North America, and ICF Global.

Comstock received roughly $2.6 million in debt and equity origination fees, which are charged by the lender for compensation for a loan application.

The package includes $312 million by a Blackstone subsidiary and $43 million with a DivcoWest subsidiary. The three buildings are 84 percent leased, according to a company release. READ MORE

DivcoWest JV pays $92M for Arts District office complex

PUBLICATION: THE REAL DEAL LA

JH Snyder sold 202K sf building in North Hollywood

UPDATED, Sept. 8, 1:33 p.m.: DivcoWest has added a fourth property to its Los Angeles County office portfolio — this one a 200,000-square-foot complex in North Hollywood’s Arts District, The Real Deal has learned.

In a joint venture, DivcoWest and GPI Companies paid $92 million for the building at 5250 Lankershim Avenue, sources told The Real Deal. DivcoWest declined to comment on the transaction. Seller J.H. Snyder Company did not respond to requests for comment.

J.H. Snyder bought the glass complex from the City of Los Angeles’ Community Redevelopment Agency in 2008, records show. Kaiser Permanente and co-working firm Regus both occupy space there.

The acquisition is something of a departure for DivcoWest, which has sold a number of office properties across L.A. County in recent years. In the spring, the firm said it would spend $250 million to acquire single-family rental homes across Western U.S. states, in a partnership with Atlas Real Estate…READ MORE

South Austin’s Bouldin Creek office building changes hands

PUBLICATION: AUSTIN BUSINESS JOURNAL 

Unico sells first ground-up development in Texas capital, looks to other ‘opportunities’

San Francisco-based DivcoWest, part of the joint venture developing the 66-story 6 X Guadalupe tower in downtown Austin, has acquired Bouldin Creek, a 170,000-square-foot, class A building in South Austin.

The sale was completed in July but announced Aug. 23. Financial terms were not disclosed. READ MORE.

DivcoWest expands Austin creative office portfolio with South Austin buy

Newly-completed Bouldin Creek combines large, flexible floorplates with a host of amenities both inside and out

 AUSTIN – August 23, 2021 – DivcoWest has completed the purchase of Bouldin Creek, a newly constructed, 170,000 square foot Class A boutique office building in one of Austin’s most sought-after and vibrant neighborhoods at the intersection of South Lamar and W. Oltorf.

Completed in February, Bouldin Creek is a state-of-the-art five-story building that features 50,000 square-foot flexible floorplates with tremendous views of downtown Austin. Multiple outdoor terraces and a rooftop deck allow tenants the ability to bring work inside out for al fresco meetings, social gatherings, or simply for some R&R space. The property also features numerous outdoor amenities and areas for entertaining as well as a standalone café building.

“We have long believed in Austin as a center of innovation and creativity and are delighted to add to our portfolio in the city. High quality office assets with a focus on health, wellness and productivity, like Bouldin Creek, are seeing the strongest leasing tailwinds in the market today and are among the best positioned assets for future growth,” said Michael Provost, DivcoWest’s head of investments for the Southwest region.

For employees that value the outdoors and health and wellness, the LEED Gold Certified property is surrounded by two acres of green space covered with shade trees, running/walking trails and access to a natural creek. It also has a Walk Score of 83 being within easy walking distance of world class restaurants, eclectic shops, arts and entertainment venues and quality for-sale and rental housing in Austin’s trendy Bouldin Creek neighborhood. The building’s BikeScore is 93 and is a quick 1.2 mile ride from downtown via dedicated bike lanes.

In addition, Bouldin Creek is an amenity-rich property that offers a fitness center, private lockers and shower facilities, bike storage, plentiful parking with a 3.85/1000 parking ratio and EV charging stations. The building also delivers an abundance of natural light with its floor-to-ceiling windows and brings inspiration to those within with its locally painted murals in its interiors.

 

About DivcoWest

Founded in 1993 by Stuart Shiff, DivcoWest is a vertically-integrated, real estate investment firm headquartered in San Francisco, with offices in New York, Boston, Washington DC, Los Angeles, Menlo Park, and Austin, TX. Known for long-standing relationships and experience across the risk-spectrum in innovation markets, DivcoWest combines entrepreneurial spirit with an institutional approach to deliver real estate solutions and opportunities. Since inception, DivcoWest and its predecessor have acquired nearly 50 million square feet of commercial space – primarily throughout the United States. DivcoWest’s real estate portfolio currently includes existing and development properties in the office, R&D, lab, industrial, hospitality, retail and multifamily spaces. www.divcowest.com

DivcoWest JV Pays $59M for Raleigh Apartments

PUBLICATION: MULTI-HOUSING NEWS

Vie Management has sold The Proper, a 384-unit student housing community in Raleigh, N.C., for $59.1 million to a joint venture between DivcoWest and Blackfin Real Estate Investors, according to Yardi Matrix. The buyer financed the deal with a $50.8 million loan from CrossHarbor Capital Partners. The new ownership plans to reposition the asset to appeal beyond student renters.

Located at 403 Wolf Creek Circle, midway between downtown Raleigh and Cary, N.C., the community has a mix of two-, three- and four-bedroom units with floorplans between 919 and 1,434 square feet.

The property’s amenities include a clubhouse, coworking lounge, yoga studio, sand volleyball court and dog park, with shuttle service connecting residents to North Carolina State University.

The community is less than 2 miles from the intersection of interstates 40 and 440. NCSU’s stadium is 1 mile north, and the university’s central campus is 3.5 miles east…READ MORE

DivcoWest and Blackfin purchase 384-unit Raleigh multifamily community

Partners plan to reposition The Proper, broadening appeal to renters

RALEIGH, N.C. – August 19, 2021 – A partnership between DivcoWest and Blackfin Real Estate Investors has completed the purchase of The Proper, a 384-unit residential community located at 403 Wolf Creek Circle in Raleigh, North Carolina. Built as high-end student housing, the partnership plans to invest heavily in The Proper to create a vibrant lifestyle experience that appeals to apartment renters seeking a well-located and amenity-rich place to live in the Raleigh metro.

The acquisition is the second joint venture between DivcoWest and Blackfin, and adds to Blackfin’s significant multi-family presence in the North Carolina market.

“We consider the Research Triangle market to be a premier center for innovation and are thrilled to expand in another key U.S. market,” said Ryan Friend, DivcoWest Head of Investments for the Mid-Atlantic and Southeast region. “We believe The Proper offers a tremendous opportunity to reposition a high-quality multifamily asset in an area that has shown strong and diverse demand. We look forward to working together with Blackfin to deliver a place that speaks to today’s experience-driven renters.”

Blackfin Co-Founder and Managing Partner, Andrew Buchanan, stated “We are excited to strengthen our relationship with DivcoWest and plant our flag together in the Raleigh market.  We expect that the planned upgrades will bolster the property’s competitive position within the submarket.”

The Proper was completed in 2001 and offers a range of two-, three- and four- bedroom apartments in a highly-amenitized community setting. In addition to a large outdoor, resort-style pool, residents have access to a yoga studio, two fitness rooms including a weight room and cardio studio, sand volleyball and a basketball court.

 

About DivcoWest

Founded in 1993 by Stuart Shiff, DivcoWest is a vertically-integrated, real estate investment firm headquartered in San Francisco, with offices in New York, Boston, Washington DC, Los Angeles, Menlo Park, and Austin, TX. Known for long-standing relationships and experience across the risk-spectrum in innovation markets, DivcoWest combines entrepreneurial spirit with an institutional approach to deliver real estate solutions and opportunities. Since inception, DivcoWest and its predecessor have acquired nearly 50 million square feet of commercial space – primarily throughout the United States. DivcoWest’s real estate portfolio currently includes existing and development properties in the office, R&D, lab, industrial, hospitality, retail and multifamily spaces. www.divcowest.com

Lamplighter Unveils Official Plans for Brewery at Cambridge Crossing in 2021

Cambridge Crossing Lamplighter

Lamplighter Brewing Co. and DivcoWest today announced final plans to open a new taproom and production space in the coming months, Lamplighter CX, at Cambridge Crossing (CX), the new 43-acre neighborhood at the intersection of Cambridge, Somerville, and Boston, and directly adjacent to the new Lechmere Station.

Lamplighter CX will be a 7,000 square-foot taproom and production space in The Shed, a two-story standalone retail building located in the center of Cambridge Crossing, which currently also houses the restaurant trio of The Lexington, Geppetto, and Café Beatrice from local restaurateur Will Gilson. Designed by local architect Prellwitz Chilinski Associates (PCA), The Shed is surrounded by public open spaces including an adjacent waterway with granite blocks for seating (repurposed from the 150-year old seawall excavated at the site), a 5-acre common right outside The Shed’s doors, a picnic grove with grills, and outdoor games like bocce ball, and Baldwin Park, a hardscape park filled with greenery and plenty of places to sit back and relax.

“We’re thrilled to resume construction and pursue this opportunity after a year that has been filled with uncertainty. Wild, funky, and sour beer has always been a focus for us and utilizing our site at Cambridge Crossing as a dual barrel production facility and taproom is incredibly exciting,” said Lamplighter Co-Founder, Cayla Marvil. “Our emphasis is, and always has been, on producing incredible beer while simultaneously creating fun and welcoming spaces for all to enjoy.”

Lamplighter CX, Lamplighter’s second location, will focus on increased taproom space and a production facility to age, blend, and bottle their barrel-aged beers. The expansion project was previously proposed as a joint micro-distillery and brewing space, however following the pandemic, the Lamplighter team made the strategic decision to focus solely on brewing and serving their locally renowned craft beer at Lamplighter CX.

“It’s no secret that COVID-19 has been extremely difficult for small businesses, and especially those in the hospitality industry. We feel fortunate to have received such wonderful support from our customers and community over the past year, and, in many ways, the pandemic has given us an opportunity to revisit and reassess our goals for the company,” said Marvil. “While we may pursue a distillery in the future, our current resources are dedicated to making the best beer we can and [re]opening neighborhood-focused taproom spaces.”

“We are excited for the opening of Lamplighter CX later this year, which will complete The Shed and introduce more authentic, locally-based retail options to this new and transformative neighborhood,” said Mark Roopenian, Managing Director at DivcoWest.

Since opening in 2016, Lamplighter has stayed true to its goal of fostering community through craft beverages and creating an accessible place to both work and play. Lamplighter’s new taproom and production space will follow that mission, bringing the values of community, quality, and creativity to East Cambridge, and expanding the way that consumers can share and experience beer at the source.

Lamplighter CX will resume construction in June, with more details to be shared in the coming months.

The Lexington and Café Beatrice are now currently open at CX with a roof top cocktail bar and restaurant overlooking the Common, and Café Beatrice, Gilson’s all day café. His team will also revive their highly successful pop-up, The Lexington at the Picnic Grove, offering even more outdoor dining options for guests to enjoy. This summer, CX is also excited to welcome back the community for on-site outdoor neighborhood events including CX Fit, CX Summer Nights, and CX Movie Nights to get started.

When complete, CX will consist of 2 million square feet of life science and technology space with 100,000 square feet of local, authentic retail that sits at the heart of the project creating a true destination. CX currently has 1,735,000 square feet under construction and will break ground on 441 Morgan Avenue, a 375,000 square-foot life science building next month. DivcoWest recently celebrated the fourth fully-leased science and technology building in the neighborhood with Bristol Myers Squibb signed on to join Philips, Cerevel Therapeutics, and Sanofi at CX.

With close proximity to Kendall Square, MIT and Harvard, CX is a thoughtfully-designed, vibrant neighborhood and is shaping up to be a dynamic life-science hub that inspires collaboration, innovation and connection. Once complete, the community will provide a one-of-a-kind place for employees, residents and neighbors connected to two MBTA stops, 11 acres of open space, an eclectic food scene, neighborhood retail, and more than 2,400 new residences.

For more information and updates on CX, visit www.cambridgecrossing.com, or follow along on InstagramFacebookLinkedIn, and Twitter.

DivcoWest & LCOR Top Off First Residential Building at Cambridge Crossing, Unveils Park 151

Park 151 Cambridge Crossing

DivcoWest and LCOR, in partnership with John Moriarty & Associates and CBT, announce their first multifamily partnership and the topping off of Parcel I, Cambridge Crossing (CX)’s first residential initiative recently unveiled as Park 151. The 20-story, 468-unit multifamily building will be located at 151 North First Street in the heart of CX, the new 43-acre mixed-use neighborhood well underway at the intersection of Cambridge, Somerville, and Boston.

“Park 151 launches the residential component at CX, which will add new housing opportunities for young professionals in the life science, tech and education sectors to those relocating to the city seeking a walkable, accessible and vibrant community,” said John Weigel, Senior Development Executive at DivcoWest.  “We are thrilled to reach the topping off milestone for Park 151 and to soon deliver an extremely well-connected and amenity rich living option in Cambridge. We thank all of the hardworking women and men working together to reach this significant milestone and who help to bring CX’s vision to life every day.”

Park 151 is designed for residents seeking to explore their surroundings and connect with the community. In addition to the two neighboring parks, The Common at CX and the CX Event Lawn, Park 151 residents will be conveniently located at the epicenter of the neighborhood and adjacent to The Shed, the vibrant jewel now home to Will Gilson’s multiple restaurants The Lexington, Café Beatrice and Geppetto, and soon Lamplighter CX. The prime location offers unprecedented connectivity with MBTA’s Green Line Lechmere Station just one block away, the Orange Line Community College just 6 minutes away, and a complete network of paths for pedestrians and cyclists right outside of Park 151’s front door. Recently awarded a WiredScore Platinum certification, Park 151 will also deliver best-in class digital connectivity to its residents.

“With a history of creating best-in-class properties in urban residential areas along the East Coast, we are thrilled to enter the Greater Boston market and partner with DivcoWest on such a significant development as Cambridge Crossing,” said David Sigman, Executive Vice President and Principal at LCOR. “CX’s proximity to major job centers, higher education, transportation options, and cultural institutions ensure this community will appeal to a wide array of young professionals, families and empty nesters for years to come.”

In addition to the many programmatic benefits at CX, such as the annual CX Summer Nights, Movie Nights, and CX Fit, Park 151 residents will also have access to a full suite of amenities that includes a 24/7 concierge, underground parking, a roof top swimming pool, an outdoor terrace with cooking stations, lounge areas overlooking the parks, a fitness club, shared workspaces, and an 11th floor roof terrace offering stunning city and water views. The ground floor will include 18,000 square feet of retail space.

The construction of Park 151 launches the first phase in what is expected to be several phases of housing development at CX, on top of 2,500 existing units in the nearby area. Partners on the project include architect CBT and general contractor John Moriarty & Associates. Completion of this property is currently expected in the third quarter of 2022. Once complete, Park 151 will provide 412 market rate apartments and 56 onsite affordable units.

The topping off of Park 151 marks the sixth milestone for onsite progress at CX in the past year, with 2.1 million square feet currently under construction. The event follows the groundbreaking of CX’s newest life science building 441 Morgan Avenue, three topping off celebrations at 250, 350, and 450 Water Street, and the completion of CX’s standalone retail building, The Shed. Additionally, DivcoWest recently announced that REI would be joining the neighborhood in the fall.

Cambridge Crossing Park 151

Offering close proximity to Kendall Square, MIT and Harvard, CX is a thoughtfully-designed, vibrant neighborhood and will be a dynamic life-science hub that inspires collaboration, innovation and connection. Tenants of CX’s thriving innovative ecosystem include Sanofi, Bristol Myers Squibb, Philips, Cerevel Therapeutics, and Thrive Earlier Detection. Once complete, the community will provide a one-of-a-kind place for employees, residents and neighbors connected to two MBTA stations and surrounded by 11 acres of open space, an eclectic food scene, and neighborhood retail.

For more information and updates on CX, visit www.cambridgecrossing.com, or follow along on Instagram, Facebook, LinkedIn, and Twitter.

The VC fund that backed DoorDash and Square leads Series A in Israeli startup Jones

PUBLICATION: GEEKTIME

Although the pandemic outbreak posed challenges for the company that had just switched to the commercial property space — it still didn’t stop revenue from going up.

Jones, an Israeli PropTech startup developing a property management platform, secured $12.5 million in Series A funding. The investment was led by Khosla Ventures — which has invested in companies like Square, DoorDash, OpenAI, and Impossible Foods in the past — and JLL Spark. Additional investors in the round included Hetz Ventures, MetaProp, Camber Creek, Rudin Management, DivcoWest, and Sage Realty.

From commercial insurance to property management

The Jones platform provides a convenient platform for commercial property and workplace (like WeWork) owners to manage tenant engagement, services, and more. Through the Jones app, property managers can ensure compliance,… READ MORE