City in California to Build New 56,000 SF Hotel
The city of Morro Bay, Calif. has recently approved the construction of an 83-room, 56,000 square-foot hotel. The three-story hotel will include an indoor pool, fitness room, meeting room, and interior dining and lounge areas, as well as on-site parking. The project’s estimated construction costs and completion date are currently unknown.
KBS Signs Six Leases at Corporate Plaza in Northern New Jersey
KBS, a Newport Beach-based commercial real estate investment firm, has signed leases at six office buildings in Woodbridge Corporate Plaza in northern N.J. The leases, which represent a total of 51,011 square-feet of commercial space, include an expansion of Allegiance Retail Services’ and Office Evolution’s lease, a new signing for Day & Zimmerman, and an extension ENT & Allergy Associates’, Schultheis & Panettieri, LLC’s, and Ace Software Solutions’ lease.
RFR Realty Buys Office Portion of Manhattan Skyscraper
RFR Realty, a Manhattan-based real estate investment, development, and management company, has agreed to acquire the office portion of a Manhattan building from banking giant Morgan Stanley. The 575,000 square-foot office portion of the building will be purchased for roughly $350 million, with Morgan Stanley agreeing to continue occupying the entire office space for another three years.
Tennessee Begins Work on $93 Million Road Improvement Project
The Tennessee Department of Transportation, along with other state, federal, and local officials have broken ground on a new $93 million road improvement project. The 3.4-mile project will add grading, drainage, signals, paving, and new bridges and retaining walls in Collegedale, Tenn. The project is estimated to be completed in 2025.
$479 Million Mixed-Use Tower Rises in Manhattan
Work has wrapped up on a mixed-use commercial office building in Manhattan’s Midtown neighborhood. The 17-story office building contains space for multiple retailers on the ground-floor, with the total space reaching just over 700,000 square-feet. The project began construction in 2018 and cost $479 million.