Private Equity Firm Purchases Properties in Seattle and Bellevue for $1.2 Billion
New York-based private equity firm KKR & Co. has purchased the F5 Tower in downtown Seattle, and the Summit office complex in Bellevue for a combined $1.2 billion. The purchases mark the entrance of KKR into Seattle’s real estate market. The Summit complex is comprised of two office towers, with a third expected to open in mid-2020.
Urban Catalyst Closes on 85,000 SF Building in Downtown San Jose
Urban Catalyst, a San Jose-based real estate development firm, announced it has closed on a building in downtown San Jose, nicknamed Paseo. The building, which is currently vacant, consists of 65,000 square-feet of office space spread between three upper floors, with an additional 20,000 square-feet of ground-floor retail. The project is expected to break ground in 2020, with construction scheduled for completion in early 2021.
Ladder Capital Lends $44.8 Million for Office Building Acquisition in the Bronx
Ladder Capital, a New York-based commercial lending firm, has lent ZG Capital $44.8 million to assist in the latter’s acquisition of the Bruckner Building in the Bronx’s Mott Haven neighborhood. The purchase comes soon after Hornig Capital Partners’ $12 million renovation to the loft-style office building, which added new elevators, an updated lobby, and fresh windows.
Ithaca Tompkins Regional Airport Completes $34.8 Million Improvement Project
State officials have announced the completion of a $34.8 million capital improvement at Ithaca Tompkins Regional Airport. The project, which began in 2018, nearly doubled the airport’s passenger terminal and added several new gates and passenger boarding bridges. Also included in the project were improvements to security and passenger waiting areas. Additional post-security food and beverage options were also constructed, as well as an indoor children’s playground.
San Luis Port of Entry Receives $152.4 Million for Improvements
The most recent federal spending package includes $152.4 million for infrastructure improvements at the San Luis Port of Entry in San Luis, Ariz. The funding will be used to modernize the port and improve its ability to handle the growing number of travelers passing through it. It’s estimated that improvements to the port will take between two to three years.