The Sustainability Issue
New York Los Angeles Miami Hamptons Las Vegas
Understanding the Corporate Climate Migration Walking the Talk on Normalizing Sustainability in the Built Environment Generating Value Through Repositioning Retail
Across the Metaverse Erin McDannald on virtual real estate as the last frontier
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Office & Retail Leasing • Investments • Advisory • Capital Markets • Property Management For Leasing Information on Our Properties or to Learn More About Our Services, Contact: 212.400.6060 - www.absre.com All information is from sources deemed reliable but is subject to errors or omissions of any magnitude, withdrawal from market, or changes in terms, all without notice. Brokers employment and payment only by written agreement.
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ONE MANN’S OPINION
ART Art Director Krystal Peguero
EDITORIAL Editor
Lead Graphic Designer
Debra Hazel
Ran Jing
Associate Editors Lauren D’Errico
Cover Photography © Volodymyr / Adobe Stock
Lauren Schuster DIGITAL MEDIA
This April sees some of the most solemn observances from the Western world’s three largest religions, signifying a renewal after a time of fasting, sacrifice or turbulence. That’s why I’m proud to be leading the renewal of the National Realty Club, featured in these pages just a few months ago. The NRC was founded in the 1940s by some of the men who created the modern-day real estate industry in New York — Harry Helmsley, Aaron Gural, Herbert Tenzer, Larry Wien, Irving Schneider and my father, Irving Mann. It
Copy Editor Helen Ventura
Editors Lauren D’Errico
the day, strategize development and, yes, do deals.
Director of Communications
Debra Hazel Penelope Herrera
and Marketing Penelope Herrera
Cheri Phillips Lauren Schuster
As the years passed, however, the NRC lost some of the energy it had under its founders.
Director of Newsletter
Social Media Manager
Division Cheri Phillips
Le’Trice Deshon
Director of Special Events
Web Developer CS DesignWorks
Mirusha Damiani CONTRIBUTORS Director of New Business Development
R.C. Alley Michael Beckerman
Kelly Sen
Rob Budetti Frank DeLucia
BUSINESS Technology Consultant
Eric Derector Hrisa Gatzoulis
Joshua Fried
Brett Isaacman Amanda Jhones
Distribution Mitchell’s Delivery
Kris Kiser Doug Pearl
Service
James M. Philbin Carol A. Sigmond Tom Smart Jonce Walker Bice Wilson
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rapidly became a place where the great minds of the industry could discuss the issues of
That has changed in the last year when I was asked to take on a leadership role and reinvent the NRC for a new, modern, much more inclusive generation. Our initial outings have been extremely successful, attracting some of the most influential men and women in our business. We’ve also just established a charitable foundation to do good while we do well. Our next event will be our best yet — on April 11 at 5 p.m. at Versa (218 West 35th St.). I’m thrilled to announce that Robert DeSalvio, president of Resorts World Casino, will be our guest speaker. And of course, we’ll feature an exquisite menu, top-shelf drinks, music, raffles, opportunities to promote your business on screens around the venue and the best networking in New York. Contact me for more information. The rebirth of the NRC is a sign of the rebirth of New York. The excitement is returning, and I’m honored to help this dynamic organization reinvent itself for a new era. “Originality is nothing but judicious imitation. The most original writers borrowed from one another.” —Voltaire
EDITOR’S LETTER Welcome to our annual tribute to Earth Day, our Sustainability issue. In the years since the first Earth Day in 1970, sustainability has become a fact of life, from recycling plastic to installations of solar and wind energy and more. That’s why I’m excited that so many contributors have discussed the many sides of climate change and its effect on real estate. In our features, Michael Beckerman calls on the industry to do more, while HLW’s Jonce Walker discusses how one project takes the health of both the planet and the building’s occupants under consideration. We also profile the first development in the U.S. to earn BREEAM International New Construction (INC) certification, plans for a wind port facility in Sunset Park, Brooklyn and how a Harlem subway station is better protected from the Harlem River itself. But there’s more than one universe. In our cover feature, Erin McDannald, CEO and co-owner of Lighting Environments and its sister company, Environments, tells us how the same design principles that make physical environments soar can be applied to the virtual world, and why. It’s a fascinating viewpoint. And a note: in the February issue, we mis-stated Ryan Lewis’ company, Erg Commercial Real Estate, in the announcement of his promotion. So it’s a real pleasure to showcase him in our Commercial Corner on page 126. Enjoy.
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APRIL 2022
46
New York Los Angeles Miami Hamptons Las Vegas
Across the Metaverse By Debra Hazel
Understanding the Corporate Climate Migration
The Sustainability Issue
COVER FEATURE
Walking the Talk on Normalizing Sustainability in the Built Environment Generating Value Through Repositioning Retail
EVENTS
COVER FEATURE
Across the Metaverse By Debra Hazel
E Across the Metaverse
rin McDannald, CEO and co-owner of Lighting Environments and its sister company, Environments, has positioned herself as a leader
and a trailblazer accelerating the growth and success of the firm and its staff. With nearly 20 years of experience in sales and guiding clients throughout the lighting
16
design and construction process, McDannald is now leading Environments to meet the rapidly changing connected device market head-on. Her passion is creating a more inclusive world for those who are excluded from normal activities
Erin Mc Dannald
or spaces due to a chronic illness, disability, sick family or other challenges. Her work with Environments uses technology
many companies looking to toe the line be-
from home, or work in the metaverse, work-
to break down barriers and help connect
tween giving their employees greater flexibil-
ing remotely but still maintaining the physical
all people.
ity with work-from-home policies and hosting
sense of an office. The metaverse creates an
much needed collaboration in-person, the
inclusive environment where employees of
Below, McDannald discusses the latest frontier
metaverse is a great solution. Integrating
all needs and work styles can equally interact
in real estate: virtual space, or the metaverse,
the metaverse into a company streamlines
at the workplace, wherever that may be.
and its role in creating connections.
employees’ ability to stay connected to one
Let’s start at the beginning. Why should anyone in real estate care about the metaverse?
another without having to step foot inside the
The metaverse will effectively unite in-office
building unless they want to. Now, workers
and remote workers, especially when the ex-
may choose to work from the office, work
perience is heightened by internet of things
Those involved in the real estate industry
Brickworks Celebrates Global Flagship Design Studio in New York City
should care about the metaverse because it is quickly becoming an essential aspect of the unification of people and their ability to communicate together. Take offices, for example. There’s no ques-
The real world provides a tempalte
tion that hybrid work is here to stay, and with
The physical sense of the office is maintained.
52
54
56
60
64
68
70
FEATURES
Understanding the Corporate Climate Migration By Michael Beckerman
Looking Beyond Green Building Certifications By Jonce Walker
South Brooklyn Marine Terminal to be Converted into Offshore Wind Hub
Sustainability Ratings from Across the Pond
Walking the Talk on Normalizing Sustainability in the Built Environment By Bice Wilson and Hrisa Gatzoulis
Holding Back the Waters
Generating Value Through Repositioning Retail By Rob Budetti, R.C. Alley, Doug Pearl and Brett Isaacman
72
REBNY Announces Annual Event Honorees
74
The New Office Amenity: Wellness By Debra Hazel
NEWS BRIEFS 22
Commercial News
26
78
Disney Launches New Business to Develop Residential Communities
80
Stay Open Reinvents the Hotel By Debra Hazel
Residential News
30
Management News
34
Tech Talk
38
Breaking News
ARCHITECTURE
102
104
106
108
A Different Quest: Repositioning 3 Giralda Farms
The Reinvention of Menifee Middle School
The Tide is High: Low Country Grandeur Meets Contemporary Design at Ponte Vedra Beach
The Smartest Building in Chicago
104
COLLEGES
112
In a Class by Itself: Granada Hills Charter Expands
DEPARTMENTS
6
One Mann’s Opinion
8
Editor’s Letter
86
116
126
128
The Articles
Commercial Corner: Ryan Lewis, Managing Director, Erg Commercial Real Estate
Executive Changes
By the Numbers: Every Day is Earth Day
112
REAL ESTATE & FINANCIAL SERVICES DIVISIONS
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PHOTO EVENT
Brickworks Celebrates Global Flagship Design Studio in New York City 01
02
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05
06
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01. Exterior 02. Atmosphere 03. Mark Ellenor 04. Samantha Jade 05. Katie Barna, Chelsea Janssen, Adrie Emora and Gabriella Alexis
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April 2022
06. Event Staff 07. Carson Kressley and Thom Filicia 08. Tyrah Burton 09. Samantha Jade 10. Samantha Jade
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Photo Credit: Sylvain Gaboury_PMC
mannpublications.com
PHOTO EVENT
Carson Kressley, Robyn Partridge, Thom Filicia and Mark Ellenor
B
Lindsay Partridge, Arthur Sinodinos AO (Australian Ambassador to the United States) and Robert Millner
rickworks North America Corporation, parent company
continue our expansion in North America,” Partridge said. “It’s an hon-
of Glen-Gery Corporation, officially celebrated its global
or to bring our expertise to New York City, home to some of the most
flagship Design Studio in New York City. Located on NYC’s
diverse, lively and iconic architectural structures in the world and one
iconic Fi!h Avenue, the Brickworks New York Design Studio
of the world’s premier design hubs. With a fashion-forward, high-end
provides architects, designers and homeowners an upscale, stylish
product collection and unparalleled design experience, we’re thrilled
space to collaborate on projects, explore premium products and at-
to have our global flagship on New York City’s most famous shopping
tend industry and educational events.
street among other legendary brands.”
The festive 1930s celebration was a"ended by more than 300 guests,
Guests indulged in hors d’oeuvres and 1930s-style cra! cocktails, while
who included “Queer Eye for the Straight Guy” stars Carson Kressley
receiving an inside view of Glen-Gery’s line of products throughout the
and Thom Filicia; Mark Ellenor, president of Brickworks North America;
evening. Midway through the night, Australian pop star Samantha Jade,
Lindsay Partridge, managing director of Brickworks; Robert Millner,
who has worked with Ashley Tisdale and won the fourth season of “The
chairman of Brickworks; the Honorable Arthur Sinodinos AO, Aus-
X Factor” in Australia, took the stage. The pop sensation sang true clas-
tralian ambassador to the United States and the Honorable Nicholas
sics including “Respect” by Aretha Franklin, “Fever” by Peggy Lee, “New
Greiner AC, Australian consul-general to New York.
York, New York” by Frank Sinatra and “We Are Family” by Sister Sledge.
“Opening our international flagship Design Studio in New York City is
The New York Design Studio is Brickworks’ third Design Studio in the
a pivotal milestone for Brickworks and another opportunity for us to
U.S. and ninth Design Studio internationally.
Carson Kressley, Thom Filicia, Mark Ellenor and Robyn Partridge
Robert Millner, Mark Ellenor, Arthur Sinodinos AO (Australian Ambassador to the United States) and Lindsay Partridge
mannpublications.com
April 2022
17 | MR
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COMMERCIAL NEWS
Empire State Realty Trust Signs Progyny for Three Floors at 1359 Broadway Empire State Realty Trust (ESRT) has signed Progyny Inc., a fertility benefits management company, at 1359 Broadway. Progyny will occupy 70,573 square feet across three floors: one floor that it previously subleased, one floor that the company will occupy in late 2022 and a third floor that it will occupy in early 2024. “We are growing rapidly as more employers recognize the value of Progyny’s comprehensive fertility and family building solution,” said Pete Anevski, CEO of Progyny.
Located along the updated Broadway Pedestrian Plaza, 1359 Broadway features energy efficiency and indoor environmental quality measures at a fraction of the cost of newer buildings, ESRT said. David Falk, Kyle Ciminelli and Dylan Weisman of Newmark Knight Frank represented Progyny in the lease negotiations. Property owner representation was provided by Shanae Ursini and Jordan Berger of ESRT, and Paul J. Amrich, Emily Chabrier, Neil V. King III and Meghan Allen of CBRE.
1359 Broadway PHOTO COURTESY OF EMPIRE STATE REALTY
The Feil Organization Acquires Westport Waterfront Office Assets for $43M In one of the largest deals in Connecticut in the past year in terms of price per square foot, The Feil Organization announced the acquisition of two Class A office buildings at 285 and 355 Riverside Ave. in Westport for $43 million.
285 Riverside Ave. PHOTO COURTESY OF THE FEIL ORGANIZATION
The properties, which comprise 94,647 square feet on 4.15 acres, consist of architecturally distinct office buildings located less than a minute’s drive from each other. The buildings are 96% leased to a roster of national and regional companies
including Raymond James, RBC and Sterling Investment Partners, and offer unique layouts. The Westport office market has less than 5% vacancy. The seller, 285 & 355 Riverside LLC, a partnership that includes Baywater Properties and an investment fund advised by True North Management Group, was represented by Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin and Stuart MacKenzie of CBRE. CBRE also procured Feil as the purchaser.
Hermès Signs HQ Lease at 550 Madison Ave. The Olayan Group announced that French luxury design house Hermès has signed a 71,757-square-foot office lease across the entire 23rd, 24th and 25th floors at the newly revitalized 550 Madison Ave. The prime Midtown location will serve as the brand’s U.S. headquarters. Under the ownership of Olayan Group, 550 Madison has been designated as New York’s youngest landmark and has undergone an intensive revitalization to reimagine the building as a world-class multitenant office space.
22 | MR
April 2022
The redevelopment has preserved the unmistakable Chippendale top and nearly doubled the public open space at the site, bringing green space and a new respite to the heart of Midtown. 550 Madison is the only building in New York targeting both LEED Platinum and Well Gold certifications. In November 2021, the Olayan Group announced the completion of one of the year’s biggest leases to global insurance firm Chubb at 550 Madison for 240,000 square feet across 10 floors.
550 Madison Ave. PHOTO COURTESY OF OLAYAN GROUP
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263 WEST 38 STREET TH
Between 7th & 8th
BEAUTIFUL NEW PRE-BUILT UNITS: APPROX 5K AVAILABLE IMMEDIATELY •
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Darell Handler, EVP 646.597.6171 dhandler@handler-re.com
Kyle Galin, Associate 646.998.6012 kgalin@handler-re.com
Alex Bush, Director 646.517.8782 abush@handler-re.com
Scott Galin, Principal/CEO sgalin@handler-re.com
212.398.1888 | Handler-re.com The information contained herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we make no guarantee, warranty or representation about it. The prospective tenant should carefully verify each item, and all other information herein.
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COMMERCIAL NEWS
Morning Brew Signs Takes Two Floors at Kaufman Organization’s 22 West 19th St. Kaufman Organization announced that Morning Brew, a media company known for sharing newsletters, podcasts, videos and events on business and marketing news, has signed a 37,650-square-foot lease at 22 West 19th St., also known as The Cluett Building. The company will occupy the entire third and fourth floors of the building. “22 West 19 continues to attract innovative and creative tenants due to its central location and recent building
renovations and technology advances,” said Michael Heaner, partner at Kaufman. “Morning Brew will have a beautifully designed space with upgraded kitchens, bathrooms and a stairway that will connect the two floors.” Sam Stein and Michael Heaner of Kaufman Organization represented the landlord, Kaufman Organization. Doug Regal and Jamie Katcher, formerly of Cushman & Wakefield, represented the tenant.
22 West 19th St. PHOTO COURTESY OF KAUFMAN ORGANIZATION
Rabina Closes $540M Construction Financing for 520 Fifth Ave. Rabina, a multi-generational, family-owned and -operated real estate investment and development firm based in New York, has closed a $540 million financing package for 520 Fifth Ave., the first post-pandemic — and tallest — building in Manhattan to combine luxury residences, boutique commercial office space, world-class recreational facilities and ground floor retail all under one roof. 520 Fifth Ave. (to the left) PHOTO COURTESY OF RABINA
The approximately 450,000-square-foot mixed-use tower, located at 43rd Street,
will be the second tallest building on Fifth Avenue, after the Empire State Building. JLL Capital Markets represented Rabina in arranging the package, consisting of a $410 million senior mortgage provided by Bank Ozk and $130 million mezzanine financing from Carlyle’s Global Credit business. The JLL Capital Markets team representing Rabina was led by Christopher Peck and Geoff Goldstein and included Evan Pariser, Marko Kazanjian, Alex Staikos and Madison Warwick.
Seritage Growth Properties to Review Strategic Alternatives Seritage Growth Properties, owner and developer of residential, retail and mixeduse properties that was spun off from Sears in 2015, said that its board of trustees is reviewing strategic alternatives. “The board and management believe that there is an ongoing disconnect between the company’s stock price and net asset value. The portfolio, which consists of 170 properties with distinct and diverse business plans and significant value creation opportunities, generally falls into the cat-
24 | MR
April 2022
egories of cash-flowing, multitenant retail and triple net pad sites, residential development land and large mixed use master planned developments,” Andrea Olshan, the company’s president and CEO, said. “The opportunities for these underlying assets are extremely strong, and we believe that embarking on this process represents the most efficient way to unlock the full potential of this portfolio. We are committed to exploring a variety of opportunities to pull forward this value and deliver it to Seritage shareholders in
the near term.” Seritage was founded to maximize the underlying value of a retail real estate portfolio acquired from Sears Holdings in July 2015. Seritage Board Chairman (and former Sears Holdings Chairman) Edward Lampert has retired from the board. The board has created a Special Committee of its board to oversee the process. The committee has retained Barclays as its financial advisor.
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At Anchin, we have a large team of real estate experts dedicated to helping our clients grow.
A well-designed and properly executed tax strategy can maximize investor returns and fund additional acquisitions. Our clients include those with growing portfolios as well as some of the largest developers in New York City. Marc Wieder, CPA, Partner Real Estate Group marc.wieder@anchin.com 1375 Broadway New York, NY 10018
212.840.3456
Robert Gilman, CPA, Partner Real Estate Group robert.gilman@anchin.com anchin.com @anchinrealest
RESIDENTIAL NEWS
Corcoran Global Living Welcomes Red Luxury to Its Las Vegas Operation Corcoran Global Living (CGL) has added Michael Zelina and his sales associates to the firm’s operation in Las Vegas. Zelina was the broker, owner and co-founder of Red Luxury Real Estate, Marketing & Productions, a hybrid company that included both a luxury boutique brokerage and a marketing agency. Co-founded four years ago by Zelina, luxury broker, and Leah Marie Monroe, chief marketing officer, Red Luxury provides “Hollywood Marketability” that had proven effective from their work with top agents in Beverly Hills and Los Angeles to Las Vegas. With this approach, clients could be part of the creative process and benefit
from collaborating alongside professionals who were both highly trained in digital marketing and had a successful career history in the real estate industry. With this new partnership, Zelina and his sales team will move the brokerage side of the operation to Corcoran Global Living, while Red Luxury Marketing & Production Studios will continue on as an independent, full-service media agency. “Corcoran Global Living’s philosophy and Red Luxury’s passion seamlessly aligned,” said Monroe. “Those that empower, rather than limit, understand that you receive far more than you give by simply allowing
Photo courtesy of Globe Newswire
talent to soar. The formula for success is to supercharge all intentions, genuinely and authentically. The leadership at CGL certainly embodies this big picture, forward-thinking culture.”
HomeJab Study Shows Impact of COVID-19 on Real Estate Agent Marketing Spending Trends Real estate agents in the West, Northeast and Midwest are spending more for real estate listing photography services coming out of the pandemic than before the start of the pandemic, said a new study of real estate photography data from HomeJab. However, agents in the Southwest and Southeast spent more or modestly less.
Joe Jesuele Photo courtesy of HomeJab
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April 2022
HomeJab, which provides real estate agents on-demand professional real estate photography, 3D virtual tours, aerial and other visual production services in every major US market and all 50 states, studied more than 43,000 real estate photography assignments from 2017 to 2021 in five regions: Midwest, Northeast, Southeast, Southwest and West.
Agents in the West spent 8.7% more since the start of the pandemic, with the Northeast seeing a 7.5% increase and the Midwest a 5.6% rise. (New York saw a whopping 27.9% spending rise.) Agents in the Southeast spent 2.8% more, while those in the Southwest spent 0.6% less. “Professional real estate listing photography orders by real estate agents clearly remained a vital marketing investment in many of the hottest markets during the COVID-19 outbreak,” said Joe Jesuele, founder and CEO of HomeJab. “Our research shows that during a time when homes were flying off the shelves, and multiple offers hit a new high, agents still understood the power of visual images for their real estate marketing.”
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Absolute Electrical Contracting of NY services commercial, industrial, residential and retail clients. Our construction division has the ability to do any task that is required of an electrical contractor.
Robert Romanoff, President
RESIDENTIAL NEWS
Platinum Properties Launches Platinum Ventures Platinum Properties, a full-service boutique brokerage firm has announced Platinum Ventures, a subsidiary that actively invests in proptech startups. Since 2015, Khashy Eyn, CEO and founder of Platinum Properties, has been an investor in groundbreaking companies including Assembly OSM, Latch, TheGuarantors, Sonder and Better Mortgage. Platinum Ventures has invested in innovative proptech startups like Corofy, Tongo, Peek and more. The staff at Platinum
Properties has become advisors and active partners to these startups, assisting the founders with critical real time feedback to further finetune the platforms. Most recently, the brokerage firm has invested in Tongo, a platform that gives real estate agents instant access to commission income, long before closing. Tongo works like a debit card on future income and allows commission-based employees to draw their income, privately, whenever they need it, and pay back the balance
when they are paid. Tongo has proven useful to agents at Platinum Properties and beyond by empowering them to invest in their business and pay themselves on their own schedule.
Existing-Home Sales Fade 7.2% in February Existing-home sales dipped in February, continuing a seesawing pattern of gains and declines over the last few months, according to the National Association of Realtors. Each of the four major U.S. regions saw sales fall on a month-overmonth basis in February. Sales activity year-over-year was also down overall, though the South experienced an increase while the remaining three regions reported drops in transactions.
Lawrence Yun (Photo courtesy of NAR)
Total existing-home sales (completed transactions that include single-fami-
ly homes, townhomes, condominiums and co-ops) sank 7.2% from January to a seasonally adjusted annual rate of 6.02 million in February. Year-over-year, sales decreased 2.4%. “Housing affordability continues to be a major challenge, as buyers are getting a double whammy: rising mortgage rates and sustained price increases,” said Lawrence Yun, NAR’s chief economist. Unsold inventory sits at a 1.7-month supply at the current sales pace, up from the record-low supply in January of 1.6 months.
Sales Launch at 262 55th St. in Sunset Park, Brooklyn Berkshire Hathaway HomeServices New York Properties announced that sales have launched at 262 55th St., Sunset Park’s newest boutique luxury condominium. The five-story, five-residence ground-up condominium comprises one one-bedroom/one-and-a-half bath residence; one two-bedroom/two-bath residence and three three-bedroom/twobath full-floor residences ranging in size from 700 square feet to 1,250 square feet, respectively. Pricing for the newly available residences
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range from $1.399 million to $2 million. Each home boasts private outdoor balconies or terraces ranging in size from 50 square feet to 600 square feet and secure, direct elevator access. Designed by Evan Chan Architect, 262 55th St. offers large, open floorplans, in-unit laundry, amenities including a resident’s lounge and a 1,000-square-foot shared roof deck with views of Brooklyn and New York Harbor looking towards Manhattan. The building’s brick façade features wood slat accents.
Photo courtesy of Berkshire Hathaway
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MANAGEMENT NEWS
AECOM to Provide Master Planning, Design Services for Air Force Academy Campus Infrastructure consulting firm AECOM has been awarded a sole-source indefinite delivery, indefinite quantity (IDIQ) contract to provide master planning, architecture, and engineering services to the United States Air Force Academy (USAFA). In this role, AECOM will deliver multi-disciplined planning and conceptual designs in support of USAFA’s efforts to approach the campus through a consistent and efficient manner, including new buildings and systems that integrate sustainable best practices as well as conservation of
natural resources. “For more than two decades, we’ve proudly partnered with USAFA to provide solutions to some of its most challenging architectural and engineering projects, touching every building on campus,” said Lara Poloni, AECOM president. AECOM’s portfolio of work at USAFA includes master planning, facility assessments, building renovations, environmental services and airfield designs, including
U.S. Air Force Academy
the Cadet Chapel, Sijan Hall, Kettle Creek Dam and the new Madera Cyber Innovation Center.
BrightView Acquires TDE Group landscaping company headquartered in suburban Detroit with operations in Windsor, Ontario, Canada. Terms of the transaction were not disclosed. TDE Group is the 34th firm to be purchased by BrightView under its growth strategy.
Commercial landscaping services company BrightView Holdings has acquired TDE Group, a snow removal and commercial
“BrightView continues to execute on our ‘strong-on-strong’ acquisition program in which we actively seek out exceptional businesses to expand our existing operations in attractive markets. Bringing
TDE under the BrightView umbrella allows us to grow in a profitable market and bring highly trained and motivated team members into the company,” said Andrew Masterman, BrightView president and CEO. In addition to snow removal, TDE Group provides landscaping maintenance services in the Detroit/Windsor metropolitan areas and beyond. Among TDE’s most prominent clients are auto manufacturers and the Detroit Metro Airport.
Constellation to Manage Hudson Valley iCampus Power Plant Hudson Valley iCampus has signed a long-term operations and maintenance (O&M) agreement with Constellation to assume operations of the property’s existing central utility infrastructure. Hudson Valley iCampus is powered by a 23-megawatt, state-of-the-art combined heat and power plant that delivers environmentally conscious and energy-efficient electricity, steam and chilled water to the tenants on the campus. The campus is owned by Industrial Realty Group LLC (IRG), a real estate development and investment firm with more than 100 million square feet of
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commercial property across the U.S. “One of the most unique features of our campus is the redundant, reliable, highly efficient Central Utility Plant,” said Jamie Schwartz, president of Hudson Valley iCampus. “With the ability to generate 23 megawatts of electricity, the plant can power up to 4,000 average-size homes. We needed a partner who understands the significant utility requirements of our campus and who could also ensure increased efficiency, sustainability and safety practices.”
Constellation and IRG are involved in the Hall of Fame Village and Resort development at the Pro Football Hall of Fame in Canton, Ohio. Constellation is the official energy provider for the Hall of Fame and Hall of Fame Village. “We look forward to collaborating with the Hudson Valley iCampus team to provide reliable energy to campus tenants while exploring opportunities to implement additional sustainable energy solutions,” said John Wardle, president of Constellation’s Energy Solutions group.
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MANAGEMENT NEWS
Cresa Teams Up with AK Preparedness to Provide Life Safety and Emergency Preparedness Training Commercial real estate company Cresa has formed a strategic partnership with AK Preparedness, a nationwide life safety and emergency preparedness training consultant to provide its occupier clients with training for life safety and emergency preparedness practices. For nearly 40 years, AK Preparedness has provided life safety training and developed all-hazard emergency response plans for private industry clients and government agencies. Its current programs
include both on-site and virtual training platforms. “By partnering with AK Preparedness, we are able to offer office space users, as well as building owners and property managers, critical training in re-occupancy and life safety,” said James A. Pirot, managing principal/project management at Cresa. “Moreover, through virtual training, the platform provides a broader and repetitive application for companies, allowing employees the flexibility for
James A. PIrot Photo courtesy of Cresa
remote working schedules which may not always align with a building’s compliance requirements for in-person training.”
ULI/REAP Virtual Academy Returns
REAP Mid-Atlantic Region local program directors Janisha Richardson (left) and Damian Bond (right) at a February 2022 REAP Washington, D.C. networking event hosted by the local development firm Dantes Partners. Photo by Maurice Shane
Following a year of online instruction, the ULI/REAP Virtual Academy in commercial real estate (CRE) returns this spring with enhanced educational content available nationwide. The ULI/REAP Virtual Academy is a landmark partnership between Project REAP (Real Estate Associate Program), the oldest and largest national effort to advance diversity, equity and inclusion and ULI (the Urban Land Institute). For the first time, REAP’s academy curriculum will include new modules to address
cutting-edge sectors of the CRE industry. The New York City boutique law of Duval & Stachenfeld will lead a discussion on C-PACE financing, an emerging financing tool for green building development and redevelopment, which is now authorized in over 37 states nationwide, including New Jersey. A new session on impact investing will discuss efforts to direct institutional investment capital to real estate development and redevelopment projects in Black, Latinx and underserved innercity neighborhoods.
View Smart Windows Installed at Uplands Corporate Center Smart building tech company View Inc. announced that its Smart Windows have been installed at Uplands II, a 124,081-square-foot office building in southwest Austin, Texas. Developed by Drawbridge Realty and located on a 48-acre site, Uplands II was designed for a post-COVID-19 office environment with tenant health and wellness and building sustainability top-of-mind. View Smart Windows are fitted throughout Uplands II, providing a healthier
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environment, increasing energy efficiency, maximizing natural light and enhancing views of the Texas Hill Country and Austin Central Business District. View Smart Windows use artificial intelligence to automatically adjust in response to the sun, optimizing natural light and views of the outdoors while minimizing heat and glare. Uplands II will also feature View Immersive Displays, which transform windows into transparent, digital, interactive surfaces for video conferencing, con-
Uplands II Photo courtesy of Globe Newswire
tent creation, entertainment and more. The Uplands II building is LEED and Reset Air Standard Certified and Well compliant.
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TECHTALK
LXP Industrial Taps Visitt for Property Operations System Visitt, a property operations system for office, multifamily and industrial real estate, signed a portfoliowide agreement with LXP Industrial Trust, a real estate investment trust focused on single-tenant industrial real estate investments, for implementation of Visitt’s property operations system. The Visitt platform will be used in office and industrial properties in 15 different markets throughout the U.S. Visitt brings together building operations and tenant experience with its all-in-one
set of collaboration, automation and predictive analytics tools and dashboards, to enable instant adoption by building teams, tenants and vendors. The Visitt system brings added value through a strong focus on operations, usability, collaboration and data insights for significant improvements in operational efficiencies, tenant satisfaction and NOI. Visitt offers: automation and scheduling of work orders, maintenance, inspections and more; team collaboration features
including chats, documentation, dashboards and reports; amenity, delivery and visitor management solutions for onsite teams and tenants; a mobile tenant app and management dashboards.
NYC Names Qira a Preferred Security Deposit Alternative Vendor Development (HPD) and The NYC Housing Development Corporation (HDC) awarded Qira as one of only three security deposit alternatives greenlit by the city. Qira, a financial services platform that serves as an intermediary between owners, property managers and renters, has been named a preferred vendor for security deposit alternatives by the City of New York. The New York Housing Preservation &
With a client roster ranging from boutique companies with five to 10 units to enterprise clients with thousands of units, Qira serves thousands of multifamily units including HUD and Section 8 properties. Qira reduces the financial friction between renter and landlord and leverages technology to increase efficiency at every
interaction of the rent lifecycle by reducing upfront funds needed for residents to sign a lease. Highlights of Qira’s program include: a cash-based, non-insurance contract security deposit alternative for landlords to the traditional one-month security deposit, underwriting and applicant screening methodology; a registered payment facilitator, in-house customer support center, property owner portal and a selection of standard and custom reports.
Newmark Launches Dynamic Office Portfolio Solution, Optality, Enabling Businesses to Optimize Space Newmark Group Inc. announced the launch of Optality, a portfolio optimization solution to enable enterprises to add flexibility to their office spaces in real time by providing the agility to quickly adjust workspace provisions, globally. Through Optality’s technology platform, corporate real estate leaders can advance real estate goals and manage associated costs to meet shifting market demands, such as those of hybrid office models. Optality — powered by SaaS technology
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platform Upflex — delivers an intuitive user experience, strong corporate controls and a robust data backbone on a single app that can be downloaded from both the Apple and Android stores. The app supports remote working through access to a range of safe and accredited desks, offices and meeting spaces comprising one of the largest collections of workspace offerings in the world, spanning over 70 countries and 1,600 cities across more than 600 brands. In addition to the platform’s booking capabilities,
Optality allows enterprises to leverage a central data platform to further inform their return-to-work occupancy strategy and track workspace utilization.
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VISION has become
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& Lounge Area
New Touchless Elevators to Maximize Service Transformation as it Unfolds Peter S. Duncan I 212.481.1137 I pduncan@gcomfort.com Matt Coudert I 212.542.2121 I mcoudert@gcomfort.com Andrew F. Conrad I 212.542.2101 I aconrad@gcomfort.com
TECHTALK
Harbor Homes Partners with Anewgo to Accept First “Buy Now” Offer on a Custom Designed Home Online For the first time, a custom designed home has been sold through an online “Buy Now” offer. Harbor Homes partnered with Anewgo to allow buyers to pick their lot, personalize a floor plan, select their finishes, sign paperwork and make a deposit on their own time, remotely. As high as 70% of all home buyers are open to buying new construction, but only a fraction of them do, largely because of how difficult it is to buy new homes, compared with used. New homes don’t exist,
and most buyers have difficulty visualizing the final product. There are a lot of choices when it comes to finishes, and it can be an overwhelming process, especially if buyers can’t imagine how their decisions will come together. “I’m trying to get ahead of the market with Harbor, both from a product standpoint and from a customer interface standpoint,” said President Scott Thistle. Harbor Homes rolled out the Buy Now
Scott Thistle
Photo courtesy of PRNewswire
feature and received its first offer just two days later, the first transaction.
Plans4Less.com Launches Enterprise Plan for Multi-Office GCs and Subcontractors format blueprints and plans, has introduced Plans4Less Enterprise for medium-size and larger general contractors with a number of locations in one state or in a multi-state format.
Plans4Less, a software platform for ordering and shipping hard copy, large-
“The new Enterprise product remedies the complexities and resource commitments that multi-office GC’s and subs face in ordering and delivering plans for the entire enterprise in a quick and easy manner,” said Brian Burke, founder and president. “Among the advantages: increased work-
flow efficiencies, quick bid turnaround, increased revenue potential, reduced rework, free UPS Ground Shipping on all blueprints orders and black-and-white and color plans both priced at the same low, fixed rate.” The introduction comes after the firm launched Plans4Less Prime subscription membership plan with free UPS Ground shipping and low fixed-rate pricing in December 2020. The firm’s software is used by a range of construction professionals.
Pacaso Launches Pacaso Access Exclusive Program for Serious Second Home Buyers Pacaso, the technology-enabled real estate marketplace that helps people buy and co-own a luxury second home, launched Pacaso Access, a program that allows buyers an exclusive first look at new listings 24 hours before the general public through the Pacaso mobile app. Additionally, the program enables buyers to view recently sold homes and receive resale alerts for previously sold-out homes. Pacaso resales often sell before they are posted; Pacaso Access gives buyers the opportunity to act fast on limited homes.
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A one-time access fee of $1,000 unlocks all of the exclusive Pacaso Access benefits. Once a participant purchases a Pacaso, they will receive a closing cost credit based on the amount of ownership purchased: $2,500 closing credit for a oneeighth ownership, $5,000 closing credit for one-quarter ownership or $10,000 closing credit for one-half ownership. “With the addition of Pacaso Access, we have elevated the buying experience on our tech-enabled marketplace, while making
it easier than ever to find a second home co-ownership opportunity,” said Austin Allison, Pacaso co-founder and CEO.
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New York’s Property Management Leader Making a Difference.
Every Day.
“FirstService Residential has been our managing agent for decades. Whether finance, day-to-day problems or getting through a big capital project, the team shows up with great ideas and solutions. Our property manager’s leadership, coupled with the rest of our FirstService Residential team, makes our staff and our board function better. The email I just received from FirstService Energy double assured me that being under the big FirstService Residential umbrella is the only way to go. I sent it out to everyone on the board telling them the same.” >> Stephanie G., Board President 200+ unit cooperative Upper East Side www.fsresidential.com/new-york
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THE EVENTS BREAKING NEWS
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Top Commercial Real Estate Veterans Launch 3VG With Bay Area Acquisition
Commercial estate26th industry veterans The Jewish real Museum Annual Most Amazing & Design Tour Jerry Hunt,New MarkYork Pleis, Art Howard Overton and
second, value-add BayGolf AreaOuting acquisition is Corenet Women’s Partners with Bees Water expected to Trees close in another 45 to 60 days.
Kameron Klotz have launched 300 Venture Group (3VG), a privately held real estate investment, development and advisory company that will focus on transforming assets and generating robust opportunities and returns for investors, partners and clients.
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“3VG was formed to use our combined decades of experience and exceptionally complementary skill sets to give properties new life and purpose for the 2020s and beyond,” Hunt said.
REBNY Hosts Annual Golf & Tennis Outing The four principals, together with their capital partner, have already closed their first transaction, acquiring an underutilized property in Downtown Napa, California. A
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UJA-Federation of New York’s Hospitality Division Honors Ian Schrager
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Photo courtesy of 3VG
CHIP’s 21st Annual Golf & Tennis Outing
Prior to 3VG, Hunt founded Quattro Realty Group and co-founded Blake Hunt Ventures (BHV) Trust. Pleis is a founding principal of the first Northern California office of Lee &
Associates. Overton’s 20-plusHappening years in retail 15th Annual Hamptons Supports SWCRF real estate include public REIT experience. Klotz has more than 10 years of experience in planning, operations and management.
Breitling to Open at 875 Washington Street
COLLEGES
ground floor at 875 Washington St. in New York City’s Meatpacking District.
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The new store includes 1,738 square feet of ground floor space and 2,069 square feet of lower-level space.
DEPARTMENTS
exclusive luxury watches. We are thrilled to bring them to this extraordinary Manhattan neighborhood,” said Brandon L. Singer, CEO of Retail by Mona. “We are confident this location will strongly perform and complement 875 Washington’s high quality retail mix.”
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Landlords RFR Realty and Raycliff CapiAsking rent was $550 per square feet; tal were represented by a Retail by Mona a Voice: Student Aidsavailable Design of three inline retail unitsInput are still team led by CEO Brandon L. Singer along Having Photo courtesy of Retail by Mona Pratt Residence for lease at 875 Washington St.. with Michael Cody and Sara Armet. Breitling was represented by Jonathan Leasing and advisory firm Retail by Mona The space Breitling will fill was previously Moss of M&M Retail Luxury Consulting Inc. announced that the Swiss luxury watch leased by Afterpay as part of a New York maker Breitling has signed a long-term, One Mann’s Opinion Editor’s Letter Fashion Week pop-up experience. “Breitling is an iconic global brand making 3,807-square-foot retail lease for the
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Green Street Launches Web Platform to Deliver Interconnected Commercial Real Estate Intelligence
Commercial real estate intelligence Techanalytics Talk provider Green Street has and released what it calls a “groundbreaking web platform that empowers better and faster decision-making among commercial real estate professionals.” The platform delivers a more modern, intuitive navigation experience linking all of Green Street’s product verticals across both public and private real estate markets, and across the U.S. and Europe. Updated in real time, the fully integrated web platform includes a host of expanded
Bruce Schanzer
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insights and tools designed to give users a Thecompetitive Articles edge in the marketplace. Executive
Changes
Key enhancements to the platform include: a new global dashboard, single-click navigation, extensive content linkages and new Learning Center; a U.S. sales comps tool that includes expanded Photo courtesy of PRNewswire data coverage and enhanced propernow include granular submarket and ty reports Corner: fully integrated with market By Thethat Commercial Numbers: zip code level data on four core property analytics linked directly to Green Street’s Bruce Schanzer, president and More than Warehouses sectors and market-level cap rates and Automated Valuation Model (AVM); cap CEO of Cedar Realty Trust forecasts for an additional 334 markets. rates on the top 50 markets (metro areas)
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BREAKING NEWS
Lettey App Leverages Social Networks to Help NYC Renters Lettey — a new, mobile-based residential leasing marketplace for renters, brokers and landlords that for the first time, leverages the power of social media and peer-to-peer feedback to help users find an apartment to rent or to sublet — announced that its app is now available to download for iOS and Android. Lettey simplifies the rental process by applying social proof to the decision-
making process, empowering users to make better decisions based on direct feedback from their friends and family while optimizing their search. After connecting their Facebook and/or contacts to the platform, users can see which neighborhoods their connections live in via an intuitive, filterable map; search thousands of listings across New York City; review their peers’ ratings and then pick an apartment based on their preferences.
Photo courtesy of PRNewswire
Real New York Names Vaccaro COO Real New York, a full-service residential and commercial brokerage, has promoted Jillian Vaccaro to chief operating officer. In this role, she will lead overall growth and development initiatives, with a focus on creative marketing strategies.
Jillian Vaccaro Photo courtesy of Real New York
“Since joining our leadership team in March 2021, Jillian has proven to be a vital asset to our company,” said Robert Rahmanian, a co-founder of the firm with Louis Adler. “As COO, she will spearhead the expansion of our advanced marketing
endeavors, which will inherently advance the value we provide to clients.” Previously Head of People Opereations, Vaccaro is a licensed real estate agent with a decade of experience managing sales and leasing teams throughout Manhattan and Brooklyn. Previously, she was director of sales and leasing for Zumper. She also managed sales and team experience for a boutique brokerage firm. Vaccaro also specializes in tech consulting and software development.
Madison International Realty Appoints Torpey as Head of U.S. Investments Madison International Realty, a real estate private equity firm, has announced the appointment of Kyle Torpey as head of U.S. investments. Torpey joined Madison in 2017 and was named managing director in 2021. He will continue to be based in Madison’s headquarters in New York City. Madison International Realty specializes in providing liquidity solutions to existing real estate investors, as well as acquiring partial ownership stakes and joint venture interests in existing properties and portfolios in major
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markets in the U.S., U.K. and Western Europe across all sectors. “Kyle has been with Madison for four years and has been instrumental in expanding our U.S. platform during his tenure, as well as reinforcing our relationships with top sponsors. He has navigated markets over a difficult 24-month period to help us source and invest in what we believe are best-in-class opportunities across multiple sectors,” said Ronald Dickerman, Madison International Realty’s founder and president.
Kyle Torpey Photo via Madison International Realty
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COVER FEATURE
Across the Metaverse By Debra Hazel
E
rin McDannald, CEO and co-owner of Lighting Environments and its sister company, Environments, has positioned herself as a leader
and a trailblazer accelerating the growth and success of the firm and its staff. With nearly 20 years of experience in sales and guiding clients throughout the lighting design and construction process, McDannald is leading Environments to meet the rapidly changing connected device market head-on. Her passion is creating a more inclusive world for those who are excluded from normal activities or spaces
Erin Mc Dannald
due to a chronic illness, disability, sick family or other challenges. She uses technology to break down barriers and help
many companies looking to toe the line be-
from home, or work in the metaverse, work-
connect all people.
tween giving their employees greater flexibil-
ing remotely but still maintaining the physical
ity with work-from-home policies and hosting
sense of an office. The metaverse creates an
B e l o w, M c D a n n a l d d i s c u s s e s t h e
much needed collaboration in-person, the
inclusive environment where employees of
latest frontier in real estate: virtual
metaverse is a great solution. Integrating
all needs and work styles can equally interact
space, or the metaverse, and its role in
the metaverse into a company streamlines
at the workplace, wherever that may be.
creating connections.
employees’ ability to stay connected to one
Let’s start at the beginning. Why should anyone in real estate care about the metaverse?
another without having to step foot inside the
The metaverse will effectively unite in-office
building unless they want to. Now, workers
and remote workers, especially when the ex-
may choose to work from the office, work
perience is heightened by internet of things
Those involved in the real estate industry should care about the metaverse because it is quickly becoming an essential aspect of the unification of people and their ability to communicate together. Take offices, for example. There’s no question that hybrid work is here to stay, and with
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April 2022
The real world provides a template.
The physical sense of the office is maintained.
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COVER FEATURE
(IoT) technology. The metaverse gives users
Our system is integrated with Microsoft
access to a digital replica of the physical
Teams, so every time people are “available,”
environment, while IoT technology allows
their avatars have green lights above their
them to remotely interact with the physical
heads. This makes it easy to know when you
environment. For example, a manager in the
can stop by their virtual office to chat. We
metaverse could potentially walk up to a dig-
currently have a team of five who are working
ital thermostat and change the temperature,
heavily in the metaverse — with and without
which would then reflect on the real ther-
VR headsets — and are onboarding more
mostat in the physical office. They can also
staff members a#er additional beta testing.
use this technology to monitor air quality, maps, get live camera feeds and more. Using
What real estate sectors lend themselves to this?
technology like this reconnects the entire
At Environments, our initial idea was to lend
staff, rather than allowing remote work to
this technology to the benefit of remote
access real-time occupancy data from heat
distance employees and affect their abilities to collaborate.
The new commute?
and hybrid office workers, including our own business. However, as we explored the possibilities of what we have created, we
What advantage does an expert in creating physical projects offer to the metaverse?
Development into the metaverse also creates
have found great interest in other industries
a rich opportunity for companies to connect
including education and retail.
As the metaverse becomes a more promi-
experiences. Through customized experi-
One major topic within facilities conver-
nent space for work, play and learning to take
ences and interactions with and for their staff,
sations is the digital twin. The digital twin
place, one will need to fill that digital space
customers and visitors, metaverse environ-
works, but we’ve found both the interest and
with familiar, interesting structures to interact
ments fortify brand identity and connection.
the ability to expand upon what we see as a
to and expand their own brands and brand
with. This will be a key factor in making the
foundation. If you have or are pursuing a dig-
Talk us through this process, step by step.
ital twin of your space, why not personalize
individuals to transition into for their daily activities and responsibilities.
The Environments team is filled with archi-
tures and more to make it truly work for you
tecture, engineering and construction (AEC)
and your business? There is so much that
When designing the digital replica of our
professionals who have years of experience
can be done for an endless array of use cas-
office at Environments, it was beneficial to
cra#ing physical projects. When we created
es. Within our own company, our first goal
have an existing architectural design to copy,
our own metaverse, we had our data archi-
was to connect all our digital systems under
giving our staff a familiar location to conduct
tects and AEC professionals on staff upload
one cohesive and accessible platform. From
their work from home.
a replica of the Environments office to a gam-
that, came the metaverse.
metaverse digestible and comfortable for
this environment with avatars, special fea-
ing platform. From there, we created avatars Architects and designers are experts at
that can be customized to closely resemble
For education, many educators see the
understanding how users interact with the
our staff members.
metaverse as a way to bridge the gap be-
environment around them, but that does not have to be limited to physical spaces. The metaverse gives them a unique op-
tween learning remotely while retaining the Remote staff can affect the phsical environment.
necessary social interaction found in traditional physical learning spaces. As parents
portunity to apply their years of knowledge
and students experienced during the pan-
in traditional architecture and design
demic, not all students can sufficiently learn
to something more open to creativity
over Zoom. Students need interaction and
and imagination.
collaboration just as much as adults do in the
mannpublications.com
April 2022
47 | MR
COVER FEATURE
spaces much more easily, modernizing spac-
works such as “The Magic School Bus” for in-
How are these designed differently from "real" projects?
spiration in applying the metaverse to educa-
Without concerns of material limitations,
societal standards.
tion. The metaverse can “transport” students
gravity and space, designers are able to
right into a digital recreation of the lessons
let their creativity run wild, and spaces can
Is this a fad?
they are learning, from si!ing in on the sign-
be made in the most optimal way for their
With Fortune 500 companies and Silicon
ing of the Declaration of Independence to
users, rather than the most practical way for
Valley giants alike exploring their abilities to
shrinking down to the size of a molecule!
the builders.
apply the metaverse to their operations, the
In addition, duplicating retail stores via the
As the metaverse continues to be adopted
topic as of late. That being said, it will con-
metaverse and creating a “store” to explore in
by the general public, it is bound to continue
tinue to grow in prominence and evolve as
the digital world allows for an in-person ex-
evolving. As of now, designs in the metaverse
culture and needs shi#.
perience with the convenience of shopping
often emulate physical architecture and
at home.
spaces to make for a more comfortable tran-
The pandemic may have forced us to quickly
sition for individuals entering the metaverse
adopt remote and hybrid working environ-
For distributors and warehouse settings,
for the first time. While the current goal of the
ments, but tech companies were always
monitoring and understanding the function
metaverse is to replicate existing concepts,
heading in this direction; the metaverse is a
of their equipment and building is of the ut-
such as a physical office, that won’t be the
natural evolution of the digital age. Today, we
most importance. In large spaces containing
case in the future. Once people get used to
need computers, smartphones and count-
so many systems and moving parts, espe-
using the metaverse, it won’t need to look
less other forms of technology to operate our
cially that which may be costly to repair and
like a familiar office, but rather, can act as
daily lives. The metaverse seeks to improve
replace, IoT-enabled tracking technology is
a free-standing extension of the existing
our digital experiences by giving users a
essential. Staff can easily track the location
physical office.
quasi-three-dimensional space to exist in,
workplace. I also like to look toward fictional
es to new trends, company branding and
metaverse has certainly become a trending
rather than a two-dimensional window into
of machinery, like forklifts and carts, mon-
the digital world.
refrigerator and so much more. These rich
Do these go on the blockchain? Can they be "renovated" in time?
insights can help to both anticipate and mit-
We are not building on the blockchain at this
It is important that we stress the continued
igate repair needs, saving the facility money
time, but rather, housing on servers. One of
value of physical real estate. We still firmly
and time.
the most incredible benefits of the metaverse
believe in the value of our physical spaces.
is its flexibility, aptitude for growth and, yes,
These are meaningful environments where
Within the hospitality industry, the metaverse
ability to be renovated and updated. The
we meet, host, interact and grow alongside
presents incredible opportunities to sharpen
freedom and continual development poten-
our companies. Having a physical presence
brand experience and attract more visitors.
tial is immense.
in our communities ma!ers. We are not grow-
itor the temperature and humidity within a
ing out of our physical real estate, but rather,
When visiting restaurants, hotels and venues
expanding into hybrid and digital worlds
is built by many factors that the metaverse
In the metaverse, you're not dealing with bad soil, zoning or NIMBYism. Is this freeing?
can enhance and help extend into the digital
The metaverse gives architects and design-
is possible.
world. From an elevated walkthrough that
ers the unique opportunity to let their creativ-
makes a space accessible for guests across
ity run wild without the limitations of space,
A place where physical and digital worlds
the globe, to immersive interactions that
materials and even gravity! Moreover, spaces
meet, the metaverse represents incredible
make visitors feel personally welcomed, the
are no longer (literally) set in stone, as the
accessibility and opportunity for both people
metaverse can help hospitality brands reach
metaverse gives architects and designers
and brands. We are immensely excited to be
even more clientele.
the capability to go back and update their
at the forefront of such change.
of any sort, guests are looking for a positive and memorable experience. This experience
48 | MR
April 2022
where, in such a fast-paced world, even more development and interpersonal connection
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FEATURES
Understanding the Corporate Climate Migration Michael Beckerman, CEO, CREtech and CREtech Climate
By Michael Beckerman
T
wo years ago, the COVID-19 pan-
spend a!ernoons hiking with his dad would
demic forced the world to take
not be proud of the environmental efforts I
a step back and reevaluate the
have made in my professional life today. This
ways in which we live our everyday
lack of connection between my personal and
lives. Gone are the days of letting out the
professional life could be a#ributed to many
occasional cough without feeling the need
things, but the fact of the matter is that the
to reassure bystanders or considering hand
time to rectify this is long overdue.
sanitizer an essential item. In place of working in enclosed offices and dedicating little
We need to act now.
thought to the air we breathed, many individ-
The consequences of inaction are reflected
uals — myself included — found themselves
all around us in today’s CRE industry. It is
spending more time in their backyards and
responsible for 40% of the world’s energy
parks, enjoying nature and generally redis-
consumption and one-third of all carbon
covering the majesty of the great outdoors.
emissions. Worse yet is that factors such as
The price to pay for this rekindling of interest
water abstraction, greenhouse gases and
was undoubtedly far too high, but this only
air pollutants — which can be mitigated far
emphasizes that we cannot allow these ex-
more effectively than they currently are —
periences and lessons learned to fall by the
of its built environment. My own personal
still represent nearly 90% of our industry’s
wayside once the pandemic is behind us.
circumstances are no different; though I have
environmental impact. The current pace of
long considered myself a “tree hugger,” ca-
retrofi#ing of roughly 2% is far too slow, and
This notion is particularly true for the com-
pable of spending hours staring at the night
decarbonizing the built environment carries
mercial real estate (CRE) industry, which for
sky and listening to the unfiltered sounds of
with it a price tag of $5.2 trillion over the next
too long has reflected a disconnect between
nocturnal life, it has become clear to me that
decade, per Vivid Economics. Additionally,
the passions of its leaders and the output
the young Michael Beckerman who would
to adhere to the Paris Agreement, the built
52 | MR
April 2022
mannpublications.com
MANAGEMENT
environment as a whole must aim to reduce
booster. Offices have reopened — if only
couraging, the fact remains that CRE leaders
emissions by 50% by 2030, a benchmark
in a hybrid sense, with roughly 74% of the
must follow their examples en masse if they
that itself exceeds New York’s ambitious goal
workforce planning to permanently continue
are not to ultimately be in vain.
of 40% by 2030 and 85% by 2050. While
working remotely — and traffic jams have
much discourse has been had surrounding
returned to being a daily occurrence in major
Real change. Real progress. A real impact.
how best to return to our offices or iden-
metropolitan areas. Air travel is once again
I am proud to add my name to that list of
tifying ways to work remotely, we have all
becoming routine, and it will not be long until
leaders. I intend to continue to reinvigorate
allowed this to take priority over embracing
we run the risk of forgetting the dire straits
CREtech’s continued focus on sustainability
sustainable initiatives. It is no longer enough
we found ourselves in as recently as 2021.
and ESG in a way that persists long after
to ensure that our buildings and offices are
In other words, the pieces are in play for the
our emissions have diminished. This means
safe for human beings; we absolutely must
population to either slow down our progress,
assisting and mentoring any professional
lend equal focus to creating buildings that
or worse, reverse it.
or company who has expressed an interest in building a cleaner and more sustainable
are safe for the environment as well. The good news is that this is not inevitable.
environment. Through working with our
This is not to say that nothing has been done.
In fact, I would say that the desire to improve
CREtech advisors to develop new ways
Immediately prior to the pandemic, the U.S.
the CRE landscape is there. Buildings across
of encouraging investment and adoption
Green Building Council celebrated that it had
the country are continuing to incorporate
of sustainability startups and related tech
surpassed 100,000 registered and certified
newer technologies — with 80% of real
companies, our organization will incentivize
LEED commercial projects. Moreover, at that
estate owners and operators citing them as
our team members and the world at large in
time, over 2.6 million square feet were being
having greatly benefited their operations
speaking up and participating in both public
certified every day. These green buildings
— and 72% of companies are anticipating
and private forums dedicated to promoting
release almost 40% less carbon dioxide and
reducing the size of their office spaces to
these themes. Finally, nonprofits and other
use 40% less water as well. Combined with
better fit hybrid models and reduce emis-
associations will also receive CREtech’s sup-
our forced exodus from these buildings in
sions. LEED-certified buildings have become
port whenever possible.
2020, the U.S. led the world with a 13% de-
a badge of honor, with leaders of companies
crease in emissions that year, which was also
speaking up in greater numbers on the im-
Over the past two years, the world has expe-
a result of significantly less motor vehicle and
portance of addressing these challenges.
rienced what my wife refers to as “The Great
airplane travel. However, as encouraging as
The multifamily sector is pitching in as well,
Reset.” The global population was spending
this appears at face value, we cannot delude
with LEED-certified homes having recently
more time outside of vehicles and offices
ourselves into thinking that these 2020 fig-
reached an all-time high of over 500,000 —
and more time in parks or enjoying nature.
ures were achieved entirely by choice.
over 80% of which are in the U.S.
However, there is arguably no point in taking
Our industry can, should and will lead
Laurence Fink, founder and CEO of Black-
ward. The Great Reset should not cease to be
the way.
Rock, has stated that future investment de-
of importance once COVID-19 and its impact
In order to maintain and improve the trajec-
cisions will prioritize sustainability. Microso!
have faded into memory. We members of the
tory on which we now find ourselves today,
has not only pledged to eliminate its carbon
CRE industry have all proven to ourselves —
the CRE industry is at the critical juncture at
emissions but to effectively eliminate all
and each other — during this time that we
which we must make conscious decisions.
emissions it has ever produced by 2050. Ste-
are quite capable of making ESG and envi-
Despite the presence of the omicron variant,
phen Ross, founder of Related Companies,
ronmentally conscious changes when we are
it cannot be denied that the outlook is bright-
stated in 2020 that he considers his effect on
required to do so. Join me in this pledge to
er than it was even one year ago. Today, over
the environment to be his “biggest issue in
apply these lessons to our professional lives
63% of Americans are fully vaccinated, with
life” right now, emphasizing the importance
as well as we embrace the beginnings of 2022
36% percent of them having received the
of achieving a carbonless world. While en-
and gradually return to building a be#er world.
a step back if not to reevaluate the path for-
mannpublications.com
April 2022
53 | MR
FEATURES
Sustainability Ratings from Across the Pond
T
Photo courtesy of MetLife Investment Management
here’s more to sustainability than
BREEAM’s INC certification is awarded to
operations at BRE. “MetLife Investment Man-
LEED: BREEAM, the globally rec-
new developments, confirming the as-built
agement recognizes the benefit of BREEAM’s
o g n i ze d l e a d i n g s u s t a i n a b i l i t y
performance of a building a"er construction
holistic sustainability assessment approach,
assessment method developed by
is complete — the post-construction stage.
just as we at BREEAM are thrilled to be work-
BRE Global (BRE) and launched in Europe
BREEAM also offers an interim rating at the
ing with such a powerful industry voice to
in 1990, announced Mountain Technology
end of the design stage for an asset, which
further promote a commitment to ESG goals
Center — MetLife Investment Manage-
assesses the expected and intended perfor-
and performance transparency across multi-
ment’s 513,000-square-foot development
mance based on the completed design.
ple sectors. We look forward to continuing to work with MetLife Investment Management,
featuring five state-of-the-art manufacturing warehouses in Tracy, California — is the first
“As the commercial real estate industry contin-
creating a positive influence in the market that
development in the U.S. to earn BREEAM
ues to pursue more quantitative efforts toward
serves as a model for emulation, and we ex-
International New Construction (INC) certi-
achieving meaningful ESG [environmental,
pect to see more INC certifications nationally
fication. This certification, several years in
social and governance] goals, investors
in the near future.”
the making, kicked off in June 2018 when
and owners are looking for a science-based
MetLife Investment Management chose
solution with an established international rep-
Pursuit of this certification began late in the
BREEAM specifically for its holistic approach
utation to deliver better buildings and trans-
design stage, providing an opportunity for
to sustainability assessment and its global
parently communicate performance to stake-
MetLife Investment Management to under-
reputation for credibility and rigor.
holders,” said Breana Wheeler, U.S. director of
stand and evaluate how sustainability can be
54 | MR
April 2022
mannpublications.com
MANAGEMENT
Sustainability was planned in the design stage.
incorporated into the standard design pro-
tainable and ESG-friendly buildings, there is
controllers that facilitate water savings at an
cess. It also emphasized the importance of
immense value in benchmarking the sustain-
estimated 74% below the amounts allowed
considering sustainability explicitly from the
able progress of an asset throughout each
under California ordinances.
beginning of the design and development
stage of development,” said Jim Landau,
process to deliver an asset that meets in-
head of ESG at MetLife Investment Manage-
The assessment was conducted by Socotec
creasingly elevated ESG goals in commercial
ment. “Undertaking this project has allowed
and led by John Amatruda, principal and li-
real estate. In the industrial sector, significant
us to collect quality data and has provided us
censed BREEAM assessor.
challenges are associated with developing
with an opportunity to measure sustainable
facilities to meet high sustainability perfor-
performance progress against ESG goals
“One feature of this asset that supported
mance goals when there doesn’t appear to
and commitments — a critical component of
a high rating was the strong resiliency and
be a specific, measurable premium achieved
delivering meaningful improvements.”
protection against damage — a performance measure that is fairly unique to the BREEAM
by doing so. Some components of Mountain Technology
assessment method, but significantly im-
MetLife Investment Management’s eager-
Center’s commendable rating include receiv-
portant as it pertains to a building’s sustain-
ness to assess the performance of its de-
ing full credit for efficient external lighting,
ability,” Amatruda said. “When quantifying
velopment against such a rigorous global
including fixtures using photosensors and
Mountain Technology Center’s resiliency
standard demonstrates its willingness to
motion detectors to reduce power and light
performance, factors that came into con-
hold itself accountable, and it highlights the
pollution and providing benefits which en-
sideration included the durable envelope
organization’s commitment to developing
courage the building’s users to travel via low
materials, protection of loading docks and
assets poised to deliver long-term value to
carbon options. Ten percent of parking is
external entryways and ample separation of
stakeholders, the company said.
allocated to carpooling spaces or “Clean Air”
the parking from the building envelope.”
vehicle spaces. Mountain Technology Center “As real estate professionals are increasingly
also scores well in reducing water usage,
BREEAM has awarded over 600,000 certifi-
tasked with the development of more sus-
utilizing a drip irrigation system and smart
cates in 93 countries since it was launched.
mannpublications.com
April 2022
55 | MR
FEATURES
Holding Back the Waters
A
s the tidal strait that separates Manhattan and the Bronx, the Harlem River also flows between the Hudson and East Rivers. One place it shouldn’t flow, however, is a nearby subway station.
That’s why Urbahn Architects and contractor Zafra Minhas Construction (ZFM) have completed flood mitigation and storm resiliency upgrades at the IND B and D lines subway station at 155th Street and Frederick Douglass Boulevard in Upper Manha!an for the Metropolitan Transit Authority Construction and Development (MTA C&D). In the aftermath of Superstorm Sandy, the MTA Capital Plan included this station as one of a group of seven stations and one fan plant throughout the New York City subway system that required mitigation measures to prepare for future superstorms to prevent the loss of life, reduce operational disruption and minimize repair costs. Ultimately, this $32 million federally funded project addressed flood mitigation
Urbahn Architects and contractor Zafra Minhas Construction have completed $1.8 million flood mitigation and storm resiliency upgrades at the IND B and D lines subway station at 155th Street and Frederick Douglass Boulevard in Upper Manha!an for MTA Construction and Development. Photo by Ola Wilk Photography
and resiliency for a range of stations, tunnel portals, fan plants and other critical assets necessary for continuing operations of the MTA.
construction,” said Natale Barranco, AIA, LEED AP, Urbahn Architect’s principal-in-charge. “Urbahn worked closely with MTA C&D and with
The 155th Street station is located just 300 feet from the Harlem River,
the contractor, Zafra Minhas Construction, to ensure that the work was
in an area that was completely flooded during Sandy and is vulnerable
adequately phased and remained on schedule.”
to storm surge events. Water intrusion during past weather events has le" this station temporarily inoperable, which necessitated upgrades.
Design Elements
This project included hardening the perimeter around the entry stairs
The entrance to the 155th Street underground station is a sole quadru-
with a resilient railing and flood stop log system to prevent future water
ple-wide staircase leading down from the street level to a full-length mez-
infiltration into the station, as well as the provision of watertight doors
zanine that spans the platform and tracks below it. A traditional K-railing,
in lower-level utility rooms.
the open cast iron fencing that is used throughout the NYC transit system, originally surrounded the entrance on three sides. Neither the fencing nor
“This $1.8 million project was particularly challenging as the station
the open stair offered any protection against flood waters. The neighbor-
has only one point of access that had to remain fully operational during
hood is within a FEMA flood zone and has a 100-year flood level of five
56 | MR
April 2022
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MANAGEMENT
To prevent flood waters from cascading into the subway entrance, Urbahn designed a hybrid system combining a permanent retention wall and a movable flood barrier that can withstand the static and impact loads of up to 65 inches of water. Photo by Ola Wilk Photography
To prevent damage or vandalism of the glass panels, Urbahn designed a stainless-steel rib veneer, anchored to the concrete base and to the rail top cap, that is easily detachable to allow for the maintenance of the glass panels. Photo by Ola Wilk Photography
feet above grade. To prevent flood waters from cascading into the subway
manent hinged or sliding flood gate. The design team researched and
entrance, Urbahn designed a retention wall system that can withstand the
identified materials and systems that would meet the design goals and
static and impact loads of up to 65 inches of water.
developed two integrated design solutions to address the challenge of protecting the unusually wide stair entrance from storm water. The
The design had challenges. The walls needed to be more than five
selected solutions included a stackable log system.
feet high to retain the potential storm surge but could not be opaque due to safety concerns that required the maintenance of sight lines
A high strength structural glass flood wall, anchored to the original
from the street level into the entry stair. Second, the entrance side of
concrete coping that surrounds the sides and rear perimeter of the
the stair was too wide, at more than 28 feet, to accommodate a per-
entry replaced the K-rail and its concrete curb.
The project team mounted new linear LED Lumenlinear Asymmetric light strips, manufactured by Wagner Architectural Systems, under the handrails, as well as below the edge of the stainless steel flood wall cap, to provide enhanced pedestrian safety. Photo by Ola Wilk Photography
The flood logs assembly and one of the permanent pillars at the entrance to the station, before granite facing was installed on top of the concrete structure. Photo courtesy of Zafra Minhas Construction
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April 2022
57 | MR
FEATURES
“To prevent damage or vandalism of the glass panels, Urbahn designed a stainless-steel rib veneer, anchored to the concrete base and to the rail top cap, that is easily detachable to allow for the maintenance of the glass panels,” explained Ranabir Sengupta, LEED AP, Urbahn. The ribs, spaced at four inches, that are contoured to visually create a series of sinuous curves that are reminiscent of the headwaters that they are designed to contain. The new wall design creates a virtually clear glass barrier with direct line of sight from within the staircase and mimics the open feeling of the original K-railing. To address water resiliency across the stair entry platform, Urbahn designed a removable flood wall. The renovation included additional upgrades and new design elements. The three existing handrails that divide the stair into four aisles, as well as the wall-mounted railings on each side of the stair, were replaced with new schedule 40 stainless steel pipe rails. LED light strips have been mounted under the handrails, as well as below the edge of the stainless steel flood wall cap, to provide enhanced pedestrian safety. The project also included the replacement of four single doors and one double door at the mezzanine electrical distribution room and other communications and utility rooms with new watertight flood protection doors. This work will secure essential communications and electrical equipment in the event of future water infiltration. Construction Challenges The stair is the only entrance to the 155th Street station and had to re-
Zafra Minhas Construction crews pressure tested the stackable logs assembly during construction to confirm that it will be able to resist water infiltration from a potential five-foot storm surge. Photo courtesy of Zafra Minhas Construction
main accessible to pedestrians throughout construction. right aisles were restricted to pedestrians as work in each of those “ZFM relied on its extensive MTA project experience to design and
sections was performed. Finally, the center two aisles were restricted
implement a detailed maintenance and protection of traffic (MPT) plan
as the final segments of the project were completed.
to ensure that pedestrians could safely use the stairs while work progressed,” said Ennis Ozgul, project manager at ZFM.
Construction, which was performed over an eight-month period, took place a#er the start of the COVID-19 epidemic. ZFM followed relevant
ZFM constructed eight-foot-high barriers around the sides and rear of
New York City and State coronavirus protocols to ensure worker and
the stair opening to enclose the grade level work area surrounding the
pedestrian safety. Work was performed at night when pedestrian traf-
railing. Protecting the stair side of the railing was more challenging.
fic was at a minimum to reduce the impact on subway riders.
Because the stair has four lanes separated by handrails, ZFM used this division to create protection zones in a phased approach. First, a
Arup served as project manager and provided structural and MEP
three-foot-deep work platform was constructed over the portion of the
engineering services. The contract manager was URS/AECOM. In ad-
two center aisles closest to the rear wall to enable workers to access
dition to Barranco, Urbahn’s team included Ranabir Sengupta, design
the center rear railing section while still permi"ing pedestrian access
principal; Nandini Sengupta, project manager and Jonathan Ruiz, as-
to all four stair lanes. In the second phase, initially the le# and then the
sociate designer. ZFM’s project manager was Ennis Ozgul.
58 | MR
April 2022
mannpublications.com
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FEATURES
Looking Beyond Green Building Certifications Jonce Walker LEED AP, certified sustainable building advisor, Fitwel ambassador and global director of sustainability and wellness at HLW
By Jonce Walker
S
ince the founding of the U.S. Green
tects to identify areas of impact throughout
processes, as much as possible. Office spac-
Building Council in 1993, green
the lifespan of a project that can contribute
es are notorious for their short life cycles,
building certifications have contin-
to the overall sustainability of the structure.
becoming increasingly resource intensive as
ued to rise in popularity as develop-
HLW’s internal sustainability consultancy
new residents completely redesign spaces
ers pursue a goal of creating a sustainable,
division, Beyond, enhances environmental
due to constant turnover. These renovations,
wellness-focused built environment. Now
consciousness and sustainable methods
which typically occur every seven to eight
more than ever, the industry is increasingly
across HLW project services, including archi-
years, accumulate into a massive, embodied
turning to Well, Fitwel and LEED certifica-
tecture, interior design and lighting.
carbon usage and subsequent impact on the environment. In many instances, companies
tions, which recognize commitment to crucial issues, but shouldn’t be the sole focus of
At Beyond, our team sees these certifica-
attempt to address this issue through pro-
developers and architects.
tions as a baseline for sustainable design.
grams offsetting these emissions; however,
We optimize strategies and solutions to cra!
in order to have the most effective impact,
Though green building certifications are
a well-rounded approach to each project,
environmental practices must be woven into
certainly a step in the right direction toward
utilizing our expertise in embodied carbon
the very fabric of the structure.
addressing the environmental impact of such
analysis, daylight modeling, biophilic design
practices, they don’t holistically reduce the
and water use optimization, among a host of
Schrödinger’s new office provides a great
central problem at hand in architecture and
other services. This overarching view of sus-
example of enacting well-rounded sustaina-
design practices: carbon. Designers and
tainability considers the intricacies of design,
bility practices that can implement long-term
architects must think about sustainability
all of which will help developers adhere to
solutions toward reducing environmental
and wellness critically, utilizing certifications
increasingly more rigorous sustainability and
impact. The new workplace prioritizes health,
as a baseline tool to enhance strategic, for-
health regulations.
wellbeing and the environment equally; by focusing on these core concepts, design
ward-thinking approaches to each project. Marrying Impact and Efficiency
can be driven to balance use and impact,
The Bigger Picture
In order to create truly sustainable projects
ultimately leading to a more sustainable,
In order to create longstanding, impactful
for the long term, there needs to be a par-
human-centric result. For the project, our
building practices, designers must take on
ticular focus on decarbonization, which our
multidisciplinary team set ambitious goals
a well-rounded approach from the begin-
team applied to one of our latest projects,
for both creativity and performance, pursuing
ning of a project. Carbon emissions play a
Schrödinger’s new Times Square office. The
three different rating systems: LEED v4 ID+C
massive role in the immense impact the real
project design focuses on reducing embod-
Gold, Fitwel 2 Stars and Well Health-Safety.
estate industry has on the environment, pro-
ied carbon emissions, the carbon dioxide
This process not only focuses on environ-
viding opportunities for designers and archi-
associated with materials and construction
mental impact, but it also crosses over to Headshot courtesy of HLW
60 | MR
April 2022
mannpublications.com
MANAGEMENT
HLW’s New York headquarters
Photo by Eric Laignel
enhance company culture and values. The
by the American Institute of Architects’ 2030
A Commitment to Long-Term Solutions
office solidified Schrödinger’s commit-
Challenge –– which seeks to bring the built
With buildings contributing 40% of global
ment to an inspirational and ecologically
environment to net zero emissions in the next
carbon emissions, according to Architector
conscious workplace culture in their own
eight years. To achieve this cu$ing-edge sus-
2030, there’s no question that sustainability
staff by demonstrating its commitment as an
tainable performance, we carefully examined
in the real estate industry is a key component
organization. Though our team utilized cer-
every partition, ceiling system, carpeting
to addressing the issue of climate change.
tifications to meet certain goals, they don’t
and all other materials entering the building,
As architecture, design and construction
define or capture the entire sustainability of
measuring their carbon footprints to ensure
practices continue to evolve over time, the
the project; instead, they provided opportu-
the most sustainable option was utilized
industry and its professionals must view each
nities to apply sustainable ways of thinking
throughout the course of the project.
project as an opportunity to make a genuine,
to business practices as a whole.
long-term commitment toward a healthy enFurther, our team worked to incorporate
vironment and occupant wellness.
By taking a holistic approach to sustainabil-
as many materials as possible that had a
ity from the onset, the strategy and design
“Healthy Product Declaration,” which acts
By leveraging green certifications as a chal-
for Schrödinger’s new office emits 55%
as a nutrition label for an item, such as car-
lenge to think holistically about structure
less carbon than the construction industry
peting or ceiling tiles. The declaration lists
lifespan rather than an all-in-one solution, the
average, which is responsible for 40% of all
everything that went into making the item,
real estate industry can pursue projects that
global carbon emissions. This reduction in
down to the chemistry, to ensure it was
positively impact both the user experience
footprint also surpasses the benchmarks set
sustainably sourced.
and the ecosystem as a whole.
mannpublications.com
April 2022
61 | MR
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FEATURES
Walking the Talk on Normalizing Sustainability in the Built Environment Global real estate services firm showing how it can be done, one office at a time By Bice Wilson and Hrisa Gatzoulis, JLL
M
Bice C. Wilson
Hrisa Gatzoulis
Bice C. Wilson, AIA, is a senior vice president, project and development services, at JLL. He has 40 years of experience practicing urban design, architecture and project management throughout the U.S. His project background includes large-scale adaptive reuse and the design of the workplace for the creative economy. Hrisa Gatzoulis, LEED AP BD+C, is a senior project manager at JLL focused on energy and sustainability services in the Northeast division anchored by New York City, Boston and Washington D.C. She specializes in comprehensive energy and sustainability performance and LEED certification for new buildings, existing building retrofits, portfolios, schools and commercial interiors.
1 Station Place in Stamford, Connecticut provides sustainability ideas for JLL’s clients. ore than 50 years a#er we celebrated the very first International Earth Day, the world is a changed planet, one that con-
tinues to work to overcome a global pandemic and one that is more aware and awakened than ever to the realities of climate change. There has never been more clarity on what is needed to create a sustainable world or understanding of the implications for those who shape the built environment. Over the last several years, a noticeable change in what is expected of spaces and places has been unfolding. The role that the built environment plays in
Few companies understand the benefits of
emissions within its own global operation by
the fight against climate change is clear (it
clean buildings be$er than JLL, a Fortune 500
2040. As a signatory to The Climate Pledge,
accounts for almost 40% of global emis-
professional services firm specializing in real
the company ranks alongside Amazon and
sions), and the part it plays in keeping people
estate and investment management.
Global Optimism in commi$ing to being net
healthy has never been more understood. In short, people expect more of buildings.
64 | MR
April 2022
zero by 2040 and is a proud participant in the JLL has pledged to achieve net zero carbon
World Green Building Council’s Net Zero Car-
mannpublications.com
COMMERCIAL
Plants provide both aesthetics and benefits to the atmosphere.
bon Buildings Commitment.
goal, JLL Project and Development Services
the company’s efforts to lead the real estate
recently secured both LEED Gold (Leader-
industry into a healthier and more environ-
The company is partnering with investors
ship in Energy and Environmental Design)
mentally sustainable future.
and organizations globally to deliver smart
and Fitwel certification for the company’s
and sustainable design, innovative technol-
new office at 1 Station Place in the First Stam-
The Stamford project serves as a platform
ogy and health and well-being solutions that
ford Place complex in Stamford, Connecticut.
to showcase the workplace strategies JLL
won’t cost the earth. It has achieved 295 sustainable building certifications for clients. As it accelerates towards its own net zero
advocates for its clients while increasing the The achievement brings the number of JLL
appeal of the 1 Station Place space for the
corporate offices worldwide with sustainable
firm’s Stamford team.
building certifications to 79 and highlights Thought leadership is central to JLL’s culture. Our offices at 1 Station Place gave us the opportunity to walk our talk while adhering to JLL’s core values for a sustainable future. We have executed a strategy that we advise our clients to follow; the result has been a tremendous success in terms of sustainability and in inspiring our workers and clients. Working hand-in-hand with experts from JLL’s Energy and Sustainability team, led
JLL’s Singapore headquarters typifies a global commitment to sustainability.
mannpublications.com
by senior project manager Hrisa Gatzoulis, LEED AP, Well AP, every aspect of the office
April 2022
65 | MR
FEATURES
GOLF CLASSIC
transformation was guided by best practices
of work settings while helping foster team-
in the kind of resilient and responsible envi-
work and interaction, and natural light was
that resulted, are invaluable.
ronmental design that are helping accelerate
maximized with floor-to-ceiling windows and
The focus on the well-being of building oc-
the world’s acceptance of green practices.
18-foot ceilings.
cupants is part of the global transformation
To achieve the 60 LEED points required
To secure accreditation from Fitwell — a
tive workspaces, and this project in particular
for Gold certification at 1 Station Place,
certification to support healthier workplace
spotlights the importance of leveraging the
JLL repurposed the approximately
environments and improve occupant health
expertise of people both within and without
12,000-square-feet space on the building’s
and productivity — JLL employed a range of
your organization to combine the best of real
underway to create be#er and more produc-
BENEFITING NATIONAL JEWISHtionsHEALTH sion of active workstations to indoor air-qualto create positive workspaces. management office for landlord Empire State ground floor previously occupied by the
strategies at 1 Station Place, from the provi-
Realty Trust and a vacant pre-built unit.
ity control, as well as walkable amenities in-
estate, technology and sustainability solu-
JLL last year launched Sustainable Opera-
JLL pursued pragmatic and quantifiable
wellness room for activities such as nursing.
tions, the real estate industry’s only technol-
to reduce annual water consumption, 100%
our clients may expect. The incremental cost
ability programs aligned with their sustaina-
and comprehensive waste and recycling
ing enthusiasm of both staff and visitors, and
Dynamics platform, the company is meeting
programs. An open layout created a variety
the enhanced attendance and productivity
organizations where they are on their journey,
2020
cluding outdoor space, fitness facilities and a
EL CABALLERO MONDAY, ogy-enabled, end-to-end sustainability sergreen building design, construction, operaCOUNTRY CLUB Fulfilling JLL’s vision of a healthy, sustainable vice developed to help companies configure, tions and maintenance solutions at 1 Station MAY 4 Tarzana, California workplace was much simpler than many of launch and manage portfolio-wide sustainPlace that included low-flow water fixtures and effort were insignificant, while the resultbility commitments. Together with its Work LOS ANGELES REAL ESTATE AND FINANCIAL SERVICES
LED lighting, Energy Star-rated equipment
2020 COMMITTEE
Anthony Behrstock
whether that’s their first environmental, social and governance goal, or a demonstration of David Sonnenblick
Commonwealth Land and Title
Sonnenblick-Eichner their leadership inCompany inspiring places.
Co-Chair
Co-Chair
Zach Brandler
Charles Eberly
Fred Lionetti
Jonathan Canter
Ronald Friedman
Jeff Mann
Carrie Jenkins
Deborah Medway
Douglas Elliman Real Estate JP Morgan Securities
Steven Cohen
Real Estate Investment and Operational Exec and Principal
The Eberly Company Marcum LLP
Triumph Business Capital
William Levinson Carlton Fields
Occupiers and investors are starting to transMichael Rosenblum
Business Broker and Consultant Rosenblum Law Office sustainlate their green intent into ambitious Mann Publications
ability targets and the industry is reaching a
Todd Sherman
real tipping point on howFinancial to drive the decarFirst Pacific bonization of the built environment. However,
Paul JLL found that 96%Stern of its top 500-plus global
Commonwealth Land Title
Eric Nelson
Guggenheim Commercial Real
clients haveEstate set ambitious, publicly stated Finance, LLC sustainability goals — but only 19% have a
Rimrock Real Estate Ventures clear sustainability action plan with committed spend to achieve those goals.
Reserve your foursome or sponsorship today at labreathoflifegolfclassic.org As people demand more of the built envior contact Steven Prawat at 818.905.1300 or PrawatS@njhealth.org. ronment, our action-oriented and designed platform is designed to help organizations reach their sustainability goals more cost-effectively and efficiently and, one space at a time, we are working to galvanize the industry into action that will ultimately normalize Eighteen-foot ceilings bring in natural light at 1 Station Place.
sustainability in the built environment. Photos courtesy of JLL
66 | MR
April 2022
mannpublications.com
Welcome to
The Entrepreneurial Bank Helping Our Clients Build and Sustain Wealth, One Client at a Time.
For more than 20 years, our bankers have worked alongside middle-market and small business owners during the good times as well as the not so good – tailoring our traditional and innovative banking products and services to meet the challenges and seize opportunities in front of our clients.
Laura Capra, Executive Vice President LCapra@MCBankNY.com, 212 659-0606 Manhattan | 99 Park Avenue • 212 365-6700 | 16 West 46th Street • 212 938-0770 | 1359 Broadway • 212 643-6981 | 1270 Lexington Avenue • 646 930-3386 Brooklyn 5101 13th Avenue • 718 851-2105 | Great Neck 111 Great Neck Road • 516 441-5232 © 2020 Metropolitan Commercial Bank Metropolitan Commercial Bank is a registered trademark of Metropolitan Commercial Bank.
FEATURES
Generating Value Through Repositioning Retail
By Rob Bude!i, R.C. Alley and Doug Pearl from AO and Bre! Isaacman from IMG Construction Management
Former department stores can become the base for adding residential uses.
F
ollowing what the industry dubs a
field, Kimco Realty, Regency Centers) have
They may find it difficult to see a clear path
“retail apocalypse” with the closing
already been assessing the viability of repo-
forward as they consider options to transform
of numerous brick-and-mortar retail
sitioning their existing assets over the past
their retail centers into successful income-gen-
stores, especially those of large
five to 10 years, many retail property owners
erating properties for the future with continued
chains and department stores worldwide,
with smaller portfolios have yet to consider
growth potential.
many shopping center owners and opera-
the potential of retail repositioning. Furthermore, introducing a new mix of uses
tors are looking to breathe new life into their properties by repositioning them through
With a lack of resources and commercial real
such as multifamily or a medical office can be
the introduction of new uses, including mul-
estate expertise, multi-generational owners
intimidating as property owners wade into un-
tifamily, hospitality, healthcare and industrial.
and investors of smaller retail properties and
familiar territory. Nonetheless, the potential that
While many of the nation’s largest shopping
neighborhood strip centers o!en find the chal-
can be realized through a new, responsible,
center owners and operators (Simon, West-
lenges of property redevelopment daunting.
mixed-use program cannot be disregarded,
68 | MR
April 2022
mannpublications.com
COMMERCIAL
with uses such as multifamily development
property. At IMG, a professional develop-
The third milestone is stabilizing the new
continuing to be a strong asset class with
ment, utility and construction management
mixed-use/multifamily asset with new ten-
a growing renter population and demand
services firm covering the greater Southern
ants (residential and commercial). This is
outpacing supply in most major markets. In
California area, land residual studies are con-
where the maximum value can be realized.
California, for example, the housing deficit is
ducted to determine the property value at
The value will be a function of NOI and cap
so severe that the state passed Senate Bill SB9,
different phases.
rates; however, the returns are far greater.
single family-zoned neighborhoods, as well as
The first phase of a land residual analysis
Is Repositioning the Right Approach?
relaxed the laws for accessory dwelling units
determines the property value if it is kept
The single biggest constraint to redevelopment
(ADUs) on single-family properties.
100% retail. When keeping the property as-
is the lead agency. Owners will need to check
is without any upgrades, stabilized value is
zoning, land use and a city’s political appetite
Additional areas of continued growth include
a function of net operating income (NOI)
for the proposal. The design needs to be an
medical offices as healthcare groups posi-
and cap rates. Typically, a two-to-three-acre
illustration of an entitlement strategy, market
tion clinics closer to where patients live and
commercial corner, operated as retail, may
positioning and underlying business plan.
industrial distribution as needed for last-mile
be worth $2 million to $8 million per acre, de-
delivery increases.
pending on location and zoning.
Owners of shopping centers located near
The entitlement round defines what the
rates in the surrounding location should be
residential neighborhoods have a unique
property is worth per square foot after it is
conducted to determine the number of ap-
opportunity to reposition their underutilized
approved for maximum density. Once these
propriate residential units. A knowledgeable
or stagnant assets into thriving, mixed-use
properties can move past the existing com-
team comprising a development consultant
properties by incorporating additional uses
mercial use and be entitled for an alternative
and architect with expertise in retail, mixed-
that respond to current market demands.
use, such as by incorporating a mixed-use/
use, multifamily and office development
They just need a team of trusted navigators
multifamily element, higher returns can be
can help determine what type of apartment
to unlock the potential of their properties.
realized. While the entitlement process takes
complex and mix of retail would best be
time and money (so! costs and city fees), it’s
supported by the market and ensure that the
How Much Could My Property Be Worth?
shown that property values can significantly
development is financially viable.
Three primary development milestones de-
increase upon receipt of new entitlements,
termine the potential for repositioning a retail
which typically takes 12 to 18 months.
which allowed for multifamily development in
If pursuing multifamily redevelopment, an analysis of comparable rents and vacancy
Although significant drivers are changing the economics of retail, with the right team in place, shopping centers can be transformed to fill the significant demand for housing while providing value for owners, investors, communities and cities. The partners at AO and IMG are highly specialized in the design and development of retail, mixed-use, multifamily and more. Based in Orange, California, the retail, multifamily and mixed-use studios share knowledge through a collaborative relationship that enables big ideas to happen.
Former retail sites in residential areas can add density.
mannpublications.com
Photos courtesy of AO
April 2022
69 | MR
FEATURES
South Brooklyn Marine Terminal to be Converted into Offshore Wind Hub
N
ew York City Mayor Eric Adams
facilities in the nation,” Adams said. “This site
announced an agreement that will
will be the launch of a whole new industry
transform the city-owned South
for New York City that will support 13,000
Brooklyn Marine Terminal (SBMT)
local jobs over time, generate $1.3 billion in
into one of the largest offshore wind port fa-
average annual investment citywide and sig-
cilities in the nation. The agreement will help
nificantly reduce our carbon footprint so that
establish New York as a leader in offshore
we can meet our climate goals of 100% clean
wind and help the New York City meet its
electricity by 2040. This is a transformative
nation-leading climate goals of 100% clean
moment for New York City and our clean en-
electricity by 2040.
ergy future — a future of sustainable power, good-paying jobs and climate justice.”
As part of the deal finalized by the New York In fall 2021, NYCEDC announced a 15-year
City Economic Development Corporation (NYCEDC), Equinor, its partner — BP — and Sustainable South Brooklyn Marine Terminal,
Photo credit: Equinor
Offshore Wind Vision Plan to make New York City a leading destination for the industry by
L.P. (SSBMT) will upgrade and build out the
vestments in offshore wind infrastructure. The
developing best-in-class infrastructure to
terminal as an operations and maintenance
agreement expands the target of minority- and
support the construction and operation of
base. The terminal will become a power
women-owned business enterprise (M/WBE)
offshore wind farms in the New York Bight
interconnection site for the Empire Wind 1
contractors based in and registered with New
(the coastal area between Long Island and
project, and heavy li" platforms will be built
York City or New York State, with a 30% M/WBE
New Jersey), including infrastructure to sup-
on the 39th Street Pier for wind turbine stag-
participation goal and will support technical as-
port manufacturing, staging and installation,
ing and installation for Equinor and other
sistance for M/WBE and Disadvantaged Busi-
operations and maintenance and transmis-
developers. The port will serve as a hub to
ness Enterprises to create more opportunities
sion. The city has commi#ed $191 million to
support the Empire Wind and Beacon Wind
for participation in this sustainable growth in-
offshore wind projects, including $57 million
offshore wind farms.
dustry. Additionally, the agreement ensures the
in support of SBMT and $134 million in new
development will be a low-emissions facility.
investments. The investment puts New York City on a path to reduce 34.5 million tons of
NYCEDC also partnered with Equinor and the community to support workforce train-
“With this investment, the South Brooklyn
CO2, as well as meet its goals of 100% clean
ing for a diverse pool of residents to bolster
Marine Terminal will soon be transformed
electricity by 2040 and carbon neutrality by
opportunities for New Yorkers created by in-
into one of the largest offshore wind port
2050. It also will create 13,000 jobs related
70 | MR
April 2022
mannpublications.com
COMMERCIAL
to offshore wind infrastructure across the
In 2018, NYCEDC selected SSBMT — in a
con Wind projects off Long Island, which
five boroughs, it said in the announcement.
partnership between Industry City and Red
unlocked an unprecedented public and
Currently, five offshore wind projects are in
Hook Terminals — as the leaseholder to reac-
private funding commitment of $644 million
active development, which will power more
tivate the South Brooklyn Marine Terminal to
in port infrastructure, including more than
than 2.4 million New York’s homes and bring
create a 21st-century maritime shipping hub
$287 million for SBMT. As part of an award
a combined economic impact of $12.1 billion
with an on-site facility to train local talent. Un-
from NYSERDA, the developers will convert
to the state.
der this agreement, SSBMT is entering into
SBMT and the Port of Albany into large-scale
a sublease with Equinor and bp until 2054
offshore wind industry facilities.
“This first major milestone in New York City’s
for its operations and maintenance base,
Offshore Wind Vision Plan is a perfect exam-
and its onshore substation. Under the same
Further, in December 2021, the U.S. Department
ple of how our economic and workforce de-
agreement, Equinor and BP will have a 10-
of Transportation awarded the full $25 million
velopment objectives must go hand in hand
year term for turbine staging and installation
that the city requested from the federal Mari-
with our clean energy goals. By building this
activities with an option to extend the 10-year
time Administration (MARAD) through the 2021
new industry in the right way, we will con-
term for up to six additional years.
Port Infrastructure Development Grants (PIDP). The grant for the “SBMT 35th Street Pier Expan-
tinue to advance an equitable recovery and make our environment healthier as well,” said
“This agreement builds on the city’s $57
sion Project” at Sunset Park is intended to add
Deputy Mayor for Economic and Workforce
million commitment to reactivate SBMT as a
a barge berth and a heavy-li" crane pad on the
Development Maria Torres-Springer.
key manufacturing and operations base and
western end of the 35th Street Pier. The PIDP
will help make New York a leader in climate
grant provides additional funds to expand on
Equinor commi#ed to establishing a $5 mil-
resiliency, as well as air quality, through clean
city, state, and Equinor funding for 39th Street
lion ecosystem fund to bring more New York
energy investments,” said Lindsay Greene,
Pier improvements, as well as Equinor’s opera-
City residents into offshore wind careers,
officer and executive vice president, NY-
tions and maintenance facility and Equinor’s in-
propel offshore wind innovation and support
CEDC. “Working together with our partners at
terconnection substation. The addition of 35th
a just transition. The company is establishing
Equinor, bp, and SSBMT, we are also advanc-
Street Pier improvements increases SBMT’s
an offshore wind learning center — accessi-
ing economic recovery and increasing di-
cargo throughput capacity and operational
ble to the community — in its Brooklyn office.
versity in waterfront construction by helping
efficiencies, allowing SBMT to further serve the
local minority- and women-owned business
growth of the offshore wind industry in New
“This agreement marks a major step forward
enterprises benefit from the growing offshore
York City.
in our commitment to New York State to both
wind industry and allowing them to take ad-
provide renewable power and to spark fresh
vantage of the green jobs of the future.”
“This agreement significantly advances New York City’s vision for an equitable clean en-
economic activity, while creating enduring jobs,” said Siri Espedal Kindem, president,
Under the Climate Leadership and Commu-
ergy future,” said K.C. Sahl, VHB national di-
Equinor Wind U.S. “With the support of
nity Protection Act, New York State has set
rector, Offshore Wind and co-chair, New York
NYCEDC, SSBMT and our partners in the
goals of securing 70% of the state's electric-
City Offshore Wind Industry Advisory Coun-
community, Equinor and bp are ready and
ity from renewable energy by 2030 and the
cil. “NYCEDC, Equinor and SSBMT’s invest-
eager to invest in the revitalization of SBMT
installation of nine gigawa#s of offshore wind
ments in the South Brooklyn Marine Terminal
— a historic port that will soon become a
by 2035. Equinor and bp have contracts for
not only position the city as a hub for the
major part of New York’s energy future. New
three offshore wind projects in New York —
emerging domestic offshore wind industry,
York has shown unflagging determination to
totaling more than 3,000 megawa#s of clean,
but also increase economic opportunities for
become a focal point of the region’s offshore
renewable energy.
the historically disenfranchised residents of Sunset Park. New York City is modeling how
wind industry, and this agreement offers tangible evidence that this vision is quickly
In January, New York Governor Kathy Hochul
climate and economic goals can be achieved
coming to life.”
announced the state finalized contracts for
through inclusive partnerships with public,
Equinor and bp’s Empire Wind 2 and Bea-
private and community-based stakeholders.”
mannpublications.com
April 2022
71 | MR
FEATURES
REBNY Announces Annual Event Honorees
T
he Real Estate Board of New York
City,” said REBNY Chairman Douglas Durst.
with a food tasting experience that will offer
(REBNY) announced the distin-
“Even as we bring an exciting new look to
an array of canapes from top New York City
guished leaders who will receive
our annual event, one thing that will never
chefs, including guest chef Daniel Boulud.
the New York City real estate in-
change is the exemplary leadership of our
dustry’s most prestigious awards at REBNY’s
award recipients.”
reimagined annual event, “New York Forever:
“As New York City continues on the path to a brighter future, we are proud to honor an in-
A Celebration of Our City,” to be held on June
Along with its new name and partnership
credible group of men and women whose work
23 at The Glasshouse.
with the non-profit NY Forever, the event (the
is guiding us all forward every day,” said REBNY
successor to the annual gala banquet that
President James Whelan. “The achievements
“For generations, REBNY’s honorees have
was held in January until the COVID-19 pan-
of our honorees serve as an inspiration not only
set the standard for professional accom-
demic) will include exciting new elements,
to real estate professionals but to everyone
plishment and commitment to New York
including a dynamic networking reception
who cares about our great city.”
The John E. Zucco!i Public Service Award —
advance the causes of social justice, racial
Presented to Hazel Dukes, president of the
equity and expanding access to economic
NAACP New York State Conference, for her
opportunities for men and women of color
unyielding courage and trailblazing work to
throughout New York.
The Bernard H. Mendik Lifetime Leadership
New York and its real estate industry through-
in Real Estate Award — Presented to Tom
out a career that has spanned more than a
Elghanayan, chairman and co-founder of TF
half century. He has left indelible impacts
Cornerstone Inc., for his exceptional accom-
on the city and its economy by setting new
plishments and invaluable contributions to
standards for style and quality.
The honorees are:
Hazel Dukes
Tom Elghanayan
72 | MR
April 2022
mannpublications.com
MANAGEMENT
The Harry B. Helmsley Distinguished New
initiative, a coalition of property owners
Yorker Award — Presented to Hal Fetner,
which has worked with the non-profit com-
president and CEO of Fetner Properties; Jeff
munity to help thousands of vulnerable New
Levine, founder and chairman of Douglas-
Yorkers impacted by the COVID-19 pandemic
ton Development and David Picket, CEO of
to remain safely housed by delivering rental
Gotham Organization, for their civic-minded
assistance and other much-needed resourc-
ingenuity in conceiving the Project Parachute
es and support.
The Kenneth R. Gerrety Humanitarian Award
backgrounds by elevating the conversation
— Presented to Sarah Saltzberg, co-owner of
on housing voucher access and working tire-
Bohemia Realty Group, for her efforts to ex-
lessly to connect voucher-holders across the
pand housing options for New Yorkers of all
city with quality housing.
The Louis Smadbeck Memorial Broker Rec-
achievements at the forefront of the com-
ognition Award — Presented to Darcy Sta-
mercial brokerage community for more than
com, chairman and head of New York City
40 years and her ongoing efforts to increase
Capital Markets at CBRE, for her professional
diversity throughout the real estate industry.
The George M. Brooker Management Executive
of commercial, residential and logistics assets,
of the Year Award — Presented to Frank Pu-
which has consistently raised the bar for man-
sinelli, senior executive vice president, chief
agement executives throughout New York City
operating officer-operating assets at RXR Re-
and contributed to the city’s ongoing path to
alty, for his work across an expansive portfolio
long-term economic recovery.
The Young Real Estate Professional of the Year
a rising star of the industry and for her civic
Award — Presented to Laura Jackson, senior
leadership in founding the “She Builds” initia-
vice president, tax director, SL Green Realty
tive to empower women in real estate to give
Corp., for her professional achievements as
back to the communities they serve.
A portion of “New York Forever: A Celebra-
York and REBNY’s Internship Program in
assistance and other support to vulnerable
tion of Our City” event proceeds will go to
partnership with Project Destined and the
New Yorkers impacted by the pandemic.
the REBNY Foundation, which is helping to
City University of New York (CUNY). The
The Foundation also supports ongoing
increase diversity and inclusion in the real
foundation also supports ongoing efforts by
work by the non-profit Building Skills New
estate industry through ongoing initiatives
Project Parachute — an initiative seeded by
York to connect New Yorkers from histori-
such as the REBNY Fellows Leadership
REBNY members in collaboration with the
cally underserved communities with good
Program in partnership with Coro New
non-profit community — to provide rental
construction jobs and career opportunities.
Hal Fetner
Jeff Levine
David Picket
Sarah Saltzberg
Darcy Stacom
Frank Pusinelli
Laura Jackson
mannpublications.com
April 2022
73 | MR
FEATURES
The New Office Amenity: Wellness By Debra Hazel Jake Elghanayan, senior vice president of TF Cornerstone
A
s landlords continue to seek
the companies that sign for the space and
ways to draw workers back to
the employees who are the true end users of
the mountains.
the office, one is standing out
the space,” said Jake Elghanayan, senior vice
“The reaction has been very favorable,”
— wellness and safety. That’s
president of TF Cornerstone.
Elghanayan said.
comed Reside Health, a concierge, mem-
“Not many financial services firms are huge
And it likely is a harbinger of the future, es-
ber-based health and wellness center, to a
companies that can afford the scale to have
pecially as TF Cornerstone and other com-
1,700-square-foot space within its Carnegie
an in-house health care offering,” Elghanayan
panies seek amenities to a$ract office users
Hall Tower office building at 152 West 57th St.
said. But both the company and its employ-
back in the post-pandemic era.
why developer TF Cornerstone has wel-
ees want health care advice. “We’re never going back to the old world,
Featuring a team of internists, therapists, a registered dietitian and an acupuncturist, Re-
Elghanayan and Reside Health met through
where health is in its own box,” he said. “It’s
side Health offers everything from COVID-19
a mutual friend and discussed the synergy,
especially appealing as health care becomes
testing before work to primary care services
he continued.
more and more personalized, and as companies want that custom touch.”
like physicals and advice on health policies and benefits in the workplace (specialists
“[Reside] was in a startup mode, and it was
also are available once a month or so). The
clear that bringing a doctor to a building of
Cornerstone also has fitness facilities in
amenity allows building occupants to book
reasonable tenants was better economics
some of its residential buildings, and the two
appointments through the Reside website
for the practice,” he said. “We knew the two
uses are beginning to move toward each oth-
and see their doctor immediately, eliminat-
would work well together and it sounded
er, he noted. But some of these uses largely
ing the need for a waiting room and giving
great to us because we’re focused on the
are suited to higher-end buildings, simply to
patients more one-on-one time with their
amenity component.”
make a deal pencil out.
of a hospitality-like amenity rather than
After negotiating terms that “were more of
Carnegie Hall was Reside Health’s inaugural
a traditional doctor’s office and provide
a partnership” rather than a traditional rent,
site, and it has since opened locations at SL
much-needed convenience for basics such
Reside Health moved into the building after
Green’s 485 Lexington Ave. and 750 Third
as COVID-19 tests, vaccinations and even
Cornerstone built the space in to its speci-
Ave. Cornerstone also is looking for another
pap smears.
fications in summer 2021. It was an instant
spot in its portfolio, Elghanayan said.
doctors. The spaces are designed as more
hit. The group takes most insurances and “The idea was a no brainer, especially for a
has provided services including helping a
“It’s about trying to find the right space and
landlord that believes it serves two clients —
tenant prepare for a corporate meeting in
the right model.”
74 | MR
April 2022
mannpublications.com
Fried Frank Where major real estate transactions happen “An extremely talented real estate group with an impressively deep bench: the team is ideal for handling the most complex matters.” — Chambers USA
HUDSON YARDS Counsel to Related Companies and Oxford Properties Group in connection with the development of and all leasing activities at the 26-acre Hudson Yards on the West Side, the largest private development in Manhattan since Rockefeller Center. CHELSEA MARKET Counsel to Google in connection with its US$2.4 billion acquisition of Chelsea Market in New York City. BLACKROCK HEADQUARTERS Counsel to BlackRock in its 850,000square-foot lease for its planned headquarters relocation to 50 Hudson Yards.
MANHATTAN WEST Counsel to Brookfield Property Partners on all aspects of the development of Manhattan West in the Hudson Yards District, including its recent lease to the National Hockey League. PENN STATION Counsel to Vornado Realty Trust and Related Companies on the redevelopment of Penn Station, including the redevelopment of the James A. Farley building and construction of Moynihan Train Hall. CENTRAL PARK TOWER Counsel to J.P. Morgan, as lead lender, in its US$900 million construction loan syndication to Extell Development for the development of Central Park Tower.
New York | Washington, DC | London | Frankfurt | friedfrank.com Attorney Advertising. Prior results do not guarantee a similar outcome.
ONE VANDERBILT Counsel to SL Green Realty Corp., including all zoning approvals, in connection with the development and leasing of One Vanderbilt Avenue, an iconic 1,401-foot tall, 1.7 million square foot office tower being constructed on the full block to the west of Grand Central Terminal. 20 TIMES SQUARE Counsel to Maefield Development in its approximately US$1.5 billion acquisition of the EDITION hotel, retail, and signage project known as 20 Times Square. JP MORGAN CHASE HEADQUARTERS Counsel to JP Morgan Chase in connection with various aspects of its planned 2.5-million-square-foot headquarters redevelopment at its 270 Park Avenue location.
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FEATURES
Disney Launches New Business to Develop Residential Communities
E
Photos courtesy of Disney
xtending its residential develop-
California just outside of Palm Springs. In ad-
ter sports, concerts, weddings, events, trade
ment plans beyond its theme parks,
dition to residential homes, this development
shows, day clubs, restaurants, retail and
The Walt Disney Company has an-
is also approved for a hotel, and a range of
more. Walt Disney himself owned a home
nounced plans to introduce Storyliv-
shopping, dining, entertainment and leisure
in the Coachella Valley and would spend
ing by Disney, master-planned communities
activities, as well as a crystalline lagoon with
leisure time with his family there. Additional
it says will be “infused with the company’s
Crystal Lagoons technology, which brings
locations in the U.S. are under exploration for
special brand of magic.”
turquoise waters and white sand beaches to
future development.
urban and other areas, while also generating Cotino, the first Storyliving by Disney com-
business through ticketed entry to the lagoon
“For nearly 100 years, Disney has shared sto-
munity, will be located in Rancho Mirage,
and year-round entertainment including wa-
ries that have touched the hearts and minds
78 | MR
April 2022
mannpublications.com
RESIDENTIAL
of people all around the world,” said Josh
Storyliving by Disney will take that concept
D’Amaro, chairman, Disney parks, experienc-
further, bringing some of the theme park
es and products. “As we prepare to enter our
experiences to the communities. Disney Im-
“Cotino represents the creativity and op-
second century, we are developing new and
agineers will play a key role in developing the
erational excellence of Disney combined
exciting ways to bring the magic of Disney
creative concept for the communities, work-
with the extensive community development
to people wherever they are, expanding sto-
ing in conjunction with respected developers
expertise of DMB Development,” said Brent
rytelling to storyliving. We can’t wait to wel-
and homebuilders.
Harrington, the company’s CEO. “We are
come residents to these beautiful and unique
Diego and Lahontan in Truckee, California.
delighted to collaborate with Disney in this
Disney communities where they can live their
“Disney Imagineers are exploring the rich-
lives to the fullest.”
ness of each local region to inspire the
groundbreaking new concept.”
theme of Storyliving by Disney communities,”
Cotino will welcome homeowners of all ages
The Walt Disney Company is no stranger to
said Michael Hundgen, executive producer,
and will include at least one section reserved
residential development; Walt Disney origi-
Walt Disney Imagineering. “Distinctively de-
expressly for 55-plus residents. Home buyers
nally intended EPCOT to be, literally, the Ex-
signed indoor and outdoor spaces will offer
will have a range of home types to choose
perimental Prototype Community of Tomor-
residents new opportunities to explore, en-
from, including estates, single family homes
row, a planned residential and commercial
gage and create the next incredible chapter
and condominiums.
community under a dome with subterranean
of their story.” Per the Specific Plan approval for the devel-
car traffic. That plan was abandoned after Walt Disney’s 1966 death, with some of its
At each location, including some neighbor-
opment, the community is expected to sur-
futuristic elements folded into the EPCOT
hoods for residents ages 55-plus, Disney
round an approximately 24-acre grand oasis
theme park which opened in 1982.
Cast Members trained in the company’s
featuring clear turquoise waters with Crystal
legendary guest service will operate the
Lagoons technology, enabling crystalline la-
Later, however, the company developed
community association. Through a club
goons of any size to be built sustainably, with
Celebration, Florida, a multi-phase, mas-
membership, Disney will also provide access
low water consumption and using a minimum
ter-planned community with residential and
to curated experiences, such as wellness
amount of additives and energy. A voluntary
commercial uses that launched near its parks
programming; entertainment ranging from
club membership will offer access to a wa-
in 1996. All properties in the community are
live performances to cooking classes; phil-
terfront clubhouse, a club-only beach area
now privately owned. In 2015, the company
anthropic endeavors; seminars and more.
and recreational water activities, as well as
began developing Golden Oak at Walt Dis-
Disney programming, entertainment and ac-
ney World Resort, luxury, custom-built single
Cotino’s architecture and amenities will re-
tivities throughout the year. Cotino also has
family homes (run by Four Seasons Private
flect the history and present-day inspiration
specific plan approval for a vibrant mixed-
Residences) on resort property. Residents
of the rich valley culture. Cotino is being
use district featuring a range of shopping,
receive benefits such as access to special
developed in collaboration with DMB De-
dining and entertainment, a beachfront hotel
events, free shu!les around the property and
velopment, which has planned sustainable
and a professionally managed beach park
extended hours at the theme parks. Con-
communities in the Western U.S., including
with recreational water activities that can be
struction is now complete, and prices ranged
DC Ranch and Silverleaf in Sco!sdale, Arizo-
accessed by the public through the purchase
from $2 million to $10 million.
na; Kukui’ula in Poipu, Hawaii; Santaluz in San
of a day pass.
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April 2022
79 | MR
FEATURES
Stay Open Reinvents the Hotel By Debra Hazel
W
e’ve heard of so!ware-as-a-service and platform-as-a-
Steve Shpilsky
Andrew Swerdloff
service, but sleep as a service? That’s what Stay Open, an affordable, tech-first, design-forward pod hotels and co-living property, is looking to achieve, with plans to
use non-fungible tokens (NFTs) to fund its expansion. There’s even a touch of sustainability in the concept, said Steve Shpilsky, co-founder (with Andrew Swerdloff), as he seeks locations that are in need of redevelopment. The brand launched its first socially engaging pod hotel and co-living residence in Venice Beach, California in 2021 with full-service pod hotels in San Diego and Los Angeles to follow. Shpilsky’s background in hotel development and finance in Southern California led him to a realization — whether a guest is there for business or pleasure, a hotel is pre#y much just a place to sleep, and an expensive one at that. The U.S. never really adopted the culture of
Each Stay Open pod hotel will include at least 10 rooms with four to eight
hostels as in Europe, even as shared spaces have grown in other real
private sleeping pods per room, and approximately 10 private rooms
estate sectors.
featuring king and queen beds for those seeking more space. Pods offer sound and light insulation and multiple charging ports for electronics.
“We share offices at a WeWork. Why hasn’t it come up with hotels?” he observed. “Where is the Marrio# of hostels? There needs to be an
All properties will feature food and beverage amenities, common ar-
evolution — new travelers, new technology.”
eas for work or play, high-end shared restrooms, complimentary wi-fi and integration with Stay Open’s custom app that helps match guests and residents and introduces authentic local experiences. Designs will vary at each location, ranging from a one-story commercial space in one city to a modern multi-story property with a rooftop bar and lounge in another. Prices at the Venice location began at $50 per night but have risen to $100 per night, a bargain by California standards. Far from derailing the idea, COVID-19 accelerated the acceptance of smaller sleeping spaces with communal amenities, by a “factor of 10,” he said, as all real estate sectors are being reassessed. A Stay Open can appeal to the digital nomads who wish to travel while working
Pods adjoin communal space.
80 | MR
April 2022
remotely in a secure environment with strong wi-fi; these people won’t
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TECHNOLOGY
Sliding doors offer privacy.
The pods stack for density.
want to commit to a 12-month lease in a major city, especially if they
Virtual relationships go even further with StayDAO, a network of digital
plan to travel a good part of the year.
nomad and travel communities. (Decentralized autonomous organizations — DAOs — are member-owned communities without centralized
Stay Open spaces can range from 10,000 square feet to 30,000 square
leadership). Members of the community receive discounts and other
feet, with the bed areas densely packed and a more open common
benefits such as access to events at Stay Open locations.
area to encourage interaction. The company also has a strong virtual presence to encourage their guests to remain in touch a!er their stays.
These members also can communicate where they’d like to see new locations, including Los Angeles, Miami, certain New York neighbor-
“There will always be more flexibility for the workforce,” he said, noting
hoods, Denver, Nashville and Austin.
that there is 21 million square feet of vacant office space in Los Angeles. “There was a net amount of empty space — why can’t we use that space?”
“We also see a lot of interest in resort-type destinations, including Jackson Hole, Wyoming and Lake Tahoe, California,” he said.
In a sense, Stay Open is recycling that space, thus speeding up what is o!en a lengthy development process and eliminating the negative
Municipalities are welcoming, he continued, as the Stay Open concept
environmental effects of new construction.
repurposes existing space and provide affordable housing.
And financing is coming through the newest technology. In December,
“We look at space and housing in a unique perspective,” he said. “We
Stay Open introduced a limited-edition collection of NFTs created by
are working with cities on best way to repurpose space and make the
local artists, which includes a voucher for a future stay at the Venice
process as efficient as possible.”
location. Available on the OpenSea platform, each NFT will be sold for ETH 0.0083 ($35) and will contain a unique code that will allow the
In San Diego, the company is converting a former Budget Rent-a-Car
NFT owner to redeem a future stay, even when the nightly rate is high-
office into a 240-bed facility in a project a public/private ship with the
er on the desired date. Local artists who create NFT content for Stay
port. Plans call for construction to begin in 2023.
Open will receive a complimentary stay in addition to a royalty any time the NFT is sold.
“The state had the money, San Diego had the property,” he said. “Everyone is happy.”
“You got a room night for $35 when we sold for $60,” Shpilsky said. “Or you can sell it — and you always keep the art as a memento.”
mannpublications.com
Photos courtesy of Stay Open
April 2022
81 | MR
RSA is the largest real estate trade that has one priority: Housing New York Since 1983, the Rent Stabilization Association has worked for property owners in good times and bad. Now, during a public health crisis that is straining the economics of our industry, we are working hard to keep tenants in their homes and ensure that owners can continue providing safe and adequate housing. RSA represents over 25,000 members with more than one million apartments. We provide cost effective and practical solutions to help owners run their buildings. In Albany and at City Hall, we are a forceful and consistent voice for the common sense needs of property owners. Our membership is deeply diverse and in every neighborhood. Though government and policy is unbalanced now, we’ve fought back through tough times before. And we’re doing it now. We advocate for programs and funding. unfairly target the industry. We provide services to help our members comply with all laws and regulations.
Our counselors help members with any problems or government agency issues that come up.
Our monthly RSA Reporter is an industry must-read, always providing information necessary to keep owners up to date on compliance issues and other policies. We have weekly email blasts, policy action alerts, and updates on political and legal issues.
owners and their tenants.
123 William Street, New York, NY 10038 · 212-214-9200 · WWW.RSANYC.ORG
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GOLF & TENNIS TOURNAMENT
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ARTICLES
Condo-Co-op Helpline:
FCC Rules and Revenue Sharing with Coops and Condos By Carol A. Sigmond, partner with Greenspoon Marder LLP
The United States Federal Communications Commission (FCC) has adopted new rules to promote competition among broadband providers by barring multitenant environments (e.g. cooperative and condominium buildings termed in the FCC regulations to be MTE) as well as office buildings, rental apartment buildings, mobile home parks and public housing, among others, from entering into, enforcing or maintaining any revenue sharing, including wiring agreements with broadband providers. The new FCC rules further require any MTE to disclose in simple language the terms of any agreement with any broadband provider. Since no later than 1996, by state and federal law (including the Telecommunications Act of 1996) managing agents and boards of MTEs have been prohibited from making exclusive sweetheart deals with broadband providers. Typically, these agreements would provide incentives to the decision makers and those with influence, such as board members or managing agent firms, with a share of revenue based on the penetration in the building of the selected provider. The unit owners or tenants would not be informed of the details, nor would they benefit in any way. But to get broadband service, the unit owner or tenant would have to use the sweetheart provider. After the exclusive agreements were barred, many cooperative and condominium boards and managing agents used graduated agreements. Unit owners or tenants could choose a provider, but if they selected the favored provider then maybe appointments would be easier, insurance requirements would be looser they might see other short-term advantages.
86 | MR
April 2022
Revenue would have been shared or benefits conferred based on the level of penetration for the favored provider. The revenue or benefits might flow to the managing agent, the board members or both. The unit owners and tenants were ignorant and received no benefit. During COVID-19, when many buildings were seeking new wiring for broadband services, it seems that the managing agents and board would enter into agreements with the broadband providers to internally wire the building. They then leased the wiring back to the provider to give the provider control over the use of the wiring by the unit owner or tenant. Under the new rules, tenants and unit owners control who may wire their units. The current administration has directed federal agencies to promote competition and to protect consumers. In that spirit, the FCC has now banned the so-called wiring agreements and prohibited the graduated agreements for MTEs. The FCC has ruled that these agreements amount to sweetheart agreements. Marketing agreements between MTE developers, managers or boards must be disclosed, regardless of whether it is in writing or merely a practice or policy. A marketing agreement gives the broadband provider access to the unit owners or tenant in an MTE. Typically, the broadband provider pays the manager, board members, developer or MTE for this access. The disclosure of the marketing agreement must be written and provided to all current or prospective tenants or unit owners who are subject to the marketing arrangement. The
disclosure must say that the provider has exclusive rights to market to the tenants or unit owners in the MTE, that the marketing provider is not an exclusive provider and that the tenant or unit owner may use another provider. The date for the issuance of these notices has not been set yet. The broadband industry does not support these changes. Condo and cooperative boards must adapt to these new rules and policies. If such arrangements exist, the agreement and the practices must be reviewed to ensure that board and managing agent comply with the new FCC rules and policy. If there are agreements in place with broadband providers, the boards and their managing agents, with advice of counsel, must amend these agreements to comply with the new regulations. In addition, boards and managing agents, again with advice of counsel, need to ensure that appropriate disclosure forms are prepared, that the staff is directed not to interfere with the broadband choices of unit owners and tenants and that there is equal access to the building for all providers. The administration hopes changes will benefit consumers and reduce broadband costs. This column presents a general discussion. This column does not provide legal advice. Consult your attorney for specific legal advice. Carol A. Sigmond Greenspoon Marder LLP 590 Madison Ave., Suite 1800 New York, NY 10022 carol.sigmond@gmlaw.com (212)524-5074
mannpublications.com
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ARTICLES
What FEMA’s Risk Rating 2.0 Means for Your Real Estate Flood Insurance By Frank DeLucia, senior vice president, Hub International Northeast
Tapping into the latest flood hazard information on private sector data, catastrophe (CAT) modeling and evolving actuarial science, the Federal Emergency Management Administration (FEMA) has rolled out a new risk methodology for flood insurance pricing called Risk Rating 2.0, resetting flood insurance rates for the first time in decades. As of April 1, 2022, this revised rating methodology for NFIP flood policies will apply to all policies, new and renewing. The rationale for the change is to properly price risk, not basing prices on outdated flood zones and incomplete data. If you currently have a commercial flood insurance policy through the National Flood Insurance Program (NFIP), you will want to prepare for the potential changes to your insurance premium. As a result of the new pricing criteria, 23% of current policyholders will see immediate premium decreases, but 66% will experience an increase of up to $10 per month. Another 7% will see a monthly increase of $10 to $20, while 4% will incur a more than $20 monthly premium increase according to FEMA’s December 9, 2021 announcement, Risk Rating 2.0: Equity in
88 | MR
April 2022
Action. Under existing statutory limits on rate increases, rates will not increase more than 18% per year, and will increase each year. What makes Risk Rating 2.0 different? In addition to property characteristics such as elevation, the location of machinery and equipment, and the cost to rebuild, the new structure accounts for flood frequency, distance from a water source and the likelihood for multiple flood types such as river overflow, storm surge, coastal erosion and heavy rainfall. With the new system, owners of numerous properties in “X Zones” — traditionally considered a low risk not needing flood insurance — may recognize a greater risk of flooding than they once considered. Risk Rating 2.0 CAT modeling uses computer-assisted calculations to predict potential losses sustained from a catastrophic event like flooding. These calculations consider up-todate variables, such as the construction of a new road or building, that affect the potential flow of floodwater. As a result, modeling data and damages from hurricanes now have increased the need for flood cover in areas once
considered safe. For instance, in September, CoreLogic announced that insured and uninsured losses from 2021’s Hurricane Ida are as much as $40 billion, with a significant portion of damage occurring in X Zones. Risk Rating 2.0’s Fine Print It’s important to note that FEMA is not altering the flood zone with Risk Rating 2.0, even in cases where the new modeling paints a different picture of property risk. That means current FEMA modeling — not simply an NFIP zone — can help determine the appropriate level of flood coverage. The flood zone may not paint an accurate picture of current risk, making it urgent for real estate owners and operators to consult with their insurance advisors regarding their actual risk and determine proper flood damage protection for their portfolio. For more information on Hub, please visit hubinternational.com. Frank DeLucia Hub International Northeast Woodbury, NY frank.delucia@hubinternational.com (212)338-2395
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ARTICLES
Structured Installment Sales:
An Alternative to 1031 Exchanges By James M. Philbin, CPA, PFS, MST, CFP, partner, Marcum LLP
One of the biggest impediments to the sale of appreciated real estate at a market high is the concern over capital gains taxes. Depending on the size and nature of the transaction, there could potentially be significant tax implications. An owner of real estate investment property could use the §1031 like-kind exchange provisions to defer gain recognition and maintain the potential step-up in basis upon the passing of the property to heirs. However, for some, it may not be practical to exchange real property for other real estate as is required by §1031. Paramount to investors may be reducing their holdings in real estate and diversifying, but perhaps the time limitations imposed by §1031 — that require identification of replacement property within 45 days and subsequent closing within 180 days — are too restrictive. Exchanging high-value real estate often leads to an acquisition of replacement real estate that is also at the top of the market. As an alternative to a §1031 exchange, an investor can achieve gain deferral by entering into an installment sale of real property under §453. Instead of the seller receiving a full cash payment from the sale, the buyer and seller agree to installment payments for a stated number of years and at a certain interest rate as a condition of the sale. For the seller, capital gains taxes are paid as the installment payments are received, rather than up front in the year of sale. In determining the payment terms, the
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seller may have flexibility in establishing the annual principal payments and may be able to manage the effective capital gains rate and tax owed through proper tax planning. The seller will generally have a first or second mortgage position when providing seller financing to the buyer, providing security in the event of the buyer’s default on the mortgage note. It is important to mention that installment sales do not come without risk for the seller. While retaining the rights to the future payments and reclaiming the title should the buyer default, the seller may reacquire the property at a diminished value due to market conditions or the buyer’s mismanagement of the property and incur legal costs related to foreclosure or forbearance. Rather than arranging for seller financing with a buyer, the seller may want to consider a structured installment sale which also utilizes a periodic payment plan that enables the spread of capital gain taxes coupled with dependable installment payments over time. Structured installment sales involve a third-party obligor, preferably of high credit quality, to facilitate the installment sale and administer the note payment and investment of the sale proceeds. With a structured installment sale, the buyer does not make periodic payments to the seller. Rather, the buyer assigns the payments to the third-party obligor company (Assignee), which agrees to take on the obligation and make the note payments. The Assignee will invest the
proceeds collected from the buyer to provide for a return sufficient to meet the note obligation owed to the seller. With the structured installment sale, the seller is not required to receive all funds through periodic payments. The seller may decide to receive only a portion of the payments in the years after the sale and receive the balance of the note in a lump sum. The interest payments received by the seller on note payments will be taxed as ordinary income. The structured installment sale must be agreed upon before the sale of the property takes place and is documented as a contractual provision in the purchase and sale agreement. The money from the sale must be managed in such a way that the seller is not treated as having constructively received the payment prior to the time it is actually made. If a structured installment sale is not considered until the time the property is about to close, it is likely too late. The IRS would look at the transaction as a tax deferral tool added to an existing transaction that has essentially been accomplished and initiated for tax avoidance. For the buyer, there is little difference from a traditional real estate purchase. The buyer has paid the contract price in full and gets the full title at time of closing. James M. Philbin Marcum LLP Boston, MA james.philbin@marcumllp.com
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New York’s Full Service Real Estate Firm. Romer Debbas, LLP is a boutique law firm located in midtown Manhattan specializing in the areas of real estate, banking/private banking, general corporate law, real estate and commercial litigation, business/personal immigration, trust and estates and taxation. The firm represents a wide array of clients including buyers and sellers of residential and commercial real estate, sponsors and developers, prominent lending institutions, landlords and tenants, foreign and domestic investors, cooperative and condominium boards, and small to Fortune 500 businesses.
New York (Main Office) 275 Madison Avenue, Suite 801• New York, NY 10016 Phone (212) 888-3100 • Fax (212) 888-3201 www.romerdebbas.com
ARTICLES
Deb’s Retail Dish and Deals:
Sustaining Stores By Debra Hazel, president of Debra Hazel Communications
Not long ago, someone asked me if sustainability was still a “thing,” that maybe environmentally friendly business practices in real estate have become so standard that it’s not as newsworthy as it once was. It’s a fair question; years ago, I was told that any office building would have to be sustainable to be considered Class A. And the pandemic has only broadened the definition of sustainability to include wellness, too. But what retailers are doing to maximize their efficiency and minimize the impact on the planet continues to expand, as well. A case in point is Target, which announced its most sustainable store to date, one that will produce more energy than it needs to operate. The retrofitted store in Vista, California will serve as a test ground for its investments in new units and other remodels to help achieve ambitious sustainability goals. The store will generate renewable energy through 3,420 solar panels across its roof and newly installed carport canopies. The site is expected to produce up to a 10% energy surplus each year that it can transmit back to the local power grid, and Target has applied for net zero energy certification from the International Living Future Institute. The building also features elements to further reduce emissions, such as powering its HVAC heating through rooftop solar panels instead of natural gas. Target also conserves 10% of its stores’ total energy use by using LED lighting instead of conventional lighting. Additionally, the store switched to carbon dioxide refrigeration, a natural refrigerant, that Target will scale chain-wide by 2040 to reduce its direct operations’ emissions by 20%.
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The company has already made great progress. Since 2017, Target has already reduced its direct operations’ emissions by nearly 27%. One of the ways it intends to reach its net zero goal is through sourcing 100% of its electricity from renewable sources (including wind energy and solar) for its operations by 2030. New partnerships should bring the retailer to buying nearly half of its electricity from renewables later this year. The Vista store is one of 542 Targets with solar installations. (Full disclosure: I’m biased here, as my home is solar, too.) The recycling, donations and composting operations at the Vista store, alongside Target’s other facilities, support the retailer’s goal to divert 90% of its U.S. operations’ waste away from landfills by 2030 as it aims for Zero Waste certification. Target is already diverting 80% of its operational waste. Additionally, the Vista site offers electric vehicle charging spaces, a continuiation of an existing policy as the retailer provides more than 1,350 spaces at over 150 locations across more than 20 states. On the luxury side of the spectrum, Neiman Marcus in its first-ever environmental, social and governance (ESG) report, detailed its efforts to target climate change, increase sustainable and ethical products and implement circular services. The plan calls for reducing Scope 1 and Scope 2 emissions (direct emissions from company-owned and -controlled resources, such as manufacturing and transportation, and indirect emissions from the generation of purchased energy from a utility provider, respectively) 50% from a 2019 baseline by 2025. It also plans to perform a Scope 3 (covering indirect emissions not covered by Scope 2, including business travel, employee
commuting and purchased goods and services) assessment in 2022 to understand the company’s position and chart a path toward a net zero goal. The company also plans to procure 100% renewable energy by 2030 across the business and join RE100, the global global initiative bringing together the major businesses committed to 100% renewable electricity. Re-commerce is also part of the plan, as Neiman announced the intent to extend the useful life of over 1 million luxury items through circular services such as mending and alterations, restoration, resale and donation by 2025, up from the 350,000 products addressed in 2021 and committing to creating a FashionPhile Selling Studio that authenticates and intakes luxury product from customers inside every Neiman Marcus store. Other retailers also are looking to save textiles — Five Below has eliminated print circulars, sells reusable bags and offers responsible products. A member of RE100, Starbucks plans to reduce its carbon, water and waste footprint by half by 2030 over a 2018 baseline. Its 2020 report saw an 11% year-over-year reduction in emissions. And with their great outdoors focus, Patagonia and REI have long been committed to recycling products, etc. So, yes, sustainability is still a “thing.” And we have so much more to look forward to. Debra Hazel Debra Hazel Communications North Las Vegas, NV (201) 618-5247
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The information contained herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we make no guarantee, warranty or representation about it. The prospective tenant should carefully verify each item, and all other information herein.
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ARTICLES
Five Reasons Backyards & Managed Green Space Are Environmental Superheroes By Kris Kiser, president and CEO of the Outdoor Power Equipment Institute and the TurfMutt Foundation
The green spaces in your family yard, community parks and school yards have purposes beyond looking beautiful. They are also environmental superheroes. Our yards, parks and community green spaces capture and filter rainwater, produce oxygen and absorb carbon. Our green spaces are also an important part of the connected ecosystem that provides food and shelter for pollinators, such as birds, bees, butterflies, bats and other creatures that are responsible for bringing us one out of every three bites of food we eat, according to Pollinator Partnership. By becoming a steward of your backyard, you can have a positive impact on our environment and help mitigate the effects of climate change on a micro level. Here are just a few of the ways your yard benefits the planet: Plants slow and capture rainwater. Water sheets off hard surfaces, asphalt and other hardscapes in cities and suburbs. Grass and plants slow down and capture this water, recharging underground aquifers. Green space is a carbon sink. Carbon sinks absorb the greenhouse gas carbon dioxide from the atmosphere. Plants absorb carbon dioxide from the atmosphere to use in photosynthesis. Some of this carbon is transferred to soil as plants die and decompose. The dense canopy and fibrous root system in a lawn sequesters carbon so well that it outweighs the carbon used for maintaining the grass by as much as seven-fold, according to researchers at the University of Arkansas.
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Plants produce oxygen. Plants, grass, trees and shrubs are oxygen-producing machines. In fact, a 25-square foot area of turf supplies enough oxygen to support one person for a day, according to the Lawn Institute. Furthermore, researchers at North Carolina State University found that one large tree can provide a day’s supply of oxygen for up to four people. Living landscapes support biodiversity and wildlife. Your yard and our parks, schoolyards and other community green spaces are vital to the world’s ecosystem. Remember, nature starts in your own backyard. Scientists have discovered that increasing the biodiversity of urban green spaces can help people and the planet adapt to the urban environment in the face of climate change. There is evidence that this message is catching on. According to the 2020 National Gardening Survey from the National Wildlife Federation, more Americans are purposefully planting for pollinators and wildlife than ever before. Living landscapes combat heat. Called the “heat island effect,” air temperatures in cities, even after sunset, can be as much as 22 degrees Fahrenheit warmer than air in neighboring regions. Yards and other green spaces help mitigate the heat island effect. Turfgrasses dissipate radiant heat through a process called evapotranspiration. Planting vegetation and grass or installing a green roof are among the strategies the Environmental Protection Agency recommends in order to combat heat islands. Not only do living landscapes benefit the planet, but they are also good for our health and
well-being. “Backyarding” by exploring and appreciating nature — starting in our own backyards and community green spaces — reduces stress, improves memory, boosts heart health and offers a host of other benefits for our minds and bodies. Additionally, green space is where people reconnect with nature and one another, making memories and creating a healthier, happier life. One final and important note: Creating a yard that supports the planet, as well as your family’s outdoor lifestyle, means identifying your backyard personality type and then taking stock of what you might need to create and care for your outdoor space. Be purposeful when selecting plants for your family yard by putting the right plant in the right place. Location, maintenance, sunlight and watering requirements must all be considered, in addition to your climate zone and lifestyle needs. To learn more about the above, refer to the United States Department of Agriculture’s Plant Hardiness Zone Map. For more tips, sign up for Mutt Mail, a monthly e-newsletter with backyarding ideas and all the news from the TurfMutt Foundation. To learn more about creating the yard and outdoor office of your dreams, visit turfmutt.com. Kris Kiser Outdoor Power Equipment Institute 1605 King Street Alexandria, VA 22314 turfmutt.com opei.org (703)549-7600
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SERVING COMMUNITIES AND HONORING THE VALUE OF THEIR INVESTMENTS SINCE 1955 We serve a large community of luxury multifamily, residential and mixed-use cooperatives, condominiums and rental properties throughout New York City. Our services include: • Comprehensive Residential Property Management • Back Office Accounting Services • Risk Management
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ARTICLES
Do Californian Investors Look Forward to Wildfires? By Tom Smart, land professional with National Land Realty
The MET Office (the British national meteorological service) predicts that 2022 will continue to be one of the Earth’s hottest years. While in some parts of the planet this might be a cause for relief, in others — such as in drought-stricken California — people are bracing for another season of intense wildfires. The devastation to many different types of land in the Golden State has been enormous in the last few years. In 2021 alone, a total of 8,619 fires have been recorded, burning 2,569,009 acres across the state. While land investors are rightly cautious about burning their fingers on land that has been ravaged by wildfires, they should also know that the destruction caused by the fires creates plenty of investment opportunities. In what follows, we take a look at how wildfires hitting ranch land, hunting land and homesites will create unique opportunities for investors. Burning Can Be a Boon to Ranch Land Burning can be a boon to ranch land as it helps clear out old brush. Controlled burns ensure that land remains fertile and provides good feed for stock. Some studies of grasslands in Kansas, such as the Flint Hills, even show how controlled burns help the land keep its integrity. But wildfires are not controlled burns of course, and that makes them problematic. The process of quickly rounding up herds to move them to safety can be challenging. As such, there is a high probability of losing stock during wildfires. Furthermore, the loss of feed leads to increased maintenance costs, thereby placing a financial burden on the rancher.
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Because it is to some degree an expected part of life for them, the wildfires do not really cause ranchers to sell or buy property. If anything, the fires increase the need for more usable land to help offset the loss of feedlots. For example, semi-arid to arid environments (like the West) require about 10 acres per head. So, ranchers may be looking to buy out smaller parcel owners to help add to their acreage for grazing. One important caveat is that elderly ranchers who have been hit by a fire, and for which rebuilding will be a daunting task, will on many occasions decide to sell their properties, providing an opportunity for new ranchers to buy that land at a discounted rate. Fire Brings Hunting Land Opportunities While controlled fires can help clear out unwanted, old brush, wildfires can easily destroy natural wildlife habitats. After a wildfire, it’s not uncommon for deer and other game herds to leave burnt areas for extended periods of time. A reduction in prey will consequently reduce the predators (mountain lions and bears) as well, allowing pesky wildlife-like wild boar to permeate the area. It’s possible that smaller hunting plots may seek to sell and could present an opportunity for larger landowners to purchase contingent parcels to build future feedlots. Homesites Can Go on “Fire Sale” Burnt, suburban land sites could prove to be a clever investment opportunity. Homeowners who wish to leave and not return are often open to selling at literal “fire sale” prices. While
the property values typically dip for three to five years, these could be opportunities for investors willing to buy for a longer haul and either rebuild and sell or simply sell as buildable lots. We saw this happen in the recent past in Paradise and again in historic Greenville. The infrastructure, such as utilities, is already in place and does not require significant costs to reconnect. The purchase at reduced rates appears to recover over time. There are also the exclusive areas that become affordable after a fire. Imagine being able to buy land or a vineyard in San Luis Obispo, Paso Robles, Napa or Sonoma! Bottom Line Depending on the type of land affected and once they are contained, wildfires are poised to present attractive buying opportunities for real estate and land investors this year. The wildfires do not trigger a significant switch to sell or buy property where ranch land is concerned. Looking at hunting land, it’s possible that small hunting plots may seek to sell, so they could present an opportunity for larger landowners to purchase contingent parcels. Finally, there are homesites which tend to retain the infrastructure that is needed to rebuild. This latter category will often make for the most profitable investment one can make in burnt land. Tom Smart National Land Realty Simi Valley, CA (805)242-3882
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ARTICLES
Who’s Building the Harlem’s Luxury Hotels and Condominium Buildings By Amanda Jhones, Engel & Völkers New York City
Three weeks ago, I received a call from a talent manager who represents an actor who lives in Hollywood. At first, my vast imagination got away from me — the first person who came to my mind was Brad (ever so good-looking) Pitt. Or was it that rich, tall actor with that rich accent who one day will become 007 James Bond, a.k.a. Idris Elba? The manager laughed out loud and said, “Honey! I wish.” But no, my client is a newcomer to all this glitz and glam. She just got her big first break. I was very curious about how the talent manager found me; he confessed that I had rented his client a townhouse in Harlem and she was impressed by my professionalism and know-how. “She explicitly told me to contact you because you are the Queen of Harlem,” he said. I did express my thanks to his client, who was an absolute gem, although I had to explain to the manager that I did not want to be typecast — I’m an experienced broker who works all over the five boroughs of Manhattan and the Hamptons. Reggie explained his client’s needs. Did she want to buy? No. How much luxury did she want? “In a five-star hotel, I’m looking for whiteglove services,” my client had said. “In a rental, the apartment must have high ceilings, large windows, two bedrooms, two bathrooms, a
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dining room, cooking kitchen, housekeeping services, a doorman, parking garage and gym. It also has to be pet friendly.” Unfortunately, that does not exist in Harlem at the present, but I know that in the near future, it will. There are no real loft-like luxury units except for the Amanda Condominiums on West 128th Street. This was the second development project named after me by the developer after I pulled off another sales value in the five-story building by helping to create the living space. At the time, I knew being across from a drug rehab center wasn’t going to be easy. I suggested loft apartments with high ceilings, keyed elevators and lots of closets. They listened to me and the five units were in contract within 45 days. Unfortunately, Harlem certainly is not the glamour of Beverly Hills. Not yet. Travelling back in time, I was a soothsayer in the early 2000s about Harlem. Through Douglas Elliman, I became the sale agent on a development on 109th and Madison Avenue, an up-and-coming area of East Harlem. At the time, the units went on market and the developer couldn’t sell even one unit — there was a lot of drug activity in the neighborhood, unfortunately right in front of the new condo building. In less than nine months and with an Ikea shopping budget of $2,500, I gave the cozy units some pizzazz in staging them to sell. I in-
corporated the youth in the community to become my doormen for my open house. I also paid the youth to keep the streets clean in front of the building, along with asking the community to take their drug activity away from the building. Within six months I had 90% of the units in contact. (That area now has changed tremendously — 1280 Fifth Ave. shifted the landscape of the community.) The developer shared with me a purchase that was offered to him on 125th Street and Lenox Avenue, where Whole Foods stands today. I told him he should purchase the land and build a luxury hotel/residential building. The land price was about $10 million at the time. He thought then it was way overpriced. It took me about a year to convince him to go back to the table with the landowner; lo and behold, the price had quadrupled. I explained to Reggie that I will be more than happy to accommodate him and his client in other locations of New York; Harlem still does not fit his client’s criteria. But I am happy to say that we are still working together in Soho, West Village and some of the new high-rise developments. Amanda Jhones Engel & Völkers New York City 430 Park Ave., 11th Floor New York, NY 10022 amanda.jhones@evrealestate.com (646)757-2883
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ARTICLES
Innovative Construction in Today’s Commercial Workplace By Eric Derector, principal, Quest Builders Group
While the initial turbulence brought about by COVID-19 has appeared to stabilize, the omicron variant has once again sown uncertainty into the real estate and construction. There is reason for cautious optimism, however; while multiple sectors were unprepared for the havoc COVID-19 caused when it first appeared, the latest variant can be approached with a degree of precedent. In other words, the opportunity has now presented itself for the construction industry to apply the lessons learned over the past year and use them to build for the future. Quest Builders Group (QBG) is eager to play its role in this process and has begun employing innovative and forward-thinking strategies as a result. The need for innovative and flexible construction is particularly pressing in the commercial sector. As employees begin returning to their offices — including those at companies adopting hybrid models — changes must be made. These changes begin as early as the pre-construction process, with companies adopting more open floor plans that prioritize spaciousness and collaborative workspaces. For a media client, as an example, QBG recently performed significant renovations to its social media suite that included restructuring the office’s overall layout to nurture better ventilation and airflow. These types of floor plans bring the additional benefit of limiting the number of surfaces individuals touch over the course of the day, thereby significantly reducing the number of contaminants in the area. As today’s workplaces slowly become more populated, more physical space for airflow is only one variable that must be considered. The heating, ventilation and air conditioning (HVAC) industry has made great strides over
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the past year in terms of developing new technology that can eradicate over 99% of the COVID-19 pathogens in the air. However, there are likely more innovations to come as technology becomes more sophisticated, and science gains a greater understanding of the virus. Because of this, new office buildings must be constructed with emergent technology in mind. QBG has not only adopted this policy but also specializes in performing renovations and retrofits that create opportunities for existing commercial spaces to install modern HVAC devices as well. The added benefit of these newer HVAC models, such as those QBG recently installed at a client’s coworking space as part of a full renovation, is that they are generally far more energy-efficient than previous models, making it easier for buildings to achieve sustainability initiatives and save costs. Even with these innovations in mind, it remains important to not allow our recent focus on COVID-19 to distract us from other safety issues. Across its commercial portfolio, QBG has performed a significant amount of upgrading lighting, plumbing, mechanical, electrical and fire safety systems. These aspects of commercial workplace safety have by no means become less important over the past year, and it is therefore crucial to include them as part of the industry’s newfound appreciation for preparedness. Many of these systems are also now more efficient than ever, making use of modern automation and smart building technology to allow building owners to identify potential issues before they become exacerbated. In terms of COVID-19 in particular, emerging safety technology such as Smiths Detection’s BioFlash can be used to detect the virus in the air within two to three minutes.
Finally, the materials that the construction industry uses must also be subject to routine inspections and analysis. It is not uncommon to discover years in the future that certain building materials come with unforeseen risks, and COVID-19 poses unique challenges in this regard as well. As examples, recent research performed by the World Health Organization shows that the virus can survive for up to 72 hours on materials such as stainless steel, while only up to four hours on copper. The construction industry has a social responsibility to learn as much as possible about the materials used to perform its work, and while it may be impossible to predict or prevent another viral outbreak, there are tools available to help mitigate these types of risks. Ultimately, while workers are beginning to return to work, they will not be returning to the same places they left last year. The commercial landscape must change in order to reflect modern times, and the construction industry will continue to play a critical role in building that future. This involves building with flexibility and future retrofits in mind, creating environmentally and socially conscious floor plans and workspaces and closely monitoring the properties of our building materials. Combined with a strong foundation on essentials such as fire safety and emerging technology, the commercial landscape is poised to enter the fall on a cautious, but optimistic, note. Eric Derector Quest Builders Group 49 West 45th St., 3rd Floor New York, NY 10036 (646)473-1980
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Understanding Understanding tax tax planning planning can can be be aa taxing taxing experience. experience. It It requires requires aa dynamic dynamic knowledge knowledge of of evereverchanging codes and regulations, plus a deep understanding of your individual needs and goals. changing codes and regulations, plus a deep understanding of your individual needs and goals. That’s That’s where where Janover Janover comes comes in. in. We We get get to to know know both both you you AND AND your your business. business. We We then then leverage leverage our knowledge of the system to tailor a detailed tax plan that is unique to your speci c needs. our knowledge of the system to tailor a detailed tax plan that is unique to your speci c needs. At At Janover, Janover, our our greatest greatest value value is is the the ability ability to to help help you you look look at at the the whole whole picture picture -- numbers, numbers, family, business. You’ve worked hard to have it all... wouldn’t you like to keep it? family, business. You’ve worked hard to have it all... wouldn’t you like to keep it?
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A.E.C
3 Giralda Farms-Conceptual Patio
A Different Quest: Repositioning 3 Giralda Farms
O
3 Giralda Farms- Conceptual Exterior nce the headquarters for Quest Diagnostics, the office campus at 3 Giralda Farms in Madison, New Jersey is seeing new life, thanks to a joint venture between private real estate companies Lord Fisher Capital and Pentaurus
Properties. The team, which acquired the building in August 2020 in its first joint venture in Morris County, unveiled a multimillion-dollar repositioning plan that will update the 1990s-era property to meet the demands of a future workforce. The joint venture, which together owns and manages commercial
The multimillion-dollar renovation project will include modernizing
buildings in Northern New Jersey and Southern Florida with a com-
the building’s spectacular double-height glass atrium and connect-
bined asset value of over $550 million and a team of over 50 employ-
ing it to the visitor lobby with a new executive staircase. The proper-
ees, retained renowned architecture firm Gensler to open outdated
ty’s backyard patio will be expanded to include entertainment and
floorplans and renovate the façade and entryway while supercharging
collaboration space and incorporating amenities throughout the
amenities to prioritize employee wellness.
sprawling backyard.
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A.E.C
3 Giralda Farms-Conceptual Lobby 2
3 Giralda Farms-Conceptual Cafe
“Tenants continue to demand quality in the workplace and seek a
“3 Giralda Farms has enjoyed a storied past as a landmark property,”
modern, amenity-rich building,” Dana Nalbantian, principal with Gen-
said Brandon Rolnick, managing member of Lord Fisher Capital. “We
sler, said. Gensler previously designed the consolidation of Allergan’s
are thrilled to embark on this modernization to create a model facility
New Jersey operation into a single campus at 5 Giralda Farms. “With
that will appeal to forward-thinking companies seeking suburban
an iconic property like 3 Giralda Farms, our focus is on respecting
office space with the type of urban characteristics that make 3 Giralda
the past while looking to the future with the kind of building amenity
stand out as the premier asset in the region.”
design that complements a company’s culture to inspire and enrich its employee workplace experience.”
The partnership has also retained JLL as the exclusive leasing agent for the four-story, 141,000-square-foot, Class-A corporate headquar-
The plans also include upgrading existing amenities like the full-
ters opportunity. Managing Director David Stifelman and Associate
service café, best-in-class conference center and fitness center. An
Vice President Mike Pietrowicz are partnering on the assignment with
overhaul of building infrastructure will include upgraded HVAC sys-
support from JLL New Jersey’s office agency broker lead, Tim Greiner.
tems with MERV-13 filtration, all-new mechanical and BMS systems
Stifelman said interest is already building among users a"racted to the
and the construction of a 220-space, bi-level parking garage with
property’s central location between two highly desirable downtowns
green roof and landscaping.
in Madison and Morristown, as well as a top-to-toe renovation that puts a premium on amenities designed to a"ract and retain talent.
3 Giralda Farms is located within one of the Garden State’s most magnificent campuses. Once part of the late Geraldine Rockefeller
“3 Giralda Farms, an iconic building in an extraordinary location, is
Dodge estate, the bucolic, 310-acre property adjoins Loantaka Brook
receiving the best new start imaginable,” said Greiner. “With work now
Reservation, an 883-acre recreational park with 10 miles of hiking trails
underway, we are excited by the interest we are already seeing from
and immediate access to biking, cross-country skiing, fishing, hiking,
building users seeking a headquarters presence in a newly renovated
snowshoeing, horseback riding and athletic fields.
property with an unrivalled location.” Positioned directly off Route 124 in Morris County, and proximate to Interstate 287 and Route 24, 3 Giralda Farms offers easy access to Interstates 78 and 95 (the New Jersey Turnpike) and the Garden State Parkway. The property is a five-minute drive from downtown Madison, recognized by New Jersey Monthly as the number-one town in the state, and seven-minutes from Morristown with its shopping, dining, entertainment and a direct-to-midtown-Manha"an NJ transit line. The property is less than 30 minutes from Newark Liberty International Airport and approximately 45 minutes from New York City.
3 Giralda Farms-Conceptual Lobby Lounge
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Renderings courtesy of Gensler
April 2022
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The Tide is High: Lowcountry Grandeur Meets Contemporary Design at Ponte Vedra Beach Residences
S
The Lowcountry design of the houses evokes the 18th century. et on a sliver of the Florida coast between the ocean and a tidal marsh, the Ponte Vedra Beach Residences offer refined simplicity that
is suffused with the natural beauty of the surrounding tidal marsh, according to designer Andre Kikoski Architect. The houses are a stylish take on the Lowcountry vernacular, reimagining the stately geometries of the 18th century in contemporary architecture for 21st-century lifestyles. “Enduring design embraces the very traditions and essence of a place, invigorating them with dramatic contemporary thinking,” said Andre Kikoski, founding principal of Andre Kikoski Architect. The firm’s clients include The Guggenheim Museum, The Related Companies at Hudson Yards, The Kohler Companies, Ligne Roset, Saks Fi"h Avenue,
found beauty of both the ocean’s dunes and
that command views of the surroundings that
Swarovski Crystal and, most recently, more
tidal marshlands.”
also fill the homes with daylight. Multiple expansive outdoor spaces, including a col-
than 20 residences in the Hamptons. “We fell in love with the unassuming grandeur
The houses recast familiar Lowcountry el-
onnaded front porch and veranda, a resort
of historic southern homes and envisioned
ements like colonnades, steeply pitched
style pool deck and two additional sun deck
truly unique, lifestyle-driven custom resi-
roofs and double-hung windows with new
terraces embrace their waterfront se#ing, ex-
dences with a refined sense of simplicity
materials and forms: unornamented volumes,
tending the living areas to blur the boundary
that are elegantly poised between the pro-
slender columns and soaring glass panels
between house and landscape.
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A.E.C
Views include the ocean and marshlands.
Opaque glass highlights the entrance.
Natural light abounds.
Each residence, offering more than 9,500
a gracious dining room designed for enter-
ditional bedrooms, one with its own private
square feet of combined interior and exterior
taining with a 1,500-bo#le, climate-controlled
sundeck, offer en suite bathrooms.
spaces across two floors, is sited on an axis
wine cellar and expansive chef's kitchen with
that opens eastward to the Atlantic Ocean and
a spacious island, abundant pantry and prep
Throughout, the interiors are bathed in natu-
westward to the marshes of the Guana River
space. These indoor spaces flow effortlessly
ral light from sunrise to sunset while soaring
National Preserve. This axis informs the plans,
into a dramatic and expansive outdoor lounge
architectural ceilings and glass walls create a
organizing interior spaces and locating win-
that is a perfect spot for convivial casual en-
sense of openness and airiness. The interior
dows, doors and sliding walls of structural glass
tertaining, defined by an axial infinity edge
color pale#e is inspired by the beauty of the
to create seamless connections between the
pool and fire table and featuring a planted
marshy landscapes — driftwood gray, sea-
landscape and bodies of water in the homes.
trellised dining area with outdoor kitchen. The
glass green, grassy olive green, pale blues
The fronts of the houses are set amidst dense
luxurious first floor primary bedroom suite, ar-
— all brought to life by the vibrant Floridian
vegetation and are more private and opaque,
ticulated as a glass-fronted, one-story volume
light. Natural materials inside and out mix
accented by towers with double-height win-
extending into the gardens, showcases the
with elegant fixtures and features set the tone
dows and verandas with sweeping ocean vis-
views and a spacious bathroom that is coor-
for a timeless design that is artfully integrated
tas over the crowns of palm trees. The more pri-
dinated with ample double dressing rooms. A
into the lushly planted landscape.
vate rear façades of the houses open with full-
generously sized adjacent den/library perfect
height glass to spacious, exuberant gardens
for contemplative work completes the array of
“Every aspect of the house reflects the spirit
that dissolve into the natural vegetation of the
first floor living spaces.
of its place, connecting residents to the natural beauty of the surroundings,” Kikoski said.
tidal marsh. A long boardwalk spans the marshlands on the property to link the residence to
The second floor is just as dramatic, with
“With an eye to elegant restraint, our design
the riverfront, where a pavilion offers a place for
all the bedrooms organized around a grand
creates sophisticated residences that bring
quiet reprieve, waterside lounging and a set-off
cathedral-ceilinged living room that boasts
contemporary resort-style living to your own
point for kayaking and paddleboarding.
both a covered porch and a sundeck. The
private enclave on Ponte Vedra Beach. We
luxurious second-floor primary bedroom
could not be more thrilled!”
Architecturally, the formal entrance opens
suite boasts a marble-clad bath suite and
directly onto a large living room that flows to
soaking tub offering Atlantic vistas. Two ad-
Photos courtesy of Andre Kikoski Architect
The entrance opens to a grand living area.
A large island dominates the kitchen.
Bedrooms feature en suite baths.
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A.E.C
The Reinvention of Menifee Valley Middle School
Permanent classroom spaces surround a courtyard.
T
here are about 85 miles between Menifee, California and Hollywood, but in one respect the distance has become shorter, as Menifee Valley Middle School has been transitioned to a magnet school focused on visual and performing
arts. The $38 million, 71,277-square-foot renovation incorporates critical aspects of an art-focused middle school, the addition of two new classroom buildings, restorations to the Visual and Performing Arts Center, construction of an open-concept library and repairs to existing locker rooms.
106 | MR
Two classroom buildings are being added.
April 2022
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A.E.C
The modernization will allow buildings to adapt over time.
Located in Riverside County, roughly 15 miles north of Temecula, the
classrooms, allowing for abundant natural light. The school’s new
project consisted of the reconstruction of temporary portables into
library includes a flexible plan configuration, collaboration spaces to
new, permanent classrooms and lab spaces that create a centralized
facilitate group work and so! seating areas for students seeking a qui-
academic courtyard and cohesive community. To support Menifee
et, comfortable place to study. On the athletic front, renovations to ex-
Valley Middle School’s new focus on visual and performing arts, a
isting locker rooms include Americans with Disabilities Act upgrades,
music and choir space, as well as a renovated stage in the Visual and
audiovisual improvements and a washer/dryer addition. The campus
Performing Arts Center, were added. The campus introduces outdoor
features a clean and contemporary façade that is energy-efficient and
learning areas as well as active learning spaces optimized for use in
comfortable for students and staff.
the arts, music and sciences known as Flex Labs. “We carefully considered and incorporated input from our school “By leveraging decades of K-12 construction experience, we were
community during the planning and construction phases of the re-
proud to deliver a cutting-edge campus that will serve the growing
construction,” said Jennifer Root, superintendent at Menifee Union
Menifee community both now and well into the future,” said Eric
School District. “The result is a beautiful, collective effort from which
Metzger, project manager at C.W. Driver Companies, the construction
we will teach and encourage students to live out the district’s vision of
and engineering firm that conducted the redevelopment. “The tactful
'Engaging Young Minds for Limitless Futures' for years to come.”
modernization of Menifee Valley Middle School allows for the space to adapt as educational and enrollment needs evolve over time.”
C.W. Driver partnered with BakerNowicki Design Studio on Menifee Valley Middle School.
In order to increase student academic performance, research-based lighting design was carefully considered. Large windows adorn the
mannpublications.com
Photos by Zach Benson Photography
April 2022
107 | MR
The Smartest Building The Smartest Building in in Chicago: Chicago: A.E.C
A.E.C
Andorix Completes In-Building Andorix Completes In-Building Backbone at Thor Equities’ 800 800 Backbone at Thor Equities’ Fulton Market Fulton Market
800 West Fulton Market marks Andorix’s U.S. debut.
800 West Fulton Market marks Andorix’s U.S. debut.
108 | MR
April 2022
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A.E.C
A.E.C
All building information is captured in a central dashboard. All building information is captured in a central dashboard.
AA
with Andorix not only for their proven converged network technology ndorix, a smart building enabler and systems integrator for with Andorix not only for their proven converged network technology ndorix, a smart building enabler and systems integrator forbuildings, in built but also for their ongoing managed service apreal estate properties, has completed the in-building conin built buildings, but also for their ongoing managed service apreal estate properties, has completed the in-building conproach to help us integrate various building system data in a secure verged network project at Thor Equities’ 800 Fulton Market proach to help us integrate various building system data in a secure verged network project at Thor Equities’ 800 Fultonand Market operationally efficient manner.” in Chicago, its first U.S.-based new development commerand operationally efficient manner.” in Chicago, its first U.S.-based new development commercial building. This network serves as the digital backbone to capture cial building. This network serves as the digital backbone to Along capturewith the installation of the Passive Optical Network (PON) all building system and IoT sensor data into a central dashboard for Along theMarket, installation of thealso Passive Optical Network (PON) all building system and IoT sensor data into a central dashboard for infrastructure at 800with Fulton the project included the inanalysis and continued optimization of building operations. infrastructure at 800 Fulton Market, the project also included the inanalysis and continued optimization of building operations. stallation of a Distributed Antenna System (DAS) and the setup and
of anetwork Distributed Antennaareas, System managementstallation of the Wi-Fi for common as(DAS) well asand thethe setup and “In order to meet our vision of making 800 Fulton Market the smartest management of the Wi-Fi network for common areas, “In orderwe to needed meet our of with making 800 Fultonprovider Market the smartest installation of a Low Power Wide Area Network (LPWAN) to enable theas well as the building in Chicago, tovision partner a technology
installation of a Low Wide Area (LPWAN) to enable the building ininstalled Chicago,fiber-based we needednetwork to partner with a technology provider scalable and efficient collection ofPower building-wide IoTNetwork sensor data. who has successfully infrastructure in scalable and efficient collection of building-wide IoT sensor data. who has successfully installed fiber-based network infrastructure in commercial buildings,“ said Peter McEneaney, senior vice president commercial buildings,“ said Equities. Peter McEneaney, vice president “A"er successfully deploying our PON-based solution to over 40 built of development and construction at Thor “We chosesenior to work “A"er successfully deploying ourbeen PON-based solution to over 40 built of development and construction at Thor Equities. “We chosebuildings to work in Canada, it was an honor to have selected by Thor buildings in Canada, was an honor to have been selected by Thor Equities to make 800 Fulton Marketitthe smartest building in Chicago,” Equities to make 800 Fulton Market the smartest said Wayne Kim, CEO at Andorix. “This building is our entrybuilding to the in Chicago,” saidwe Wayne Kim, CEOtoatroll Andorix. “This buildingofisour our entry to the U.S. market, and are continuing out implementations U.S. market, and we are continuing to roll out implementations of our in-building network solution to meet the scalability and security needs network solution to meet the scalability and security needs of U.S.-based in-building smart building developers.” of U.S.-based smart building developers.” Andorix’s helps various building systems, applications and service data
Andorix’s helpsnetwork various without building compromising systems, applications and service data to be integrated onto one security. to be integrated onto one network without compromising security. This allows 800 Fulton to implement best-in-class tenant experience allows 800 Fulton to implement best-in-class tenant experience platforms thatThis monitor indoor air quality, reduce energy consumption A Wi-Fi network has been set up in common areas.
platforms that monitor indoor air quality, reduce energy consumption and improve the overall comfort, health and wellness of its tenants.
A Wi-Fi network has been set up in common areas.
Photos courtesy of Andorix and improve the overall comfort, health and wellness of its tenants.
Photos courtesy of Andorix
mannpublications.com
April 2022
109 | MR
National Jewish Health
Breath of Life New York Golf Tournament Honorary Chairs Robert E. Helpern* Tannenbaum Helpern Syracuse & Hirschtritt LLP Stephen B. Siegel* CBRE, Inc.
Chair Emeritus Samuel B. Lewis* SBL Property Consultants, LLC *National Jewish Health Trustee
MONDAY, JUNE 6, 2022 Brae Burn Country Club
39 Brae Burn Drive | Purchase, NY Register Today Mattie L. Shepheard | 212.297.0857 | ShepheardM@njhealth.org
njhealth.org/NYgolf All funds raised will help support groundbreaking medical research and treatment for patients with lung, heart, immune and related conditions, including asthma and COVID-19.
BENEFITING
The building expands the curriculum.
In a Class by Itself: Granada Hills Charter Expands 112 | MR
April 2022
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COLLEGES
C
.W. Driver companies completed
with running track, two basketball courts, and
sixth grades. The site is also home to the
the 90,000-square-foot expansion
additional parking and pick up/drop off areas.
high school’s iGranada independent study academic program.
of Granada Hills, one of the largest public charter schools in the
“By leveraging decades of academic con-
U.S. The new campus, located a mile from
struction experience, C.W. Driver Companies
According to the school’s website, it has an an-
the high school, has allowed the school to
has successfully built a high-quality educa-
nual waitlist of more than 4,000 students, and
broaden its curriculum to offer transitional
tional environment tailored to Granada Hills
boasts a diverse population, with more than 40
kindergarten through eighth grade, with
Charter’s diverse academic, athletic and extra-
lanugages other than English spoken at home
plans to increase its student body capacity
curricular offerings,” said John Kately, project
and more than 60 nationalities represented. It
from 4,700 to 6,000 by 2023.
executive at C.W. Driver Companies. “Years
has been ranked the top best public elemen-
in the making, the modern campus enables
tary School in California, best charter school in
Built on a former school site, the project in-
Granada Hills Charter to provide families and
America and best charter high school in Los
cluded the demolition of nine buildings, instal-
children with continuity in education for all
Angeles County by niche.com, which profiles
lation of interim portable classroom buildings
grades up until high school graduation.”
and offers reviews of schools nationwide.
At the campus’ front entrance, a single-story
Granada Hills Charter, located at 10535
“With the expertise of C.W. Driver Companies,
building houses the administration offices, a
Zelzah Ave. in Granada Hills, California,
we are now able to broaden our comprehen-
multi-purpose room for cafeteria or auditorium
opened in 1960 and was converted into an
gramming to reach over 27% more students
use, and a media classroom. Elementary and
independent charter school in 2003. The
in grades TK-8 by 2023,” said Brian Bauer, ex-
middle-school lessons will take place in a new,
expansion is located at 17081 Devonshire
ecutive director at Granada Hills Charter. “This
three-story academics building that includes
St. in Northridge on a site purchased in 2014
21st-century facility provides an enhanced stu-
48 classrooms. Another single-story building
with the intention of building a campus for
dent-centric experience that will prepare our
features a full-service kitchen and locker room
elementary and middle-school students.
students for a future they envision and own.”
facilities, and an existing building was reno-
First year enrollment began in fall 2019
vated to include kindergarten restrooms. New
with 384 spots for transitional kindergar-
C.W. Driver Companies partnered with PBK-
outdoor spaces include a lighted sports field
ten and kindergarten, as well as first and
WLC Architects Inc. on the project.
and the construction of three new buildings.
Flexibility was the hallmark. Photos courtesy of RMA Architectural Photography
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April 2022
113 | MR
National Jewish Jewish Health National Health LOS ANGELES REAL ESTATE
GOL F C L AS S IC Monday, May 16, 2022 El Caballero Country Club Tarzana, California 2022 COMMITTEE Anthony Behrstock
Co-Chairs
Commonwealth Land Title
David Sonnenblick
Sonnenblick-Eichner Company
Zach Brandler
Ron Friedman
Jeff Mann
Jonathan Canter
Carrie Jenkins
Deborah Medway
Steven Cohen
William Mark Levinson
Eric Nelson
Fred Lionetti
Christine Ouzounian
Corcoran Global Living
Marcum LLP
JP Morgan Securities
Triumph Business Capital
Real Estate Investment and Operational Exec and Principal
Charles Eberly
The Eberly Company
Carlton Fields
Business Broker and Consultant
Mann Publications Stewart Title
Rimrock Real Estate Ventures Commonwealth Land Title
Michael S. Rosenblum Law Offices of Michael S. Rosenblum
Josh Rubin Nico
Todd Sherman
First Pacific Financial
Matthew Winnick
Managing Partner Kilowatt Capital
Don’t miss this opportunity to play at the newly redesigned course at El Caballero Country Club. Reserve your foursome or sponsorship today at njhealth.org/lagolf or contact Keri Henning at 818.905.1300 or HenningK@njhealth.org. The health and safety of our guests is of the utmost importance. We will be complying with the latest COVID-19 guidelines and strive to make your experience as safe as possible.
www.kaufmanorganization.com
A MODERN APPROACH TO COMMERCIAL REAL ESTATE POWERED BY A CENTURY’S WORTH OF EXPERIENCE
KAUFMAN'S REPOSITIONED PROPERTIES
WEST 23
155WEST23RD.COM
MADISONSQUAREPORTFOLIO.COM
450SEVENTHAVE.COM
EXECUTIVE CHANGES
retail arena, as a primary supplier to Servi-
Marcel Fadl Expands into U.S. with Green Mid LLC
cios Shasa, a fashion chain with more than 100 retail stores throughout Mexico, he Marcel Fadl
was selected to supply materials for a new corporate brand renovation. His innovative three-tier remodeling and design strategy for
Marcel Fadl, a specialist in building materials
HM México, SA de CV, an international mate-
numerous retail locations improved lighting
and surface finishes, has expanded his enter-
rials distribution company based in Mexico
and materials durability and provided a be$er
prise with Green Mid LLC, based in Houston.
City, Mexico. In this capacity, Fadl led busi-
shopping experience.
As a partner and chief executive officer, he
ness operations for multiple stores and distri-
provides renovation project management for
bution facilities, built and negotiated vendor
Additionally, as one of the first to sell and
commercial and residential real estate.
relationships with prestigious global brands
install Krion, a new generation solid surface,
and provided materials for a wide range of
in Mexico, Fadl was a pioneer in utilizing the
major projects across diverse industries.
revolutionary material for kitchen counter-
Fadl is known for introducing cutting-edge
tops in luxury residences.
finishes into interior design and creating techniques that allow for the unique applica-
Among his notable projects, Fadl designed
tion of architectural materials.
and provided flooring and restroom furnish-
In the U.S., he continues to pioneer unique
ings for the renovation of the Autodromo
design strategies that integrate ground-
Fadl previously served as CEO and partner/
Hermanos Rodriguez prior to its hosting
breaking and/or eco-friendly “green” materi-
general manager of Espacios Arquitectónicos
motor racing’s Grand Prix in Mexico. In the
als with durability, design and budget.
great success. Investing in our technology is
Curbio Announces Darren Stewart as Chief Technology Officer
a top priority for Curbio as we look to continue modernizing home improvement to help Darren Stewart
agents and homeowners, and I believe that Darren is the perfect candidate to lead this effort,” said Rick Rudman, CEO of Curbio.
Curbio, the pay-at-closing home improve-
Before Tracx, he was vice president of global
ment service for real estate agents and their
services at Vocus, a public relations and mar-
In his new role at Curbio, Stewart will lead
clients, has appointed Darren Stewart as its
keting software provider. At Vocus, Stewart
all product roadmap and development,
chief technology officer. Stewart joins Curbio
served as the first product design execu-
helping to optimize Curbio’s proprietary
with more than 25 years of experience in the
tive, where he supported the organization’s
technology to continue transforming home
tech and SaaS industries, most recently serv-
revenue growth from $4 million to $180 mil-
improvement for real estate. Curbio’s product
ing as the chief operating officer of Transfor-
lion and helped to facilitate the rapid expan-
provides insights which allow the company
mania, a Maryland-based startup focused on
sion of the Global Services Team from 10 em-
to achieve its mission of ge$ing every listing
data cleansing and enrichment.
ployees to over 500 employees worldwide.
market-ready and sold fast, with no payment
Prior to his role at Transformania, Stewart was
“I am pleased to welcome Darren to Curbio’s
technology, projects are completed 50%
the CEO of social media monitoring and en-
executive team. He has extensive experience
faster, spend 50% fewer days on the market
gagement platform Tracx, where he led strat-
leading the entire research and development
and sell for an average list price that is 20%
egy, operations and product development.
product functions at multiple companies with
higher post-renovation, the company said.
due until closing. With the help of Curbio’s
EXECUTIVE CHANGES
aged the firm’s properties in Hoboken: Mis-
JDA Group Promotes Smith to Vice President of Operations
sion 50, an 80,000-square-foot office building and coworking community located at 50 Robyn Smith
Harrison St. and The Lexington, a 50-unit luxury residential building. As the point of contact for tenants and the liaison to ownership,
JDA Group LLC has promoted Robyn Smith
Northern New Jersey, as well as more than
she has handled everything from leasing and
to vice president of operations, the Hoboken,
100 tenant fit-outs.
billing to maintenance and curb appeal.
nounced. The move supports the company’s
In her new role, Smith will oversee JDA’s
Smith began her career in property manage-
strategic plan to expand its portfolio of com-
operations, including the property manage-
ment with Ironstate Development Company,
mercial and residential properties through
ment company, corporate development,
where she managed leasing for projects in
both acquisition and development.
investment-related accounting and human
Hoboken and Jersey City. She honed her
resources. She will work in tandem with JDA
accounting skills while serving as assistant
Smith previously served as property manager
Vice President Timothy Connell, who facili-
controller with Plaza Enterprises JC LLC, and
of the privately held commercial and resi-
tates all aspects of JDA’s development, port-
was the property manager for City Homes
dential developer and owner. JDA boasts a
folio management and investment initiatives
and Gardens. She was a member of the exec-
development and management track record
with an eye toward expansion.
utive commi$ee of the Institute of Real Estate
New Jersey-based development firm an-
Management and holds an IREM Certified
of successful, ground-up multifamily and commercial adaptive reuse projects across
Since joining JDA in 2018, Smith has man-
Property Manager (CPM) designation.
to position the teams nationwide.
Nelson Worldwide Welcomes New VP, Mixed-Use Leader
“Over the years, I’ve worked across four difBlaik Ritchie
ferent continents. Through this experience, I’ve acquired a deeper understanding of how to approach architecture and design from
Blaik Ritchie has joined award-winning ar-
tional value to clients through all phases of a
a global perspective,” Ritchie said in the
chitecture and interior design firm Nelson
project.”
announcement. “I am excited to join the firm’s team of experts and come together with
Worldwide as vice president and mixed-use business leader in Dallas.
Ritchie brings over 30 years of experience to
like-minded designers to drive continued
his new role. At Nelson, he will work on the
growth within the mixed-use sector.”
“Blaik’s extensive experience in business
operational side of the mixed-use practice.
development, research, client engagement,
Some of these activities include supporting
To date, Ritchie has produced projects
and studio leadership will support continued
and assisting various Nelson offices in help-
throughout the United States as well as Afri-
growth for the firm,” said Chairman and Chief
ing streamline mixed-use project manage-
ca, Europe and South America. His work has
Executive Officer of Nelson Worldwide, John
ment and planning. Additionally, he will work
been recognized with design awards from
(Ozzie) Nelson Jr. “We are confident that
across different market sectors, including
the AIA and the IIDA for architecture and inte-
Blaik will support teams and deliver excep-
retail, hospitality, residential and workplace,
rior design projects.
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April 2022
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EXECUTIVE CHANGES
terior Architects and Corgan Associates.
TPG Architecture Promotes Tracey to Managing Executive
His clients have included Barclays, Polen Ken Tracey
Capital and Tommy John. He oversaw TPG’s efforts on IEX Group’s relocation to 3 World Trade Center, which received the CoreNet
New York City-based architecture and de-
lize the valuable guidance given to me along
sign firm TPG has promoted Ken Tracey to
the way,” Tracey said. “I see this next step as
Award for Project of the Year in 2019.
managing executive. Tracey joined TPG in
an exciting opportunity, and I look forward
Most recently, TPG asked Tracey to serve
2011. In his new role, he will work alongside
to increasing my voice and visibility among
as the director for a new Workplace and
the current distinguished group of managing
the partnership.”
Landlord Services Studio that launched in the fall of 2019. Under his leadership, TPG
executives and leadership to aid in the firm’s After receiving his bachelor of architecture
expanded its relationships with real estate
from the Catholic University of America,
owners and developers throughout the city,
“During my time with TPG Architecture, I’ve
Tracey worked in project management roles
including Silverstein Properties, MHP, Van-
been able to shape my career path and uti-
working with firms including Sargenti, IA In-
barton Group and the Durst Organization.
continued expansion.
Jaros, Baum & Bolles Announces 2022 Promotions
Michelle M. DeCarlo
Charles F. Murphy Jr.
Brian T. Towers
Jaros, Baum & Bolles (JB&B) announced mul-
his leadership role in the firm’s Philadelphia
policy implemented at JB&B, and in 2018 she
tiple promotions, including Brian T. Towers to
office, he has led the design and construction
launched the JB&B Women’s Initiative, em-
partner, and Michelle M. DeCarlo and Charles
of high-rise towers such as 30 Hudson Yards,
powering women to position themselves as
F. Murphy Jr. to associate partners. Newly
2 World Trade Center and 7 Bryant Park. His
leaders both inside and outside the firm.
appointed as directors are Mohammad Ali,
work on offices for major financial institutions
Molly H. Dee-Ramasamy and Maxwell L. Hat-
in Jersey City, New Jersey and Lower Manhat-
Murphy leads the firm’s Science & Technol-
field-Biondo; new Senior Associates include
tan is complemented by data center projects
ogy/Life Science Community of Practice and
Jeffrey Arcara, Joriel Guerrero, Jonathan Y. Li,
for clients such as Morgan Stanley and Sulli-
in 2020 relocated to Boston to support the
Ryan C. McCarthy, Brian T. McKinney, Gina M.
van & Cromwell.
launch of JB&B’s expansion into the New England market. Since joining the firm in
Semerad, Wallace F. Workmaster and Adam C. Zuar. James K. McGarity was promoted to
DeCarlo has led the HVAC design for JB&B
2008, he has led the design and develop-
technical leader and Carolyn Cioffari to senior
on projects in the commercial office, trans-
ment of HVAC, plumbing and fire protection
marketing and communications manager.
portation and life science sectors, including
systems across numerous project types,
30 Hudson Yards, the award-winning rede-
including S&T/life science, healthcare, com-
In addition, the firm welcomed nine new as-
velopment of Moynihan Train Hall, Columbia
mercial office and educational buildings. He
sociates: Salah W. Aldogom, Alex L. Cannella,
University Manha"anville’s Jerome L. Greene
is currently working on projects throughout
Ma"hew E. DeFeligibus, Jonathan De Arcos,
Science Center as well as pro bono work for
Massachusetts, including AstraZeneca, Bio-
Grace M. Falone, Maxwell S. Schoen, Timothy
the Lower Eastside Girls Club. Her leadership
Labs and ESG Clean Energy. Among his more
J. Tiu and Jessica Way.
also extends to her advocacy for the ad-
notable projects in New York City are NYU
vancement of women within the industry. She
Langone Health’s Science Building and Cure
was instrumental in getting a parental leave
at 345 Park Avenue South.
Towers joined JB&B in 2000. In addition to
118 | MR
April 2022
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EXECUTIVE CHANGES
already strong team of multifamily bankers and
Walker & Dunlop Adds Waite to Multifamily Finance Team
brokers,” said Gilmore. “Walker & Dunlop is very focused on expanding its affordable housEthan Waite
ing debt and equity offerings, as evidence by our acquisition of Alliant Capital in 2021.”
Walker & Dunlop has expanded its afforda-
firm’s originations of affordable multifamily
Prior to joining Walker & Dunlop as a managing
ble housing finance team with the addition
properties in the city.
director, Waite served as a vice president at CBRE, where he was responsible for the origi-
of Ethan Waite, managing director. Based in Walker & Dunlop’s New York office, Waite
“Ethan has played a number of significant
nation of affordable multifamily housing loans.
joins Managing Director John Gilmore and
roles in the affordable rental housing indus-
Previously, he worked for Freddie Mac, where he
his team, which is focused on growing the
try and will bring considerable value to our
held various production and underwriting roles. offers brokerages the newest ways to buy
Former Amazon AI leader Baglodi Named Zavvie CTO
and sell homes while keeping agents at the center of every transaction. Venkatesh Baglodi
Before becoming Amazon’s engineering leader for Alexa AI and AWS AI, Baglodi
A#er leading technology roles at UPS, AT&T
e-commerce and banking and finance, tel-
served as a senior technology leader at Am-
and, most recently, as the engineering
ecommunications and logistics,” said Lane
azon Prime. His experience also includes
leader at Alexa AI and AWS AI at Amazon,
Hornung, co-founder and CEO of Zavvie.
seven years at AT&T as principal architecture/
Venkatesh Baglodi has joined proptech start-
“This is a huge catch for Zavvie; 2022 is the
development manager, a senior software
up Zavvie as its chief technology officer.
year when leveraging data will help us be"er
architect, R&D for three years at McKesson
serve our clients and rapidly expand our
Provider Technologies (now Change Health-
nationwide footprint.”
care) and six years at UPS as lead systems
“Ven is a seasoned leader with deep ex-
architect/technical manager. He has a Ph.D.
perience in building artificially intelligent platforms. A creator of large-scale data
A software technology company that pro-
in computer science from Nova Southeastern
and applied science solutions, he brings
vides real estate brokerages with a market-
University, an M.S. degree from Southern Pol-
to Zavvie three decades of diverse industry
place for buying and selling solutions via
ytechnic State University and a B.S. degree
experience from a wide range of industries:
their own white-labeled platform, Zavvie
from The Institution of Engineers (India). existing top-tier tenants and add new brands
First National Realty Partners Appoints Roth as VP of Leasing
and categories to uphold and enhance our shopping centers’ market-leading positions.” David Roth
Roth, who reports to FNRP Managing Director Fred Battisti, will play a vital role in sourcing
First National Realty Partners, (FNRP) has
“This is an exciting time for our firm and for our
new tenants, canvassing markets, negotiating
appointed David Roth as vice president of
team,” said FNRP Chief Operating Officer Kurt
lease parameters, analyzing leads, creating
leasing. With this key addition, the Red Bank,
Padavano. “We continue to increase our market
le"ers of intent and closing lease transactions.
New Jersey-based, vertically integrated real
share across the country, which means that
He joins FNRP with over 13 years of leasing ex-
estate investment firm has hit a key milestone
our leasing volume is growing exponentially as
perience, most recently serving as director of
with its 100th team member.
well. David is a key addition as we work to retain
leasing with Kin Properties.
mannpublications.com
April 2022
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Community Housing Improvement Program Cordially Invites You To Attend
President’s Club Friday, April 29th, 2022 11:00 a.m. Gotham Hall 1356 Broadway (at West 36th Street) Manhattan E-mail: RSVP@chipnyc.org or by April 22nd, 2022 Questions Call 212.838.7442
LANGSAM PROPERTY SERVICES CORP., AMO Langsam Property Services Corp. is a Bronx-based real estate management company. These buildings are located in the Bronx, Manhattan, Queens, Brooklyn, and lower Westchester County. Langsam is designated as an Accredited Management Organization (AMO), a standard of excellence in management conferred by the Institute of Real Estate Management (IREM).
1601 Bronxdale Avenue Bronx, New York 10462 Tel: 718. 518. 8000 Fax: 718.518. 8585
Mark Engel, CEO
www.langsampropertyservices.com www.langsampropertyservices.com
Matt Engel, President
Mann About Town
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Distribution in New York Los Angeles Miami Palm Beach The Hamptons
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CITRINCOOPERMAN.COM CITRINCOOPERMAN.COM
For more information contact: For more information contact: Mark Mindick, Partner mmindick@citrincooperman.com Mark Mindick, Partner mmindick@citrincooperman.com Michael DeVito, Partner mdevito@citrincooperman.com Michael DeVito, Partner mdevito@citrincooperman.com
Weʼre back! Please join us for exciting and informative program as we discuss the future of the retail industry. Our expert speaker will share his years of experience with trade shows and what the future looks like for the retail industry. Come network with retailers, manufacturers and service providers specializing in consumer products including: electronics, toys, accessories, food & beverage, apparel, e-commerce and more!
MAY 19, 2022
@ E-Central Downtown Los Angeles Hotel
4:00 p.m. - 7:30 p.m.
Tickets: $50/ticket
Keynote Speaker Tom Nastos
Co-Founder, BluEnsign LLC Tom Nastos is a Co-Founder of BluEnsign, a strategic advisory firm serving consumer brands and event planning organizations across the entire global value chain. He drives business development and execution of client mandates focused on digital transformations, commercialization, partnerships and alliances, new market entry, product innovation, and financial forecasting. Previously Chief Commercial Officer of the Fashion Group at Informa, a multinational publishing, business intelligence, and exhibitions group with $4B in annual revenues, Tom boosted annual revenues with technology and innovation.
MEDIA SPONSOR
To register visit: www.marcumevents.com/retail-symposium
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Inventory Purchase Facilities
Factoring and Invoice Discounting
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COMMERCIAL CORNER
RYAN LEWIS Erg Commercial Real Estate managing director Erg Commercial Real Estate recently promoted Ryan Lewis from senior advisor to managing director at the Long Island, New York-based investment sales, finance and property management firm. In his new role, Lewis is responsible for managing the commercial sales and investment team, handling deal flow, broker training and helping to close sales, financing and private lending deals. Lewis joined Erg as an associate advisor in 2015 directly out of college, after studying business and political science at James Madison University. He has since found success in different asset classes and transactions throughout the New York City and Long Island markets. His knowledge and experience have allowed him to advise clients and complete investment sales and finance transactions. “Whether it’s refinancing a multifamily building in Manhattan or selling a distressed, mixed-use asset on Long Island, Ryan’s wide range of experience has allowed him to become a source his clients can lean on to help accomplish all their real estate goals,” said Erg Chairman James Guarino. “Ryan’s competitive work ethic and knack for the business and communication skills help him succeed in negotiations to achieve premium results. As our top producer, Ryan will continue building relationships by going above and beyond for his clients.”
How long have you been in the business? I started in the business at the end of 2015, after graduating from James Madison University. What made you go into real estate? Since I could remember, I have always been interested in real estate. My grandparents, immigrants from Sicily, started a business, and with the money they made, they would purchase properties on Long Island. Their influence, constant conversations and passion for real estate pushed me to gain interest and ultimately work in the industry. What is the hottest deal you have made to date? Because ERG can orchestrate deals on both the investment sale and financing sides of the business, it allows me to take on interesting but challenging deals. I have always found that development sites have been the hottest deals because of the great opportunities they offer and the complexity those jobs take to get done. However, my favorite may be finding and negotiating the purchase of ERG’s Long Island headquarters. How do you make sure you close the deal? One of the most important things in any deal is understanding the people involved. You deal with different personalities, backgrounds and real estate needs. Understanding who you are dealing with and being able to communicate with them can make or break a deal.
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April 2022
What is the busiest area for deals right now? I do not necessarily believe there is one specific area that is the hottest for deals. Coming out of the pandemic and the moratorium being lifted, I believe the deals will be determined by the banks. With current debts and forbearance agreements coming due and defaulted mortgages rising, decisions from the banks will determine what the market will look like in the next year. Who inspires you? I am very fortunate to have an amazing family, friends and coworkers at ERG. Starting in a commission-only business directly out of college is definitely not the normal path chosen. Their support and belief in me have inspired and pushed me to overcome the hurdles that you face in this industry and have allowed me to believe I can make it in this challenging business. What’s the best piece of advice you would give to someone starting in the field? You have to have patience. You need to work extremely hard without seeing any results for some time with no guarantee you will make money. To a lot of newer people in the office, I say, “no highs no lows,” to keep an even head. If a deal falls through, stay the course and keep moving forward to the next deal. If you push yourself and have the “I’m going to make it” attitude, you will find yourself in one of the most exciting, rewarding, entrepreneurial careers. mannpublications.com
LEASING | MANAGEMENT | INVESTMENTS
A MODERN APPROACH TO COMMERCIAL REAL ESTATE, POWERED BY A CENTURY'S WORTH OF EXPERIENCE.
Our team & staff Our tenants Our partners All New Yorkers
KAUFMANORGANIZATION.COM
BY THE NUMBERS
EVERY DAY IS EARTH DAY The definition of sustainability for commercial buildings has changed a lot in the last few years, and now includes health and wellness for occupants as well as preserving the planet. But conservation of resources is still a major goal for builders and managers, as we can see by the numbers.
3.16 square 6%/ feet 7.6% The amount of LEEDcertified building space per person in Illinois in 2021, making it the top state for LEED (U.S. Green Building Council)
The premiums that green certifications bring to rents and sales, respectively, to projects (“Return on Sustainability,” JLL Global Research)
21
54%
The number of U.S. states that are home to U.K. standard Building Research Establishment Environmental Assessment Methodologycertified projects.
Solar energy’s percentage of all new electricitygenerating capacity added in the U.S. in the first three quarters of 2021 (Solar Energy Industries Association/Wood Mackenzie Power & Renewables U.S. Solar Market Insight)
(BREEAM)
Your Square Footage and Dollar Values, Delivered.
8.4%
17%
Wind turbines’ share of total U.S. electricity generation in 2020
The amount of public water supplies withdrawn by the commercial and institutional sector, the second largest sector
(U.S. Energy Information Administration)
(Environmental Protection Agency)
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A new perspective opens a world of possibility. Many of the biggest names in New York trust Kramer Levin for real estate and land use counsel. The reason is simple: We have the experience to view matters from all sides key roles in many iconic projects, including Hudson Yards, Central Park Tower and the Moynihan Train Hall at Penn Station. Let us show you how results-oriented counsel can make your next project a reality. www.kramerlevin.com
Kramer Levin Naftalis & Frankel LLP 1177 Avenue of the Americas, New York, NY 10036 212.715.9100
M A R C U M R E A L E S TAT E
WHAT IF LOCATION ISNʼT EVERYTHING? The Real Estate industry is complicated no matter where you are. Having the right advisor to call may just be the difference between good and great. Marcum Real Estate members are solely dedicated to providing solutions to their real estate clients and getting them to that great place. Ask Marcum.
marcumllp.com For more information about Marcum Real Estate contact:
Daniel Vitulli, National Partner-in-Charge of Marcum Real Estate Group 212.485.5575 | daniel.vitulli@marcumllp.com New York City | 750 3rd Avenue | 11th Floor | New York, NY 10017