Overton Moore has broken ground on the 44-acre Pacific Gateway Business Center in Seal Beach, Calif. The industrial project is one of the largest new industrial developments in Orange County, according to the Los Angeles developer, and includes approximately 830,000 sq. ft. in 10 buildings. The $110 million project is a master-planned business park that will combine office and industrial uses for tenants to consolidate corporate business and operations such as warehousing and distribution. The first phase of the development is slated for completion in November 2006.
Bank of America has signed a lease for an additional 522,000 sq. ft. of ground floor and office space, including 13 floors, at the Bank of America Tower under construction at One Bryant Park in New York. The deal expands the bank's occupancy to 77% of the $1 billion, 51-story skyscraper co-developed by The Durst Organization and Bank of America. The building will be designed as one of the most environmentally responsible office buildings in the world. The new tower is expected to be completed in February 2008.
GE Real Estate Iberia has acquired a logistics warehouse from Getafe, Madrid-based Riofisa for more than $13 million. Located in the Los Olivos Industrial Estate in Getafe, the property is fully leased to TG Pluse, a delivery and logistics specialist. The move is part of the company's strategy to grow its presence in the Spanish and Portuguese real estate markets. GE Real Estate has more than $28 billion in assets with 34 offices throughout North America, Europe, Asia, and Australia/New Zealand.
Phoenix Realty Group has launched the $50 million California Urban Housing Fund to provide equity and mezzanine financing for middle-market for-sale and rental housing across California. The fund will be under the management of Jay Stark, managing director for the western region of PRG. Key members of the middle income workforce that it will target include teachers, office workers, firefighters and police.