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New Delhi, Sept 28:
Parsvnath Developers has leased about 1.7 lakh sq ft in its office building near Connaught Place to big companies like SBI, Aditya Birla Group and Axis Bank, and expects an annual rental income of around Rs 100 crore from this project.
Parsvnath, which recently sold 140 acres at Sohna in Gurgaon to Supertech for Rs 665 crore, has completed construction of an official building covering 2.8 lakh sq ft of leasable area on Bhai Veer Singh Marg, Gole Market.
The company had bagged this project from Delhi Metro Rail Corporation, on a BOT (buildoperatetransfer) basis in 2010.
It has invested about Rs 300 crore to develop this project, including Rs 99.5 crore upfront payment made to DMRC.
This is a world class new generation office building in CBD (central business district) area of Delhi. After many years, a new development has come up in the NDMC area. We are very excited about this project as it will give a good rental income to the company, Parsvnath Developers Chairman Pradeep Jain told PTI.
We have so far leased 1.7 lakh sq ft office space in this building and the remaining about 1 lakh sq ft is in the pipeline. Tenants mix are AAA rated companies which includes SBI, AXIS Bank, Aditya Birla Group and Regus among others.
Fitouts are currently being done in the office building, Jain said.
Leasing transactions have been done at a monthly rent of about Rs 300 per sq ft and the company is expected to earn an annual rental income of about Rs 100 crore. SBI has leased about 45,000 sq ft area in this building.
Jain said this building is as per the norms of market regulator SEBI on Real Estate Investment Trusts (REITs) that has been notified last week.
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Parsvnath leases office space in Connaught Place; eyes Rs 100cr rental/yr
BUILDING PERMITS
Building construction permits over $10,000 in value that were approved in Boulder between Sep. 15, 2014 to Sep. 21, 2014. Listed below are: the case number; address; total project valuation; owner name; contractor (if applicable); and description.
PMT2014-02777 1085 Redwood Ave.; $540,000; Pennington Investment; Boulder Home Builders LLC; New single-family dwelling residential dwelling with attached garage. 1,672-square-foot first floor, 1,651-square-foot second floor (3,323 square feet total), 1,152-square-foot finished basement, 520-square-foot unfinished basement, and 579-square-foot garage and 612 square feet of decking and porches. Includes MEPs.
PMT2014-02999 2088 Broadway; $10,537.68; Twenty-Sixty Broadway; Sand Construction LLC; ATOMIC20 Remodel office space, adding two new partition walls, create new office to the right of front entrance, and add new kitchen area utilizing existing plumbing. Scope of work includes associated MEP's.
PMT2014-03166 2329 Pine St.; $58,304; Gregory Ekrem; New accessory structure to create an owner's accessory unit for single-family dwelling. Includes 400 square feet OAU and 400-square-foot detached garage. Scope of work includes all MEP. Fire sprinkler by separate review and separate permit. See AUR2014-00004 for supplemental information.
PMT2014-03587 1850 29th St., No. 1008; $150,000; Macerich Twenty; D & R Construction Company Inc.; Tenant remodel of Unit 1008 for Orange Theory Fitness. Relocate storefront to the approximate original location, (approximately 3 feet) to recapture square footage removed in previous remodel for Lucy's. Reconfiguration of non-bearing walls, associated electrical, mechanical and plumbing work.
PMT2014-03639 2100 Pearl St.; $250,000; Stephen Tebo; Narvaes Western LLC; Units A & B - Tenant remodel to establish a new hair salon in commercial building. Includes associated MEPs.
PMT2014-03997 240 Camden Place; $63,000; Thomas and Ann Hill; This is a building permit application for a remodel and an addition. the remodel is 714 square feet to include associated MEPs. the addition is 89 square feet. Scope of work includes demo. of existing fireplace and chimney to be replaced with a new gas fireplace. Master bedroom, master bath, kitchen and living space to be remodeled.
PMT2014-04014 3986 N. 26th St.; $165,396; Karen Hada and Ian Smith; This is a permit application for addition(s) and remodel to the interior of the home. the three, one-story additions total 1,310 square feet, plus a new 80-square-foot porch. The remodel includes interior improvements, new windows and doors and roofing totalling 960 square feet the scope of work includes associated MEPs (with a new panel and mechanical systems)
PMT2014-04145 4385 Chippewa Drive; $128,000; Dennis Akos; Interior remodel (900 square feet) to existing single-family dwelling. Work includes relocation of kitchen, new half bath and new laundry room. Relocate of interior layout. Scope also includes addition of gable to existing front porch. Includes all associated MEPs.
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Boulder building permits: Sept. 29, 2014
CEDAR FALLS | Near the ceiling of the old post office at the corner of Third and Washington streets, the bare interior walls are punctuated in several spots by square sets of horizontal wooden slats.
Behind each of these dusty shades is a compartment large enough to fit a person, reachable only by ladders concealed inside the buildings walls.
According to Jan Andersen with the Cedar Falls Development Group, in the days before security cameras, guards would sit inside these hidden perches and keep a watchful eye out as people milled around on the post office floor. One such guard used to bring cigars to work, Andersen said, and visitors could always tell when he was on the job by the little clouds of smoke escaping the grates overhead.
Andersen related the little piece of history with a smile on her face as she pointed to a ragged line slightly beneath the secret guard posts.
Thats where the drop ceiling used to be, she said. Those used to be completely hidden.
That is until the Cedar Valley Development Group commissioned Peters Construction to tear out the drop ceiling and knock down the partition walls, additions from the days when the building was converted for use as city office space. With those removed, along with the asbestos the mold that had built up during its years of abandonment, the post offices original historic features are beginning to shine through once again, thanks to hundreds of hours of volunteer hours put in by the Cedar Falls Development Group.
Were really excited to open this building to the public, Andersen said on Thursday evening, when the post office was one of several stops on the Upstairs Downtown tour. Andersen estimated it was the first time the building has been open to visitors for nearly a decade.
This building really does belong to the people of Cedar Falls, she added.
After acquiring a 40 year lease for the city owned building earlier this year, Cedar Falls Development Group has been working to prepare the post office for occupation by a new tenant. Several parties have expressed interest in the building, but no lease agreements have been signed yet, and the group still has more work to do before anyone can move in.
Still, the progress the nascent developer group has made so far is significant. Volunteers have landscaped the lawn out front, and the original scallop patterned window casings outside have been stripped and repainted. The ornate iron lampposts also have been refurbished and fitted into their concrete pedestals with new pieces cast by the UNI Metal Casting Center.
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Historic Post Office coming back to life
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KILLDEER, N.D. More than most, Dunn County has taken one for the team in the ongoing oil boom.
Life has changed in good ways and some not-so-good, with intense oil drilling and rigs and trucks proliferating out in the countryside.
In a few weeks, the county will get something back, when the long-awaited dream of an events center with room to gather, exercise and celebrate special occasions finally opens to the public.
The High Plains Cultural Center, along N.D. Highway 22, is a beehive of construction activity these days. And similar to a hive busiest when the honey is in the final stages work is just about done.
The structure has been in the works for nearly a decade, starting with the concept, the funding and finally, construction.
Ken Roshau, who was hired to be the director and schedule events, instead stepped into the role of construction coordinator, or project manager. There were too many workers on site and not enough answers to go around, at the time, he said.
On a quick walk-through, he stops to talk to the various contractors, who are wrapping up the wiring, painting and flooring installation.
He reminds each one of deadlines that need to be met for the next piece to come together the ceiling tiles installed before the floor is painted, and the gymnasium/banquet room cleared of construction materials so the floor can be snapped together, for example.
Its hard to imagine, but Roshau figured by the weekend, all that would be left would be the installation of the kitchen appliances.
At that pace, it wont be long and oil companies will be able to use the center for training meetings and engaged couples will be able schedule wedding receptions for up to 500 guests.
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High Plains Cultural Center at Killdeer reaches final stages
