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More Leeway for Tenants as New York Office Vacancies Rise |
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Spillane, ‘Face of Cushman & Wakefield,’ Dies at 52 |
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Austin Green-Lights $750 Million Redevelopment in CBD |
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Surge in Mega Projects Begs Question: Why Now? Surge in Mega Projects Begs Question: Why Now? |
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Meredith Oppenheim: The Bump in the Road Is No Roadblock Meredith Oppenheim: The Bump in the Road Is No Roadblock |
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Apollo Pays $72.2M for Hilton Hotel at Lincoln Centre A fund managed by Apollo Real Estate Advisors has paid $72.25 million to buy the 500-room Hilton Dallas Lincoln Centre hotel in north Dallas, TX, from hotel REIT Ashford Hospitality Trust. The deal, completed for $145,000 per key, is the second transfer... |
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Wells REIT II, AT&T Ink Second Sale-Leaseback in Atlanta Continuing a string of high-profile real estate deals in the past few months, AT&T has sold and leased back the 995,000-square-foot Lindbergh Center in Atlanta. The buyer, Atlanta-based fund manager Wells REIT II, is fresh off its $275.3 million purchase... |
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Gart and ING Buy Denver Pavilions for $94.5 M Denver-based Gart Properties, together with ING Clarion Partners LLC, acquired the 350,000-square-foot Denver Pavilions for $94.5 million, or approximately $270 per square foot. The three-story open-air shopping complex was built for $107.5 million... |
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Starbucks Closing 600 U.S. Stores Coffeehouse magnate, Starbucks Corporation (NASDAQ: SBUX), is closing 600 U.S. stores. The retail giant made the announcement July 1 following a "rigorous evaluation" of its U.S. company-operated stores to sort out underperformers. The 600 closures are... |
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Kushner Sells Retail Portion of 666 Fifth Ave for $5,833 PSF The Carlyle Group and Crown Acquisitions acquired a controlling interest in the retail portion of 666 Fifth Ave, a 41-story office building in the Plaza District of New York City. Kushner Companies sold the 90,000-square-foot retail portion to the joint... |
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Office Deals in Playa Vista Demonstrate Strength of L.A.’s Westside Two deals in the Playa Vista mixed-use development, including one of the largest office leases in Los Angeles history, serve as a reminder that the Westside’s office market continues to hold steady despite a shaky U.S. economy. Fox Interactive Media... |
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KBS Buys North Waterfront Office for $58M KBS Realty Advisors purchased the office building at 55 Francisco St. in San Francisco for $58 million, or more than $403 per square foot. The seller is a joint venture of Rosenberg Co. and Pacific Coast Capital Partners, according to CoStar information... |
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Watch List (June 29-July 5): Getting Out In this week’s issue: Dan Gamel getting out of RV business; Post Properties mulling asset sales; Sam Zell mulling building sales in Chicago, LA; CIT Group getting out of residential funding; TierOne sells Florida loan portfolio; 1031 Trustee can... |
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Under Contract (June 29-July 5): Sweet Deal In this week’s issue: U.S. Sugar easing out of the Everglades; Community Bank expands in upstate NY; Nexia selling in Salt Lake; Plus, we give you the latest properties Under Contract in: Mesa, AZ; La Mesa, CA; North Hollywood, CA; Denver, CO; Washington... |
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Property Finance (June 29-July 5): Many Opportunities To Commit Fraud In this week's issue: Shorenstein ups debt investments; Mortgage price returns go negative; Who knew mortgage fraud was so easy; Plus we give you new property finance deals and a valuable leads list of loans maturing in the next 12 months. Shorenstein... |
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Wells REIT II, AT&T Ink Second Sale-Leaseback in Atlanta Continuing a string of high-profile real estate deals in the past few months, AT&T has sold and leased back the 995,000-square-foot Lindbergh Center in Atlanta. The buyer, Atlanta-based fund manager Wells REIT II, is fresh off its $275.3 million purchase... |
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CoStar's Daily Deals of Note for Thursday NORTHERN CALIFORNIA Brandywine Realty to Sell NoCal Properties For $412.5M by Randyl Drummer Brandywine Realty Trust (NYSE: BDN) has agreed to sell five properties totaling about 1.7 million net rentable square feet in Oakland, CA to an affiliate... |
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Under Contract (June 29-July 5): Sweet Deal In this week’s issue: U.S. Sugar easing out of the Everglades; Community Bank expands in upstate NY; Nexia selling in Salt Lake; Plus, we give you the latest properties Under Contract in: Mesa, AZ; La Mesa, CA; North Hollywood, CA; Denver, CO; Washington... |
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Property Finance (June 29-July 5): Many Opportunities To Commit Fraud In this week's issue: Shorenstein ups debt investments; Mortgage price returns go negative; Who knew mortgage fraud was so easy; Plus we give you new property finance deals and a valuable leads list of loans maturing in the next 12 months. Shorenstein... |
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Closures & Layoffs (June 29-July 5): Losing Some Fiz In this week's issue: The King of Beers will be cutting staff and raising beer prices; The Bank of America-Countrywide merger will bring a big round of layoffs; Plus we report on company closures and layoffs in Alabama, Connecticut, Florida, Illinois... |
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Expansions & Relocations (June 29-July 5): A Big Week in Texas for Corporate Moves In this week's issue upsizings from: AT&T, RadioShack, Cigna, Deloitte, Fox Interactive Media, Canon, and the others: Abercrombie & Kent, Ambit Biosciences, America First Credit Union, Blue Coat Systems Inc., Merchants Terminal, Kaiser Aluminum, Malo... |
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Mitsubishi Digital Electronics America Leases 265,000 SF Duke Realty has leased a 265,000-square-foot industrial/distribution space at 625 Braselton Parkway to Mitsubishi Digital Electronics America, Inc., in one of the largest industrial deals in the first half of 2008. Mitsubishi plans to take occupancy... |
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Grubb & Ellis Healthcare REIT Acquires SouthCrest Medical Plaza for $21M Grubb & Ellis Healthcare REIT, Inc. acquired the SouthCrest Medical Plaza in Stockbridge, GA from a private owner last week. The two-building, 81,000-square-foot medical office portfolio at 1035 and 1045 SouthCrest Drive sold for about $21.18 million... |
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CoStar's Retail News Roundup: Jun. 29 to Jul. 5, 2008 This week in the Retail Roundup, CoStar reports on expansions or new concepts at Room & Board, Bad Ass Coffee Company, Darden and Safeway; new retail developments in OH, FL, TX, CT and MI; acquisition, merger, loan or sale activity at Pier 1 and Cost... |
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Watch List (June 22-28): Timing Is Everything In this week’s issue: Timing wasn't kind to CalPERS' LandSource deal; Commercial prices post first year-over-year decline; Credit crunch pinches Kreido Biofuels; Hilco Real Estate forms residential investment fund; Expect local governments to start... |
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H&R Sells 11 in Canada H&R Real Estate Investment Trust has announced the completion of the sale of eleven retail properties. The firm netted approximately $72 million from the transaction. The company expects approximately a $9 million return on sale. |
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Carlton Arranges $630M Equity, Debt Recapitalization of Manhattan Retail Complex Carlton Advisory Services announce the $630 million equity and debt recapitalization of the retail condominium at 666 Fifth Avenue in New York City. |
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Orlando's First Nordstrom Rack to Anchor New 100,000SF Shopping Center Millennia Crossing, a 100,000-square-foot shopping center scheduled to debut in Orlando, Fla. next spring, will become the home of the city's first Nordstrom Rack and the State of Florida's second such store. |
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Commission to Consider Lavonia Mall Redevelopment Plan With most of Livonia Mall's tenants having negotiated lease terminations, the road has been paved for a massive remake of the shopping center just outside of Detroit, Mich., and the Livonia Planning Commission intends to give the plan the once-over on July 15, according to Crain's Detroit Business. |
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Lightstone Acquires Interests in 20 Outlet Centers in $456M Deal Lightstone Value Plus REIT will soon have a stake in 20 factory outlet centers, now that it has signed on purchase from 22.54 to 25 percent interests in the properties from affiliates of Arbor Mortgage REIT. |
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Starbucks to Close 600 U.S. Stores As part of its transformation strategy, Starbucks Corp. has revealed plans to close 600 stores in the United States. Starbucks, which previously announced plans to close 100 U.S. stores, announced the closings after an internal review identified potential stores for closure. |
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Carlyle, Crown Take Controlling Stake in 666 Fifth Ave. Retail for $525M Kushner Cos. has sold a controlling interest in the 90,000 square feet of retail space at 666 Fifth Ave. in Manhattan to The Carlyle Group and Crown Acquisitions for $525 million, the companies announced today. |
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Whole Foods Retail Sells for $31M in Coral Gables The Whole Foods condo, situated in Plaza San Remo in Coral Gables, Fla. sold for $31 million. |
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Denver Retail to go Relatively Unscathed in Economic According to a second quarter report by Marcus & Millichap, the retail market in Denver is on track to maintain its healthy fundamentals this year, despite the nation's souring economy. |
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Simon Property Breaks Ground on Cincinnati Premium Outlets Simon Property Group Inc. held ceremonies today to mark the start of construction of Cincinnati Premium Outlets, a 400,000-square-foot outlet shopping center, the company announced. |
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Boston Retail Market Expected to Remain Strong While the Boston retail market has remained fairly stable during the past year, slowing housing market conditions and cooling employment are beginning to weaken consumer spending, according to a second-quarter Retail Research Report by Marcus & Millichap. |
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Garden Street Plaza Opens in Carlstadt The Goldstein Group announced the completion of Garden Street Plaza in Carlstadt, N. J. The 17,000-square-foot neighborhood center, developed by ARC Properties of Clifton, is nearly fully tenanted with less than 4,000 square feet of space remaining. |
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Linens 'n Things to Close 120 Stores, Dispose of Real Estate Linens Holding Co., a home furnishings specialty retailer operating as Linens 'n Things, announced today the hiring of DJM Realty, a national retail real estate disposition firm, to exclusively manage the disposition of 120 underperforming stores that the company targeted for closure as part of its restructuring. |
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Equity One Picks CBRE to Manage Centers in Carolinas CB Richard Ellis Inc. has reported that Equity One has picked the firm to lease and manage twelve shopping centers totaling approximately 1.1 million square feet throughout both North Carolina and South Carolina. |
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Chicago High Rise Moves Ahead with Kennedy Funding Loan The Catalyst, a high rise condo going up in Chicago's West Loop has gotten an $8.4 million loan from Kennedy Funding Inc., the lender reported |
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Simon's New Security Vehicles Reduce Crime, Operate on 10 Cents Per Day Retail REIT Simon Property Group has purchased a line of new enforcement vehicles for its security officers at various Simon properties around the country. |
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Jones Lang LaSalle Selected as Leasing Agent for Miami Retail Center TIAA CREF has retained Jones Lang LaSalle as leasing agent for Kendall Town & Country Center, a 643,692-square-foot, open-air retail development at 8505 Mills Drive in Miami, Fla. |
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Wilshire's $100M Mortgage Pool Fund Targets Bridge Financing A Los Angeles–area developer is in a bind. He’s redeveloping a retail/restaurant strip mall and is well along with entitlement, but now he can’t get additional funding to finish that process, jeopardizing the entire project, even though the deal is sound and the property continues to generate rents. |
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Chapter 11 Filing Buys Time for $2B Las Vegas-Area Project Even in the fast-growing Las Vegas market, the capital crunch continues to catch up with some developers. The entity building City Crossing, a 125-acre, $2 billion mixed-use project two miles south of Las Vegas in Henderson, Nev., filed for Chapter 11 bankruptcy protection this month. |
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Cushman & Wakefield Retained as Leasing Agency for Atlanta Mixed-Use Development Cushman & Wakefield said today that Davison's Downtown L.L.C. has appointed the firm as exclusive leasing agent for 180 Peachtree Street in Atlanta, Ga. Formerly home to Macy's, the building is currently undergoing major renovations. |
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Pharmaceutical Firm Leases 40,000SF at 600-Acre Business Park KaloBios Pharmaceutical has snagged 40,000 square feet at 260 East Grand Avenue in South San Francisco, Calif. for its new headquarters location. |
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$850M Comcast Center Makes its Debut as Tallest Green Building in U.S. The nearly 1.3 million-square-foot Comcast Center has just recently opened its doors with an estimated completion price tag of $850 million. |
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CBRE Investors Snaps Up 1MSF Suburban Dallas Office Acting on behalf of its Strategic Partners U.S. 5 fund, CB Richard Ellis Investors has just acquired The Colonnade, a 1 million-square-foot office property in Addison, Texas. |
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Fox Interactive Signs $350M Lease for New LA-Area HQ Fox Interactive Media has completed a lease agreement with Lincoln Property Co. and ASB Real Estate Investments to lease 421,000 square feet of office space at the Horizon at Playa Vista project near Los Angeles. |
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COPT Wraps Acquisition of 3 Offices In a $40.5 million transaction, Corporate Office Properties Trust (COPT) has acquired three office buildings, one in Colorado Springs, Colo., and two in San Antonio, Texas. |
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Sensus Metering Expands at Highwoods Forum Office Park in North Raleigh Highwoods Properties Inc. said that Sensus Metering Systems is expanding their office space at Highwoods Forum Office Park in North Raleigh, N.C. |
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Holliday Fenoglio Arranges $23M Construction Loan for Houston Office Development The Houston office of Holliday Fenoglio Fowler L.P. arranged a $23.5 million construction loan for a speculative class A, 180,000-square-foot office development in The Woodlands, Tex. |
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Wells REIT II Snags Another AT&T Building in Atlanta Wells Real Estate Investment Trust II has acquired Lindbergh Center, a groundbreaking, transit-oriented development in Atlanta’s Buckhead area, in a sale-leaseback from AT&T. |
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San Diego Office Complex Trades in $56M Deal Ownership of Genesee Executive Plaza in San Diego has just changed hands, courtesy of a transaction valued at $56 million. |
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Orange County Office Complex Commands $80M Dupont Centre, an approximately 250,900-square-foot two-building office property in Irvine, Calif., has just come under new ownership now that KBS Realty Advisors has snapped up the Class A complex for $80.1 million. |
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Cushman Report: Big Leases Boost Manhattan Office Market, But Softening May Await Despite growing indications of softness, Manhattan’s office leasing market continued to hold its own during the first half of the year, according to Cushman & Wakefield Inc.’s mid-year analysis. |
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Seattle's Schnitzer Moves into Denver with 2-Building Office Grab Seattle-based Schnitzer West has ventured into the Denver market with its first acquisition there, a pair of offices that Schnitzer has bought in a joint venture with ING Clarion Lion Value Fund. The properties were purchased from Crescent Real Estate Equities L.P. for an undisclosed amount. |
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Shorenstein Closes Purchase of 2 Macklowe Buildings in NYC Shorenstein Properties has completed the purchase of a 94 percent controlling interest in the entity that owns Park Avenue Tower and 850 Third Avenue in New York City. |
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Trammell Crow Buys San Diego Office Complex Trammell Crow Co.’s Private Equity Group has purchased a 49,347-square-foot, two-story office building in the Torrey Pines submarket in San Diego, Calif. |
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Skanska USA Leases 32nd Floor of the Empire State Building Skanska USA Buildings Inc., is relocating its New York office from Madison Avenue to the entire 32nd floor at the Empire State Building, according to Stephen Eynon of CB Richard Ellis Inc., director of leasing for the property. |
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Canon Plans New 690,000SF HQ on Long Island Taking the next big step in the development of a new corporate headquarters for Canon Americas, leading imaging solutions provider Canon U.S.A. has revealed that it will file site plans with the Long Island town of Huntington, N.Y., for the project tomorrow. |
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Brandywine to Sell Oakland Portfolio to CIM for $412M Brandywine Realty Trust has agreed to sell a five-property, 1.7 million-square-foot portfolio in Oakland, Calif., to an affiliate of the CIM Group for a total of $412.5 million. |
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Voit Commercial Brokers 6 Lease Transactions in Orange County Voit Commercial Brokerage has directed six lease transactions totaling in Orange County, Calif., the company said today. |
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Port Authority: Amid Delays, WTC Price Tag to Rise A report released this afternoon by the Port Authority of New York and New Jersey said that the World Trade Center rebuilding project in Lower Manhattan would take substantially longer and cost substantially more to build than estimates have indicated. |
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Grubb & Ellis|Adena Realty Facilitates Two-Property Portfolio Sale Grubb & Ellis|Adena Realty Advisors facilitated the sale of a two-asset investment portfolio, which includes Westpointe Business Park in Columbus and Metro Lakes, a class A office property in Dublin. |
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Pharmaceutical Firm Leases 40,000SF at 600-Acre Business Park KaloBios Pharmaceutical has snagged 40,000 square feet at 260 East Grand Avenue in South San Francisco, Calif. for its new headquarters location. |
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ProLogis Arranges 500,000SF Lease in Dallas ProLogis has leased a total of 500,000 square feet to three customers in the greater Dallas metropolitan area. |
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The Hampshire Cos Inks Lease at Industrial Building in New Jersey The Hampshire Cos. has inked a 20,851-square-foot lease deal with More Specialized Transportation at its industrial building located at 30 Wesley Street in South Hackensack, N.J. |
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Schafer Development Buys Jacksonville Raceway, Plans to Construct Industrial Business Park Schafer Development closed on the former Jacksonville raceway, located at the intersection of I-95 and Pecan Park Road, with plans for a 1.5 million-square-foot Industrial Business Park. |
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Report: Despite Faltering Economy, Industrial Sector Remains Stable The national industrial property market is in a relatively healthy state in spite of the recent economic uncertainty, according to a soon-to-be-released report on the sector by Marcus & Millichap Real Estate Investment Services. |
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Voit Commercial Brokers 6 Lease Transactions in Orange County Voit Commercial Brokerage has directed six lease transactions totaling in Orange County, Calif., the company said today. |
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78,000SF Industrial Property in Seal Beach Sold Ownership of a 78,000-square-foot industrial building in Seal Beach, Calif., has just changed hands. |
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Miami International Freight Solutions Leases 75,000 SF in Florida Miami International Freight Solutions, a warehousing, transportation, and logistical support company, has signed lease agreement at Higgins Development Partners’ Centergate at Gratigny, a 1.6 million-square-foot business park in Miami’s Airport North submarket. |
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ProLogis Developing its First Distribution Facilities in Austria ProLogis is developing its first distribution facilities in Austria, the company said today. |
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ProLogis Leases 211,000 SF in Slovakia ProLogis has announced that it has leased 211,000 square feet of warehouse space in Slovakia to NAY Elektrodom, an electronics distributors and wholesaler. |
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Mitsubishi Digital Takes Space in Duke’s Park 85 at Braselton in Atlanta Duke Realty Corp. has leased 265,000 square feet of industrial/distribution space to Mitsubishi Digital Electronics America Inc. at Park 85 at Braselton in Atlanta’s Northeast submarket. |
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Gordon Food Service Buys Industrial Site Gordon Food Service has purchased two sites totaling 135 acres of industrial land in Kenosha, Wis. |
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Ryan West Business Park Welcomes New Tenant to 72,600SF Space Concluding its search for a larger home, QuietFlex Manufacturing Co. has settled on 72,600 square feet of space at Ryan West Business Park in Tolleson, Ariz., a move that will nearly triple its manufacturing space. |
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Census Bureau Signs Short-Term Leases for 12,000 SF Gearing up for the 2010 Census, the U.S. Census Bureau has inked two separate lease deals with Whitestone REIT for a total of 12,000 square feet of office space at two Houston, Tex. locations. |
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BAE Plans 81-Acre Industrial Property Purchase in Sterling BAE Systems has entered into an option with TRW Automotive to buy the former TRW Automotive Holdings Corp. plant in Sterling Heights, about 20 miles from Detroit, Mich. |
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ProLogis JV to Develop Indy BTS for Footwear Firm ProLogis and Browning Investments Inc. have announced that their joint venture has signed a build-to-suit lease agreement with LaCrosse Footwear Inc. |
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ProLogis Inks Deal for BTS Facility near Chicago Industrial property behemoth ProLogis has inked a deal with Bay Valley Foods, a specialist in private label food products, to develop a 600,000-square-foot distribution center for the company in Rochelle, Ill. |
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Rohm & Haas to Close Two Plants, Cut 925 Jobs The major chemical company cites a shrinking paint market and difficult economic times for the decision. |
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Development May Threaten Miami River Businesses Maritime businesses are concerned that the Miami City Commission could strip zoning protections in the area. |
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JGB, Scheer Team Up to Create $100M Real Estate Fund The Greater Washington Life Sciences Fund will pursue $300 million in market investments. |
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