Late 2011 Surge Will Carry into 2012
LOS ANGELES-Economist Christopher Thornberg tells IREM-LA Forecast attendees that there are potholes in the roads ahead, but there is more reason to be positive in 2012. The US and California economies are gaining momentum, he says.
Bergen County Retail Site Sells for $5M
PARAMUS, NJ-The Guitar Center property is just one sign that retail remains a strong investment in affluent Bergen County, says CBREs NJ Private Capital Group, which represented the buyer and seller.
Tenants Get Ever More Efficient with Space Needs
WASHINGTON, DC-This is not necessarily good news for area landlords, especially as this drive to efficiency also includes the government, Studleys David Lipson tells GlobeSt.coms Erika Morphy.
Push adds 195,000 SF of Texas Medical Real Estate to Duke’s Portfolio
SAN ANTONIO-The Indianapolis REIT acquires buildings on the CHRISTUS Santa Rosa Alamo Heights campus and Cedar Park Regional Medical Center near Austin and is aggressively seeking more.
Stacom: In 2012, Less Debt, Healthier Deals
NEW YORK CITY-At a New York Bar Association luncheon Thursday, CBREs vice chairman Darcy Stacom explained that despite headwinds from the financial services industry, New York itself will remain a stable location to deploy capital -- even with competition from London, Dubai and Tokyo.
Miami Herald Inks 158,000-SF Lease, Buys Land
MIAMI-Bilzin Sumber partner Al Dotson tells GlobeSt.com's Jennifer LeClaire the Herald was under pressure to get a deal done quickly.
Cresa Orlando Reports Full-Swing Office Recovery Underway
ORLANDO-Its becoming increasingly difficult to find blocks of space spanning 15,000 square feet or more in Orlando's CBD.
AIG Refinances New Student Housing for $56M
SAN DIEGO-The property, once a 40-year-old apartment complex, has been redeveloped into a luxury dorm for San Diego State University students.
Waterton Offers River North, Wants Seneca
CHICAGO-The company bought the 399-unit River North apartment tower for $60 million in May 2006, now wants to gain cash back to help buy the Seneca hotel at 200 E. Chestnut St.
Larken Associates Acquires Bethlehem Multifamily Portfolio
BETHLEHEM, PA-The 430 garden-style apartment units, located in four properties, reflect a continuing expansion by the company into rental investments.
Five-Building Office Park Changes Hands
COMMERCE, CA-GlobeSt.com learns from an unidentified source that the 285,368-square-foot Commerce Office Park changed hands for approximately $40 million.
New York City Office Cleaners Ratify Labor Deal
NEW YORK CITY-Local 32BJ of the Service Employees International Union unanimously approved a four-year contract with the Realty Advisory Board on Labor Relations, guaranteeing a 5.6% wage increase for workers and employer-paid health benefits.
Defense Dept. Seeks New Round of BRAC
WASHINGTON, DC-This is just the beginning of a long and convoluted process but JLLs Joe Brennan tells GlobeSt.coms Erika Morphy that his gut reaction is that it is another realignment with a focus on the Pentagons desire for a smaller and more surgical force.
Latham & Watkins Expands Offices in London
LONDON-The law firm is taking about 24,000 square feet of a large block vacated by Deutsche Bank, and has extended its 124,000-square-foot lease until 2021.
Meridian Negotiates Recap of 216 E. 45th. St.
NEW YORK CITY-The company has arranged the recapitalization of the 160,000-square-foot Midtown building.
Institutional Capital Flows Back to Jersey
EAST RUTHERFORD, NJ Speakers including an economist and developers cited the states ongoing recovery at the NAIOP NJ Annual Meeting, though challenges in retail and office remain.
Condo Developer Must Return $16M
NEW YORK CITY-A Manhattan developer has been ordered to return $16 million in down payments he received, after he claimed his attorney botched the date on the offering plan.
Cresa Opens East Bay Office, Expands Bay Area Presence
OAKLAND, CA-The new commercial real estate office will be led by managing principals Matt Elmquist and Scott Stone, who formerly were principals at AEGIS Realty Partners in Oakland.
Electronic Arts Signs Long-Term, 125,000-SF Lease
PLAYA VISTA, CA-An unidentified source tells GlobeSt.com that the lease at Maguire Investments Waters Edge office complex here has an aggregate lease value of approximately $36 million.
Morgan Group Refinances Multifamily Assets for $146M
HOUSTON-The local developer and property manager arranges financing for five multifamily properties, totaling more than 17,000 units. Two of the assets are in Houston.
