Allison Landa
Economy Watch: Job Creation Positive, But Tepid
The ADP National Employment Report, which always comes ahead of the U.S. Department of Commerce’s employment numbers and doesn’t always jibe with them, noted on Wednesday that nonfarm private employment increased 13,000 from May to June 2010 on a seasonally adjusted basis.
Alliance For Downtown NY: Hotel Rooms Booming in Lower Manhattan
The number of hotels in Lower Manhattan has tripled since the 9/11 terrorist attacks, the Alliance for Downtown New York has found. The organization said this week that the number of rooms in their district, Lower Manhattan south of Chambers Street, has increased by more than 60 percent in that time.
GPE Management Boosts Property Management Team
Mark Carrell and Shirley Hawley have joined GPE Management Services, bringing nearly half a decade of combined property-management experience to the Scottsdale, Az.-based firm.
Hawaii’s Largest Office Property to Trade in $232M Deal
Bishop Square, which with 960,000 square feet of office space holds the title of the largest office property in Hawaii, is about to change hands. Santa Monica, Calif.-based Douglas Emmett Inc. has signed an agreement to acquire the premier complex for $232 million from Bishop Square Associates, a partnership involving Sacramento, Calif.-headquartered California Public Employees’ Retirement System (CalPERS) and Milwaukee-based Northwestern Mutual.
InterContinental Hotels Group Targets China for 146-Property Expansion
Already the largest international hotel operator in Greater China, InterContinental Hotels Group (IHG) plans to become even bigger in China — more than 50 percent bigger. The Buckinghamshire, England-headquartered company has just revealed pans to expand its 131-property portfolio in the country with the addition of 146 hotels over the next five years.
Economy Watch: Home Prices Rise, But Confidence Falls
The S&P/Case-Shiller Home Price Indices had an up month in April, with the 10-City and 20-City Composite Home Price Indices increasing 4.6 percent and 3.8 percent, respectively, compared to the same month last year. No one in the residential real estate business is breaking out the party hats, however, since the uptick was widely seen as a homebuyer tax credit-inspired anomaly.
CBRE Snags Fully Leased 200,411 SF Office Property in Boston Suburb
The four-story corporate headquarters office comprises 200,411 square feet and is fully leased through March 2018 to Nuance Communications, a software firm.
HFF Nails Down $23M for AMLI at Bryan Place
The 420-unit, Class A multi-housing community was completed in 1999 and features one-, two- and three-bedroom units.
Essex Awarded Contract for 300,000 SF Southern California Portfolio
Irvine, Calif.-based Essex Realty management has been tapped to manage the Zuma Business Center portfolio, which consists of three multi-tenant industrial and office business parks in Anaheim and Buena Park, Calif.
Infill Industrial Properties to Prove More Valuable, Successful than Greenfield Counterparts
It’s a reversal of a trend. In the 1990s, lower fuel costs and greater land availability lured industrial center occupants and developers to greenfield sites. But the tide has turned.