Allison Landa
The 821-Room Hilton Minneapolis, Minnesota’s Largest Hotel, Trades for $155.5M
he closing of the sale of the Hilton Minneapolis–the largest hotel in the State of Minnesota–to Bethesda, Md.-based DiamondRock Hospitality comes four years after the joint venture partners acquired the property for what now seems like a meager $92 million.
NeoCon 2010: Overcoming Barriers to Green Building
All too often green building is impeded by finger-pointing and adversarial relationships between building owners and their tenants.
Vulcan Enters Phoenix Market Via $35M Acquisition
The eight-story, 260,000-square-foot Tempe Gateway building was completed in 2009 and developed by Opus West. It includes ground-floor retail space and a new parking structure with more than 1,000 spaces, as well as 30,000-square-foot floor plates for a range of tenants.
Duke to Take JV Partner’s Interest in 20.8M-SF Industrial Portfolio for $298M
Duke Realty Corp., acting through its operating partnership, Duke Realty L.P., is about to become the sole owner of Dugan Realty L.L.C., a joint venture between the Indianapolis, Ind.-based company and an institutional real estate investor.
Kaye Scholer Takes 42,000 SF in Century City
L.A. Realty Partners has negotiated a long-term lease renewal for international law firm Kaye Scholer L.L.P., which has signed a 10-year lease agreement for 42,000 square feet at Sun America Plaza in Century City, Calif.
Economy Watch: Housing Starts Fall, Few Surprised
The U.S. Department of Commerce reported on Wednesday and residential construction starts dropped in May to their lowest level in a year. The overall decline was 10 percent compared with April, to an annualized rate of 593,000, with single-family starts down 17.2 percent, while multifamily starts, which are notoriously volatile month-to-month, were up 38.3 percent.
JV’s $116M Investment Buys 48 Percent Stake in $1.5B Macquarie DDR Trust
EPN’s investment, which will make it Macquarie DDR’s largest unitholder, will be utilized to pay down outstanding Macquarie DDR financial obligations, including unsecured debt and derivative liabilities, and bolster the balance sheet; the move is expected to decrease leverage from 73.2 percent to 64.4 percent.
Fitch Sharply Downgrades BP’s Rating
BP Global’s problems extend far beyond the Gulf. Fitch Ratings has downgraded the energy firm’s Long-term Issuer Default Rating and senior unsecured rating to “BBB” from “AA”, respectively, and downgraded the Short-term IDR from “F3” to “F1+”.
Harrison Street Raises $165M to Close Third Fund
According to Harrison Street co-founder, president and CEO Christopher Merrill, the fund expects to raise $500 million, or $1.75 billion in purchasing power.
Regency Names Johnston SVP of General Counsel
Johnston will be responsible for leading and directing nationwide legal activities with in-house staff and outside counsel, along with advising management on matters including legal rights, obligations and risks for real estate transactions, wide-ranging company matters, and general corporate compliance. She will also serve as corporate secretary for the company’s board of directors.