Allison Landa
SL Green Nails Down $260M Loan on 3 Columbus Circle
News of the financing comes three months after SL Green recapitalized the 83-year-old property, located at 1775 Broadway across from the AOL Time Warner Center and Central Park. With the recapitalization, SL Green became part owner of the asset through the creation of a joint venture with The Moinian Group, which had acquired a former partner’s 90 percent stake for $250 million in 2004.
Economy Watch: Discount Rate, Spending
Is the Fed planning to tighten monetary policy? Some of its member banks have been asking for a modest increase in the discount rate: 25 basis points, which would take that rate up to 1 percent. According to minutes of discount rate discussions released by the Fed, the banks of Kansas City and Dallas asked for such an increase at meetings in January, February and March.
Introducing CPE City Pages
CPE is pleased to announce the launch of a new section, CPE City Pages, designed to provide local details about top real estate markets. These city-specific sites offer up-to-date trend information plus headlines from around the Web. Topics include major deals, new construction, demographic data, neighborhood highlights and other real estate, municipal and related news and information. Log on to https://www.commercialsearch.com/news/city-pages for the latest news from each city — with more coming soon!
Record-Breaking Army Land Exchange Advances Bay Area Development
With the signing of the largest-ever Reserve Property Exchange Agreement, the U.S. Army paved the way for SunCal Co.’s development of a master-planned community, Dublin Crossing, on 180 acres at Camp Parks Reserve Forces Training Area in Dublin, Calif. In return for the land, SunCal will build 152,300 square feet of new buildings for the military.
Forest City Closes $70M Loan on Baltimore Office Property
The 278,000-square-foot Class A property at 855 N. Wolfe St. is a research office property at The Science + Technology Park at Johns Hopkins University. Its tenants include the Lieber Institute for Neuroscience Research, Champions Biotechnology, Siemens and the Johns Hopkins Brain Sciences Institute and Translational Research Laboratory.
Economy Watch: Oil Prices Increase, Fed Unlikely to Take Action
It seems that there’s some elasticity in the demand for gasoline among U.S. consumers. Exactly how much is still a matter of conjecture and a function of how much more prices spike in the summer ahead, but in any case now that the price of gas is headed skyward, demand for it is responding by dropping, just as it did in early 2008, before the most recent oil bubble burst.
CPE Blog: Richard Green on What to Do With the GSEs
Richard Green, director of the USC Lusk Center for Real Estate, offers insights into the best alternatives for reforming Fannie Mae and Freddie Mac.
Williams-Sonoma Leases 411,700-SF Facility
Kelly Boulevard Associates L.L.C. filled the empty tenant roster for its industrial property at 2973 Kelly Blvd. in Claremont, N.C., in one fell swoop. The business entity, a joint venture involving JER Partners and Fulcra Enterprises, got the home furnishings specialty retailer to sign on the dotted line.
Economy Watch: Shutdown Averted, Retail Sales Up
As the world well knows, the federal government didn’t shut down over the weekend. A deal was done practically at zero hour, meaning that federal employees will be at work, $39 billion (or about one one-thousandth) of the federal budget will disappear, and tourists will have something to do in D.C. this week.