Allison Landa
Economy Watch Weekly: Dees Stribling’s Summary of Top Economic News
Economy Watch reporter Dees Stribling offers insights into the top economic news of the week ending Jan. 14 and what to watch out for in the coming week.
Chicago Property Gets $200M Makeover
Now that Server Farm Realty Inc. has officially taken over ownership of 840 S. Canal St. in Chicago from Northern Trust Corp., the two-month-old company is preparing to transform the 443,400-square-foot property into a state-of-the-art data center.
Macklowe Jr. Makes First Acquisition
In a joint venture with ING Clarion Partners, the William Macklowe Co. has acquired 636 Avenue of the Americas. The six-story, 90,000-square-foot office building was purchased for $45.2 million.
Economy Watch: Record Foreclosures in 2010
RealtyTrac reported that more than 3.82 million foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2.87 million U.S. residential properties in 2010, an increase of nearly 2 percent from 2009 and an increase of 23 percent from 2008.
Vornado Closes First Phase of $127M Sale of Two DC Office Assets
While the firm has wrapped up the sale of the 186,000-square-foot office building at 1140 Connecticut Ave., N.W., it is not quite finished doing business with buyer Washington Real Estate Investment Trust.
Cushman: Office Market Sees Positive Absorption
The firm released statistics indicating an overall absorption rate of positive 2.2 million square feet at the end of 2010 – a whopping 106.5 percent increase from the negative 33.5 million square feet of absorption at year-end 2009. The nation hasn’t seen positive absorption since 2007.
Economy Watch: Mixed Emotions in Beige Book
More formally known as the Summary of Commentary on Current Economic Conditions by Federal Reserve District, the publication wasn’t exactly exuding cheer about the economy upon release. But it wasn’t downbeat either: “Reports from the 12 Federal Reserve Districts suggest that economic activity continued to expand moderately from November through December,” it said.
AREA-Wood JV Purchases Texas Apartments
The nine-property portfolio encompasses 2,589 residences in three major cities: Dallas-Fort/Worth, Houston and San Antonio.
Cushman & Wakefield Unites Veteran Brokers
Less than a week after Cushman & Wakefield Inc. saw the exit of a team of high-profile office brokers, the global commercial real estate services firm has appointed former president & CEO Bruce Mosler to a major position. Mosler, who will now serve as chairman of global brokerage, joins with former Cushman CEO Arthur Mirante.
CNL Acquires 29 Senior Housing Communities
The real estate investment trust marks its entry into the market with a transaction valued at $630 million.