Anca Gagiuc
Anca Gagiuc brings more than a decade of experience within the real estate industry. She is a senior associate editor with Commercial Property Executive and Multi-Housing News who also writes monthly multifamily reports at Yardi Matrix. Contact Anca at anca.gagiuc@cpe-mhn.com
New Renaissance Hotel will Join Already Impressive Hospitality Roster at L.A. LIVE
With the new Renaissance Hotel set to begin construction in Q1 of 2014 and a completion date set for 2016, the L.A. LIVE’s surroundings are set to feature a plethora of hospitality options, with 1,844 rooms featuring five different Marriott brands: Ritz-Carlton, Renaissance, JW Marriott, Courtyard and Residence Inn. The venues will ensure that visitors will be ensured a palette of choices for accommodation when checking out one of the many attractions of the entertainment district: STAPLES Center, the Los Angeles Convention Center, Nokia Theatre L.A. LIVE, Regal Cinemas and the GRAMMY Museum.
Genting Group Eyes $2B Resort on Former Stardust Site
Projects for mega-resorts or ambitious mixed-use developments were stalled up and down the Strip after the market downturn a few years ago. Since, some residential developments have found new life, with a string of recent acquisitions that have turned things around for some of these projects. MGM is still stuck in a legal battle with Perini over the Harmon tower, but things are pointing towards imploding the building. All of these projects are finding their way as the city is looking to repair its image, and Genting Group is set to further that initiative, as the Malaysian hospitality company has announced the acquisition of the Echelon.
Megahotel Plans Pick Up Steam From State Funding Sources
Salt Lake City’s entrepreneurs and local officials have spotted the need for a convention center and larfe new hospitality property in recent years, a development that would further the convention and meeting space culture in the area. Mostly referred to as the “megahotel project”, the initiative has been gaining traction over past months up to a point where a number of measures were produced to help with the financing for the much-desired development. Those legislative measures were supposed to provide approximately $100 million-worth of public contribution to the process.
Prologis to Develop New Green Industrial Park in Tokyo’s Saitama Ken-O Submarket
Provider and operator of logistics infrastructure Prologis is kickstarting the construction of a new, 451,000-square foot industrial project in Tokyo’s Saitama Ken-O submarket .
Bixby Office Park Acquired for $85 Million; TIAA-CREF Expands Portfolio With Industrial Purchase
It was recently announced that the Bixby Office Park was recently acquired by a private, fully-integrated real estate investment company. Parallel Capital Partners sealed a deal worth approximately $85 million to secure the commercial asset in Seal Beach, CA. This constitutes the largest office transaction in Orange County in 2013. The seller was a large national insurance company, represented by an Eastdil Secured team consisting of Adam Edwards and K.C. Scheipe. The buying entity was PCPI BIXBY LP, an affiliate of Parallel Capital, who represented itself. Continue reading →
Convention Center Officials Unveil $2.5B Makeover Plan
The $2.5 billion development project that is set to be known as the Las Vegas Global Business District, includes a number of completely new structures, such as a new World Trade Center building and a multimodal transportation hub. The first phase of the decade-long project the Las Vegas Convention and Visitors Authority is set to see the officials kick off the request-for-quotation (RFQ) process for the development. It will also focus on securing the financing for the massive plan, as well as starting the acquisition process for any of the land parcels that are needed for the actual construction.
Project Touted as “Greenest Commercial Building” Lives Up to Its Name
By Alex Girda, Associate Editor
The green building trend was really embraced by Seattle’s major developers with a number of buildings, chief among which is the new Federal Center South Building built by GSA for the U.S. Army Corps of Engineers, making headlines for the innovative ways in which established or groundbreaking environmentally friendly technologies were employed. The Bullitt Foundation has strived to cut out its own niche on an increasingly sustainable market and the effects are clearly visible.
Law Firm to Occupy 165 KSF in New Bay Adelaide Tower
Borden Ladner Gervais, a full-service law firm, will be occupying 165,000 square feet of office space in Bay Adelaide Center’s East tower, slated to open in 2015.
Marriott’s Courtyard Salt Lake City Airport Wraps Makeover Aimed at Business Travelers
Located at 4843 Douglas Corrigan Way, the 154-key Courtyard Salt Lake City Airport now features the brand’s established Refreshing Business lobby concept, as well as a brand new design for its suites. RLJ Lodging Trust has introduced a number of modern amenities in the package made available to the hotel’s guests: the lobby now includes media pods, Wi-Fi access, as well as a new layout that allows for social gatherings as well as pop-up meetings to be held conveniently. New plush bedding, a functional work space, improved bathrooms, separated seating areas and high-speed internet connections complete the in-room amenity package made available to the hotel’s patrons.
Seattle’s New Skyscraper to Get SLS-Branded Boutique Hotel
The SLS Hotel Seattle will occupy floors 2 through 15, and offer guests 184 rooms to choose from, all designed with its signature boutique-style in mind. Located at 5th and Columbia in the city’s downtown, the new skyscraper will begin construction during this year’s Q4 with a 2016 completion date in its sights. The hotel’s guest amenities will include 20,000 square feet of meeting space, a spa, fitness facilities, and 30,000 square feet of food and beverage outlets.