Anna Spiewak
Symbiotic Relationship: Convention Centers & Hotels
While once convention centers were built without consideration for the hotels where trade-show goers would stay, more municipalities are realizing the importance of partnering with private hotel developers and other amenity providers at the outset to produce a more economically successful venue.
Port Authority Tops Off One WTC
The final two sections of the 408-foot steel spire that will crown One World Trade Center were hoisted to the top of the iconic tower yesterday, as dozens of construction workers cheered, making it the tallest building in the Western Hemisphere.
Economy Watch: Hiring Improves in April; Trade Deficit Dips; QE3 Still a Concern
Hiring has been revived, with the economy creating 165,000 jobs in April. The trade deficit dropped in March to $38.8 billion, down from $43.6 billion in February. And QE3 is alive and well, but the committee said it was “prepared to increase or reduce the pace of its purchase to maintain appropriate policy accommodation.”
General Growth Gets $1.5B Refi on 16 Malls
General Growth Properties, U.S. Bank and RBC Capital Markets have closed on a $1.5 billion secured term loan refinancing 16 of GGP’s properties in the United States.
Economy Watch: Construction Spending Drops; Manufacturing Slightly Up; ADP Jobs Numbers Low
Construction spending during March 2013 was at an annualized rate of $857 billion, or 1.7 percent below the revised February figure. The manufacturing sector continued to expand in April, but barely. And the private sector generated 119,000 new jobs in April, which was fewer than expected.
DLA Piper Special Report: CMBS Back, REITs Up, Liquidity Plentiful in Capital Markets
Speaking at the DLA Piper 11th Global Real Estate Summit in Chicago yesterday, industry movers and shakers remained only cautiously optimistic about the future of commercial real estate, despite several indicators pointing to a rebirth of the field.
Beacon JV Buys Minnesota’s Highest Skyscraper for $253M
A Class A office property just traded for a quarter billion dollars, and it didn’t happen in New York City or San Francisco or Washington, D.C.
Economy Watch: Modest Growth in 1Q; Consumer Sentiment Dips
GDP started expanding again during the first quarter of 2013 for a number of reasons. Consumer sentiment, on the other hand, dropped between March and April.
Muted Optimism Marks CPE 100 Quarterly Sentiment Survey
Secondary markets are expected to shape investment.