Anna Spiewak
Sovereign Capital Acquires Congress Center in Chicago for $95M
Sovereign Capital Management Group, a San Diego-based real estate company, has purchased a Class A, 524,800-square-foot, 16-story office tower in downtown Chicago for $95 million.
Economy Watch: Residential Delinquencies Jump in September; FOMC Calls Growth ‘Moderate’
Sales of new single-family homes have gone up to the highest level since 2010, during the new homebuyer tax credit offer. The Federal Open Market Committee said that economic activity has continued to expand at a moderate pace in recent months.
Savanna, Monday Properties Sell 260 KSF 386 Park Ave. S.
Savanna and Monday Properties have sold a 20-story building in the heart of Midtown Manhattan for reportedly between $110 million and $113 million.
Economy Watch: Home Prices Increase; Philly Fed Reports Growth in Most States; Gas Prices Fall
Zillow has found the largest quarter-over-quarter home prices increase during the third quarter. The Federal Reserve Bank of Philadelphia reported growth in most states. Gas prices have slid week-to-week.
Economy Watch Weekly: Good News About Housing, Mostly
CPE’s economic analyst, Dees Stribling, gives his update for the week ending Oct. 19.
Economy Watch: Residential Delinquencies Jump; Most Housing Markets Worse Off
The U.S. mortgage delinquency rate has risen month-over-month. According to RealtyTrac, most housing markets that the company studied are “worse off than four years ago.”
IREM Special Report: Leaders Focus on Technology, Training and Trends
Technology, training, and trends in real estate property categories topped the agenda during the opening session of the Institute of Real Estate Management’s opening general session in New Orleans on Thursday.
Economy Watch: Existing Home Sales, Unemployment Dip; Driving Peaks
Existing home sales have dropped for both single- and multi-family dwellings. Unemployment has dropped in most states. Travel on all American roads, however, has risen.
Economy Watch: Unemployment Claims Bounce Back Upward; CEOs, JP Morgan Fiscal-Cliff Wary
Unemployment claims spiked upward most recently. CEOs are worried about the fiscal cliff since few politicians are paying attention to it due to the upcoming elections. JP Morgan also said in a research note to be careful of the fiscal cliff, which is predicted to cut 1 percent off GDP growth in 2013.
New Developments
Every cycle brings changes to development. Back in the go-go ’80s, corporations favored elegant, high-profile headquarters, and such trophy assets attracted foreign investors, as well. That changed in the mid-’90s, as the United States emerged from recession.