Barbra Murray
Mack-Cali to Sell Suburban Philly Office, Land Assets for $233M
Keeping in line with its diversification strategy into multi-family projects and its retreat from non-core office assets, Mack-Cali has struck a deal to dispose of its nearly 1.7 million-square-foot office portfolio and three land parcels in suburban Philadelphia.
CBRE Selects Recipients in Real Green Research Challenge
By Barbra Murray, Contributing Editor CBRE Group Inc. has selected five recipients in its Real Green Research Challenge, a $1 million program launched in December 2012 to fund cutting-edge sustainability research and innovation in commercial real estate. The participants in the program will each receive awards of up to $250,000 to conduct research projects. The five recipient institutions are Stanford University; EURO Institute of Real Estate Management; Cleveland State University and Central Michigan University; Maastricht University; and the Natural Resources Defense Council. There was no lack of interest in RGRC; CBRE received more than 100 submissions. “The overwhelming response to…
Harrison Street Closes $2.5B Fund
Harrison Street Real Estate Capital originally set its sights on raising $650 million in equity capital for Harrison Street Real Estate Partners IV, and the private equity firm has achieved that goal–and handily surpassed it.
Allegiance Sells 202 KSF, Two-Building Atlanta Office Park to Cornerstone
Allegiance Realty has sold the 202,000-square-foot The Park at Windward Concourse in Alpharetta, Ga., three years after buying it. Allegiance and Cornerstone Real Estate Advisers, the buyer of the Class A, suburban Atlanta property, are keeping mum on the dollar signs involved in the off-market transaction.
Behringer, Wood Partners Kick Off $191M Suburban Boston M-F Project
Behringer Harvard and Wood Partners have commenced construction of 22 Water St., a luxury apartment community in Cambridge, Mass., just outside of downtown Boston.
CWI Buys JV Stake in Fairmont Sonoma Mission Inn in $97M Deal
Carey Watermark Investors has purchased a 75 percent joint venture interest in the 226-room luxury resort from Fairmont Hotels & Resorts in a transaction valued at an aggregate $97 million.
Hines, CalPERS Take Stake in 2.2 MSF Russian Retail Asset
The Hines CalPERS Russia Long Term Hold Fund, a joint venture between real estate company Hines and pension fund CalPERS, has become the co-owner of a prime piece of retail in Moscow with the purchase of an interest in the Metropolis Shopping and Entertainment Mall from Morgan Stanley Real Estate Investing.
C&W Wins WTC Site-Wide Property Management Contract
Cushman & Wakefield just landed one of the most coveted real estate assignments in Manhattan, if not the entire country. The commercial real estate services firm has been selected by the Port Authority of New York and New Jersey to serve as site-wide property manager for the new World Trade Center site under a seven-year contract.
$110M in Financing Closes for 214 KSF DC Office Property
The Washington Building, a 214,000-square-foot office destination in Washington, D.C., offers the elements lenders love, so CBRE Capital Markets had more than a few offers in the process of arranging $110 million financing for the Class A property on behalf of borrower Clarion Partners.