the Editors of Commercial Property Executive
ProLogis Leases 460,000 SF in Shanghai
ProLogis has announced it has leased a total of approximately 460,000 square feet to two customers in Shanghai, China In the Pudong submarket of Shanghai, at ProLogis Park Jinqiao, ProLogis has leased approximately 192,000 square feet to Parker Hannifin, a firm involved in motion and control technologies, providing precision-engineered solutions. The company will use the space for assembly and light manufacturing.In the Hangzhou submarket of Shanghai, at ProLogis Park HEDA, ProLogis has leased approximately 266,000 square feet to Joyoung Co. Ltd., a home-appliance manufacturer, to support its distribution needs across the Shanghai region.”Shanghai and several other major cities in the…
Balance Tips Toward Tenants in Manhattan: Cushman & Wakefield’s Harbert
Hard numbers are confirming what real estate professionals have suspected for months about the nation’s largest office market. According to Cushman & Wakefield’s third-quarter report, Manhattan is showing the clearest signs yet of softening since the credit crisis began last year. By most measures, the balance of power is finally shifting away from landlords. “If you’re a tenant, it’s a good time to be out there,” said Joseph Harbert (pictured), COO for the firm’s New York City metropolitan region, at a briefing this morning. “If you’re a credit tenant, it’s a great time to be out there.” Vacancy in all…
Central Banks Rally to Stem Financial Crisis
In further efforts today to limit the growing damage from the world financial crisis, the Federal Reserve announced that it will step into a new area, buying unsecured commercial paper, and the finance ministers of the European Union appeared poised to finally coordinate their initiatives. And following the warning by Federal Reserve chairman Ben Bernanke (pictured) this afternoon at the National Association for Business Economics that “the outlook for economic growth has worsened,” expectations rose that the Fed will lower its prime rate by month’s end if not sooner. The Fed’s plan would in theory help un-stick the currently moribund…
Financial Market Update: After the Closing Bell- Tuesday, Oct. 7
Oops, there go another 500 points, or 5.11 percent, off the Dow. Only a year ago, the Dow Jones Industrial Average hit a peak of 14,164.53; since then, it has lost fully 33.3 percent. Other indexes lost a lot of ground as well: the Nasdaq lost 5.8 percent and the S&P 500 lost 5.74 percent. Part of the stock-value decline was due to a rumor that Mitsubishi UFJ Financial Group was chickening out of a deal to acquire as much a quarter of the voting shares of Morgan Stanley–which sent the former investment bank’s stock down by about 25 percent….
Wachovia Deal Halted for Citi, Wells Fargo Discussions
With a ceasefire in place, Wachovia, Citigroup and Wells Fargo stopped the litigation carousel–but only till noon Wednesday–after the Federal Reserve stepped in to the fracas to help mediate a solution. As CPN reported Monday, Citi claims in court filings that on Sept. 29, Citi and Wachovia had an agreement-in-principle for Citi to acquire all of the banking subsidiaries of Wachovia. On Friday, Wells Fargo and Wachovia announced a deal for Wells Fargo to acquire all of Wachovia’s banking operations in a whole company transaction requiring no financial assistance from the Federal Deposit Insurance Corporation (FDIC) or any other governmental…
CBRE to Market Hearst Tower Retail
CB Richard Ellis Inc. has been named exclusive retail leasing agent for Hearst Tower, located on the southwest corner of Eighth Avenue and 57th St. in New York City. The tower has a pair of high-profile retail spaces, according to CBRE. “Hearst Tower is truly a special place in Manhattan,” CBRE executive vice president Richard Hodos told CPN. “It’s the gateway to the new Columbus Circle–anchored by the already successful Time Warner Center and the new Museum of Art and Design. Its resident population is a “who’s who” in the New York media world .Great space, special place.”Hodos is marketing…
In Vegas, El-Ad Wins Battle over Plaza Name
A $5 billion resort casino planned for the Las Vegas Strip will be able to be operate under the Plaza brand after a jury ruled that the developers could use that title despite the fact that another property in the city also goes by the Plaza name. The battle over the Plaza moniker is being waged by two foreign firms headquartered on the other side of the globe from the bright lights of The Strip. Israel-based El-Ad Group, which owns New York City’s Plaza Hotel and is looking to extend the Plaza brand to Las Vegas with the new resort…
Wind-Powered CBRE D.C. Office Earns LEED Gold
CB Richard Ellis Inc. has received a LEED Gold certification for Commercial Interiors for its recently completed offices in the Victor Building in Washington, D.C. The Victor Building is at 750 9th St., N.W., and is the first CBRE office in the country to win such an ranking.The office space is supplied now with 100 percent wind power provided by EnerNOC/Native Energy. Because CBRE’s Washington, D.C., office purchased wind power for its operation, it now has an operational carbon footprint of zero. CBRE is quantifying the energy saved plus the cost reduction associated, and the results will be available January…
Voice Signatures to Make Waves in Security Arena
Voice Commerce Group released a new identification system, using voice signatures. This will be of great benefit to the financial industry worldwide, ensuring more efficient security against fraud and across all platforms. London-based Voice Commerce Group has formed a strategic alliance with publicly traded Burlington, Mass.-based Nuance Communications to support the global roll-out of the system, called Voice Transact. Voice recognition was originally developed for the military. And now, it is believed by experts that Voice Signatures will transform the global payments and financial services industry. Everyone know why better security is needed. Identity theft is now a household term….
Latest Coolsim Version Launched, Improves Data Center Energy Efficiency
Concord, N.H. – based Applied Math Modeling Inc. has launched the latest improvements to CoolSim. The energy-efficiency software first launched 2006.CoolSim is an application that provides a three-dimensional view on a manager’s PC of a computer room’s thermal conditions, including airflow, temperature and pressure. CoolSim performs much like a Doppler radar system to let you view and measure the performance and plug in “what-if” scenarios.CoolSim 3.1 has added features to collect data for precision cooling and advanced heat removal. The major improvements to CoolSim include: Capabilities to model both raised floor data centers, in addition to non-raised floor data centers,…