the Editors of Commercial Property Executive
CBRE Investors Snaps Up 1MSF Suburban Dallas Office
Acting on behalf of its Strategic Partners U.S. 5 fund, CB Richard Ellis Investors has just acquired The Colonnade, a 1 million-square-foot office property in Addison, Texas. The three-building Class A complex sits about 10 miles outside of Dallas. The seller of the property was Colonnade Realty Holdings, and real estate services firm Holliday Fenoglio Fowler L.P. participated in the transaction. A Class A complex, The Colonnade encompasses Colonnade I, II and III, and is located on N. Dallas Parkway in the city’s Far North submarket. “That submarket has always been one of the healthiest in Dallas/Fort Worth for the…
Prince Charles to Launch £1B Property Fund
Prince Charles is planning to launch a £1 billion property fund that will invest in sustainable building projects, according to a report in London’s SundayTelegraph.A heavyweight team of property executives has been lined up to run the fund, called Tellesma, and Credit Suisse will raise money for the fund from Middle Eastern investors. Ian Henderson, former CEO of Land Securities, has been appointed as chairman. Mark Collins, who was Land Securities’ COO, will serve as chief executive of the new fund. A third of the fund will be owned by The Prince’s Charities, which will benefit from the fund’s profits….
Port Authority: Amid Delays, WTC Price Tag to Rise
A report released this afternoon by the Port Authority of New York and New Jersey said that the World Trade Center rebuilding project in Lower Manhattan would take substantially longer and cost substantially more to build than estimates have indicated. In a letter to Governor David Paterson of New York, who requested the report, Chris Ward, executive director of the Port Authority, wrote that the schedule and cost estimates of the rebuilding effort that have been communicated to the public are not realistic. While the report itself did not revise the schedule or the budget, a story in this morning’s…
Pair of Austrian Developers Acquire Constantia’s Real Estate Unit for $695M
Two large Austrian developers, Immofinanz AG and Immoeast AG, announced today that they have agreed to buy Constantia Privatbank AG real estate unit for $695 million. The two developers are creating a jointly held new company, I&I Real Estate Asset Management AG, with Constantia Privatbanks’ real estate division to be incorporated into this new company. Constantia’s business units include an asset management platform; an open-ended real estate fund with investments in Germany and Austria; a property and facility management arm; and a brokerage company. When the transaction is completed, Immoeast will acquire 60 percent of the shares in the new…
Kuwaiti Firm Spins Off New Hotel Company
Kuwait-based M.A. Kharafi Group has launched a new company to invest in hotel and resort properties in the United States and worldwide. As part of Kharafi, the new company–dubbed Sovereign Hospitality Holdings–already has assets of $800 million due to its parent company’s existing portfolio of 21 hotels and resorts located in Egypt, South Africa, Gambia, Syria, Lebanon and Albania. The new company is developing projects in Libya, Senegal, Ethiopia and Mauritania and has management agreements in place with Four Seasons Hotels & Resorts, InterContinental Hotels Group, Hyatt International, Rotana Hotels and Resorts, Starwood Hotels and Resorts and Six Senses Spa….
Deloitte Plans $300M Facility Outside Dallas
Deloitte L.L.P. plans to build a $300 million learning and leadership development center at Hillwood Development’s Circle T Ranch in the Dallas suburb of Westlake. Construction on the new facility will begin in 2009 and the center is expected to open in 2011. The facility will serve as a central destination for everyone from new hires to Deloitte senior leadership, to convene for learning and leadership development. The 750,000-square-foot campus will have 800 guest rooms. The facility is expected to result in Deloitte adding an estimated 100 new full-time jobs, with 300 to 400 new non-Deloitte jobs also being added….
Brandywine to Sell Oakland Portfolio to CIM for $412M
Brandywine Realty Trust has agreed to sell a five-property, 1.7 million-square-foot portfolio in Oakland, Calif., to an affiliate of the CIM Group for a total of $412.5 million. The price includes assumption of what will be at closing about $95.6 million in debt represented by three existing mortgage loans. Closing is scheduled for August 31. The five properties are One Kaiser Plaza (The Ordway), 1901 Harrison Street, 1333 Broadway, 2101 Webster Street and 2100 Franklin Street. The first four were 88.7 percent occupied as of May 31, according to a prepared statement, while 2100 Franklin is an unleased, recently completed…
Canon Plans New 690,000SF HQ on Long Island
Taking the next big step in the development of a new corporate headquarters for Canon Americas, leading imaging solutions provider Canon U.S.A. has revealed that it will file site plans with the Long Island town of Huntington, N.Y., for the project tomorrow. The planned 650,000-square-foot building (pictured) will ultimately be home to an estimated 2,500 employees. Canon has called Long Island home for 37 years and after 20 years of searching for a place to expand, decided to stay put on the island. “We looked in New York on Long Island and several other places off Long Island, as well…
Report: Despite Faltering Economy, Industrial Sector Remains Stable
The national industrial property market is in a relatively healthy state in spite of the recent economic uncertainty, according to a soon-to-be-released report on the sector by Marcus & Millichap Real Estate Investment Services.“For the most part the industrial market is in a stable equilibrium for supply and demand,” Alan Pontius (pictured), national director of office and industrial properties for Marcus & Millichap, told CPN this morning. “The shorter term pains of increased supply on a speculative basis and a small increase in vacancy exist, but the market’s fundamentals continue to remain reasonably strong.” While certain markets, like California’s Inland…
Red Lion Gets $173M Purchase Proposal
Red Lion Hotels Corp. has not been on the hunt for a buyer, but that has not stopped Columbia Pacific Opportunity Fund L.P. from making an offer. Columbia Pacific, a 12.7 percent shareowner in the Spokane, Wash.-headquartered hospitality company, has made a non-binding and conditional preliminary proposal to acquire Red Lion’s outstanding shares for a total of $173 million. Columbia Pacific submitted a letter dated June 27 to Red Lion’s Chairman of the Board with an offer of $9.50 per each of Red Lion’s outstanding shares, which, as of April 30, totaled 18,228,271; the figure constitutes a 35 percent premium…