In yet another sign that the economy may be nearing a recession, U.S. employers cut 63,000 jobs in February, the largest single month drop in nearly five years. Last month’s job loss–the largest since March 2003–wasn’t the only bad news in the report issued this morning by the Department of Labor; the revised job figures for January revealed that 22,000 jobs were lost in that month, down from the originally-reported 17,000. “While it’s not definitively clear, [the report] is another sign that the economy is weakening, and it appears to be weakening more and at a greater rate than we…

The United Nations’ decision to lease 460,000 square feet of space in Midtown Manhattan could be a prelude to something even bigger—a major commitment to a proposed office tower near U.N. headquarters. The U.N. disclosed yesterday that it is leasing the space at 380 Madison Ave., a Midtown office tower owned by developer Sheldon Solow, according to a report by Charles Bagli in the New York Times. The temporary space will house much of the U.N.’s staff during a five-year, $2 billion overhaul of the world body’s aging buildings on the East River. A Solow representative could not be reached…

Plans have just emerged for the development of Midtown, a premier 3.7 million-square-foot mixed-use project in a blossoming area of Dallas. Icon Partners L.L.C. is behind the endeavor, which will sit at the intersection of I-635/LBJ Freeway and the Dallas North Tollway, the busiest intersection in the Lone Star State.”This is all redevelopment,” an Icon spokesperson told CPN about the community where Midtown will be erected. “This is an area of North Dallas that exploded with growth about 30 years ago. It lost its shine for a while, but it is still the second largest economic generator in the city.”…

Washington, D.C., seems to be at no loss for mega-leases these past few weeks. Nipping on the heels of National Public Radio’s decision to move its headquarters to NoMa yesterday, the U.S. Department of Justice has inked a 521,000-square-foot lease at the upcoming Two Constitution Square at 145 N St. N.E., also in the emerging NoMa submarket. The 15 year deal is in a submarket that averages $48 per square foot, according to Newmark Knight Frank. Neil Levy, Julie Rayfield, Mett Miller, Rick Barnett and Todd Valentine of Studley Inc. represented the tenant, while Darian LeBlanc, Zeke Dodson and Mark…

Austin-based AIC Ventures completed a sale-leaseback transaction with Easley Custom Plastics (ECP), a supplier of plastics injection molding, painting and assembly, in Easley, S.C.  Financials for the deal were not disclosed. The transaction includes ECP’s corporate headquarters and encompasses 277,000 square feet of manufacturing, office and warehouse space situated on 74 acres. AIC Ventures’ real estate fund, NL Ventures VI, through an affiliate, acquired the properties and simultaneously entered into a long term absolute net lease with Easley.  Easley Custom Plastics provides specialized engineering and manufacturing services of custom injection molded plastic components.   “We weren’t the first buyer that they…

The 315,000-square-foot Beaufont Center in Richmond, Va., has moved from the portfolio of GSC/Jon Perel to that of the Bond Cos., courtesy of a recent transaction orchestrated by Marcus & Millichap Real Estate Investment Services.Both the seller, which had owned Beaufont Center for approximately 20 years, and the buyer were represented in the $17 million transaction by real estate investment services firm Marcus & Millichap. Beaufont Center occupies 47 acres where the Midlothian Turnpike meets Chippenham Parkway. The property has a long and varied tenant roster that includes BK Music, Dollar Tree, Wachovia Bank, as well as a handful of…

In a market where rents are likely to increase as the employment base continues to grow, Orange County-based The Bascom Group L.L.C. acquired an upscale apartment community in the Atlanta suburb of Sandy Springs, Ga., for an undisclosed price. Bascom purchased the Hampton Hill apartment community located at 7889 Roswell Road in Atlanta. The sale closed on March 3. The acquisition for Bascom was overseen by Chad Sanderson, Nicholas Genesta, and Josh Needle. Debt financing was arranged by Robert LaChapelle, Matthew Forgione, Troy Tegeler, and Brian Eisendrath from CBRE Melody. Worthing Southeast Corp. will be providing property management services.  The…

Acadia Realty Trust has acquired 11 self-storage facilities in New York and New Jersey from American Storage Properties North L.L.C. for $175 million.The 933,000-square-foot portfolio, which was 72 percent leased at the time of sale, is comprised of six newly constructed facilities in the lease-up phase, one under construction and four converted warehouse facilities.Transwestern’s Washington, D.C. institutional commercial group and CB Richard Ellis Inc.’s self storage group were co-brokers on the deal. Gerry Trainor, managing director with Transwestern, and Steve Hryszko of CBRE represented the seller.All the facilities will be continue to be managed and leased by Storage Post.“The sale…

After a few days of on-and-off negotiations, it appears that the Investment Corp. of Dubai (ICD) will buy Spanish real estate giant Inmobiliaria Colonial SA, though as of Thursday afternoon, no deal had been definitively announced.It is also possible, according to a report yesterday afternoon by Reuters, that the ICD will only buy the rental property unit of Colonial, leaving the development unit to the company’s main shareholders.Currently Colonial holds about 12 billion euros worth of real estates of various kinds, including offices and malls in Madrid and Paris, and is also a major residential developer. Colonial also owns 15…