Nicholas Ziegler
TIAA-CREF Takes Berlin Shopping Center for $447M
In a joint venture with German shopping center developer mfi Management, TIAA-CREF has snapped up Gropius Passagen, a 1 million-square-foot asset — the largest mall in Berlin — for approximately $446.5 million.
Economy Watch: Real Wages Decline in First Quarter
The BLS found that median weekly earnings for U.S. workers climbed 1.9 percent in a year, but the CPI advanced 2.8 percent in the same time period. And 8.2 percent of all loans held by Spanish banks are bad ones, according to the nation’s central bank.
Omni Group Buys Chicago's 200 N. LaSalle for $101M from Younan Properties
Omni Group, a private developer based in Vancouver, has spent $101 million to become the new owner of 200 N. LaSalle in Chicago, acquiring the asset from Younan Properties. The 30-story, 645,170-square-foot building sits in the heart of the city’s financial district.
Broad Street, Crow Holdings Spend $85M on 208 NYC Apartment Units
Broad Street Development and Crow Holdings have partnered on an $85 million investment for two buildings in Manhattan’s Gramercy Park neighborhood.
Kennedy Wilson Sells Two Multi-Family Properties for $154M
Kennedy Wilson has shed two multi-family assets — 360 Residences in San Jose and Arbor Creek Apartment Homes in Beaverton, Ore. — for a total of $154 million to two separate buyers.
Rising Realty Partners Acquires 440 KSF PacMutual Building in Downtown L.A.
Rising Realty Partners, helped by funds from Mount Kellett Capital Management, has acquired the landmark 440,000-square-foot PacMutual building in Downtown Los Angeles and plans a significant repositioning for the property.
Morgan Stanley Signs 1.2 MSF Office Lease at NYC's One New York Plaza
In the largest single-asset office lease in New York City since 2008, Morgan Stanley has signed a lease for 1.2 million square feet of space at One New York Plaza with Brookfield Office Properties.
Economy Watch: New-Home Starts Take Dip
Housing starts took a 5.8 percent dip in March, according to the Census Bureau. The IMF expanded its projections to say that the world economy will grow by 3.5 percent this year. And investors appear very interested in Spanish debt, as the country sold 3.2 billion euros of bills on Tuesday.
TIAA-CREF Picks JLL as Leasing Manager for 475 Fifth Avenue in NYC
The Manhattan office building at 475 Fifth Ave. came under new ownership last fall when TIAA-CREF acquired it for $144 million, and now it has come under new management. Jones Lang LaSalle has been chosen to serve as the exclusive property manager and leasing agent for the 280,000-square-foot asset.