Nicholas Ziegler
DivcoWest Spends $53M on Two-Building Austin Office Park
San-Francisco based DivcoWest has acquired Prominent Pointe I & II, a two-building, 261,243-square-foot Class A office project in Austin, Texas, for a reported $53 million from Aspen Properties.
Silverstein, CalSTRS Tap JLL for Leasing at 1177 Avenue of the Americas
In order to best take advantage of its trophy property at 1177 Avenue of the Americas in Manhattan, the partnership of Silverstein Properties and California State Teachers’ Retirement System has chosen Jones Lang LaSalle Inc. as its leasing agent for the Class A, 1 million-square-foot office tower.
MBA CREF Special Report: Economists See Slow Improvements, Slightly Higher Interest Rates
After the final day of the MBA CREF conference in Atlanta, the take-home message was that the U.S. economy will grow a bit in 2012, coupled with a rise in interest rates, while the volume of commercial property will continue to expand.
Economy Watch: Mortgage Settlement Done, Greek Deal Not
While the United States came to an agreement on robo-signing, the dance of the Greek bailout continues. Warren Buffett knocked gold investors as fearful. And U.S. initial unemployment claims continued to fall.
Pearson Signs 200 KSF Office Lease on Hoboken Waterfront
After signing Pearson to a 200,000-square-foot lease at the Hoboken Corporate Center across from New York City, SJP Properties will commence construction of a 500,000-square-foot building to complete its mixed-use complex.
Liberty Property Trust Builds 1.2 MSF Big-Box Industrial Space in Eastern Pa.
Capitalizing on the need for big-box industrial spaces, Liberty Property Trust is constructing a 1.2 million-square-foot speculative distribution property in Bethlehem, Pa., and has named Cushman & Wakefield Inc. as the exclusive leasing agent for the $62 million project.
Blackstone Takes 3.5 MSF of U.K. Industrial from Prologis
Blackstone is no stranger to huge deals, and its latest transaction makes it the owner of 3.5 million square feet of industrial space in the United Kingdom after making a $335 million, 13-property purchase from Prologis.
GSA Taps Trump for $200M Redevelopment of D.C.'s Old Post Office Building
The U.S. General Services Administration has selected the Trump Organization as its preferred team to handle a $200 million redevelopment of the Old Post Office building and annex in Washington’s Federal Triangle neighborhood, turning the structure into a luxury hotel.
Economy Watch: Government, Banks to Ink Robo-Signing Settlement
The federal government, various state attorneys general and the largest banks in the country have struck a deal that would specify an assortment of mild punishments for the banks’ involvement in robo-signing. And despite discussions, there was still no clarity on the Greece situation coming out of Europe.
In a Tentative Year, Office REIT Ratings Remain Sound
By Karen Nickerson, Vice President & Senior Credit Officer, Moody’s Investors Service
Absent another global or domestic shock, office REIT ratings will see a modest improvement during 2012 as long as the firms protect their balance sheets.