the Editors of Commercial Property Executive
Paramount Sells 228 KSF Property in Times Square
After owning the Candler Tower for six years, Paramount Group sold the 228,000-square-foot office space in Times Square to Epic.
Economy Watch: Sandy Puts Dent in Incomes, Spending; GSEs Report Dropping Delinquencies; Restaurant Owners Less Optimistic
U.S personal income has remained flat and spending decreased 0.2 percent, with the blame attributed to Hurricane Sandy. Both Fannie Mae and Freddie Mac reported that serious single-family delinquencies on loans associated with the GSEs declined in October. And restaurant owners have a pessimistic short-term outlook on sales growth due to the economy.
Rosemont Realty Partakes in Largest Office Acquisition in Albuquerque
Rosemont Realty LLC has recently acquired Pinetree Corporate Center, consisting of five multistory buildings totaling 204,229 square feet of Class B office space in Albuquerque. This marks the largest office real estate acquisition in the Duke City this year, in terms of square footage, reports the New Mexico Business Weekly.
HUD Announces $621M Deal to Refinance Mortgage Loan for NYC Co-op
Backed by a federal mortgage guaranty program that was extended to a co-operative development for the first time, RiverBay Corp. and Wells Fargo Bank have closed on a $621 million deal to refinance the mortgage at Co-op City in the Bronx.
HOK to Design $269M Italian Biomed Hub
Global design firm HOK has been designated as the lead architect for the Ri.MED Biomedical Research and Biotechnology Center (BRBC) near Palermo, Sicily in Italy, selected among 13 other firms that entered the international design competition for the contract.
Dexus Property’s 1 Bligh St. in Sydney Recognized as World’s Most Innovative High-Rise
Deutsches Architekturmuseum, in association with DekaBank and Stadt Frankfurt am Main has awarded “The International High-rise Award 2012” to 1 Bligh St. in Sydney.
Wood Partners Begins Construction on Downtown Denver M-F Complex
Wood Partners, East West Partners and USAA Real Estate have teamed to break ground on Alta City House, a five-story, 281-unit luxury apartment complex in Denver, Colo., that’s part of an ambitious urban redevelopment project.
Johnson Development to Solicit Projects for 113-Acre Memphis Industrial Complex
Johnson Development Associates has big plans for Aerotropolis Business Park, the 113-acre site it acquired in Memphis, Tenn., earlier this year.
HFF Closes $107M Sale of Office Portfolio in Boston’s Seaport District
HFF has been involved with another multimillion-dollar deal in Boston’s Seaport District, an up-and-coming area along the South Boston waterfront, with the $107 million sale of a four-property portfolio to DivcoWest Properties.
Rolls-Royce Plans $136M Plant on Prince George Campus
Rolls-Royce, the global power systems company, has revealed plans to build a $136 million advanced manufacturing facility at Rolls-Royce Crosspointe in Prince George County.