Business Specialties
Office Cost Trends: A Snapshot
A strengthening office market nudged both income and expenses upward from 2012 to 2013, according to the 2014 Experience Exchange Report, the annual survey conducted by the Building Owners and Managers Association International and Kingsley Associates. Expense categories that posted the biggest gains include fixed expenses (8.4 percent), repairs and maintenance (5.9 percent) and security (5.8 percent). Reversing a four-year decline, utility expenses increased 2.4 percent. On the other side of the ledger, total income increased 7.4 percent year over year and rental revenue rose 7.2 percent. For a preview of operations costs in 2015, don’t miss “Price-Tag Preview” in…
Kettler Sells 233-Unit Luxury M-F Property in DC for $112M
Two years ago, Kettler kicked-off construction of the $80 million luxury apartment community at 450 K St. NW in Washington, D.C., and now the company has completed the development of the 233-residence mixed-use project and sold it to Ogden CAP Properties for $106 million.
INTERNATIONAL: Omniyat Breaks Ground on $680M Luxury Residential Tower in Dubai
Omniyat Group has broken ground on a 25-story residential megaproject in Dubai.
Berkshire JV Breaks Ground on One Seaport Square in Boston
Development of a 1.5 million-square-foot mixed-use project in the burgeoning Seaport Square neighborhood of Boston has kicked off with a groundbreaking ceremony.
American Realty Advisors Pays $100M for M-F Asset in L.A.’s Silicon Beach
ARA, a Los Angeles-based institutional investment manager bought the high-end,196-unit property in western Los Angeles’ “Silicon Beach” district.
TIAA-CREF, Norges Bank Buy Hall of the Americas
One might surmise that not since the start of the Viking Era in the eighth century has a Nordic invasion of this magnitude been seen, though this one uses joint ventures rather than long ships.
Miami Worldcenter to Add 60-Story Condominium Tower
Miami Worldcenter will soon be adding Paramount Worldcenter, a 60-story condominium that will sit above retail giants Macy’s and Bloomingdale’s in Miami’s noteworthy mixed-use complex.
High 5 Games Joins Tenant Roster at One World Trade Center
High 5 Games is the latest company to sign a deal and will take 87,663 square feet at the downtown Manhattan office tower, officials announced Thursday.
Industry Partners, RKF To Market Space in Converted L.A. Coca-Cola Plant
GPI Cos. and Atlas Capital plan to transform a former Coca-Cola production facility into 150,000 square feet of creative office, retail and restaurant space.
CBRE Report: Most Economical Markets for Leasing Data Centers
With the growing dependency on cloud computing, demand for leased data center space is on the rise, and the costs can vary drastically from market to market, according to “Leasing a Data Center: U.S. Market Cost Comparison,” a new report by CBRE Group.