Business Specialties
International: W.P. Carey Affiliates Pay $158M for Polish Bank HQ
W.P. Carey’s two publicly held non-traded REIT affiliates have jointly purchased the headquarters of Poland’s second largest bank, paying $158 million for the asset.
Paragon Commercial, Canyon Catalyst JV Acquires 158 KSF Retail Center in Rancho Mirage, Calif.
A joint venture between the Canyon Catalyst Fund and Paragon Commercial Group has made its first retail acquisition in California – the 158,156-square-foot Rancho Las Palmas shopping center in Rancho Mirage.
Sheraton Hotels & Resorts to Open New-Build Hotel, Conference Center in Austin Suburb
A joint venture between Hines and The Novak Bros. will develop a 224-key Sheraton hotel and conference center in Georgetown, Texas, an upscale suburb of Austin.
Soho Properties, MHP Join Hampshire Hotels to Create New Dream Hotel at Times Square
A development team comprising Soho Properties, MHP Real Estate Services and Hampshire Hotels Management has acquired 560 Seventh Ave. in Manhattan’s Times Square, which they will replace in a $300 million project with a new Dream Hotel and 20,000 square feet of luxury retail.
4 Companies to Develop M-U Building in Tokyo’s Famed Ginza District
J. Front Retailing, Mori Building, L Real Estate and Sumitomo have entered a mutual agreement to jointly operate a retail facility that will be part of the largest mixed-use building in Ginza, Tokyo’s most famous upmarket shopping, dining and entertainment district.
Select Income REIT Closes $188M Acquisition of 820 KSF Office Property in Suburban Chicago
Select Income REIT has gotten its hands on a premier 820,000-square-foot office asset in suburban Chicago, courtesy of a sale-leaseback transaction with Tellabs Inc.
Blackstone Acquires Office Towers in Santa Ana, Calif. for $129M
An affiliate of Blackstone has acquired Griffin Towers, a pair of 12-story plus penthouse Class A office towers in Santa Ana, Calif., from Lincoln Property Co. and partner Angelo, Gordon & Co. for $129 million.
Executive Spotlight: Bill Passo, Passco Cos.
Twenty years ago, Bill Passo was a pioneer in tenancy-in-common investments in the commercial real estate sector. He continues to run his 15-year-old, California-based firm today with a focus on retail and multi-family properties.
Fallon Co. JV to Develop 516 KSF Office Building in Boston’s Seaport District
Fan Pier, the $3 billion, 3 million-square-foot mixed-use development in Boston’s Seaport District, gets a boost with $204 million in construction financing for its latest tower, the 516,000-square-foot building at 100 Northern Ave.
JLL: CRE Globalization Picks Up Pace in 2014
Commercial real estate transaction volumes on a global scale are up 23 percent year over year, reaching $130 billion, according to JLL.