Business Specialties
HCP Closes $1.5B Public Offering
The healthcare property REIT will use a portion of the proceeds to help finance the acquisition of HCR ManorCare Inc.’s 338-property portfolio of real estate assets in a $6.1 billion deal.
Economy Watch: Fannie Mae More Optimistic
Fannie Mae’s Economics & Mortgage Market Analysis Group has upgraded its predictions for U.S. GDP growth in 2011 from 2.9 percent to 3.4 percent, another reflection of the prevailing optimism coming from prognosticators. The GSE is even predicting an improving housing market for the coming year.
First Tenant Signs on at SoCal Spec Development
Cast & Crew Entertainment Services L.L.C. has inked a 51,064-square-foot office lease at the newly completed 2300 Empire. The office property is located in the Media Studios North/Burbank Airport submarket in Burbank, Calif.
Prep Work Begins on Manhattan’s Hudson Yards
Hudson Yards is the largest single undeveloped piece of property in the borough. It is slated for a mixed-use, master-planned community consisting of 13 million square feet of commercial and residential development with 5,000 residences in nine buildings, as many as four corporate-headquarters sites, a retail complex, a 300-room hotel and a new 750-seat public school. It will also include 12 acres of public open space.
Manhattan Scores 2010’s Biggest Office Lease
Brookfield Office Properties closed a 440,000-square-foot deal with Société Générale, which committed to relocating its U.S. headquarters to 245 Park Ave.
Passage of $858B Tax Deal Good News for CRE
With the U.S. Senate’s approval of the big $858 billion tax bill–officially, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010–the White House is celebrating and the commercial real estate industry is smiling, too.
$858B Tax Deal Still Under Debate
Passage of the White House-proposed and the Republican-supported tax package, a deal that is on the verge of making its way through the Senate, would have far-reaching implications–even for commercial real estate. Some industry experts say the extension of the Bush-era tax cuts would encourage commercial real estate investment.
ProLogis Leases 449,000 SF of Distribution Space in L.A.
Port Logistics will occupy the space at Industry Distribution Center Building Six, which is located at the intersection of the 60 and 57 freeways in the City of Industry. The location is billed as strategic for distribution to Southern California and the western United States.
IHOP Expanding, 120,000 New SF in Works
In New York, new pancake houses will sprout up in Manhattan and Queens, including a flagship locale in Times Square. In New Jersey, IHOPs will be erected in Bergen, Essex, Morris and Union counties, and the city of Fairfield, Conn., will get new restaurants as well. The development of these traditional-style IHOP family restaurant sites is part of the company’s strategy to expand its presence to accommodate existing customers and lure new ones.
USAA Buys Land for 167,200-SF Project
Known as 1900 Wilson, the development comprises 191 Class A multi-family units totaling 149,915 square feet as well as 17,317 square feet of street-level retail.