Business Specialties
Piedmont Sells N.J. Office Building
Piedmont had owned the 410,000-square-foot 111 Sylvan Ave., which sits in Bergen County just off Palisades Interstate Parkway and near Interstate 95 in Englewood Cliffs, since acquiring it in 2003 under the company’s previous incarnation, Wells Real Estate Investment Trust Inc., for approximately $70.5 million.
Nutter McClennen & Fish Signs 130,000-SF Lease Renewal in Boston
The law firm, which has been in continuous practice for 131 years, has renewed its commitment to Boston’s Seaport District.
Economy Watch: GSEs Pressured to Modify More Mortgages
Fannie Mae and Freddie Mac are reportedly in talks with various government officials about reducing the balances of mortgages they own or control in cases of underwater homeowners, something the GSEs have so far been loath to do.
Booming Bloomberg Plans New 500,000-SF Headquarters in London
Currently, Bloomberg makes its London home at the building where the company set up shop 23 years ago. While the space has expanded to accommodate 2,300 employees, the company is in a growth mode and in need of more elbow room.
Clark JV Kicks Off Construction of $394M Naval Hospital At Camp Pendleton
The project will occupy 70 acres and replace Camp Pendleton’s outdated existing hospital. The building will feature inpatient facilities encompassing as many as 60 beds, emergency and primary care facilities, specialty care clinics, support facilities and space to accommodate non-ambulatory patients.
Archstone Lightens Debt Load by $5.4B
Archstone can breathe a big sigh of relief. With the conclusion of financial restructuring, the national apartment investment and operations company has eradicated $5.4 billion from its total debt.
Economy Watch: Compromise on Tax Cuts, Unemployment?
The agreement described by President Obama was tentative, something he called “a framework for a bipartisan agreement.” Still, the deal would extend the current tax rate for everyone who still has an income for two years, while maintaining unemployment benefits for those who do not for 13 months.
Opus Launches $30M Minnesota Project
With the purchase of three land parcels in the Stadium Village area near the University of Minnesota’s East Bank Campus, The Opus Group has launched its development of Stadium Village Flats.
Colliers Expansion Leads into Kansas City
Colliers International continued its 10-year growth effort with the addition of Kansas City service leader The Winbury Group.
Brookfield Properties Picks Up 650 Mass Ave. in D.C. for $113M
The flurry of office transactions in Washington, D.C., continued with Brookfield Office Properties’ purchase of 650 Massachusetts Ave., N.W. Brookfield plunked down $113 million in cash to buy the property from Washington Television Center L.L.C.