Business Specialties
Lend Lease to Build for 7-Eleven
The retail chain plans to boost its profile by at least 500 stores this year via individual store capital leases, business conversions and acquisitions.
Summit Repositioning Raritan Plaza I
The nine-story, 262,500-square-foot office property will receive lobby and elevator renovations, new signage, restroom renovations and upgrades and exterior work as well as security and energy-efficient lighting enhancements and touch-screen directories. A total dollar value for the work has yet to be determined.
New Co-Owner, New Big Lease for 1 Park Ave.
In simultaneous transactions, Vornado Realty Trust acquired a 95 percent stake in the 933,300-square-foot Midtown Manhattan office tower and a major tenant doubled its occupancy in the building under a new lease agreement.
D.C., Nevada Among Top Spots for LEED
In the District, there was 25 square feet of LEED-certified space per person in 2010, while in Nevada there was just shy of 11 square feet of LEED-certified space per person during the same time. The other top states were New Mexico, New Hampshire, Oregon, South Carolina, Washington, Illinois, Arkansas, Colorado and Minnesota.
Industrial Rebound Could Absorb 200 Million SF in 2011
Surging global trade and consumer demand are driving demand, said Colliers chief economist Ross Moore.
Economy Watch: Construction, GSEs, Prospects for a Shutdown
According to the U.S. Department of Commerce, construction spending took a dive in January, with a 0.7 percent decline from December that took the aggregate value of U.S. construction projects down to a $791.8 billion annualized rate. Commercial real estate construction projects led the decline.
Water Levels Delay $347M Casino
Pinnacle Entertainment Inc. was on schedule to complete development of the Baton Rouge, La., project, but low Mississippi River water levels have forced the company to push back the gaming property’s debut to the first quarter of 2012.
National Association of Realtors Forecasts More Stabilization in CRE
The organization’s latest report anticipates increasing improvement across the board for the national commercial real estate market.
OliverMcMillan Restarts Project
There will be an investment of $300 million to bring The Streets of Buckhead to life. The mixed-use project will ultimately consist of an array of luxury commercial and residential components spanning six blocks in the tony neighborhood.
Eyeing Healthcare Growth, Lend Lease Acquires DASCO
Company executives are counting on the merger to provide a one-stop shop for the burgeoning medical facilities industry.