Business Specialties
Economy Watch: New Lows for Home Starts; SEC to Adopt New Rules
U.S. home starts dropped in December by 4.3 percent, Sheila Bair made new proposals regarding mortgages and the Securities and Exchange Commission is poised to adopt new rules.
Ground Broken on Cleveland Center
Developed by Merchandise Mart Properties Inc., a division of Vornado Realty Trust, the $465 million Medical Mart & Convention Center has already attracted commitments from a lengthy list of convention planners as well as businesses hoping to pre-lease space.
Market View: Seniors Housing
While the seniors housing industry certainly has not been recession proof, it has survived the depths of the economic downturn. As 2011 begins, the industry is being transformed from a 25-year upstart to a full-fledged member of the real estate community.
Security Properties Establishes Property Management Arm
Multi-family real estate owner Security Properties has launched Madrona Ridge Residential, a new property management affiliate. Madrona Ridge will provide property management services for apartment communities nationwide.
Harrison Street Launches Securities Division
The acquisition of Transwestern Securities Management, a division of Transwestern Investment Co., brings the firm to a combined assets under management of more than $2.7 billion.
Jones Lang LaSalle Lands Beaumont Partnership
The new venture, Jones Lang LaSalle at Beaumont Hospitals, will allow Beaumont to operate in a more cost-effective manner and provide enhanced patient services.
AFIRE Survey: U.S. Offers Foreign Investors Bang for Their Buck
Foreign real estate investors would do well to look toward U.S. shores, according to the Association of Foreign Investors in Real Estate’s 19th annual survey. AFIRE, which surveys respondents holding more than $627 billion in global real estate, including $265 billion in the United States, found that investment opportunities are stronger than they have been for the last decade.
Brookfield Closes on Sale, $120M Financing of Chicago Office Building
Brookfield Asset Management sold 300 S. Riverside Plaza, a Class A office building in Chicago’s West Loop submarket.
Myriant to Build at Louisiana Port
Myriant Technologies’ new $80 million, 392,000-square-foot sustainable chemical manufacturing facility at the Port of Lake Providence will be the largest bio-based succinic acid refinery in the world.
Meridian Nails Down $200M in Financing for NYC Tower
After being lost by high-profile real estate investor Harry Macklowe in a foreclosure auction, 1330 Avenue of the Americas is being refinanced by its new owner.