Business Specialties
Will Triple Five Be the Charm for Xanadu?
If Triple Five can transform New Jersey’s stalled $2 billion project from a costly white elephant into a thriving retail and destination center, the Canadian firm will pull off a feat that eluded two previous developers.
AMB Closes $422M Brazil Fund
The fund aims to develop, acquire, own, operate, manage and dispose of logistics properties within Sao Paulo and Rio de Janeiro.
Duncan, Helm Co. Complete Merger
The two companies have joined forces to offer real estate brokerage, property management and consulting services in Kentucky and Southern Indiana.
Chartres, Morgan Stanley Acquire Ocean Resort Waikiki
The joint venture has plans to completely renovate, rebrand and reposition the 33-year-old property, which is located on the island’s Diamond Head end. Renovation will include all public spaces, the pool deck and the guest rooms.
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.