Business Specialties
$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.
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.