Business Specialties
Brookfield Completes Platform for $4.5B Manhattan West Project
Brookfield’s $4.5 billion Manhattan West mixed-use project on New York City’s Far West Side took a major step forward Tuesday with the completion of the concrete platform over the rail yards that lead to Penn Station.
Caddo Holdings Sells 2 Uptown Dallas Office Buildings to Westdale
Flipping is on the menu at Caddo Holdings, which just sold two office towers totaling 188,800 square feet in the coveted Uptown area of Dallas, one year after acquiring them.
Salesforce Purchases San Francisco’s 50 Fremont St. from TIAA-CREF
The tech company that, just a few months ago, signed the largest office lease in San Francisco history has now agreed to what reportedly is the largest occupier deal in the city’s history.
Colony American Finance Grabs $165M Loan Portfolio, Partners with Auction.com
Colony American Finance has purchased a $165 million portfolio of acquisition lines secured by single-family homes from Archetype Credit Opportunity Fund, a private money lender backed by the original investors in Auction.com.
Office Cost Trends: A Snapshot
A strengthening office market nudged both income and expenses upward from 2012 to 2013, according to the 2014 Experience Exchange Report, the annual survey conducted by the Building Owners and Managers Association International and Kingsley Associates. Expense categories that posted the biggest gains include fixed expenses (8.4 percent), repairs and maintenance (5.9 percent) and security (5.8 percent). Reversing a four-year decline, utility expenses increased 2.4 percent. On the other side of the ledger, total income increased 7.4 percent year over year and rental revenue rose 7.2 percent. For a preview of operations costs in 2015, don’t miss “Price-Tag Preview” in…
Kettler Sells 233-Unit Luxury M-F Property in DC for $112M
Two years ago, Kettler kicked-off construction of the $80 million luxury apartment community at 450 K St. NW in Washington, D.C., and now the company has completed the development of the 233-residence mixed-use project and sold it to Ogden CAP Properties for $106 million.
INTERNATIONAL: Omniyat Breaks Ground on $680M Luxury Residential Tower in Dubai
Omniyat Group has broken ground on a 25-story residential megaproject in Dubai.
Berkshire JV Breaks Ground on One Seaport Square in Boston
Development of a 1.5 million-square-foot mixed-use project in the burgeoning Seaport Square neighborhood of Boston has kicked off with a groundbreaking ceremony.
American Realty Advisors Pays $100M for M-F Asset in L.A.’s Silicon Beach
ARA, a Los Angeles-based institutional investment manager bought the high-end,196-unit property in western Los Angeles’ “Silicon Beach” district.
TIAA-CREF, Norges Bank Buy Hall of the Americas
One might surmise that not since the start of the Viking Era in the eighth century has a Nordic invasion of this magnitude been seen, though this one uses joint ventures rather than long ships.