Business Specialties
DiamondRock Buys Westin Florida Property for $149M
DiamondRock Hospitality has acquired the fee simple interest in The Westin Beach Resort & Spa, Fort Lauderdale, for $149 million.
STORE Capital Prices Offering, Anticipates Half-Billion in Proceeds
STORE Capital Corp. is going public and the net-lease REIT recently announced the pricing of its initial public offering of 27.5 million shares at $18.50 per share.
Oyster Development, Tricon Get $144M in Financing for San Francisco Condo, Retail Development
A joint venture between Oyster Development Corp. and Tricon Capital will receive $143.5 million in financing for Rockwell, a new condo development located at 1634-1690 Pine St. in San Francisco.
1 WTC Signs Full-Floor Lease with xAd as Latest Tenant
Mobile advertising company xAD has signed a 10-year lease for 43,849 square feet at One World Trade Center, one week after New York City’s newest skyscraper added a gaming company to its growing TAMI roster.
INTERNATIONAL: Safra Shells Out $1B for The Gherkin in London
The Safra Group, an international network of companies led by Brazilian billionaire Joseph Safra has bought 30 St. Mary Axe in London, also known as The Gherkin due to its unusual shape.
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…