Business Specialties
Ensemble Opens First Hotel at Philadelphia Navy Yard
Ensemble Hotel Partners is opening a 172-key Courtyard by Marriott, the first hotel at the Philadelpha Navy Yard that will serve the city’s largest business district.
Cole Buys 430 KSF Shopping Center in Denver Area for $117M
Cole has purchased the major portion of Cornerstar, a 750,000-square-foot regional power center in Aurora, Colo., from a joint venture of PCCP and Alberta Development Partners for $117 million.
Stanford Hotels Affiliate to Develop San Francisco’s First New Upscale Hotel Since ‘08
SOMA Hotel, a privately held hotel development company and an affiliate of the Stanford Hotels Group, has acquired a prime development site in San Francisco’s South of Market neighborhood and plans to build the first full-service hotel in the city since 2008.
Perennial RE Holdings, Asia RE Income Fund Buy Office Property in Singapore for $766M
As the curtain was ready to draw on 2013, a number of major commercial real estate transactions were completed to beat the buzzer, one of them Perennial Real Estate Holdings and the Asia Real Estate Income Fund’s purchase of a major office property in Singapore. The pair paid $766 million to Pacific Star Group for the property.
After Manhattan’s Banner 2013, Experts Await an Encore
“I think we can cheer about 2013 and feel pretty good about 2014.” That was how Ron Lo Russo, president of Cushman & Wakefield Inc.’s New York Tri-state region, summed up the outlook Tuesday morning at a briefing in Midtown Manhattan.
Hilton Opens Istanbul’s Largest Hotel & Conference Center
Hilton has announced the opening of the 829-key Hilton Istanbul Bomonti Hotel & Conference Center, Hilton’s newest Turkish asset and Istanbul’s largest hotel.
Winthrop Realty Trust’s Times Square NY Venture Refinances Existing Debt
The development venture that bought 701 Seventh Ave. in Manhattan’s Times Square in October 2012 has completed $815 million in refinancing.
Cassidy Turley Arranges $100M in Financing for 440 KSF Office Complex in Suburban DC
A cool $100 million in financing has been arranged for National Gateway I and II, twin office properties totaling 437,400-square feet in Arlington, Va.
Mesa West Capital Provides $220M Loan to Refi Burbank, Calif., Office Development
Citing the property’s quality and strong leasing record over the past year, Mesa West Capital provided a $220 million loan to refinance The Pointe, a 14-story, 480,000-square-foot Class A building in the Los Angeles suburb of Burbank.
Starwood Buys San Diego Office Portfolio for $327M
In two separate transactions, an affiliate of Starwood Capital Group Global has acquired 13 office properties totaling nearly 1.1 million square feet throughout the Sorrento Mesa and Rancho Bernardo submarkets of San Diego from Kilroy Realty Corp. for $327 million.