Business Specialties
KBS Realty Advisors Acquires Top Raleigh Office Tower for $98.4M
KBS Realty Advisors acquired Captrust Tower, a prestigious, 300,389-square-foot office and retail building in the North Hills area of Raleigh, N.C., for a reported $98.4 million.
Economy Watch: Number of Discouraged Workers Drops; Construction Employment Rises
As of January 2013, there were 2.4 million people “marginally attached” to the labor force, down by 366,000 from a year earlier. Among those, the number considered “discouraged workers” totaled 804,000, a decline of 255,000 from a year earlier. Meanwhile, construction employment rose by 28,000.
Silverstein Team Buys Beekman Tower, Plans Renovation
The Beekman Tower Hotel in Midtown Manhattan has found a new owner and will soon find a new life. Silverstein Properties and a group of partners have acquired the 174-room hotel from Lone Star and will transform it into a luxury corporate apartment destination.
Lynd Residential Acquires 438-Unit M-F in Houston
Lynd Residential Properties acquired the Limestone, a 21-building, 438-unit apartment complex in the Briar Forest-Ashwood submarket of Houston, with plans to upgrade the property and thus increase its value.
MEPT Obtains $105M Mortgage for Chicago’s 200 W. Madison
More than a year after paying $217.5 million in cash for 200 W. Madison, a Class A office tower in Chicago’s West Loop, Multi-Employer Property Trust has taken out a $105 million mortgage on the 928,040-square-foot property.
Economy Watch: Job Creation Off to Slow Start; Personal Income, Mortgage Delinquencies Show Slight Uptick
The U.S. economy created 157,000 jobs in January, but that marked an increase of only 0.1 percentage points. Personal income saw a small movement in anticipation of higher 2013 taxes. Mortgage delinquencies rose, too, but only slightly.
Brookfield Multiplex Completes $54M Green Student Housing in Sydney
Brookfield Multiplex, the international contracting and development company, completed University Terraces, a $54 million green student housing project at the University of New South Wales (UNSW) in Sydney.
Global Hospitality Icon to Grow Sheraton Brand by 30 New Hotels
Starwood Hotels & Resorts Worldwide plans to open 30 new Sheraton properties across the world over the next 12 months.
Paladin JV to Develop 1,000 Residential Homes in Colombia for $100M
Paladin Realty Partners, a Los Angeles-based firm founded for the purpose of investing in Latin American real estate, has placed Colombia high on its radar with the founding of the PALVAL Homebuilding Platform.