Business Specialties
The Winners: CPE’s 2012 Distinguished Achievement Awards
CPE is pleased to announce the winners of the second-annual Distinguished Achievement Awards, recognized for their ability to complete deals and projects in the face of last year’s recovering economy.
Update: Nordstrom to Hit Manhattan–Finally
It’s been a long time coming. Nordstrom Inc. has had its eye on opening a store in Manhattan for yearsand years, and now the long-held plan is finally coming to fruition. The fashion specialty retailer joined New York City Mayor Michael Bloomberg and real estate owner Extell Development Co. this afternoon to announce Nordstrom’s 285,000-square-foot news.
DivcoWest Flips 354 KSF San Francisco Office Building
DivcoWest has entered into an agreement to sell 1275 Market St., a 354,000-square-foot office building in San Francisco, to Dolby Laboratories Inc. in a transaction valued at $109.8 million. Dolby will occupy the office tower in its entirety.
Nordstrom to Hit Manhattan–Finally
It’s been a long time coming, but Nordstrom Inc. is finally entering Manhattan.
Economy Watch: Pending Home Sales, Durable Goods Orders Rise but Manufacturing Drops
The NAR’s Pending Home Sales Index rose 5.9 percent to 101.1 in May, while U.S. durable goods orders went up 1.1 percent. But the Midwest manufacturing output decreased 1 percent.
Swire Breaks Ground on Brickell CitiCentre MXD in Miami
Swire Properties, of Hong Kong, broke ground yesterday on its $1.1 billion, nine-acre, mixed-use Brickell CitiCentre in downtown Miami’s Brickell financial district.
Construction Starts on $172M Marriott Tower in Downtown L.A.
Encompassing Marriott’s Courtyard and Residence Inn brands within a single 23-story tower, the $172 million project will target visitors to the Los Angeles Convention Center when it opens in the summer of 2014.
Younan Continues to Trim Leverage with Sale of Houston Asset
Prior to selling 1700 West Loop South in Houston, Younan Properties Inc. had sold $400 million worth of properties and reduced its leverage by 30 percent over the past year.
U.S. Remains Most Transparent Market as Openness Advances Globally: Jones Lang LaSalle
Nearly 90 percent of the world’s markets have improved transparency since the last survey in 2010. This year Jones Lang LaSalle is also introducing a new index for transparency in sustainability.
NAREE Special Report: Multi-Family’s New Trajectory
With vacancy rates significantly improved over the past couple of years, landlords can work to make that rent recovery happen. The national average vacancy rate in the first quarter was 5.1 percent, noted Mark Obrinsky, chief economist for the National Multi Housing Council.