Business Specialties
Blackstone, DDR Make $1.4B Retail Play
BRE DDR Retail Holdings L.L.C., a joint venture between Blackstone Real Estate Partners VII L.P. and DDR Corp., has just spent $1.4 billion on a 47-property retail portfolio formerly owned by EPN Group.
SL Green Adds to NYC Office Portfolio with $252M, 390 KSF Pickup
SL Green has made yet another pickup in Midtown New York City with its $252.5 million acquisition of 10 E. 53rd St. The 390,000-square-foot, 37-story office tower sits between 5th and Madison Avenues in the city’s Plaza District and is currently the headquarters of publishing company Harper Collins.
Starwood, South Street Partners Acquire 1 MSF North Beach Towers in Myrtle Beach
A Starwood Capital Group affiliate and South Street Partners have snapped up North Beach Towers, a two-tower, 1 million-square-foot condominium complex along the water in Myrtle Beach, S.C.
Vestar to Manage Buena Park Downtown Retail Complex in California
Vestar is taking on a new 1.1 million-square-foot responsibility, now that it has won the third-party contract to spearhead management of Buena Park Downtown, a retail complex in Buena Park, Calif.
Colliers: Outside Factors Force Manhattan Office Pause
Describing the larger real estate picture around the United States as “tenuous,” a new report by Colliers International says the supply-and-demand balance of the Manhattan office market will remain virtually unchanged in the first few months of 2012 due to the combined impact of the larger worldwide economic situation.
Vornado, HFZ Buy Upper East Side Apartment Building for $170M
A joint venture of Vornado Capital Partners and HFZ Capital Group has purchased 11 E. 68th St. in New York City for $170 million plus closing costs and adjustments.
Economy Watch: Employment Trend Index Up, Home Prices Down
Six of eight components of the Employment Trend Index showed positive growth in December. Total U.S. consumer borrowing rose $20.4 billion in November alone. And amid new fears of Greek insolvency, investors are pouring money into Germany.
Nike Plans 600 KSF Move to Tishman’s New Shanghai Campus
Following increased demand for its products in China, Nike has just announced plans to build a 600,000-square-foot corporate campus in Shanghai that will be located in Tishman Speyer’s $2.5 billion The Springs development.
General Services Administration Signs 254 KSF Lease in D.C.
The U.S. Small Business Association is staying put in its digs at the 420,100-square-foot Washington Office Center in Washington, D.C., as the U.S. General Services Administration just entered into a new lease renewal agreement with Vornado/Charles E. Smith for the SBA’s approximately 254,300-square-foot headquarters at the office property.
Oak Grove Capital Originates $45M Fannie Mae Loan for Florida Apartments
Oak Grove Capital’s financing origination spree for apartment properties continues as the mortgage lender completes a $45M Fannie Mae affordable loan for The Waves, a 488-unit rental community in Plantation, Fla.