Business Specialties
L.A. Uses Tax Breaks to Lure Gensler
Even in a recovering office market, it is unusual for a modest-size 45,000-square-foot office lease to command the attention of a big-city mayor and other officials. That was the case in Los Angeles, however, as the mayor and other leaders publicly touted the architectural firm’s decision to relocate to the City of Angels as a vindication of its pro-business policies.
In Rare Big-Block Phoenix Office Lease, Cognizant Takes 130,700 SF
The worst may be over for the struggling Phoenix office market, where vacancy edged up only 10 basis points to 22.9 percent from the first to the fourth quarters last year.
L.A. Complex Fetches Rumored $300M
The sellers, Lincoln Property Co. and ASB Capital Management, have entitlements to build another 750,000 square feet at the master-planned office development.
Easton Lynd Snaps Up $62M of Notes on Distressed Assets
The Miami-based company plans to reposition the properties and decide the next step on a case-by-case basis.
$600M Cleveland Casino Moves Forward with Land Purchase
Developed by Rock Ohio Caesars Cleveland L.L.C., the project is one of four to emerge from a constitutional amendment approved by the state’s voters in 2009.
Forest City Sells Stake in L.A. Apartment Complex to JV Partner CalPERS
Forest City cites an attractive 4.5 percent cap rate in its decision to sell its 50 percent share of the property, developed jointly with CalPERS.
CMBS Delinquencies Hit New Peak, but Growth Rate Slows: Trepp Report
By Paul Rosta, Senior Editor CMBS delinquencies reached an all-time high of 9.34 percent last month, but that dubious distinction may mask something of a silver lining. Although the total delinquencies may continue to tick up for a while, they are also increasing far more slowly than they were just a few months ago, according to Trepp L.L.C. “While the rate continues to head higher, optimists can point to the fact that the rate of increase is significantly smaller than it was in the prior two months,” said Marius Clancy, managing director at Trepp, in a statement accompanying the monthly…
Washington Office Building Commands $137M in Sale to Joint Venture
Carr Properties, the Canada Pension Plan Investment Board and MetLife bought the 341,433-square-foot asset from Tishman Speyer.
JLL Hires Data Center Expert Warner
Jason Warner will be responsible for expanding the mission critical solutions department throughout the West Coast along with coordinating with the firm’s corporate solutions group and its corporate clients’ technical real estate needs.
MBA Talks Real Estate Finance
The Mortgage Bankers Association shared its annual assessment of the commercial real estate industry during its recent State of the Real Estate Finance Industry media conference call, during which the association also discussed its legislative and regulatory agenda. So what’s going on in the commercial real estate finance industry? In a nutshell, uncertainty about jobs and the economy.